Friday, December 5, 2014

My Goal: Early Retirement on Passive Income



My Retirement Goals:
I am starting this blog to keep track of my retirement goals and to help keep me motivated towards completing them.  I hope to write a series of articles that will provide examples of techniques I am currently experimenting with to generate wealth and other ideas.

Current Situation:
I am 32 years old and would like to retire early.  Not sure what exactly my definition of early is, but at this point just sometime before 65.

I am a full-time employee and primarily live off of my annual salary, along with my wife's.  We also have one rental property, a house we lived in prior to the one we are in now.  It generates enough in rental income to cover the mortgage payments.

Preparation:
I have not done a lot of research and am kind of just getting started in all this, but I have read many related blogs and that is where I am generating most of my ideas.  Some of my favorite blogs I have read so far include BudgetsAreSexy and SmartPassiveIncome.

The Retirement Plan:
So, after all that I think my ultimate plan is to generate as passive income as I can.  At this point I believe I will try to do this through additional rental properties with some small supplemental income from blogging (hopefully).

One of my big goals to try and pay off the mortgage of our rental property so that the cash flows from that property can be used for other things such as paying off our current mortgage and obtaining other rental properties.

I would also like to focus on eliminating much of the discretionary spending in our day-to-day life.  Although we do still really enjoy traveling so I would like to investigate ways to continue traveling on a budget.