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  1. #31
    let that sink in Ying2012's Avatar
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    Everything below is my pure opinion without any studies or reasoning so take it for what it is.

    I stopped reading at "frugal lifestyle" can you explain why you think thats necessary?
    Coming from a sales/business background im wondering if you can't part yourself of money or understand that there's no shortage of money only time how do you get others to do the same?

    I can understand being careful with spending if you have a solid need for saving but living day to day you need to understand that you'll always have cash income opportunities and that 100% applies to you. However one thing you can't get back is time and your age so how does this help anyone? Well you want more money and who has the money? Your customers/clients/prospects how ever you call them. If you can't part yourself of your money how do you expect to do the same for others?
    Would you buy a product from someone who wouldn't even buy it themselves or would you rather buy a product from someone who would 1000% go broke for it?

    Now i'm not saying we should go spending and have no savings but the idea of money is to enjoy it and use it. Understand why people spend and why you spend money and you'll be able to make others spend their money for you.

    Anyway back to the thread

    I have always wanted self income and it's funny a couple weeks ago i tried going back to the work force and couldn't last 2 weeks. 100% not for me.
    I started earning money online at the age of 13 starting with those systems where they paid you for x amounts of downloads to affiliate marketing to cpa to Programming subscription programs(Biggest winner 10k/month) to Investing to eCommerce/Services.

    I'm currently in my early twenties and working on a new business which has my full focus and attention. I hope it becomes my baby and will be the one that springs my future businesses, I spend my free time on "sales" books usually because I believe there's nothing more important for anyone who wants to be successful in their own way than to understand sales and how humans think.

    I have probably failed over 200 ideas since the start (age 14) thinking about it lol, never realized. I remember at age 15 I was making around 80usd/day on a couple of my sites but I got comfortable and let them go... I didnt learn that lesson for the next 4 years lol. I would constantly find a new way to earn income but I would always let it go once the money was flowing....

    Now this new business I'm working on with a partner finally (Previous attempts all have been pretty much solo) we hope to grow from 1 unique niche market into bigger competitive markets we're starting slow but I feel like i've finally learnt enough from past failures to grind this one out until we dominate each market before expanding. I have also learnt to understand money more, I no longer waste too much of my time doing the same thing day by day when I could just pay someone to get it done for me and work on other things instead of repetitive tasks.

    Doing a 180 back on money I don't really put them in savings as they tend to lock you in for a term with small returns when I believe i could invest them in business ideas or import to sell on the side which will make you way more than any savings account. I side hustle I do with my extra cash is import and sell locally for margins way over 1-5% lol picture $2 cost and $13 sale price. $55 Cost $110 sale cost... Yea no point putting them in savings when you can legit spend a few hours to research what wells and use your money on that.
    *Everything I write on the Misc is satire and not to be taken seriously.

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  2. #32
    Registered User Gizzyhardcore's Avatar
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    Originally Posted by yeshli2nuts View Post
    - Put $1,000 a month into index funds, currently have $22,000 in, for long term investments (new car, children education, home renovations, etc)
    - Both put 15% salary into 401k, we have combined about $50,000 in.
    It will surprise you how fast those will go up with compound interest and you contributing constantly and consistently, you'll wake up one day and there will be a massive amount in there, at least that was my experience
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  3. #33
    Registered User Gizzyhardcore's Avatar
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    Originally Posted by Ying2012 View Post
    Everything below is my pure opinion without any studies or reasoning so take it for what it is.

    I stopped reading at "frugal lifestyle" can you explain why you think thats necessary?
    Coming from a sales/business background im wondering if you can't part yourself of money or understand that there's no shortage of money only time how do you get others to do the same?

    I can understand being careful with spending if you have a solid need for saving but living day to day you need to understand that you'll always have cash income opportunities and that 100% applies to you. However one thing you can't get back is time and your age so how does this help anyone? Well you want more money and who has the money? Your customers/clients/prospects how ever you call them. If you can't part yourself of your money how do you expect to do the same for others?
    Would you buy a product from someone who wouldn't even buy it themselves or would you rather buy a product from someone who would 1000% go broke for it?

