65% of self-made millionaires have 3 streams of income

jjs136 said:
i'm looking at a 4% withdrawal rate. Research shows it should not affect the capital in the long run and it's also inflation protected.
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I personally am trying to only use three but yeah. Appreciate it bro.
 
antidope said:
I personally am trying to only use three but yeah. Appreciate it bro.
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3% is a very safe withdrawal rate.

However, once i achieve financial freedom, i am sure my income will not be 0 year after year. I might take a low stress job, a contract, do some consulting or whatever (hence why i'm comfortable with a 4% withrawal rate).
 
yomari said:
Most people would rather watch game of thrones or hang out at the bar with friends than work on another stream of income.

Also you don't need tons of cash to invest, I always hate when people talk about how if they had money they would invest in blah blah but they literally have never invested a dollar in anything ever.
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what or where are some good places for "regular" dudes to ivest
 
6pac said:
what or where are some good places for "regular" dudes to ivest
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Okay so this might not be the answer you're looking for but I'm going to take this to a very basic basic level. Everyone hears invest and thinks oh put money in stocks etc.

Example 1) You're literally living paycheck to paycheck, and have $100 bucks roughly, You can go on craigslist and look for something that is undervalued. Typical something that you know about. Maybe you're a photography kid, or know about cars whatever it is. Then check ebay and sell for profit, then rinse and repeat. Easily make $15,000 a year doing this. Which isn't much but if you aren't using your cash flow for anything other than buying/selling because you have a job still it adds up quick. It would open up bigger doors and opportunities to invest in other things

Example 2) Let's take it a step further, You notice a demand for a certain product or notice something in the market that is missing. You can then find a supplier online and set up a web page and purchase ads on social media to drive traffic and sales

Example 3) Let's say you got a bit more money, you can day trade crypto for a decent amount of profit, possible buy a condo and rent on Airbnb if you got the decent credit.

Probably going to get flamed for this post but whatever, I just hate hearing people say "Oh If i had money I would invest"

You can literally invest in a case of water and turn your $3.99 into $24 which if you doing that 3 times a day say a July the 4th weekend in a park you're making more than people working minimum wage in probably a lot less time with a lot less effort and a lot less bull****.

These are all just random answers that I came up with that are possible for literally anybody.
 
tay1 said:
Are we also spending too much on avocado toast?
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I wouldn't blame avocado toast per say but I'm sure a lot of people are living outside there means with eating out/entertainment that prohibits them from having a decent saving. How many college kids do you know that blow $100 on bar tabs every weekend?
 
Money is important and serves as a base for most things in life. But gotta understand that health > money.

You can make six or seven figures, but what good is that when you're in a hospital because you've neglected your health, and now you're spending tens of thousands of dollars each day for treatment
 
I'm focusing on having my passive income exceed my main source of income..going all in..I ain't *********** no more
 
yomari said:
I wouldn't blame avocado toast per say but I'm sure a lot of people are living outside there means with eating out/entertainment that prohibits them from having a decent saving. How many college kids do you know that blow $100 on bar tabs every weekend?
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That's definitely true. More the fault of society and parenting than the kids though. We all basically allow anyone to get credit in America. I racked up 40k of credit card debt in college. Set me back a long time after learning what horrible decisions I made. The desire to live lavishly, being on my own for the first time, and the ability to easily open credit cards is a financial death blow.
 
I definitely need additional sources of income. I'm a graphic designer by day. I need to get in my grind and start freelancing in my spare time. Thinking about a part time gig for the fall and winter. I just don't want to go back to retail. Ever :smh
 
vietster said:
Money is important and serves as a base for most things in life. But gotta understand that health > money.

You can make six or seven figures, but what good is that when you're in a hospital because you've neglected your health, and now you're spending tens of thousands of dollars each day for treatment
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I always remind people of this. We as Americans spend so much $$$ to treat stress and unhappiness (medications, therapy, etc). All we're doing is treating symptoms. People rarely sit back and analyze the source of their frustration, which is often work-life balance related.
 
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I have passive income but nothing compared to a work paycheck. Have some money saved up but not to where I'll want it to be. My investments or things I try to purchase to resell for profit isn't moving how I'll want it to. Trying to be patient but hard not to overthink if I'm failing in life or wasting time.

If anything, I have to become better at managing the little money I make now if I want to envision the life I want for myself.
 
My biggest fear about side hustles is that it won't work and I'll waste money on it. Buying stuff and reselling it seems easy but there are going to be a lot of times where the number of hours to sell soemthing for a $50 profit doesn't make sense. The best way I can see to stack money is to reduce rent and monthly expenses and have a consistent job that allows you to save a good chunk every month.
 
When you resell you also have to take into consideration cost of shipping supplies, fees (ebay/paypal), time/gas spent going to and from the post office, time spent researching and purchasing items and so on and so forth.
 
This is a good of a thread as any to mention reading Rich Dad Poor Dad.

That's what change my way of thinking about money.
 
isco said:
very easy to rack up debt with instant-gratification through CC's
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I know that and have had a CC for 20 years now but dude should have known to cut himself off at a certain point. At some point you have to realize that you are only messing with your future by doing things like that.
 
Yeah I was a dummy lol. It is what happens when you outsmart yourself. You justify it by saying I'll make X dollars a year once I graduate and that I'll be able to consolidate all this and pay it down $500 monthly. Sounds super reasonable to a 20 year old who is using that mentality to justify going to Vegas, hitting the bar, going on spring breaks etc.
 
I paid it all back. I should mention that I didn't end with 40k debt actually...that's what I spent on my credit cards for those 4.5 years. I did work about 20-25 hours average a week so I was paying some of it down as I went. Ended school with only 21k debt. Paid that all back after 2 years. Didn't really learn my lesson to be honest lol. Back in debt now but due to international moves, cost of living etc. This time it's the right debt - not party vacation live beyond my means debt.

Funny thing is that my job is to tell others (companies) if their finances are in order lol.
 
i pay everything with my CC for the rewards and perks..at the end of each year I cash it out so it is kind of like an additional savings account..the only thing I can't pay with CCs is lottery tickets..but all of my daily expenses are used with my card..pay it back before the billing cycle to avoid any interest..it's convenient..but it can be detrimental as well..I'm always at risk to inadvertent spending
 
I have 3 sources of income but I'm sure as hell not anywhere near a millionaire :lol:
 
wheres that NTer that scoffed at me when i mentioned multiple sources of income in that one thread about saving money? :lol:

getback said:
When you resell you also have to take into consideration cost of shipping supplies, fees (ebay/paypal), time/gas spent going to and from the post office, time spent researching and purchasing items and so on and so forth.
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tbh reselling just seems like a waste of time to make such little profit (assuming we are talking about kicks, clothes and such)
 
ahat20 said:
wheres that NTer that scoffed at me when i mentioned multiple sources of income in that one thread about saving money? :lol:



tbh reselling just seems like a waste of time to make such little profit (assuming we are talking about kicks, clothes and such)
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Agreed. It's creating a scalable model though once you figure out how it's going to work. There is also that possibility of a huge month. Making $500-$1000 a month is possible and then to have a $30k month. I've always wanted to get in on the costume and Halloween bidness. I figure there has got to be an easy way to buy a bunch of standard costumes for super cheap. Store them during the year and then go ham trying to sell them from early September to the end of October.
 
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