Success Journal - The journey to actualising one's potential

[Papa_smu]

Are you not going to keep us updated @BeTheChange?

 

[BeTheChange]

Are you not going to keep us updated @BeTheChange?

Not too much to report as my net worth took a hit with the crypto price but offset by income from contracting. Was at c. $355k end of July.

I have a lot to look forward to. I fully expected to be out of work for the rest of the summer and into autumn as contract ended last week but picked up a new role straight away. 6 month contract with a major oil and gas company. I'm hoping to try and turn this one into a long term gig since it's a great company with a solid pay packet.

Still waiting to close on property no. 4 and the lenders are being a pain in the arse with regards to the refinancing on property no. 2. They still valued it at a price which sees me double my intiial investment though but I already had it in the books for around that value anyway.

Hoping to close on a fifth property by end of the year in London - would be in the $500k - $750k range. Serious money now. The next 6 months are going to be crucial for establishing a foundation to build on.

 

[Papa_smu]

Not too much to report as my net worth took a hit with the crypto price but offset by income from contracting. Was at c. $355k end of July.

I have a lot to look forward to. I fully expected to be out of work for the rest of the summer and into autumn as contract ended last week but picked up a new role straight away. 6 month contract with a major oil and gas company. I'm hoping to try and turn this one into a long term gig since it's a great company with a solid pay packet.

Still waiting to close on property no. 4 and the lenders are being a pain in the arse with regards to the refinancing on property no. 2. They still valued it at a price which sees me double my intiial investment though but I already had it in the books for around that value anyway.

Hoping to close on a fifth property by end of the year in London - would be in the $500k - $750k range. Serious money now. The next 6 months are going to be crucial for establishing a foundation to build on.

Still, having that networth compared to the rest of us is an impressive feat.

 

[BeTheChange]

Still, having that networth compared to the rest of us is an impressive feat.

Thanks bro.

$340k NW as at end of September. Would be higher but crypto portfolio has taken another battering. Not a major issue as I only have 10% of my NW in there but still leads to some major fluctuations.

But most importantly I rebased the FX conversion from last year's rate (£1 =$1.35) to the current rate (£1=$1.23) as it stands today. Sterling has taken a battering and so the dollar value of my portfolio with it - thus the massive dip from July's number.


Deal on fourth property purchase should complete next month, which should add a big chunk to my net assets. We got in at a great price to begin with (c.$170k) and my team think it's worth closer to $200k with the way the market has moved in the more than 6 months from when we put an offer down. This has to be the longest conveyancing process on record but almost there now....

Found a great buy in London - a two bed foreclosed flat. Managed to secure it at 10% below asking price (and this was after it had already been reduced by $90k) as the bank wants to clear the property off its book asap so now in the process of rallying the lawyers and bank to get the necessary funds together. Another great equity boost to the portfolio if this closes. And the mortgage lenders are happy for me to only put in 5% or 10% as a deposit - I'm a huge proponent of gearing to enhance returns so this suits me perfectly. It requires meticulous forecasting and stress testing (good thing I build financial models for a living), but if you get it right, heavy gearing is a proven way to build lasting wealth.

There are more than a handful of dominoes that need to be stacked and tipped at the perfect moment to ensure everything works out on both deals by the end of the year but I'm hopeful.

I am shooting at $425k NW as the year end target. It relies on all the above working out, but if the stars align and we come out the other end, I'll definitely be treating myself to a holiday (haven't taken one this entire year) or maybe even a (used) sports car

 

[BeTheChange]

Been reading a lot of books on entrepreneurship, tech, AI, blockchain and IoT in the last few weeks. They've left me feeling inspired, motivated but also angry. There's a frustration building, that although I may be making ok money, I'm not growing, learning or achieving my full potential. You've got 22 year olds building multi-million dollar companies and here I am at 30 getting comfortable on $100k-$200k a year, most of which isn't even guaranteed.

I have a feeling I need to do something significant. The money isn't even the main issue. I'd rather build a startup that actually has an impact on peoples lives and sells for a couple of million, than win a $100M in the lottery.

Where to next? Im probably going to sell my Swiss watch, cut down on holidays and ignore the urge to buy a car I don't need. All those distractions and money sinks can wait until I've actually built something of value. I'll also set aside two hours a week just to sit and brainstorm ideas. I might turn this into a focus group if there's any interest from friends. Furthermore I'll start attending tech shows and networking events again to meet more inspiring, intellectually curious people.

 

[BeTheChange]

Four investment properties under my belt now and a fifth on the way. Net worth sits at $400k. Not enough time for a more comprehensive income but intend to write something up later this month as an end of year review.