To Save 2,000,000.00 Pesos and Buy a Beach Lot or Not?
I posted this in some of the Financial Groups I'm always counting on when it comes to my finances and since it's been a while since I came around here on read.cash, I think it's nice to also read some of your thoughts.
Hello there! I posted here before regarding reaching my first million pesos, and now, I'm here again to solicit outside opinions, advice, and perhaps some validation na rin about my plans and future actions.
For a quick background, I'm 23F, working as a Freelance Content Writer. I'm earning around ₱150K to ₱200K per month, depending on how eager I am to earn more. I also usually work 50-70 hours a week with these earnings.
My ultimate goal is to FIRE at 30 to 35 years old with ₱10 to ₱15 Million as my Lean FIRE number.
For the last 6 months, I have noted down my monthly expenses and it's only averaging ₱25,000 per month. I'm living with my parents, so my expenses are just the food, monthly bills, allowance for my parents, and eating out here and there.
At the moment, this is my financial breakdown:
Emergency Fund- ₱250,000.00
Savings- ₱500,000.00
Retirement Fund- ₱500,000.00
Farmland (sangla)- ₱120,000.00
Crypto Investment- ₱150,000.00 (from $25,000 but suffered from the bear market and dove down with SOL)
Piggery business- ₱100,000.00
Total Net Worth= ₱1,620,000.00
This year, I'm aiming to save 2,000,000 pesos in cold cash, and after that, I'm thinking of buying land by the beach, which is around 300,000 pesos for 100m². Hopefully, I get to achieve both by December, when I turn 24 years old.
I don't know if I'm aiming too much but considering that I managed to save 1 million pesos in 6 months, I think it's feasible naman.
However, my dilemma is that I'm thinking if I should aim for my FIRE number target first or if I should buy that land na. I plan to build a beach house there (pag-iipunan ulit after mabili ung lupa) and rent it out as a homestay/BnB, since touristic ang place namin. But what's stopping me from this is the thinking that it might not be worth it or it will just end up as a waste of money. Or I'm just too negative?
PS. I don't plan on getting married (it's a lifetime imprisonment) and having kids so the beach house will also serve as my retirement home when I get old although this might change if I find someone. Lol
good investment ang land.. magastos lang yan sa una pero later on kikita kana.. basta pang one night or two nights stay keri yan..
Galing mo talaga lodi ko ito pagdating sa side hustle..😊Sana all magkaroon ng 1M plus in just 6 months.. 😊Galing talaga