My Money Go Round is my journey into the world of money, investing, building wealth and creating the life I want to experience. It’s not about fast cars and diamond rings, nor is it about cutting coupons and living off baked beans (although I wouldn’t mind a bigger diamond and I have no problem indulging in baked beans for dinner, as long as they’re covered in grated cheese!)
Most importantly I want to have more time. More time to live, time to love, time to learn, time to give, time to be.
There’s just one little itsy-bitsy problem: I love the finer things in life, and beyond my chocolate and exercise addiction there’s also the good wine I like filling my ‘cellar’ (wine rack), nice restaurants to indulge in, travels to be had, shoes to wear in, gifts to shower my family and friends with, experiences to savour, and much more.
Solution: Create a passive income through real estate, the share market, and business to sustain all the little wants and needs.
In the end it’s not about the money. The money is just the tool that helps us live the life we want. More money means being able to quit your job and spend six months with your ageing grandparents, it means being able to pack the car and travel around Australia for six weeks while the kids are on school holidays, or maybe volunteering overseas or your neighbourhood to assist in cleaning up disaster zones, it’s being there to eat breakfast with your kids, to pick them up from school and hang out in the park until dinner and homework need your attention.
So let’s pick a number. How much is going to be enough for now?
$75,000 p.a. in semi passive income (semi passive because investing isn’t a passive activity, it constantly needs your attention because trusting someone else completely with your wealth seems just a little bit silly).
Or $1,500,000 in equity to draw down 5% per annum (aiming for a 5-10% return on investment which is about 2-7% above current inflation levels in Australia).