Updates to our income report
From last month’s April Income Report to this month, a lot has happened! We have booked a trip to Ecuador to spend 2 weeks there to test the water and then we will hopefully enjoy our time and even live there long term.
On top of that, I recently attended Gary Vee’s “VeeCon” Which is a conference for anyone that has the NFT Veefriends series 1 or the ticket to attend his conference. Many of these NFT’s ended up being worth thousands of dollars to which we were able to reimburse ourselves for all expenses in order to be profiting in the future if we sell any projects.
Our Airbnb has consistently had a guest in it since Janurary. We’ve priced it fairly and it have renovated it in order to increase rents. Since then, our unit has consistently brought in guests. We’re thankful to have the opportunity to have a guest unit on our property.
Apart from that, I sold a large project at work and the paycheck is expected to come in by the end of June. God willing everything goes through though.
The plan as of now is to get a HELOC, use that for a downpayment on a house, potentially renovate it a little bit, then get our next house hack. We’ve got enough equity in our first home to be able to purchase another one with a good amount of equity still available. Over the course of the next few years, we’ll pay off the equity loan with a portion of the renters payments and we’ll be smooth sailing.
Updates to our expenses
As mentioned earlier, I attended Veecon for 4 days where Gary Vee, Snoop Dogg, Seth Green, Jesse Itzler, Pharrell, Beeple and so many other superstar speakers attended.
During this time I made quite a few incredible connections. One of the areas I’ve noticed needs improvement is the network. There are many dumb millionaires and billionaires who know the right people. They have some good ideas and have a good team to help them execute.
So after Veecon, I’ve noticed that we’re going to invest more heavily into our network by going to meetups and conferences. These are where we will be able to grow exponentially.
We might have some of the answers but with a team is where you see rapid growth. At the very least someone who can guide you in the right direction.
Apart from booking flights to Ecuador and Veecon, not many large expenses have happened.
Changes in mindsets
We’re way more open to traveling often since we’re now optimizing our credit cards to get as much out of them as possible. We have the Chase Sapphire Preferred, Chase Freedom Unlimited, and the Chase Freedom Flex cards to maximize our points. Throughout the year, when we travel, our trips will be almost completely covered or heavily discounted.
Since life is so short, we have decided it’s time to get out and live life. Money comes and goes but our youth is a blink in the eye. We’re almost 26 and almost can’t believe how quickly 25% of our lives has come and gone. We don’t know when our time is here so while we can, we’re going to live each day as if it is our last.
Thanks to Rami Sethi and his book “I Will Teach You To Be Rich.”
We now really pay attention to my money dial and buy things that make us really feel joyous. We only get one life so don’t be afraid to live a little.
With Ecuador around the corner, it’s a huge priority to experience Geo arbitrage to live in an affordable country but earn American dollars through various incomes.
The other focus is going heavily into real estate to build 90% of our wealth. Our blogs, YouTube channels and books will help build the blogs in a repeating circle. At some point the profits will be big enough to buy cryptos and NFT’s. The profits from those will be used to buy more real estate. Long term the goal is financial freedom through real estate investing but with the current trend of NFT’s we see it as a great opportunity for some special things to happen assuming we double down on proven projects.
Whatever the situation and investment method, we’re still extremely interested in moving to Ecuador. The reason being is;
#1 Healthcare costs. It’s less than $200/m for a family plan with an extremely low deductible and amazing low-cost coverage in Ecuador. Compared to my employer-covered insurance of $600/m for a family plan with a $1,500 deductible and still really good coverage, Ecuador wins by a mile.
#2 being quality of life. Everything there is non-GMO, organically sourced, with very little to no additives that can be harmful. Also, everything is within walking distance of what we’d need. It seems like America is known for having extremely far apart locations so it takes you 30 minutes by car to see different things. While this might not be the same for you, that’s what we’ve noticed. After looking into Ecuador, the weather, mixed with the outdoor lifestyle it brings and the convenience of locations, it is the best of all worlds.
#3 biggest reason for us is the cost of living. Again, we spend on average $4,500 to $5,000 a month in expenses for what I would consider pretty solid. That does include the mortgage but even then, we’re spending around $3,100/month just to live here and we’re fairly frugal. We cook at home 95% of the month, no cable, cars are paid off, I’ve asked for the lowest cost car insurance we can get, there’s not much cutting of expenses left to do.
Now compare that to Ecuador, you can absolutely live an amazing life for $2,500 or less with $2,000+ being on the high side. That’s if we wanted an upscale place to live for $1,000/m, private fitness, maid services, etc. Even then, it’s fair to say your dollar goes 2X as far there. Also, what’s nice is our mortgage will be covered because we plan to rent out our home in America.
Worst case scenario we make $300/M or more by renting the whole home out. Best case, we rent out the Garage Apartment for $1,050-$1,250, and our home pulls in an additional $300 in cash flow after all bills are paid. Our home would be expected to pull in $1,500 on the higher end of the spectrum. Time will tell with this one though.
What lies ahead?
We’re planning to buy a home in Cincinnati using our HELOC. From the equity we’ve gained from our own home, this should be a relatively easy transaction.
From there, we plan to buy another investment wether it’s a quadplex, storage, or mobile home park etc. options are open but we’re definitely dialed in on scaling our blogs, NFT portfolio, and real estate holdings.
All in all, we’re excited about the future of what’s to come and what comes from the network we’re slowly building!
Until next time,