This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives. Hey guys, Sharon from digital nomad quest, and today I’m super excited to go over my 2022 financial goals. Or I’m going to talk all about my investing goals and my side hustle goals.So as you guys can see here, I love writing down my goals. I love doing this because it keeps me accountable. And it makes sure that I am living an intentional life because I don’t want to just go by and see my life wasted on the couch watching TV and stuff like that, I want to make sure that I am living a life true to my full potential. Another thing I’ve been doing for fun is back in 2019, actually attended Pat Flynn’s conference. And he told us all to write a letter to our future selves. So I did that every year since 2019. So it’s really fun to kind of read these letters back, it just makes you feel like you’ve accomplished a lot, you can be grateful about where you currently are. Because you can see back to where you used to be back in the day, I always want to be kind of a better version of myself. And I hope that I’m doing that every single year. Now when it comes to making these goals.

I like to make smart goals. That’s kind of what people say are good goals, right. So they are specific, measurable, attainable, relevant, and time-bound. And that’s where I feel like are the best goals where they’re related to your values. They’re very specific and measurable if you know exactly if you are hitting them or not. They’re attainable. So they’re not ridiculous, and they’re time-bound. So these are yearly goals. So I know that by the end of 2022, I hope to finish all these different ones. So I also write a lot of different goals. And if I don’t hit some of them, it’s okay. Because if I hit like a good amount of them, I’ll feel pretty good about myself already. It’s okay if I don’t hit all of them, but I’m going to try my best. So let’s just get right into it. I’m going to go over all my different goals. So first off is I want to move into our new place.

Now, this is probably going to be accomplished by mid-January, we plan to move to Dallas pretty soon here, we actually purchased the place we visited pretty recently. And we’re really excited to move so we’re probably going to do a road trip and move all our stuff over to me this is kind of a financial goal because we are doing an Airbnb house hack. If you guys haven’t seen my previous video, go ahead and check that out where we’re basically every being out our place in the Bay Area and having it make up for the expenses of both the Dallas place as well as the Bay Area place. Now that should be an easy goal, right. As you guys can see, I put down attainable goals where I feel good about checking them off. Number two, I want to buy six or more units. Now, this is a little bit harder of a goal. But I do have friends who are making way bigger goals than that. But if we buy a larger multifamily property, we’ll definitely be able to hit this goal. The idea is we’re at 24 units. Now I’d love to hit a 30 unit number.

But obviously, the number of units isn’t really going to tell you that much. It’s more about the cash flow you’re actually getting. But anyway, it’s just nice if I’m able to do this, so we’ll see what happens. Number three, I like to buy another Airbnb that is included in the six plus units goal. So the idea is I want to tap More into the short-term rental market and we have done the Airbnb with the primary home but it’s still a 30 plus day furnished rental. Again, if you guys haven’t seen how we set up the first Airbnb video, go ahead and check that one. Basically, it just went over how we had to kind of make it a 30 plus day round because of the city’s regulations. But because we are moving to Dallas, their regulations are more chilled. So we would be able to start creating Airbnbs over in Dallas. And that’s a big reason why we’re moving to Dallas as well.

And something to note is if we move out of our home in Dallas, we could Airbnb that out it already be furnished with our furniture that we would have to buy for the place. And then we can move into another home, Airbnb that went out when we move out as well. So it could be really cool if we’re able to do that. So I’m trying that strategy of house hacks plus short-term rentals, which will be really exciting. If we’re able to pull that off. Number four, I want to finish the bur with a moldy house. If you guys haven’t checked out those videos, go ahead and check those out. So we basically purchased a property at $120,000 It was filled with mold. We’ve now remediated it and renovated it so it’s getting close to being finished. And we’re planning to get tenants in and then do a cash-out refinance may be in March or April or so. So we can tap into the equity of the home right now we think the after repair value should be around 300 to $350,000. Now, when we started this project, we thought the after repair value might be around $260,000. But it just keeps going up and up pretty confident with those numbers because I’ve been watching the market daily and just kind of monitoring how much people are selling their homes for with the same specs as ours.

