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JOURNEY My journey to financial freedom

edwardcloud

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My approach towards the thread

Hi all, I am Bendahara here. I will like to share my journey here. Unlike most people here, I had not succeeded in my journey yet so I will be sharing my route through this journey. If I succeeded, you have a reference to a possible route to success, if I fail, you will see a possible route to failure which you can avoid. Either way, you can get something out of this thread.

Throughout the posts, there will be a lot of thoughts and theories coming from me, it may sound bored but I think it is actually essential so that we can get the same understanding. At any point in time, if you have any needs for discussion, queries, and thoughts, please do feel free to post and we will have a discussion here. I will like to apologize if my posts ended up as a wall of texts.

Unlike most people here, I will not start with From destination A to B. I do understand that the threads here all talk about the journey. But I want to be different. I will talk about the journey for sure. It will be very difficult for me to illustrate without example.

Imagine this,

If we just talk about the journey, most people will always tell themselves this:

I travel from location B to location A by bus.

Their traveling location: Location B to Location A
Their transport Vehicle: Bus

They do not understand why do they make the trip, what are their motivation to make the trip, how long in term of the distance and time will the journey be?

Below is how I will talk about my journey.

I travel to work by bus from my home at location B to work at location A, a 5km trip that will take 40 minutes

Let us break down the whole thing:

My traveling location: Home location B to Work Place at location A
My motivation: To work at location A
My transport vehicle: Bus
Measurement of time: 40 minutes
Measurement of distance: 5km

So here, I had explained why do I need to make the trip, why do I need to make the trip, what is my transport vehicles, what is the time and distance that I will need to reach my destination in point A.

In the next post, I will set my context on the journey.
 

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I travel to work by bus from my home at location B to work at location A, a 5km trip that will take 40 minutes
What speed is this bus going with so that in 40 minutes you get to the place you work and in total is actually 5km.
I could walk 5km in 30 minutes and I can tell you I will beat the bus just by walking. Are you sure it's not 50 KM?
 

edwardcloud

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What speed is this bus going with so that in 40 minutes you get to the place you work and in total is actually 5km.
I could walk 5km in 30 minutes and I can tell you I will beat the bus just by walking. Are you sure it's not 50 KM?

This is an example based on my country context. I stay in Singapore a small piece of rock with tons of cars. Buses are often stuck in the traffic or traffic light. In each stop, the bus driver will have to plead the passengers to go in.

So 5km for about 40 minutes could make sense lol.
 

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I stay in Singapore a small piece of rock with tons of cars. Buses are often stuck in the traffic or traffic light.
That makes more sense. Thanks for the explanations.

Here in Romania if I take the bus to go home at my parents, so distance is town to my village = 36 KM, it takes around 35 minutes.
 

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Fundamentals of setting the context

Many people may ask this question, “Are you too free and wanted to find something to do so that you are occupied?” I will like to say that the answer is No. It is my personal preference to set everything into context so that I will have a better picture on how to execute this.

For me to do this, I will start off with a clear definition of my dreams. What are dreams? Dreams are the end state or outcomes that you will wish to achieve in your life. These could be dreams that you have when you are young or that these are dreams that had been developed, reviewed and refined along the way.

Having your dream defined is not enough. You will need to drive actions to achieve your dreams. My dream may be too big to achieve instantly hence I may want to review my timeline or adjust my dream a little. (i.e. I want to be a millionaire by the age of 40 is unreasonable when I am at 39 years old are still struggling with a $2,000 income and $1,900 dollars expenses). To achieve my dreams, I will need to define what are the long term goals (goals that are longer than a year). The long term goals can be supported by one or multiple short term goals. I will translate these short terms goals as my annual resolution with detail actions plans and key deliverables.

At every Nov, with one month of the year left, I will start to review on the yearly resolution (Note that I will cross off any resolutions that I had completed for the year). For the unachieved initiatives, I will review to see the status and if I would meet with the key deliverables by Dec. If yes, I will just need to focus on my action plan. If not, I will take a review to see if I could push the initiative wholesales to next year resolution or I will need to modify it before shifting.

After that I will need to review the short term and long terms goals, how will they be affected by my yearly resolutions and how will they affect my dreams.

In short

How to achieve my dreams
Dreams - Long Term Goals - Short Term Goals – Yearly resolutions


Review
Yearly resolutions – Short Term Goal – Long Term Goals - Dreams


There are a few key aspects that I have in my assumption and believe

1. If I achieve my yearly initiatives – it is due to right actions and hard work
2. If I failed to achieve my yearly initiative – it is due to my own fault
3. Do not blame suddenly events or anyone but myself for the failures
4. I am my own CEO who drive the strategic directions, COO who drive actions and the CFO who plan financially and drive financial actions.
5. If I do not be responsible for myself, no one would be
6. I can be slower in achieving my dream, I will not give up
 

edwardcloud

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Can wait to see your dreams. Let us know if we can help in any shape or form. Good luck!

Thank you so much. Apology for the slow pace in the postings as I am really trying to let the people understand how and why do I approach things in a certain way. I will be posting my dreams, long term and short term goals together with a yearly resolution in the next post.
 

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Setting my context

Finally, we are coming to some actions now as I start to put in my context. I will put in my dream (Note that these are just financial related dreams that I filter in). When you put in your dreams, do not worry if your dream may not in full details when you drafted it, you can always review and revised them.

Bendahara’ s dream

I will achieve Financial Freedom with an active and passive monthly income of at least SGD$8,000 by the age of 46. I will build my wealth through investment in stocks, REITs, angel investment, local and overseas property. I will trade in futures, options, sports investment, any trading opportunities and p2p lending.

I will retire my current day job to educate the mass the important of realising their dreams by the age of 48. I will do so by authoring self-help books, workshop and 1 to 1 coaching sessions.

I will be staying in 3 roomers plus study million dollars’ worth of Executive Condo or condo in Singapore which has a cozy theme renovation with my wife and child at the age of 46. I will ensure that we could spend and tour without having to worry about the cost.

I will want to have an asset of $30 million dollars in properties, shares, REITs, cash, deposits and other not mentioned assets by the age of 55.


These are the current form of my dreams. It had been improved but not finalized yet.

To achieve Financial Freedom, my passive and active monthly incomes need to be more than my expenses so that there will be excess. To be that, I will have to both increase my incomes and to reduce my expenses.

When it is too difficult always remember this

Finance Freedom = Passive and active alternative income - expenses >= 0

My immediate long-term goal will be to establish monthly passive and active incomes of more than $8,000 per month within 8 years.

To do that I will have the following current income vehicles (Note sources of income not exhaustive, some could be temporarily incomes strategies till enough capital accumulated)

Active incomes
Sports Investment (Sports Betting)
Option Trading
Online Survey
Online Forums
Online Trivial
P2P Lending
Futures Trading
Non-Fiction Book publishing

Passive incomes
Shares Investment
REIT Investment
ETF Investment
Property rentals
Angel Investment
Foreign Currency Deposits

In the long run, the incomes generated from these sources will diversify into passive incomes to generate interest, dividends and capital appreciation

I will share more on the long-term goals and the short-term goals as well as each type of alternative incomes so that you can take a look and probably do that along the way as well.
 
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