This is the first post on this blog. Let's see, where to start. I'm like most folks I guess. When I write that, it is an assumption. I've been raised and brought up to study hard in school, get good grades to get to a good college. And then after that, either go to grad school or professional school to ultimately get a good JOB. When I was younger, it never really occurred to me when I would be able to retire. I figured getting a good job translates to receiving a good income which would translate into having a secure retirement.
I went through most of the educational hoops, and landed a job, and like an idiot, did not contribute to my 401K. I was always a spendthrift, in my college years, and to me-- retirement was a long long "time" away. It didn't make sense to invest that money, when-- now that I was working, I had money to "burn". Still, there was a voice in the back of my head that sort of seen things as they are; meaning, at the rate I was going.... I was never going to retire.
I bought the usual trappings of a middle class lifestyle. 2 European cars, a house that I could barely afford, and since I was single, partying every weekend. I knew something was wrong when I had to pay my bills via a cc cash advance, because I blew what was left in my checking account at the casino! This was bad. Like a "junkie on heroin" bad... but despite this, believe it or not, I had several DRIP accounts. There wasn't much in there, but for some reason, I invested every month. I figured this was my "emergency fund" that I could tap into, if I was in a fix. And the cash advance thing paying the mortgage was the final straw. I realized that I was so close to the edge of a financial abyss, that it scared the s*** out of me! I mean, how could I let this happen?? I'm reasonably smart, and thought I had enough common sense to not live "paycheck to paycheck".
But I did exactly that. And now, after a few years, most of the cc debt is gone, The cars are paid off, and I contributed heavily into my DRIPs. I have a little money in a SEP IRA, but the bulk of my liquid assets are in DRIPs. I also sold the house, made a little profit, paid off some debt, parlayed that into a condo and recently sold it after I rented it out for a few years. With that windfall, I contributed heavily into my DRIP accounts, refinanced another investment property that was cash flow negative, and paid off even more debt.
Now, I feel I'm in a better place financially. I've still got a ways to go... but I'm totally sold on the passive income via DRIPs and buy and hold real estate provide. The purpose of this blog is to chronicle the rest of this journey until my passive income surpasses my expenses. So.... that's it in a nutshell. I've realized the virtues of frugality, and vow never again to be in that "awful place" financially years ago. The blogs that inspired me to get to where I'm at currently financially were dividendmantra, and affordanything. Thanks again.
Whew! Ok.. so the first post is done.... until next time.
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