OK, so I told you just how negative my balance is. Now, let's go through Assets....
1st- Assets are those places income can be derived or held in retirement or trust to earn income for the family.
2nd- I have 6 rentals. 2 are full time rented and a 3rd that will be rented in july for 11 months as a college rental. 4th is airbnb style rented and intermediate term rented. 5 and 6 need work one that will take approximately 3 months to get done and one that will take about 6 months. Overall, rental income now is about 1500/ month but when all 4 are back to rental I'll be about 2500/month and then when 6 are rented It should bring in about 3800/month. This will flux based on the airbnb rental up and down. expenses are about 800/month. This means a cash flow positive situation that can lead to growth of the business.
3rd- I have a military Thrift Savings Plan that has some minimal amount that will be for retirement when I'm older... approximately 25 years from now. I also have a Sep IRA I just started investing into as of the last tax year. I have a small Roth IRA that is sitting out there waiting
4th- I'm working on utilizing my GI Bill for education that will also bring in a small housing allowance for three years while I take classes and learn.
5th- I have this business as well as side gig in Pampered Chef that brings in a small monthly amount despite doing minimal amounts of work.
6th- I am working on the taxes, and revolving debt and have a plan to pay those off over the coming 5-6 months.
Despite the fact that I work a ton, I tend to pay heavily on my bills so it doesn't get this bad. I recently moved and just had the embryo failures that spiked my credit card debt which made me freak out. So, I don't look to sell assets off that have the ability to pay the debt that I have... Granted, I look for opportunities that might allow me to pay off debt and add to the assets.
I'm looking forward to this journey and know that I can't be the only one looking for Financial Independence or at least getting better in decreasing the debt dependence. Continue the journey with me over the coming months. I'll also be continueing to comment on locum work and how to continue this journey.
When I'm home, I'll be looking at how I can get more comfortable behind the camera to go through these every day things on the journey of Locum Life.