Hi guys,
Just a question about session 5 - A Reason for Taking Action.
On page 5-6 and 5-7 we learn how much capital we need for the after-tax income we would like to have each year. But does this take into account the mortgage. It seems to be presuming you own the assets outright? Is this correct?
Say I want 102k per year / 0.08 = 1.275M capital base. But then if I factor in a $1M mortgage on these properties that need to be paid, i might only be left over with $30k a year...if that!
So I guess my question is, and i'm sure I will learn as we continue, but how do you get to the stage of owning a $1.2M asseet base outright to get the full passive income from it? For me it's a lot of hard work. I don't have rich parents, aunties uncles or an inheritance to rely on. But only earning $60k after tax per year it's going to take me along long time to pay off $1.2M of property. And my actual goal is triple this!
hi there
if you use the wheel of wealth calculator that can help you set out a strategy/goal you need to set in order to pay out all your loans once you have your required amount of money needed and get the return you need to cover this everything will cover it self and leave you with your desired of passive income amount