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.
|
Thread: Financial Freedom Thread
-
07-18-2018, 01:45 AM #31
- Join Date: May 2012
- Location: Auckland, Central, New Zealand
- Posts: 6,242
- Rep Power: 26244
*Everything I write on the Misc is facts and to be taken seriously.
~~~New Zealand Crew~~~
++ Positive Crew ++
Great leg genetics
Have default great calves
-
07-21-2018, 04:56 AM #32
-
-
07-21-2018, 05:03 AM #33
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.
-
07-21-2018, 03:26 PM #34
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{Misc Fisherman Crew}
{Misc Investing Crew}
-
07-22-2018, 07:32 AM #35
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.★★★ A State of Trance Crew ★★★
♞♞♞ Misc Horse Head Crew ♞♞♞
-
07-27-2018, 08:16 PM #36
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.
Baltimore Orioles
Most positive poster in this thread.
MFC Poor Crew President and Founder.
-
-
07-27-2018, 10:26 PM #37
-
07-27-2018, 11:25 PM #38
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.2014 Misc Resolution: Negging no pics (screen captures of text don't count as pics)
HairyWBush Reps for life - Hamster Compassion: https://forum.bodybuilding.com/showthread.php?t=181804893
-
08-13-2018, 05:53 AM #39
-
08-15-2018, 06:26 AM #40
-
-
08-15-2018, 04:45 PM #41
-
08-17-2018, 11:24 AM #42
-
08-18-2018, 06:42 AM #43
- Join Date: Jul 2010
- Location: Florida, United States
- Age: 36
- Posts: 7,542
- Rep Power: 50145
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.
Never neg first but always neg back crew
-
08-18-2018, 05:54 PM #44
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."Wennschon Dennschon"
Bodybuilder/Powerlifter.
-
-
08-18-2018, 08:20 PM #45
-
08-20-2018, 05:43 AM #46
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.
PUBG - X1
xX nRAG3D Xx
MCC Crew: WTC crew
-
08-20-2018, 07:52 AM #47
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.Посмотри на меня - самый модный тренд (В тренде!)
Гоша Рубчинский - это мой best friend
goon shxt 與太者
Coming soon.
-
08-20-2018, 09:35 AM #48
I got a high 4% interest rate, kinda sucks, but will be looking to pay down the principal asap.
Time in the market > Timing the market. Youre young bro, just set it and let it ride.
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.
-
-
08-20-2018, 10:23 AM #49
-
08-20-2018, 12:52 PM #50
- Join Date: Jul 2010
- Location: Florida, United States
- Age: 36
- Posts: 7,542
- Rep Power: 50145
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".
Never neg first but always neg back crew
-
08-20-2018, 05:38 PM #51
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.
Посмотри на меня - самый модный тренд (В тренде!)
Гоша Рубчинский - это мой best friend
goon shxt 與太者
Coming soon.
-
08-21-2018, 07:15 AM #52
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 awesomeMy Workout Log:
https://forum.bodybuilding.com/showthread.php?t=176131141
Current PR's:
Squat - 140KG/315lb
Bench - 130KG/286lb
Deadlift - 200KG/440lb
-
-
08-21-2018, 08:04 AM #53
-
08-21-2018, 08:22 AM #54
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.My Workout Log:
https://forum.bodybuilding.com/showthread.php?t=176131141
Current PR's:
Squat - 140KG/315lb
Bench - 130KG/286lb
Deadlift - 200KG/440lb
-
08-22-2018, 06:39 AM #55
-
11-14-2018, 12:10 PM #56
-
-
11-14-2018, 12:28 PM #57
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.B.S. Exercise Physiology
NASM-CPT
MMA Brah
-
11-22-2018, 05:16 AM #58
- Join Date: Jan 2012
- Location: Rhode Island, United States
- Age: 32
- Posts: 1,254
- Rep Power: 5815
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)** KNEE DRAGGERS UNITE **
++ Positive Crew ++
-
11-22-2018, 05:28 AM #59
-
11-24-2018, 11:37 AM #60
Bookmarks