7-figure Net Worth
My short-term goal is to obtain a 7-figure net worth in approximately 2 years (February 2011). I plan on obtaining that net worth primarily via Real Estate investments. I have a lot of ground to cover as my net worth is currently – $25,000. Yes, that’s right…negative. Take a look below:
I have included a screen-shot of my Net Worth graph. As you can see I definitely hover around negative 25K. I am able to monitor my Net Worth as well track all spending to keep my entire financial picture in focus via Bank of America’s, “My Portfolio” feature. Such a feature is also offered for free with www.mint.com and other web sites. I’d rather not entrust a third party with all my financial/bank login information, therefore Bank of America’s online feature works well for me as I bank with them.
**On a tangent, I highly recommend banking with Bank of America. I have accounts with 5 different banks (I’ll blog about the reason for that later) and the amenities that Bank of America offers makes it hands-down the best.
A great amount of my debt has been accrued from business related purchases. I’ll approximate that 20% is student loan debt, 30% is related to frivolous spending (which I of course no longer engage in), and 50% is related to start-up expenses such as LLC formation, lawyer consultations, educational courses, etc.
Currently, I feel that I have a good amount of knowledge and resources to get started increasing my net worth. The first step in my plan is to wholesale real estate. I plan to wholesale properties until I have a positive net worth of $30,000. You’ll have to stay tuned to see how the strategy changes once I hit that mark.
To get started wholesaling, I realized that I will need to devise a marketing plan to get the most out of my limited advertising funds. This plan creation is currently a work in progress, I will post again to share my advertising implementation strategy.
- Justin
