My financial goals are not necessarily to become as wealthy as possible but to achieve a level of passive income that would allow me more time to teach others how to achieve the same thing, travel the world, eat great food, and enjoy more time with friends. Therefore, my financial aim for the next 3 years is $10,000/ month passively. While blogging is one of the ways I hope to achieve my goals, I also hope to invest in real estate and start a business. Since I am currently being mentored by Tim Kim who was featured on Business Insider, CNBC, Huffington Post, and other successful people, I find the encouragement and insights to help me traverse my financial journey. In addition, I am also connected to a group of like-minded individuals with entrepreneurial pursuits through Tim’s exclusive Facebook group (for more info: click here).
I am currently:
- Work: Full-time (40 hours/ week) & Part-time (10 hours/ week)
- Investment: Roth IRA, 401k matching 5% of my income, and Cryptocurrency
Monthly Gross income: $3,800+
Monthly income Goal: $10,000
Reason for FIRE
Entrepreneurship is in my blood! It started with my dad’s pop who was a leader in the fashion industry in Korea. He chose to move to the United States to provide better opportunities for his 5 children. However the difficulty of the states proved to be grueling. My grandfather/ grandmother worked rigorous hours knitting clothing and running a liquor store. Why? They needed to provide for their family. Entrepreneurship stemmed from hardship.
My father was forced to quit college midway to help out in the family business. As a result, he had to set aside his ambitions to contribute his time and energy into the business. However, he eventually started his own business in the fashion industry providing textile to clothing companies and was on a steady path to growth. All seemed well for several years. Then misfortune and devastation hit and it seemed endless. One scam after another wore down on my humble and hardworking father, until it took his will to continue. His business was no more.
This story reminds me of the reality in my pursuits of becoming an entrepreneur. Yet, it also gives me motivation to pursue Financial Independence/ Retire Early (FIRE) and provide for many families including my own through teaching what I learn along the way.
Discovering Financial Independence
Mid to late last year, I discovered an entrepreneur, Tim Kim, who had grown his wealth to $1,000,000 by the age of 30 and shared on his blog how he got there. It set me off on the path to discovering FIRE bloggers, podcasts, networks, and books which I have been steadily digesting and applying in my personal life. Below are some things I’m currently doing to achieve one of my goals of $10,000 in 3 years.
- Learn: Read, digest, then apply.
- Accountability: Develop relationship with like-minded individuals.
- Refine: Fail better.
- Goals: Set SMART (specific, measurable, actionable, relevant, time-based) goals.
- Edify: Serve others.
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Share your journey!
These are a few steps I am taking in order to achieve my goals. So what are your financial goals? Have you thought of financial independence? Most of all, where are you in your financial journey?
Your thoughts and comments are welcome!
Thanks for stopping by.