I tallied up my current assets, and I have:
$163,552 + $67,172 + $3769 USD = $234,493 USD ($312,004 CAD)
$11,519 + $1,970 = $13,489 CAD
Current total: $325,493 CAD ($244,630 USD)
Wow!
If I were to invest it all in index funds and get 5% returns, then my monthly income would be $1,356 CAD
That’s pretty good!
Except I won’t invest all of it in index funds. I guess I need to finish the rest of Tony Robbin’s book to know how to allocate my funds.
I know that I need to have $840K for Financial Independence ($50K passive income each year) and $3MM total for Financial Vitality ($150K passive income each year)
I have $325K saved up. By the end of this year I hope to have earned $40K more, reaching $365K. So I just need $475K more to reach Financial Independence.
I make about $200K per year on one successful product, so if I can have 3 or 4 of these, I’ll be able to do it in 1~2 years.
Cushion, Sport-Brella, Umbrella or towels, and maybe Period Panties.
Also, if I can reach 0.08% returns on investment, then I only need $1.88MM to reach $150K annual passive income (Financial Vitality)!
If I can do $600K per year, then in 3~4 years I can reach Financial Vitality.
So I aim for when I’m 40, I’d have Financial Vitality.
If I can reach 0.08% returns on investment on $4.4MM then I get $350K annual passive income (Financial Freedom)!
It seems attainable!
If I can do $1MM a year from age 40, then by age 45 I’ll have Financial Freedom.
I will need to double my product offerings, diversify my income streams.