Ryan and Simon’s Updated Goals For 2019
About 6 months ago we set our goals for 2019. It’s time to review what we have achieved and what our goals are for the second half of 2019.
0:00 – Introduction
0:44 – Simon bought his first property
2:24 – When it comes to financial goals, you really need have to do it yourself. You don’t magically make up one day financially free
4:12 – Ryan’s first half of the year didn’t play out as expected
6:32 – Paying off debt can be exciting
7:39 – Staying motivated towards your financial goals
8:21 – What’s next for Simon now he’s bought a property?
11:06 – You need to have a mix of financial goals and personal goals
11:55 – Simon’s plan for property #2 (Now hoping to save a 100% cash deposit)
14:37 – What about after he buys his 2nd property?
- Be financially free through my business by the end of 2019
- Pay off debt
- Build up a buffer fund for first property
- Buy 2nd property within the next 18 months (50% equity, 50% savings)
about six months ago myself and simon sat down actually just out on the deck up there and talked about our goals for 2019 and what we were hoping to achieve and simon has smashed a massive goals and so today we’re going to do a bit of an update video on where we’re standing with our goals if we can remember what we talked about because i haven’t actually gone back and re watched it but as well like how we’re thinking about the second half of 2019 and what we’re hoping to achieve so hey simon thanks for coming on
yeah stoked to be here it’s good to have you back on the coast man
it’s so good to be back up here
yeah anyway the team at pumped on property filming a lot of educational content for you out there and so there’s gonna be a lot of good stuff coming but cylons journey has been so exciting to watch from i think we first time on camera maybe a year or two ago yeah
and we did a bunch of videos as well talking about the types of investments talking about hoping to buy our first investment property which i know was one of your goals and then seeing you actually smash that goal purchase that investment property have it on lockdown rented out is super exciting so yeah join us quickly talk a bit about that
yeah it’s been a it’s been a journey but it’s been a really exciting one when you just start setting yourself massive goals it’s a bit daunting as a young guy like oh holy moly i’ve got these crazy goals that i’m aspiring towards in so much bigger than anything that i’ve ever really set myself like most of my goals have been kind of like travel related or like education related and things like that and when you’re at tafe and university kind of the activity just gets the result eventually but when you’re setting yourself some sort of financial goal like purchasing an investment property it’s a big deal and there’s lots that comes into play there like you need to make sure you’re doing the right due diligence you’ve done the right research that you’re ready to do it you’re ready to actually live life with a mortgage and sacrifice a lot of the lifestyle that you probably want to be living because it’s a massive responsibility to one home by provide a home for another person for fellow australian or whoever wants to live in it and you know have $350,000 worth of debt that you’re now gonna work towards
paying off or paid off by your tenants and that’s something that’s really interesting because yeah when you’re younger a lot of the goals are kind of preset for you and you just need to follow a path to achieve them so when you’re in high school it’s you know doing your final exams and getting a good result for that maybe going into university then your goal becomes around finishing your degree or whether it be tafe or you know even apprenticeship yeah and so it’s all just very you just follow the path and do it but when it does come to financial goals and when it comes to investing it really all comes down to your own back stuff that you have to do yourself because one thing that we know about finances is that if you don’t have those goals if you aren’t diligent with it it doesn’t happen like you don’t magically wake up one day and have a multimillion dollar investment portfolio that’s delivering your $100,000 a year in passive income it’s something that you need to set a goal for and then diligently work towards it
and even on top of that there’s nobody that was saying to me every single time i’ve got my paycheck hey have you transferred yourself your savings money for this house have you transferred the money or when you’ve got a holiday coming up and you’re like oh well i could just go into this savings to book the holiday and get it over and done with but then you’re putting yourself so much further back so you’ve really got to be on top of yourself you’ve got to hold yourself extremely accountable because otherwise you’re not going to achieve those goals but bet is really hard but at the same time if you can’t sacrifice and be really diligent and handle the responsibility then you know maybe you got a bit more researching that you can’t
be diligent in the saving a deposit process are you the right person are you there enough in terms of your character to be able to manage your property portfolio anyway
yeah that’s what i was getting that i just didn’t want to be so brutal
so it’s been really good to watch that journey for you for me with my goals last time we recorded i was still up here on the sunshine coast still living here but had planned to move down to sydney so moved down to sydney the start of january and initially thought that i was going to quite quickly move into my own place i go through the school holidays with the kids and then get my own place and then i quickly started to realize that okay business had taken a step back over that period and income wasn’t as high and i did accumulate some debt and i was like okay i am not in a strong enough financial position to actually be even renting yet and so that was a bitter pill to swallow after we recorded that video to be in sydney and to be like okay i actually can’t afford to rent yet so i’ve actually been to get on top of my debt and on top of my finances and so i took the i guess the big step was i really took the time to write down every single line item in terms of the debt that i have and then also create a plan and a strategy to pay off that debt so when we talked last it was like i knew i wanted to pay it off by the end of the year but i didn’t know exactly how i was going to do that and so i took the time to do that which was really good it doesn’t look like it paid off by the end of the year which was one of my goals but i’ll definitely make big inroads into it and have been working hard on the business and growing the income there so i guess for me the goals for the second half of the year is that if business continues well then i’ll be renting my own place in the next couple of months which will be so good especially for the kids just for them to have their own room and stuff like that and not have to share i’ve been super lucky because my parents have been away like both of my parents have places in kerala and they’ve both been away at different times and