    Now i'm not saying we should go spending and have no savings but the idea of money is to enjoy it and use it. Understand why people spend and why you spend money and you'll be able to make others spend their money for you.

    Anyway back to the thread

    I have always wanted self income and it's funny a couple weeks ago i tried going back to the work force and couldn't last 2 weeks. 100% not for me.
    I started earning money online at the age of 13 starting with those systems where they paid you for x amounts of downloads to affiliate marketing to cpa to Programming subscription programs(Biggest winner 10k/month) to Investing to eCommerce/Services.

    I'm currently in my early twenties and working on a new business which has my full focus and attention. I hope it becomes my baby and will be the one that springs my future businesses, I spend my free time on "sales" books usually because I believe there's nothing more important for anyone who wants to be successful in their own way than to understand sales and how humans think.

    I have probably failed over 200 ideas since the start (age 14) thinking about it lol, never realized. I remember at age 15 I was making around 80usd/day on a couple of my sites but I got comfortable and let them go... I didnt learn that lesson for the next 4 years lol. I would constantly find a new way to earn income but I would always let it go once the money was flowing....

    Now this new business I'm working on with a partner finally (Previous attempts all have been pretty much solo) we hope to grow from 1 unique niche market into bigger competitive markets we're starting slow but I feel like i've finally learnt enough from past failures to grind this one out until we dominate each market before expanding. I have also learnt to understand money more, I no longer waste too much of my time doing the same thing day by day when I could just pay someone to get it done for me and work on other things instead of repetitive tasks.

    Doing a 180 back on money I don't really put them in savings as they tend to lock you in for a term with small returns when I believe i could invest them in business ideas or import to sell on the side which will make you way more than any savings account. I side hustle I do with my extra cash is import and sell locally for margins way over 1-5% lol picture $2 cost and $13 sale price. $55 Cost $110 sale cost... Yea no point putting them in savings when you can legit spend a few hours to research what wells and use your money on that.
    LOL its nothing to do with parting with money, its the more you invest early and the longer in whatever it is (property, index funds, private equity etc) generally the better its going to be. So how do you maximise how much you have to invest, sure hustle all you can - this seems to be your strength as you seem to be a sales guy - but for a lot of people when they start out all they have is their job, so the other half becomes minimising how much you spend, so you can have a decent amount left over to pump into investments.

    If I hadn't have done this it might have taken me much longer to save for a deposit on my first rental property back in 2002, heck if I had lived it up I might have brought a car or something and not brought that rental property. My life would be very different now. I'm pretty sure I would have a good job still, but I'd be paying off a mortgage, maybe have a little bit of money investments and be driving an ok car.

    As it is, I have no mortgage, am near 7 figures in investments, make ~10k a month passive income off that (have just had 3 months in a row where its been closer to $20k, so my heads kinda big right now) and I'm about to buy a $150k super car tomorrow.

    Theres no harm in living frugally, it teaches you financial discipline, it makes you become really value conscious. This is from my perspective having a finance / maths background, like I said you sound like your'e really good at sales so your approach might be different.
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  4. #34
    i need a tan mp83's Avatar
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    I am 35 and am about 50% to financial independence. Should be there in 5-10 years. Feels good man.

    I make good money (6 figures), live frugally (expenses are about $35k per year). Max out the 401k and Roth and invest the rest in index funds.

    I've been doing it 5 years now and it's amazing how fast it goes up. Put as much as you can as soon as you can. Compound interest is amazing
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  5. #35
    Trancebrah _zman's Avatar
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    Originally Posted by NinjaBoots View Post
    I'm some where in the middle. I want to retire by 55 at the latest, but would love to accelerate that down to 45-50. Real estate is the way I imagine I will do this. Not buying and flipping, but buying a two family, fixing up, renting. Rinse and repeat. I really need to buckle down and start some research on this though. Does anyone have any good books/podcasts/youtube videos to get me started?
    You can pick up a book or two and know a lot more in a weekend. But for the most part it's a learn as you go type of game imo.

