It was a really interesting day yesterday.
There are always two conflicting force when it comes to spending money:
- Spending money on items for personal consumption, like a car or house.
- Spending money on assets that generate income, like an investment property, a business, or more
I’d like to think I’m extremely diligent and that I spend most of my money on #2. We have a fairly aggressive financial mode we use in our family and it assumes putting most of our money into these asset creation devices that would enable more income and earlier retirement.
I need both to retire at 30 making $10K a day.
However, yesterday was a real shot in the arm on that.
My fiancee and I were scrolling Zillow for fun and saw a house. Not just any house, but the perfect house. The exact perfect location for us, down to the block. The exact right size, design, and care. Brand new roof. The exact house we would have planned to buy in a year or two. With the baby only a few weeks ago, we’re extra emotional as well in our decision making about things like this.
We’re not going to buy it yet. We can’t afford it. The house also had a dozen showings yesterday so it’ll be gone by the time this article is live on the internet.
But, what this does mean is that we are more emotionally driven on this than we expected. It might not be this house, but we will put money down to buy a house instead of putting money into an investment property.
This will have plenty of family benefits, which makes sense. But, the ramification of spending money on a house is that we can’t spend that money on investment property.
So, that leaves me with two options:
- Skip buying an investment property for a year so we can buy a house
- Work harder to so I can do both
If you’ve read anything I’ve ever written, or the entire mentality of this case study, then you know what my answer is.
I just need to work harder to get this done.
I had planned to slow down on consulting to allow for more time to focus on my business.
I can’t do that anymore. I need to do:
- Full time consulting
- Full time day job
- Full time startup
- Part time real estate investing
In essence, to reach $10K a day at 30, I need to work the equivalent of 3.5 full time jobs.
That sentence, right there, is why you don’t see people retiring at 30 with $10K in passive income.
I don’t drink. I don’t party. I’ve never touched a drug. I read when I’m not working, which is rare. I work 3.5 full time jobs. And I’m going to retire at 30.
Yesterday there were 1,598 days until I turn 30 and need to make $10K a day passively. Here’s how I spent it in pursuit of that goal
The current phase of the plan
I’m in Phase #3: The Business Phase. You can read more about the phases and my plan to get to $10K/a day at 30 here.
I still consult, and I still have a job. I’m looking forward to removing both of those ASAP.
Wake up & sleep:
I woke up at 8:07 am after going to bed at 10:54, for a total amount of sleep of 8 hours and 35 minutes. Recovery was 59%
I’m not sure why my recovery was 59% with good amounts of sleep. As before, I haven’t figured out this sleep/recovery paradoxical relationship yet but absolutely need too.
My fiancee and I walked a ton together. I ended up with a day strain of 8.7
I was at a 4/5, with 1 being the highest. Consulting work slowing down is a big value-add.
Diet was coffee and then ordered Chinese food for dinner. 4/5 with 1 being the best. Expensive as shit too.
My Day Job
Investment real estate
Nothing, although we should have some work being done on our 6 unit right now.
My Actual Business
Business is slower here, but hopefully picks back up quickly
I spent an hour or two here
Market Research & Customer Interviews
Sourcing new work
Couple conversations with an old client but that was it
Walk and dinner with my fiancee.
Rescue Time Daily Screenshot
What I made today
Current Income Streams
- Job: $170
- Rental Income (13 rental units): $43
- Framework: $250
- Customer Interviews: $430
Planned income streams
- 15 websites
- My Startup
- Local Serviced Based Business (cleaning business)
- WordPress Maintenance Site
- Content sites
- Dividend Income (municipal bonds)
Today’s pro-rated amount of monthly & yearly expenses
Life Expenses: $89.73
- Rent, utilities, Internet: $63.33
- Phone Bill: $1.57
- Heath Insurance: $8.90
- Ladder Life Insurance: $0.83
- TrueBill for Budget tracking: $0.10
- Car: $15
My Startup’s Expenses: $0.16
- Bluehost Domain name: $0.16
Health Expenses: $12.00
- Peloton: $3.20
- Gainful Protein Powder: $1.80
- Care/of Vitamin pack: $3.00
- Whoop fitness tracker: $1.00
Productivity Expenses: $2.25
- SuperHuman to save time on email: $1.00
- Rescue Time to keep me honest on my productivity: $0.20
- Fantastical as my main calendar: $0.20
- Evernote to track everything: $0.27
- Grammarly to keep my emails looking okay: $0.38
- BackBlaze to keep my files backed up: $0.20
Consulting Business Expenses: $302
- Gusto to pay myself: $1.50
- Quickbooks to track expenses: $0.40
- Google Business Email Account: $0.40
- Fiverr for virtual support: $0
$10K a day: $12.42
- Kinsta for hosting: $1.00
- Bluehost for domain names: $0.03
- WP Rocket for speed: $0.14
- Link Whisper for SEO: $0.14
- Elementor for site design: $0.14
- Astra for theme: $0.14
- Rhino Rank for SEO: $10.83
Real Estate Investing: $0.52
- Legal Zoom Registered Agent (all LLC’s): $0.52
Today’s Income (pre-tax)
Topline of $893, spent $119, which means….
Made $774 (pre-tax).
My plan for tomorrow
Tomorrow is Monday, and I need to do:
- A dozen calls or so
- Daily post
- Sell more consulting work
1,597 days until I turn $30. I’m making $10K a day passively by then