they’re both in like really good spots and they have a space for you
yeah and so mom’s place is on looks at the water and then dad’s one straight back from the bay they’re in a house so look i definitely can’t complain about that but yeah for me so i guess the goals are around building the business paying off debt that hasn’t changed i guess i’m just now more realistic with and i think it’s gonna take longer than i initially anticipated to both grow the business and to pay off the debt but
the cool thing is with your situation like sometimes life you know there’s a spanner that gets thrown into the works and it deters so many people from even doing anything but it’s awesome to see that you just go on like you know i’ve that’s what’s happened i can’t change what’s happened all i can do you plan to move forward and get get on with my life and keep taking off some of my goals in and making that paying off the debt like a goal like you are saving towards a deposit like it is it’s such a massive goal to actually achieve which
is something i’m striving towards and it’s so exciting to be able to pay off those chunks and be like oh my gosh i paid off 15% of my debt and then this month will be like another 10 to 15% of the debt will be paid off so it’s so good and because i’ve got it all tracked in excel as well as like when i pay it off it automatically like reduce total so i haven’t actually created graphs to graph it out but i find that to be the best no i think i might actually do it so that i can just like a demo that’s the thing when it comes to goals staying motivated is so key and i read this amazing business book called the four disciplines of execution or for dx for anyone that’s like in business but one of the big things with that book was talking about like having a scoreboard and actually being able to track your goals and i remember back years ago when i was a pharmaceutical rep i mean cal just had two kids living together on the central coast we wanted to buy a caravan and so we had this little tracker on our fridge of like different milestones in the saving process and then we like drew this little caravan and it was blue tacked on and so like as we would save money the little caravan would like move a bit closer you know towards the goal and so having ways to track your goals and see where you’re going is super important so for me that’s probably going to be in excel so what about you because you had the massive goal of okay i want to buy a property which you did so yeah like is you done you achieve the goal for the year i know you’re going overseas yeah this week he’s
when we had that we did the video i had that chat bout six months ago my plan was to get the house which i’ve done now my plan was to learn how to live with a mortgage which i’ve also done that and now it’s kind of just taken care of itself i don’t necessarily have to focus on it anymore my other goal was then to kind of get myself into a point where i can start working towards that second property as well so i knew that the one was definitely not going to be enough and i knew that i needed to take advantage of current market conditions i’ve still been extremely diligent still saving a lot of money and living like a uni student i actually have loosened up a little bit oh nine saying cuz that was another goal another goal was to actually spend a bit more time on myself and do things that i truly enjoy and really love having a good time with which was what have you been doing i’ve been living life i’ve been down to sydney a whole bunch of times hanging out with friends and family i’ve done lots of really cool wait any girlfriend yeah my girlfriend
simon’s which is stunning girlfriend in sydney so i can understand why he’s coming down every week or so
yeah i’ve been down so i think i’ve been down like six or seven times and we’re only in may which is insane i’ve also done a few trips to the gold coast few trips to brisbane and just enjoying and surfing and having a good time hanging out with friends and i’ve actually going to sri lanka in a week as well which will be really really fun just to go i surfing and hiking and check out some buddhist temples and some fields and things like that which i’m really excited for and i’ve actually got a trip to new zealand booked in august as well so like 2019 was yes ago year but more like a me year because i spent 2017 2018 just grinding away saving i only did one overseas trip and did a few little things here and there but this shows
i love traveling you’ll be traveling
is something i’m very very passionate about like i wanted to set myself a goal of go on one overseas holiday year go snowboarding once a year go on a surf trip once a year good thing is being in australia it’s kind of easy to go on a snow tree for a surf trip because we got some of the best surf in the world and this now he’s you know good enough for me
yeah it’s not that expensive yeah jon snow trip or to go on
yeah yeah when you’re in australia so that’s something that i’m really passionate about and something that motivates me it’s something that keeps me will hold myself accountable to not enjoy slowing things down
that’s not a bad thing either like you need to have a mix of financial goals as well as personal goals yeah like you can’t just be all finances and as you said you spent a couple of years grinding saving that deposit and main ben did a video on emotions first logic and it can get tiring ryan saving deposit tiring i can imagine that like to have a little break after that big milestone is something that will then amp you up for doing it again yeah
exactly so i actually do plan on purchasing my second property this year yeah well i want to get it this year but i’ll just have to say i’ll probably end up getting it similar sort of timing as i did my last property which over the christmas period yeah like try and purchase that over the christmas period because sometimes you get a good opportunity around that time of the year
yeah so what’s the plan for property number two then it sounds like you’re not heavily saving a deposit like you’re putting a bid away but not as intense as you were you know six or 12 months ago yeah so you’re hoping to leverage against your existing property