    I worked with a partner and what I know and what he knows are two different things. Something that worries him, I have to account for, but I wouldn't normally. So this business is actually pretty opinionated. So if I were to give any advice, go at it alone if you can.
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  6. #36
    registered boglehead OfficerJimLahey's Avatar
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    my vehicle will be paid off next month. I made over a year's worth of payments on it this month. I am growing to hate having debt more and more. made some real solid progress this past year, still have some work to do but getting to where I want to be is in sight.
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  7. #37
    Registered User Miscbob's Avatar
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    Originally Posted by tunafish01 View Post
    Gary Vee Show
    Does this guy ever say anything tangible or is it just an endless pep talk?
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  8. #38
    Registered User whitepaper's Avatar
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    Originally Posted by Gizzyhardcore View Post
    Am 41 now, 42 soon, life goes so fast

    heres my story in cliffs

    - brought up relatively frugally, always kinda understood working, saving, delayed gratification
    - went to uni had no idea what i wanted to do, did maths (stats) changed to finance
    - first job out of uni (2001) was happy with living a slightly upgraded university lifestyle, didn't want for big things was saving money
    - read rich dad poor dad, suddenly had focus for that money
    - kept being frugal, saving, brought first rental property.
    - brought more, added in my brother as partner cause banks wouldnt lend to me anymore
    - went to work in london (2004), massive exchange rate difference meant it was like getting a 4x payrise on any money I sent home
    - returned to NZ in 2007, had some good work experience now, managed to get a near 6 figure job, brought a nice car - nice to me, a WRX
    - took focus off investing, got lazy. GFC hit - interest rates on my mortgages went up to 10%, 2 of my apartments needed major repairs cause leaky, and got laid off from job
    - by bye london savings, had to do ****ty contracting work
    - (2014) economy recovered, properties had gone up in value a lot
    - 2015, sold some of them off, paid back mortgages, started investing in shares, index funds, private equity and peer to peer lending
    - kept finger on the pulse of whats going on, read a lot more now, keep a spreadsheet that I update month that tracks everything (makes you think about it more)
    - have nice 2 bedroom apartment I live in no mortgage, nice car and and near $1m investments with about $300k low interest debt. Passive income is usually $5-$10k per month (economy has been real strong)
    - 2018, got a new job, 48% payrise over old one, everythings going good, still single though haha
    Where in NZ?

    I'd love to own property there, but from what I've seen in Auckland, prices are so stupid, that it surprises me how people live there. Not to mention, the hoards of Chinese immigrants that they allow to buy up any property. No wonder shiit holes are going for 1.5Mil+. Prices are worse than Vancouver, BC.
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  9. #39
    Registered User tunafish01's Avatar
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    Originally Posted by Miscbob View Post
    Does this guy ever say anything tangible or is it just an endless pep talk?
    I know, I stopped listening to him. Its a but much. I get following your dreams, but its a bit far fetched.
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  10. #40
    JTFugggit #16 OSUBBall23's Avatar
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    Started this a few months ago.

    Building a solid base. My plan is not to retire early but to have some passive income along with my regular salary. I have a DRIP set up.

    I am 27. Bring home 2400 to 3k a month depending how much OT I work.

    Wish I would have started this earlier.
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  11. #41
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    having FU money is essential to living a 5 star life. wake up everyday working towards that goal
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  12. #42
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    Originally Posted by OfficerJimLahey View Post
    my vehicle will be paid off next month. I made over a year's worth of payments on it this month. I am growing to hate having debt more and more. made some real solid progress this past year, still have some work to do but getting to where I want to be is in sight.
    yes quoting myself. paid it off today. approx 15 months of payments made in the last 2 months. feels good!
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  13. #43
    Registered User tunafish01's Avatar
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    Originally Posted by OfficerJimLahey View Post
    yes quoting myself. paid it off today. approx 15 months of payments made in the last 2 months. feels good!
    Good job man!