Ours is almost 3000 square feet, four bedroom two and a half baths. So it’s a pretty large place. We checked it out again pretty recently and we’re just amazed at the transformation. It looks really nice and super excited to get some tenants in and we’ll see how that cash-out. Refinance goes.

Number five, I want to hire one full-time remote Virtual Assistant, as well as possibly a local one. So we’re planning to hire our friend’s daughter actually, who lives in Dallas, just for the summer months. So in terms of the full-time remote virtual assistant, I would like them to help me with content ideas, with emails with the blog, like there are so many different things that I’m like, just really scattered with. And it’d be nice to have someone who can help me with those different things. What I am worried about is if I have enough work for 40 hours a week for an assistant, I probably do, but I really need to define those things better, but also for someone local, if I do want to have that, I want to make sure I have enough work for both of them. My friend’s daughter’s actually trying to intern with us for the summer months. We’ve never really done that before. But we’re excited to try that out for basically three months. But I think if that goes well, we’ll probably want someone more permanent for that position.

So we’ll see how that goes for a local position. I’d love to have someone who can, like follow us around and film more. But also that means we need to do way more real estate projects or to be interesting for people to film us. Right. So we’re gonna have to see if it makes sense. But definitely, I would love to hire a remote virtual assistant full time, we’ll see how that goes. Number six, I guess I have two courses that I’d love to build out. One is a course on TikTok, as well as a course on how to manage your finances with the TIC tock course my account is at 510,000 followers. And Sean is actually at 1.1 million followers right now. So I learned a lot along the way, I think people have requested this topic. So we’d love to just kind of build out a curriculum of our knowledge and kind of put that out next year for the money management course I think we worked on it last year, but we just kind of left it and we stopped working on it.

I kind of want to revisit that and see if we can revive that I think people do want to learn about this topic. So I want to spend some time building that one out. And I think my ultimate dream is to have a repository of educational resources that people can just tap into if they want to. Like if it’s a YouTube video, or a course people are asking me questions, I can just be like, Hey, have you seen this episode? Or hey, have you checked out this course, it would just be nice. If I had all the Evergreen pieces of content, I would help people no matter what, and I can just direct people to them. So Sean’s kind of done both. But I haven’t been doing that as much. So I really want to do more active real estate like this. But you know, I really like holding on to my properties. For example, the moldy House Project, I could have totally flipped that one because we would profit, you know, six figures. But I really think that that property is going to appreciate a lot in value. So let’s do a cash-out, refinance, hold the money out, and then let that property appreciate and cash flow as a rental.

But I’m going to try my best to get more and more deals so that I can flip or wholesale them if I don’t want to hold them on to as a rental, which is going to be hard for me I love holding on to rentals, I’ve literally never sold a property. And we have 24 units together, right. So you guys can tell I love cash-flowing rental properties. But I’m going to try my best with active real estate because I think I could learn a lot more a lot faster because I’m going through a lot more deals. And it’d be exciting for you guys, in my opinion, because it’s a lot of content for you guys to watch, right? I’d love to have more projects like this so that I can document more and more and you guys can follow along the journey. So number eight, I’d love to start a private membership group.

Now, this is something I’ve been toying with for like one or two years, but I just don’t know how to manage it yet without burning out. Like I don’t want to take on too much work where I don’t have time for myself. So I know I have a lot of things going on, right? So I need to make sure this membership group can benefit everyone as well as it won’t screw over my time. And I just don’t have any more time for anything else. Right. So I got to make sure I balanced that correctly. And Shawn and I have talked about this a lot. And we’re just like thinking about the best way to do that. And I probably have talked about this before in other videos. So sorry, if I just keep talking about the same thing over and over again. But hopefully, we get that going next year. And I think this kind of leads into number nine is possibly creating syndication for the first time or just like getting more private money loans.