well my income has increased since i became a part owner in pumped on property so now that i get bonuses and things like that from being part owner i have four savings which come through once every quarter so i’m putting a little bit away every single week into my savings account but then i’m also putting large chunks every quarter in which by the end of the year will accumulate up to a second deposit so my plan isn’t to touch any equity in the property that i’ve got it to have another 100% cash deposit
and that’s what i used to do i used to do that as a pharmaceutical rep because we were we had a base rate yeah and then we’ll pay commissions which was sizable once a quarter yeah based on how you went to target and so it was always so exciting once a quarter because we would live off my base income and then once a quarter when that money would come in we would use that instantly to pay off debt or instantly to save towards a deposit for a property yeah we ended up using that money to facilitate a move into state and me starting my own business but yeah it was so good just because you’re not it’s not every single day yeah once a quarter you’re not expecting it yeah and you can just instantly save it and
and it’s been so much easier to like save in this way because it’s like i’m not having to put so much weight and that’s what’s allowed me to go on lots of holidays and enjoy all of this time and spend a bit more money than i have in the past and it’s really nice a
yeah and so what i guess a big part of both of our goals is increasing our income yes so you were able to increase your income through the business and then able to save for a deposit i’ve been able to grow my business back up again increase the income in that as well which is allowing me to pay off debt at a faster rate not as fast as i originally thought i could it’s taking a bit longer but yeah and then also that puts us in a better position once we’ve reached the end of the year for you if you do buy a second one not only have you grown your personal income but you’re growing your investment portfolio and for me not only am i growing my personal income through the business but i’m also reducing my debt so at the end of the year i’ll have you know more income coming in and less debt to pay and for you where you have probably have more debt but that’s exciting so and then after the second property are you gonna go and build granny flats or do you think you’d go for number three
i’m gonna go to number three so i just want to take it to that next level that three properties so instead of the two properties to financial freedom for me it’s going to look more like three yeah so the plan is to have all three will the goal not the plan the goal is to have all three before the end of 2022 so Gives me plenty of time to execute on all of that. And it’s, you know, a well and truly achievable target, but it’s not going to come easily. Like I’m gonna have to work extremely hard. I’m gonna have to increase my income consistently so that I can service the debt. And I’m going to have to make sure that I’m purchasing properties that are going to be relatively cashflow neutral to also help with the serviceability.
Yeah. So your your goal is to get three and then build granny flats, do you think you’ll go for the Fargo three
and build the granny flats because that’ll be my baseline financial freedom. So then you’ve set up your foundation for financial freedom, you know, the three there? So
you got six incomes coming in? Yeah, we positive cash flow. So they’re paying themselves off?
Yeah, exactly. And then kind of gearing myself up for the next major property cycle. Going off Phil Anderson’s 18 year cycle that we like, have a lot of faith in. And I’ve done a lot of research around as well. So leading into that next stage, so I can use the beginning of the next cycle to hopefully pay off the debt, or build that portfolio even further. Yeah, it
was super exciting. And I guess long term for me is Yeah, pay off that debt over the next two years, probably. And then it’ll be a way into saving deposits and investing in property as well, which will be really exciting journey to watch, and to show people as well. So is there anything that we missed out on that?
Um, you know, I think that’s kind of it, I can’t remember exactly what we were talking about in the last one, and what other crazy goals that I had, but I think I’ve always, like, had the mindset that once I got that first property, I was going to try and relax a little bit. But also move forward to get to that next property and enjoy, you know, go on a couple of overseas trips, and spend some time with my girlfriend and friends and family and things like that one more time. So yeah, it’s good to say that I’m on track. And the really great thing, which has really helped me is figuring out a way to increase my income because it’s going to just make this journey so much faster. So you know, try and get a bit creative. If you want to speed the process up and increase that income, or reduce your expenses. If the soundtrack is
so much cheaper, I made the mistake because I’m now starting to look at rentals because I can see myself renting in the next couple of months. In my search history was rentals for Prejean beach, which is where I used to live up here in Noosa. And so I just clicked on a lot. Oh my gosh, the places that you can rent for so cheap, because I’m looking at two bedroom units and granola. And then looking at Virgin and two bedroom. A nice two bedroom unit is over $100 cheaper than in Sydney but right on the water. Yeah, like you’re like the street like the ocean road. Yeah, you can see the beach from your balcony and like are cheaper than Sydney, a little shady box and say, Oh, why did I? Why did I ever click on that. So definitely like reducing expenses, moving to the Sunshine Coast can be one thing, I guess that’s the last goal that I have for the year is to be able to come up to the Sunshine Coast once a month to hang out with you guys and to film up here and to create a lot of good content for people. So that was something I wasn’t able to do at the start of the year. And it’s something that I hope to do so that we’re going to have much more engaging and much more helpful content to every one of you out there who is watching or listening today. So I hope that this has been interesting, just a little bit of an update on our lives. It’s super interesting to track this sort of stuff. I’m going to link up to a couple of videos. One of the videos is the last one man Simon did on our goals for the year. So if you want to go back and check out what we did, saying that one
I’m gonna go back and watch.
Then go ahead and check that out as well. I’m going to link up to the video where Simon talks about how he purchased his first property because that’s really exciting. So go ahead and check those out in the description down below. Otherwise, until next time, stay positive