(What do you think about my plan?)
Hey y’all I’m making a plan for myself and setting some major goals to be able to retire in 5 Years Debt Free and that’s including my student loan of $115K and a new home loan that will be approximately $250K. I’ll be 55 in 5 years and I would love to retire by then with the information I know now I should be able to do it! I don’t want to punch a clock anymore lol.
My goal will be to set up different businesses to have multiple streams of income to be able to pay my debts. I will keep working my 9-5 to pay regular bills and throwing any money I make from my side businesses back into the business and to my debt.
I figure if I can make $100k from the total if my businesses and side hustles per year and still work my 9-5 , I should be debt free and able to retire from my 9-5 in 5 years. So we’re talking about having to pay off approximately $365K worth of debt in 5 years by myself, I got this!
I figure if I make $100K per take out taxes and reinvesting back into the business I can pay myself $73K which would all go towards both debts to be paid off in 5 years.
#debt #budget #studentloans #payoff #mortgage