This simple graphic explains the basis for my real estate investment business. The worksheet included in today’s post is based off this first bucket – the basic needs bucket.
This worksheet works in conjunction with others that we’ll be sharing in the next few days so hang on to your math from today’s worksheet.
You have chosen a career that allows you to choose the type of life you want to live and the level of income that you want/need to achieve. So, let me ask you a question – how much do you need in excess cash to fund your “bucket one” investments, pay off your high interest, short term, and unsecured debt, and get stuff you “have to have” plus find a real estate investment? Let’s take a look.
Bucket One Investments:
- Cash reserves in money market funds (six months net income is acceptable): ___________________
- Disability insurance that, if needed, will keep your household running without undue pressure (annual premium) +___________________
- All tax leveraged or employer assisted retirement accounts funded (IRA, SEP, simple, Keogh, Roth, pension) +___________________
- Other insurance, if needed +___________________
Total Bucket One Investments: ____________________
Debt Repudiation
- Unsecured debt at rates higher than current non-conforming mortgage interest rates: +___________________
- Items I have to contractually pay off this year: +___________________
- Items that I have to buy that are more important than my real estate investment program:
_____________________________________ +__________________
_____________________________________ +__________________
_____________________________________ +__________________
- Down payment on an investment property that would make sense in today’s market: +__________________
Total amount of money that I need to start my real estate investment program: $____________________ (A)
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