A blog has the advantage of making you express thoughts and ideas in written form often making them clearer. I believe goals and challenges benefit from being expressed explicitly, so here it goes:
Short term goal:
- Before the end of 2010, make at least 1000 EUR per month in passive income from African real estate. And I am going to use a pretty loose definition of passive here, meaning not more than a couple of hours a week to check on things, not including time spent to research new investments.
Within 3 years:
- Have a monthly passive income from real estate and other sources that matches my net monthly inflation-adjusted day-job salary as of today. This is basically about having the freedom to decide over my own time.
- Travel the world during a multi month period living off passive income. Travel is more of a pleasure than a challenge really, but for this to work the passive income needs not only to be large enough but to be reliable enough.
- Get to know and meet other people who live off passive income or run businesses that do not require much of their time, and who possibly also are perpetual travellers. I have read plenty of blogs of such people, but actually never met any in real life. That has to change!
- Visit 100 countries. Last time I checked I believe I was at 72. Counting countries is a great excuse for going off the beaten path and have great experiences one wouldn’t have had otherwise. Admittedly it can go too far, but I’ve been counting since my early teens so I’m not going to stop now.
- Branch out and make a real estate investment in at least one country other than the Ivory Coast, probably Ghana or Senegal. It increases diversification, and gives me a reason to travel around a bit and visit old friends.
- Visit Berkshire Hathaway’s annual meeting while Warren Buffett is still captain of the ship.
Long term goal:
- Making my little real estate venture into a real business with triple digit numbers of employees and properties, but that is after having thoroughly enjoyed not depending on a day job and travelling the world for quite a while.
I’m feeling wildly optimistic at the moment and can’t really understand why I didn’t start this earlier. There will certainly be trouble in the Ivory Coast but I don’t think it’ll hurt the business long term, the way to see it is that socio-political crisis are good buying opportunities! It would be a bit of a bummer if the CFA Franc was devalued, especially after a big investment,I’ll admit that, but it should still be recoverable.