Our Financial Goals for 2019!
With 2018 coming to a close, me and Simon want to talk about our financial goals and what we are trying to achieve in 2019.
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0:00 – Introduction
0:23 – Financial goals we had in 2018
2:08 – Ryan’s financial goals in 2019 – Focus on business and paying down debt and achieve financial freedom
3:08 – How Ryan plans to achieve his financial goals
4:59 – Simon’s financial goals in 2019 – Business and growing his savings buffer
6:11 – Simon’s property investment plans
7:40 – How this strategy can be great for other investors
8:51 – It’s a good time to start setting goals for 2019
9:43 – Focusing on the daily actions you need to take is key to achieving your goals
12:45 – What are your goals?
Why we are buying investment properties first – https://www.youtube.com/watch?v=hUivkcQiVtY
Buying our first property: Ryan and Simon’s Plans (July 2019): https://www.youtube.com/watch?v=03QNAjhS8A0
With 2018 coming to a close and man it’s been a big year, right? Been an absolute monster tertiary for us, man. Simon wanted to talk about what we’re looking at for 2019 for our financial goals and what we’re trying to achieve. Hey, I’m Ryan from on property, helping you achieve financial freedom. This is Simon buyer’s agent from pumped on property and so 2018. I didn’t have any financial goals to be honest. I definitely did like I set my self a savings goal and I’ve put a massive budget in place and my goal was to purchase a property before the end of the year and it looks like it. It’s going to happen. Yeah. We’re getting pretty close in. It’ll probably come out in the new year so people will be like, oh, but it’s like the 18th. It what? Oh yeah, yeah, it’s December, mid December at the moment and it December.
So you’re negotiating on a property? Yeah, yeah, I am. I’m just, I’m waiting to hear back from the agent to see where they’re at. This my first offer, so we’ll see where it comes in. Um, you know, I’ve got a bit of room to move here, so we’ll see how it goes, be nice to secure that. But the main thing is I set myself a goal of the start of the year to be in a position where I could purchase a property in. Yep. That’s exactly where I am. I’ll put a few offers on properties over the last few weeks and have been unsuccessful. But this one, you know, we’ll see where it goes. I’m not going to pay too much for it, but yeah. Well that’s the thing, you, you’re in a position to buy and you’re just waiting for the right property at the right price. Yeah, exactly.
So that was my only really financial goal for 2018. The rest of them were kind of personal goals that I wanted to start to achieve, which um, you know, I’ve been kicking, he can live with those which is good. Um, and I think, well I’m in, I didn’t have financial goals for 2018 because at a solid 2018 I was in a pretty good financial position. I was financially free through my businesses. And so it didn’t really want to push you actively pursue becoming wealthier. That’s changed for 2019. That’s definitely going to be a big thing that I’m working on. So let’s look at 2019. I’ll start like for me, I’ll be moving down to Sydney at the start of 2019. The big smoke back down to the big smoke to cornell off frequently. We’ll be hanging out. We’ll film some bids down in Granola. But yeah, all, all our families down there.
So moving back down there. So I think for me 2019 there’s going to be a year to get super laser focused on finances and on business. So I’ll be really. I’ve already set my budget for the year and looking at sticking to that budget and then also looking at trying to grow my income. I’ve got a bit of debt that I need to pay off that I’ve acquired and that’s really going to be my focus for 2019 is getting in a position where I increased my passive income through my businesses. So I want to be technically financially free again by the end of 2019. But then I also want to pay off all the debt that I have. Perfect. How do you think you’re going to go about doing it? So for me it’s all about growing my existing businesses that I have. So I’ve got an online content business, so I created content content like this.
I’ve also got product review sites and stuff like that. So it’ll be the last few years. I really didn’t work much at all like the end of this year. Sure you and Ben would hit me up to a film, some videos and so we will do that. But over the largest scale of my business, I haven’t really worked. So just be getting really diligent and working, you know, I’ll be doing solid hours at least 10 hours a week, you know, that night now I’ll be working full time this year. Really grown that. So focusing on creating super high quality content across a variety of niches and then growing my income that way. I’m super excited for that
because I know we’re going to be a huge part of that. Why moving through those that journey together, like it’ll be really, really fun to just smash it out and just grow this space.
Yeah, so on property you will be daily videos, so that’s going to be super exciting, but I think I would love to be in a position where I could buy a property at the end of the year, but I think given where I’m at now, I just don’t think that’s going to be realistic yet. And so for me to focus on building the business because as I build it, that grows my passive income anyway as well as like, well that’s the income that I live off so it’s going to grow my passive income anyway, put me in that financially free position faster than property and then once I’m in that position then I can take my excess world and begin to invest in property after that. So I think property will probably be 20 slash 20 for me.
Yeah. Which is fine. Like businesses that obviously paying you a substantial income and you put yourself into a position where it’s a passive income, like there’s no work really required to receive most of that money. So it’s acting quite similar to how property will act for you longer term.
Whereas you’re in a different position, right? As an employee, you’re working with paychecks. Exactly. Then you’re looking to obviously invest in one property before the end of the year, what’s next assignment. And in
2019. Yeah. So I’m really focused on business this year as well. Now I’ve got a 10 percent ownership in pumped on property, so I’m really focused in 2019 to take it to that next level and start receiving decent income there and acting a bit more of a business owner as opposed to an employee. I’m still obviously receiving that money as an employee, but having the ability to receive dividends in a business that can produce high income. Um, I’m just gonna focus on nailing that, bringing in as much money as we can and I’m still having a really good time while it’s doing so and getting myself from that first property into a nice position because I’m gonna put all of my cash into that one property. So I need to build myself up a buffer. Then also I want to be in a position where within 18 months I can purchase my second property. So that’s really my goal.