The reason why I think it leads to that is that I want to have a trusted group of community members that I can turn to who might want to invest with me, because I know a lot of people have DM to me asking, oh, can I invest with you? We don’t have anything set up for that yet. But also, if I’m going to invest with people, I want to make sure I dress them. And I think that opening up that private membership group first might allow me to kind of vet that out if I do decide to take on investors might be just from that group, for example, maybe that would work that way. You know, Shawn was saying for private money loans, we probably just want to keep it close, like friends family, just because we want to make sure that we can trust those investors. But who knows, maybe we will open it up to our audience, and maybe the private membership group would be the way to go first.

Hopefully, that makes sense. All right, number 10 is kind of a vanity metric. So it’s not the best type of goal but basically, I want to get that YouTube plaque and one that is for 100 1000 subscribers, I don’t know, it’s been something that I’ve always wanted. And I know it’s not like the best type of goal to have, in my opinion, the best goals are the ones you can actually control. Or it’s like, I want to make sure I talk about these different topics for my videos for this month, or whatever. So it’s kind of specific and something you can control. This isn’t something I can control, right? I can’t control getting 100,000 YouTube subscribers, but for some reason, yeah, I do want that plaque, I just think it’s cool. So that’s gonna be my number 10 Goal number 11. I sort of want to 5x my affiliate income numbers, I know that affiliate marketing is a great way to generate income. And I feel like I should be doing more than that. I think that it also benefits a lot of people if I go through a lot of the products and tools that I use to grow my business. And I should be doing that more in my videos. So I’m planning to do a lot more of that.

There are a lot of tools I’m planning to use with real estate as well that I haven’t really talked about too much. So I’m really planning to make more videos on the stuff that I use that I recommend that I think can provide you guys value. And to measure that, yeah, I do want to 5x that income number, it honestly really isn’t about the money anymore. We’re doing pretty well with our businesses, but it’s just something for me to track my proficiency into as well as a track that I am providing the resources that teach you how to use those different tools and products that will help with your investing or side hustles.

Alright, so I know there are a bunch of different goals here. So stay with me, we got two more numbers 12 is I love to have a better email system in place. And that’s going to come with me hiring other people to help me with this because I produce a lot of different content. And I want to be able to repurpose this all across the board, right? I want to be able to inform my email audience because that list is growing really rapidly now. And you know, I’ve been honestly neglecting my email audience like I haven’t been sending out emails. So I need to get that in place. And I need to create systems that will actually lead to the last goal is I would like my content to be more systemized. This doesn’t sound like a measurable goal, but I will know it when I see it. Because right now I do feel like I’m scattered. I am just like making content. And it’s kind of like when I feel like doing it. So it’s not the best way I feel like I can systemize a lot better. For example, I can have people help me with scripts, when you know coming up with ideas. I can brainstorm with a team or something like that. And then we knock out videos on a certain day, maybe for a certain one, someone can help fill me. So yeah, I do have an editor in place.

I would love to have a team of editors in the future possibly maybe have someone managed by editors and content writers and things like that, that’s going to be a long endeavor, right? You know, I see Ryan Panetta doing that, where he has a whole team. And I think I need to invest into my business a little bit more, hire out the right people so that I can systemize my content and not burnout, it’s really easy to burn out in this space. So I just got to make things a lot easier. For me, I’ve definitely been feeling burnout this year, a lot more so than other years, I think because I’ve been taking on some sponsorships and things like that. And that requires a lot of active work as well. As well as using more platforms. You know, I didn’t use TikTok before 2020 For example, I didn’t use Instagram to the level I currently am using it out now where I’m posting almost daily sometimes. So it’s just been a lot of grinding and I need to put better systems in place. I know we covered a lot of goals, but I feel like it might be helpful for you guys to see where my head is at when it comes to my investments and my side hustles for example for me, I would love to see these types of videos for people who are doing a lot of the things that I want to do so that I know which direction they’re heading towards and what they’re thinking about so that I can put that into my business as well.

So again, hopefully, that helps you with structuring your own goals even if they’re not financial goals you guys can take away that you know SMART goals really help with living an intentional life. It helps you keep track and make sure you’re living a life that’s true to yourself. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.

Transcribed by https://otter.ai