My partnership or contract, whichever you would like to call it, with the online life insurance agency I started with about 2 weeks ago is going quite well. The woman who manages a large part of the operation says I’m as good as the people who she has seen doing the job for 15 years. I learned a lot by being on top of Google for a short while and generating my own life insurance leads. I know now that the best way to develop my brand is to provide information that consumers looking to save money on various things would want to read. My “How to Save Money” blog located at http://YourLifeSolution.com/howtosavemoney is growing at a fairly rapid pace and I expect it to have 1000 contributors by year’s end. Once I have this level of exposure on the Internet I think I can have an organic lead source that is stable and highly profitable. If I continue down this path I can have a site with over 100,000 pages by the time I am 29 years old. This would likely generate enough buzz and make my brand well known enough to get me at least a large part of the seven figure income I am seeking.
With the work I do for the life insurance provider I am contracted with I should be producing a six figure income from them shortly. The income is ‘paid as earned’ which means I get paid commissions at the relative rate the customer pays their premium. This is a downside in that I’ll only get 1/12 of the commission per month in most cases since most people pay monthly, but it’s a great way to remain financially stable and live within a somewhat artificially low budget. Between this income and the customers my own site generates I should have a reliable $150,000 income by next year. By saving over 70% of my after-tax income I can build up a war chest to launch myself into a much larger presence at the age of 29. My plan is to have a solid 250k income by 29 years old and enough capital to transition into merely promoting and operating my own service day and night. Within 9 months of doing this I will turn 30 and I intend to hit the coveted $1,000,000 per year threshold by then.
About Real Estate
I’ve been talked out of living in West Rogers Park primarily by someone I know who once lived there. I am however still somewhat fond of Avondale, Lincoln Square and Old Irving Park. There are quite a few 800 square foot updated condos within these areas going for between $60,000-$80,000. I will be buying one almost definitely before my 28th birthday and then paying off the mortgage within 5-8 years. I intend to sell the condo for no less than $80,000 to $100,000 and then use the capital as a 20% down payment to buy a 3 or 4 flat building, live in the top unit and rent the others out. I don’t want to expand from there and become a landlord, but I do want to own and control the building I live in.
I’ve never financed a car or home so I’ve had trouble building credit. I just achieved a 644 FICO score today and feel I need to be at a 700 to feel complacent with my credit. Once I own a condo I will have years to slowly build up my credit to purchase a multi-unit building to live in.
No major revelations towards my goal today. I’m just chipping away at the prerequisite to get a lucrative income to finance the resources to achieve my seven figure income.