Financially, you’ll be using all your cash to obviously pay for the deposit and the expenses on buying your first property. Would that be positively geared? Probably not,
not in the beginning. It’ll be a little bit cashflow negative, but not too much. It’ll probably go around a four point five percent yield from the beginning. Um, so I’m, I’m content with that, like this property is more of a Land Bank for the future, so it’s one of those foundational properties that I’m going to purchase in a great area for longterm capital growth. But I also one day and planning to knock the house down and I’ll build a beautiful, amazing two story. Julian come home, we’re long term is going to produce me if the cash flow that I need, but right now our cashflow isn’t an issue for me. I’m expanding my portfolio is what I really want to do, so I need something that’s going to give me good short term equity, decent cashflow as well, but it’s something that hopefully I can leverage off within the first 18 months to get my second question.
So is your plan to get your second one would be to borrow against it equity in your first property or you’d be trying to try and save a deposit as well?
Yeah, I’ll try and I’ll try and go half, half. So let’s say, you know, if I could release maybe $30,000 in equity within 18 months and use $30,000 of my own cash, that would be kind of an ideal scenario for myself.
And I think that’s a, a lot of, it’s a great investment strategy for a lot of people. Like as you say, land banking or buying the right properties in the right area, even though it’s not going to deliver you the cashflow from day one, you’ve got that potential in the future to not burn down and to build a dual income property or have you looked at something else, then you might have the potential for a granny flat to increase the income, but rather than buying one property, then building a granny flat, then going for your second, your going to acquire the properties first being a negatively geared position and then look at cashflow second year. Is that right?
Yeah, exactly like that. That is my plan. One hundred percent and I’m at a sacrifice that I’m willing to take in the short term because I’m young, like I’m earning a decent income. I now I can hold, hold those properties even if they are slightly negative in the beginning, 20 to $70 a week. Um, because longterm I understand what the impact of those properties is going to be.
And then you’re in a financial position to be able to do that. You know, I have three kids like me and do that. You have to send a private school as well, which strips a lot of your cashflow away. Yeah. So yeah, that’s, that’s really my only point. Any financial
goal for 2019. It’s a good time to kind of sit down and start looking at these things. I normally take the Christmas break is a bit of time to relax and unwind and you know, I’ll sit down for a few hours, one day over that Christmas break and um, put everything down in paper and really set a plan for when exactly I want to start implementing a lot of the things and they’ll obviously be way more personal goals and relationship goals in there as opposed to financial goals because that’s where I’m at in my life as well. Like it’s not just about making money, it’s about cost, it’s about having like food relationships, learning from awesome people and um, yeah, just gaining more knowledge.
Yeah. And I think that’s the same for me. I’ve obviously gonna have personal goals and stuff as well, but I think for me, the way that I approach goal setting is that I’ll set my big goals and then I’ll like, that’ll be the focus, but what I tend to focus on is then the daily actions that I need to take to get to those goals. So the goal is obviously to grow my passive income through my online businesses, so then I break that down into, okay, how many articles do I need to create or what do I need to, what actions do I need to do over the course of the year? And then I break that down into, okay, what do I need to do every single day, and then it’s just really head down, bum up. I focused on that. It’s like, how can I most effectively do that? How can I do that as quickly as possible? How can I learn and become better at that? And so I get. I had my overarching goal, but then I get caught up in the day to day how, what sort of person do I need to become? What sort of skills I need to learn and I focus on that and I find that by focusing on that, you get the end goal anyway.
I love that. That’s the exact same way that I work as well. Like having the big picture here and understanding what that big picture goal is going to be and then scaling it right back to those daily actions that aren’t too much. You know, when you’ve got this big goal and some people get really intimidated by setting themselves massive financial goals like we both do, but then if you peel it back and start to go, okay, well that’s my big goal over a 12 month time. Now let’s scale that back to know where do I need a been six months? What do I need to do every single month, every week, every single day? To ensure that within a 12 month period I’m going to be where I need to be. And then also falling in love with the process. So a lot of us want the end goal,
but there’s so many steps that you need to do to get there and you need to stay motivated. You need to continually do that action and be diligent. Uh, I set the goal and then I almost forget about it and then I just get passionate about the daily action. I find enjoyment in it. I try and push myself, become better at it because I know that’s going to get me to where I want. But if I just focused on the end goal and on focusing and I’m enjoying the actions, then I tend to lose motivation on that, on more
of a visionary bends, bends more of an executor’s.
So I kind of have to do that too.
Make myself execute and to actually achieve my goals. It can be hard to like motivate yourself through that process. But consistency is everything, right? You can’t just have one of those big blowout weeks or months. Like you just need to be consistent. It’s exactly like training your body. Like you can’t go and run a marathon, like decide that you’re gonna run a marathon and go and do it the next day. We’ll definitely chat. You could, but you’d probably enjoy yourself. Exactly. Exactly. You know it’s not going to be worth a bit if you do the right things. If you do the exercise, if you do the training, you’re going to get yourself there. So it’s about creating those habits and yeah, once you get yourself into a position where you love those daily habits, so it’s weekly habit, it makes it a little bit easier.
Yeah. So we would love to hear what your guys’ financial goals are for 2019, so lead them down in the comment section down below this is ours will probably have to do a review maybe in a year’s time and seeing how he went with our goals. Obviously check in maybe in a month or so with you, see how negotiations are going and if you buy a property, I’m sure we would love to hear about that, but go ahead and check out a previous video that me and Simon did on whether we’re looking at buying our home first or an investment property first. That was a good one that we did a little while back, so I’ll link that up over there or in the description down below as well. Thanks so much for tuning in guys, and until next time, stay positive.