I don’t think everyone need to do this but I think it would be a useful concept for some people to understand Below are what the 3 plans entail:
1-Getting rich in less than 5 years
2-Getting rich in 5-10 years
3-Getting rich in 10+ years
Heres why I think this is an important concept
I found when I started looking into investing I only had a 10+ year plan which is better than nothing but the more I looked into business I found it could well be possible to get richer sooner by focusing on business.
Heres what each plan focuses on:
1.Getting rich in less than 5 years- my plan summarised is to try multiple businesses and build up multiple 6 figure businesses within 5 years, as i’m young I have plenty of opportunity to fail with business so im willing to risk this.
2.Getting rich in 5-10 years- My plan for this is using the profits made from business’s/work to invest in real estate using leverage from mortages to grow my investment amounts substantially. The reason I want to focus on real estate is due to the leveraged gains you can achieve by investing in real estate.
3.Getting rich in 10+ years- my plan for this is simply to max out my pension and invest around 20% of take home pay throughout my working career into my investment isa and invest in index funds.
Heres Why I Chose To Plan This Way
I choose to plan this way as the reward for risk is greater for the shorter term options however I understand It may not be achievable so I want longer term plays in my wealth building journey hence why I split them up, this defiantly isn’t for everyone but may be useful to some.