The only money target we should have is that of cashflow. Cashflow is what buys freedom.
Here are some goals that may be helpful:
- Owning an essential business that cash flows more than $2,000 a month with minimal time, so as the owner you can either A: keep a high paying day job or B: pay yourself a small salary in the business and still cashflow.
- Owning real estate that both cashflows and has tenants paying the loan. As a bonus maybe win in the appreciation game (this is less predictable than rental income.) DONT COUNT ON APPRECIATION
- Buying several cashflowing businesses and “rolling them up” to A: Cashflow today and B: win from the capital gains on the sale of these assets several years out. (Baby boomers will be selling their businesses at an extremely alarming rate starting 2021 for another 3-5 years.)
For more reading and tips on this checkout Robert Kiyosaki Cashflow Quadrant book or Dan Pena YouTube videos.
Save money today, so you can buy assets tomorrow. Spend on luxuries from cashflow instead of earned income.