Firstly thanks to all the great posts on here there is really some great info available.
I’m about to embark on the IP path to wealth creation and my first step has been to create a goal which is “I would like to have a passive income of $200k before tax in 12 years time from property”. Part of me thinks it's very ambitious and another part says throw the number out there, aim high and give it a crack! The reason for 12 years is that I would like to hit that target by the time I’m 50.
My starting position is pretty good: I have a PPOR with around $700k equity, earn a good salary and am trying to develop a strategy to get there but need some help defining it for the current economic climate and the next 12 years, (which i get the feeling won’t be the same as the last 12years!).
I would love to hear your suggestions for the best strategy to get there.
Thanks
Mitch
I’m about to embark on the IP path to wealth creation and my first step has been to create a goal which is “I would like to have a passive income of $200k before tax in 12 years time from property”. Part of me thinks it's very ambitious and another part says throw the number out there, aim high and give it a crack! The reason for 12 years is that I would like to hit that target by the time I’m 50.
My starting position is pretty good: I have a PPOR with around $700k equity, earn a good salary and am trying to develop a strategy to get there but need some help defining it for the current economic climate and the next 12 years, (which i get the feeling won’t be the same as the last 12years!).
I would love to hear your suggestions for the best strategy to get there.
Thanks
Mitch