    Just closed on my place today. PITI is 1200 a month. Renting out one room for $500 plus utilities and $425 plus utilities.

    Hoping to pay it off in 15 years vs 30.
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  14. #44
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    Originally Posted by tunafish01 View Post
    Good job man!

    Just closed on my place today. PITI is 1200 a month. Renting out one room for $500 plus utilities and $425 plus utilities.

    Hoping to pay it off in 15 years vs 30.
    What kind of interest rate did you get? I got 3.875% on my house I bought back in February which is lower than many other investment options. That being the case, I decided to go for the 30-year with minimum down payment (20% in order to avoid PMI), even though I could afford 15-year or more cash down, just because of how good the interest rate was. If you're talking about 30 years, you will definitely get better interest putting that cash into the stock market.
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  15. #45
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    I've started up an affiliate website a little over a week ago, and am constantly adding more content to flesh it out. I'm planning on scaling it up in size until I'm making enough money to quit my day job, and support my future family.

    At the moment, both my partner and I make a little over £25k combined, after tax. We've saved £7k so far for the mortgage on a house. I want to be making enough money to be able to stay at home with her all the time.
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  16. #46
    Registered Republican Omnivium's Avatar
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    Is now a good time to invest in the stock market? It's been on a bull run for 9 years now...
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  17. #47
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    Originally Posted by Omnivium View Post
    Is now a good time to invest in the stock market? It's been on a bull run for 9 years now...
    Its always a good time to start investing. Just depends if you have a large pool or money to dump in or are just going to start investing a set amount every month. In 30+ years, looking back at the timing to start investing is going to be insignificant. Likely, the market will bounce up and down pretty dramatically at least twice in your investment lifetime.
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    Index fund recommendations?

    I have about 10k just sitting, and another 10k in individual stocks (at a loss right now). Was debating on taking my losses and putting them into an ETF for time being while i rethink my plan.
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    Originally Posted by yeshli2nuts View Post
    What kind of interest rate did you get? I got 3.875% on my house I bought back in February which is lower than many other investment options. That being the case, I decided to go for the 30-year with minimum down payment (20% in order to avoid PMI), even though I could afford 15-year or more cash down, just because of how good the interest rate was. If you're talking about 30 years, you will definitely get better interest putting that cash into the stock market.
    I got a high 4% interest rate, kinda sucks, but will be looking to pay down the principal asap.

    Originally Posted by Omnivium View Post
    Is now a good time to invest in the stock market? It's been on a bull run for 9 years now...
    Time in the market > Timing the market. Youre young bro, just set it and let it ride.

    Originally Posted by ruskiMishka View Post
    Index fund recommendations?

    I have about 10k just sitting, and another 10k in individual stocks (at a loss right now). Was debating on taking my losses and putting them into an ETF for time being while i rethink my plan.
    What stocks do you have?

    For index funds I use Vanguards Total US Stock Market Fund (VTSAX). Id recommend using them for just about everything.
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    Originally Posted by Omnivium View Post
    Is now a good time to invest in the stock market? It's been on a bull run for 9 years now...
    You're 25. It is absolutely a good time to start investing in the market. The key is that when the inevitable crash happens, you continue investing in the market.
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    Originally Posted by Omnivium View Post
    Is now a good time to invest in the stock market? It's been on a bull run for 9 years now...
    If you're going to try to beat the ups and downs of the market, you're going to fail, just like the geniuses of Wall Street continue to fail. There's no way to know when the next crash is coming. Yeah it's been on a bull run for 9 years now, I remember 5 years ago when people were saying "it's been on a bull run for 4 years now, the crash is coming soon".
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    Originally Posted by tunafish01 View Post

    What stocks do you have?

