5 Year Strategy for financial freedom

Everyone needs a strategy. That is unless you want to be sat at the same desk day after day until the day you retire to be handed a few hundred notes for the last 25 years of your life.

Let me give you an example of one of my strategies

  • Use some equity gains from uk property to invest in a beachside property abroad in eastern europe for example. If required borrow enough so you can purchase property outright. ( Prices range from 40k to a around 80k or higher ) depending where you buy
  • Stick to a 5 year plan to pay back funds (if any have been borrowed for overseas property)
  • After 5 years your overseas property is paid off. You are a property owner and you arent over 70 so you can actually enjoy it.
  • At this stage you have several options
  • The property can continue to provide rental income and will also appreciate year by year

OR

  • If your mortgage isnt too high and your rental income will provide (£300-£400) on top of the mortgage .
  • Rent out UK property and use the additional profits to finance your living expenses abroad. Take a year off or a few years while you devise your next business plan

Its all about thinking outside the box to escape the rat race…

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Updated: November 16, 2008 — 2:40 pm

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