In 2001 I was 25 years old. I had been working on the idea of rental property investment could lead to wealth. I wanted to buy more rental properties but had two constraints – my wife wasn’t sure it was a great idea and I wasn’t convinced that I had the formula right.
So I developed what was the first of my long term plans to help our decision making.
I woke one day a few years ago and realised money was a solved problem for us. We had figured things out to the point where we had enough that even if we were able to work all our basic living costs would be covered. This had been my goal since my first full time job, at age 21 – to build our assets up enough so hard work is optimal, not essential. I hadn’t noticed when it happened, life was busy with new babies and our finances were on autopilot at the time, but when I realised it was an incredibly freeing moment.
Since that time I’ve mentioned to a few people how we did it, each time it gets strange looks – I’m not really sure if it’s because it’s quite odd to talk about your money, or if people thought it very strange that 20 year old Mark would have been thinking about ensuring he had enough money in his late 30s and 40s. Because of this I’ve decided to write up this series of posts, aimed at my kids in their late teens, who I hope will read these and realise that nothing stops them from also figuring out how money works, building wealth and solving the money problem.