    For index funds I use Vanguards Total US Stock Market Fund (VTSAX). Id recommend using them for just about everything.
    Gamble OTC: ADTM, XALL
    PLUG, BLDP, FCEL, and NAKD which i fked up on with the app by selling instead of averaging down.. so my 800$ profit got raped with the downtrend.

    I had AMD and NVDA from when they were 1.80 and 22 respectively, back when i first started and had no money. Also made a 8k profit on a option call so im pretty much even, even though those other ones are pulling me down.
    Last edited by ruskiMishka; 08-20-2018 at 05:43 PM.
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    These replies are super inspiring, I'm 26 and only been working towards financial freedom for 12 months.

    So far I've got £12,000 ($15,000) invested into Cryptocurrency and also I'm in a property investment with my parents which will yield a massive profit when we sell the family home in a couple years.

    Now I've setup an auto savings transfer and I'm saving for my first rental property, I need £15,000 ($19,000) will hopefully have that in 12 months by September 2019.

    To occupy my mind for the next year I'll just be focusing Powerlifting and travelling the world while my savings grow, and hopefully in a year my cryptocurrency will be worth more but no worries if not as I've got backup plans.

    Thanks to everyone for all the advice, this threads awesome
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    You should be looking at crypto as more of a gamble than an investment.
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    Thanks I know man, nobody knows what going to happen with cryptocurrency although I do think history repeats itself and there's a lot of positives coming out from institutional investors so I'm willing to take that risk in my 20's and it's only risking 12 months of savings.

    Although yeah like you said I will count any money in cryptocurrency as forgotten about and now build up safe assets like property etc.
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    Originally Posted by mp83 View Post
    I've been doing it 5 years now and it's amazing how fast it goes up. Put as much as you can as soon as you can. Compound interest is amazing
    totally agree with compounding.
    pls compound with stocks or funds, don't compound with those low growth insurance policies.
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    bump, its been a while
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    Just rolled an old employer 401K into Vanguard last week. I split the money 60/20/20 in total stock market/total int. market/total bond market
    Also have a target date fund through them.

    My fiancé works for the state and has her 403B, and pension (if it still exists by retirement).

    We have our wedding/honeymoon planned and were able to budget/side hustle well enough to have paid both off completely without going into any debt. That feels good man.

    Our biggest goals post wedding: pay-down both of our cars (financed), pay down the rest of my student loans (50K, but tiny interest rates), and save for a house.

    All in all, we're looking good for being just 27 years old.
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    Wife and I are slowly working on it, but we dont have a lot of assets and have yest to figure out second income steams aside from our day jobs. I started doing lawns in my spare time last year, but for it to be worth my time Id need my own truck and a real mower. Cant do it now because we are saving for a down payment to buy a home.
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    I’ve been utilizing the DRIP in my Roth IRA however since I can’t touch that until quite some time (26 now). I just recently opened up an individual tax account so it can actually supplement my income when it gets highs enough..

    The current career path I am on right now I cannot retire until I am 50 if I want that state pension. I do enjoy what i do and don’t plan on “leaving early” however, My goal is to have enough FI And supplemental income to where if I wanted to quit whenever I wanted to I could.

    And like other people said I just want to be able to handle whatever life throws at me without issue, if I want to go buy a brand new sports car or tuck one day I can just do it without having to look back and think or re arrange some finances.

    Currently the only major debt I have is my somewhat high interest rate car payment (under 10k used car, first time getting from dealer, NEEDED the car within a few days so I didn’t look at interest rate) now I owe about 5k left and I pay more than the monthly minimum each month to boost the process.

    I pay off my credit card 100% each month. I do need to start keeping It at home though because I get carried away with eating out.

    Currently shopping for a house. (Most likely single family now, living for a few years/ repairs if need to and selling for a profit or using as a rental)
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