Financially Free in 5 Years

21 replies
It is my goal to be financially free in 5 years.
Here is where I am starting:

Savings: $0
Debt: $20,000
Combined Income (me and my wife): $35,000

Required passive income to be financially free: $1,000 per week.

I plan on becoming financially free in just 5 years by investing in positive cashflow real estate and by leveraging my bankers money.

I also plan in creating businesses that generate passive income without me needing to work.

Obviously my plan is a little more detailed than this, but this is just a short overview of what I plan to do.

I would like anyone's advice or opinions on the best way to become financially free in just 5 years, starting with nothing but a mediocre income.
#financially #free #years
  • Profile picture of the author smile633
    Don't you think there is a faster way?
    Why not go with a good mentor?
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  • Profile picture of the author Matt D.
    Do you think 1000$ a week will be enough? I think you have all the chances of succeeding. My goal is to have around 15000$ per month in passive income. My plan is to have a specific number of apartments for rent. And I have it control by some other real estate company.

    I think you will achieve your goal quickly if you take the time to really do it.
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    Hard work always pays off.
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    • Profile picture of the author John Boyd
      Go and see a Financial Planner to get a wider perspective.
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      • Profile picture of the author manadospace
        nice to see a positive think by you about your plan in next 5 year, nothing wrong and i feel all people too, get financial goal soon as possible, what we need is enough knowledge, support and so on...
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  • Profile picture of the author Kenster
    Careful with the leverage. Ive seen this kill many people...especially in the real estate market which you seem to be investing in.

    You wont feel financially free if you are making 1000 per week but leveraged up the wazoo because we have recently learned how real estate prices can drop A LOT and FAST

    good luck in your goal
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  • Profile picture of the author Aronya
    Real estate is all about leverage. A drop in prices makes no difference at all if you aren't trying to sell. What DOES make a difference is the kind of loans you take out. The big problem that caused all of the foreclosure issues is people taking out adjustable mortgages.

    Best of luck, Ryan
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  • Profile picture of the author MIB Mastermind
    There are faster ways to do it, contrary to popular belief its not that hard to make money online if you are prepared to put in the required work, I spent my first couple of months studying internet marketing for hours a day focusing on one particular skill set, learning as much as I could as quickly as I could, all the while I was saving up some money to invest in my new found knowledge and It paid off big time.

    So all I could say to you is study hard put the work in that others aren't willing to put in and you will all ready be ahead of the game, more importantly implement what you learn quickly don't just read something then say to yourself thats a great idea and never actually put it into action.
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    • Profile picture of the author ryanmacca
      Originally Posted by MIB Mastermind View Post

      There are faster ways to do it, contrary to popular belief its not that hard to make money online if you are prepared to put in the required work, I spent my first couple of months studying internet marketing for hours a day focusing on one particular skill set, learning as much as I could as quickly as I could, all the while I was saving up some money to invest in my new found knowledge and It paid off big time.

      So all I could say to you is study hard put the work in that others aren't willing to put in and you will all ready be ahead of the game, more importantly implement what you learn quickly don't just read something then say to yourself thats a great idea and never actually put it into action.
      This is a great idea. I like your method of spending months and months studying really hard learning everything you could about your desired method.

      I think that is something I need to do. I am looking at email list marketing as one of my passive income streams over the next 5-10 years. I need to study how to do it and how to do it well. Then go out and do it.

      Did you purchase a paid study program or just read up on free information?
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      • Profile picture of the author avallinas
        Hi Rayan my name is Alfredo Vallinas and I congratulate you for wanting to be financially free after all we all want to be financially free so we can actually focus on the real aspects of life. Like spending more time with family and friends and helping other people succeed in life without having to worry about the money. Have you heard about MLM companies? Well you can create a residual income with an MLM company. But, in order to do this you need a VERY IMPORTANT PIECE OF THE PUZZLE and that is you need to learn how to use the internet in your favor. You need a very good system to show you how to market and brand yourself for you to thrive in whatever MLM company you are in. IF you want to connect with me you can SKYPE me at
        alfredo.vallinas I will gladly help you out.

        P.S WE are living in a new economy the era of INFORMATION has began and if you know where to find this INFORMATION I guaranteed you... you will become financially free. You just need to put 100% of your effort and implement everything and you will see the results my friend.
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    • Profile picture of the author Kay King
      The thread is over a year old - the signature may not be.
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      Saving one dog will not change the world - but the world changes forever for that one dog
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  • Profile picture of the author LeeLee
    Ryan-

    I can't help but notice you joined the forum 2008. Have you been working at IM all this time? And I can't help but wonder if any of that debt you have racked up is from an IM shiny object habit.

    Second, I notice you are giving away free advise on email marketing. I am going to assume there is an upsell in there at some point. Yet you tell us you are trying to learn email marketing. So you are selling advise without knowing if it works? Do I have that right?

    You're not alone if you are doing that but I think the fake it till you make it mentality isn't a great business strategy. It's a great scheme strategy but not a great business strategy.
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    The wisdom of life consists in the elimination of nonessentials. ~ Lin Yutang
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  • Profile picture of the author LeeLee
    LOL we were posting at the same time Kay. Maybe he is an expert now.
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    The wisdom of life consists in the elimination of nonessentials. ~ Lin Yutang
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  • Profile picture of the author liftedjesse
    Great to hear you have a plan - I'd like to be making $2000 a week for full freedom
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  • Profile picture of the author jesus72knight
    $1000 isn't that huge. Yes, It can free you from the usual finances but it can't give you luxury that most people here which I'm sure of are looking for.
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  • Profile picture of the author pethanks
    Only few people in this world are financially free. If God will put favor on you then you can achieve it.
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  • Profile picture of the author jushuaburnham
    For me financial freedom is not yet enough what most important is, the time freedom.
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  • Profile picture of the author RegalWeb
    This is a good start for one to dream big and work hard. But always remember money is not EVERYTHING. Just know your priorities and everyhting will be OK.
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  • Profile picture of the author Dave Matthews
    Good luck, being financially free is what I'm aiming for..... but it's the time freedom I really want.
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  • Profile picture of the author The Kid
    Uhm, this thread was made in September of '09 and the OP hasn't even logged into this site since October... just saying.
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