The Master Plan

So what do we want to do, exactly?

We’ve accomplished a few things already:

  • We’ve purchased our first condo and rented it out
  • We are actively involved in our side careers – Brian works at a wine store part time and recently completed his Level 2 WSET and CF does freelance writing
  • We have a budget and we stick to it, spending far less than we earn

And we have some items that need to be taken care of:

  • CF has $28,000 $27,000 remaining in government student loans which are currently in deferral (down from $40k!)
  • Brian has $6000 ($0!) in government student loans which he is currently has finished paying

What are we going to do?  It’s an evolving list, but we have a few main goals:

Next year:

  • We want to continue developing our side careers.  Brian wants to take the Level 3 WSET course and CF wants to self-publish at least one book, perhaps two.
  • CF will graduate from her second degree program and resume working full-time.  In the worse case scenario, she can return to her former career and make $40-45k a year.  Optimistically, she will be earning (much) more while working in her new career path. Working full time in new career!
  • Brian will pay off all of his government student loans.
  • We intend on working on our passive income streams, mainly through the acquisition of dividend paying stock.

Next 2-3 years:

  • CF wants to pay off her the student loans from her first degree.  Her second degree was free and will have no loans to pay back.
  • In addition to the condo we currently own and rent, we want to purchase another condo and live in it, possibly with a roommate.  We are currently saving for this goal.  UPDATE: We have purchased our 2nd condo as of October 2012!

Next 4-5 years:

  • Live and work abroad at some point while developing our side careers.  A winery in Europe perhaps?
  • CF should be a few years into her new computer science career by now and Brian should be at a senior level in his work.  We want to be in a position to bank all of CF’s income into income generating investments and live off of Brian’s income, or less.
  • Sell the first rental condo and purchase a new rental condo.  We do not want to hang onto aging property which may become expensive to maintain.

Next 10 years:

  • Be in a position to stop working, if we choose to.

How will we do this?  Some of it is mundane, like being frugal and minimizing costs.  Readers may see us discuss the joys of reusing aluminum foil or unplugging cell phone chargers.  Some of it will be ambitious, like owning rental property and investing A LOT of money.  Here, we’ll delve into real estate, credit, and savings.  More often than not, it will be unconventional – such as when we refuse to own a car and how we refuse to spend a lifetime working.

But importantly, whether we succeed only a bit or whether we succeed a lot – we will will be doing what we want.  We will not be average.