Haha. This is fun getting talked about! And this is why I'm here to move on from an old and shitty situation that I created. Learn, evolve as a person and get advice from a community of others. Making the cash was never really the issue. I've done well in the past. The issue was geared towards spending to much and not saving enough.
The problem is that this guy fully expects to do it in seven years starting from virtually nothing.
Then there's the fact that he has only managed to hang on to $5k of all the money he's ever earned. Perhaps he should add YMOYL to his reading list. Seems he has a spending problem AND a savings problem.
Funny he chose this thread as the appropriate place to bitch about the responses he received over on his case study.
I wonder what advice the hard working "Saving to $10k" crowd would have for him?
If it walks like a troll duck...
Your Money or Your Life. I Googled it and is it the book by Vicki Robin? I'm an open book and want to learn and improve and if this would be a good read I'll get it.
There is also more to that story that I don't want to really go into much detail. In short there was a period of time I kept getting sick so I was just in maintenance mode making my few grand a month due to serious lack of energy from being sick. That's all sorted now and I'm all better. When the last business wrapped up I had a good chunk of savings that I lived off while I had a break for a while from work and that I used while I got my new income stream going, that I've still got now. Everything added up. Yes, $5K savings as the last two or so years have been in that maintenance mode making a few grand a month, basically the cost of living. Recently I started my new method that's scaling fast so things are moving forward quick now :)
It was hardly bitching also haha. All I said was thanks for the positive comment vs the comment another made who doesn't know my history. And again I get that. No dramas there. As, in reality no one knows strangers pasts online right.
I was chatting to a buddy the other day about my plan I've known for ten years as he's seen what I've done in the past as I've taken it very high and he does very well himself and he's confident I'll get there. I just need to get on top of the saving side vs spending as I make it and it comes in. 2020 coming around and realising I'm not 21 any more has been a big wake up call. So I have no doubt I'll be ok, progress and grow out of that shit mindset :)
What’s the save to $10k crowd about? Or is that a joke lol. I’m so green I don’t know if you’re being serious haha
$10k/mo requires $3M NW which is very attainable since this thread is full of folks that are around that level. We all started with basically nothing and made it, can't see why you wouldn't as long as you keep your eye on the prize!
The problem is that this guy fully expects to do it in seven years starting from virtually nothing.
Yeah, 7 years to $3M without currently something that would get him to $1M in, say 3 years makes it sound a little far-fetched. I would also worry about sustainability - better to get to $1M in 7 years but enjoy the ride and want to keep going (if the plan is $3M) than burn yourself out and be miserable.
Edit to add - From his initial post, I got the impression he had experience in an online business that made lots of money, but he was spending it all. He seemed confident that he could make plenty of money...
Yes, correct. Making the money isn't the issue. I already have a few things underway.
$3M in 7 is a good goal for me. From what I'm seeing with the planning and getting one method to $10K/m that's already $720K in 6 years. Year one I'll take those profits and invest into other business ideas and expand on the current ones. So getting to $1M isn't really that big of a goal. I do focus as much as I can on getting VAs in the Philippines to work my methods as much as possible so once that $10K/m is hit I just manage a little. That's a lot of free time wasted if I just go for $1M. It doesn't fell right. It seems way to small.
$5,000 to 10 million. I like it. It's not quite a rags to riches story, but still a good one. Unless, you live in your car. Then, it can be rags to riches. Good Luck with it.
Thanks! Goal #1 is to hit $10K/m first. Then I'm off to the races.
A bit more of a positive reply vs what was posted on my journal. But, at the same time I get why people would be like 'ok here we go' if they see a post like that go up and don't know my full background even with my long journal post.
A long road ahead but I'll get there!
RE the car comment. You just sparked a memory from years ago. I actually remember someone posting on Facebook about how he went and slept on the street for 'one' single night so in the future he can say that 'he came from the street' or something like that. Haha! So silly!
$10k/mo requires $3M NW which is very attainable since this thread is full of folks that are around that level. We all started with basically nothing and made it, can't see why you wouldn't as long as you keep your eye on the prize!
Thanks for the encouragement. It does seems like there are two crowds here. One that says it can't be done and one that says it can. I guess I'll see where I end up over the years. But I'm pretty confident.
@EscapeVelocity2020 Actually I take "small" issue with the statement that $10k/month requires $3M NW.
I think this is glossed over a lot but honestly, if a part of NW is tied up in your house then it cannot be used to calculate your 4% spend. Sure you can argue your house might be sold for a higher value but on average houses do not return what the stock market does.. and before you sell it its costing you in RE taxes, maintenance etc.
So while I agree with the 4% rule.. it has to be 4% invested in the market, not net worth.. OK flame suit is on..:)
Incidently my $400k property where my house sit also generates about $20k in rent after expanses.. I.e a 5% return... So I guess I just kinda skewered my own argument..:)
I believe that the OP rents, so this point is moot.
Correct, I rent and I honestly don't plan to get a place for a long time to come. I go into detail about this in my journal. If I do get a place it will be something about 70K max. 100K if I fully deck the place out. In summary a nice apartment in a ski hill town that had mass over building the mid 2000s. So now the really good apartment complexes that did cost you $400K to buy now sell for $30K. And the penthouses in those buildings go for 100K or so.
@EscapeVelocity2020 Actually I take "small" issue with the statement that $10k/month requires $3M NW.
I think this is glossed over a lot but honestly, if a part of NW is tied up in your house then it cannot be used to calculate your 4% spend. Sure you can argue your house might be sold for a higher value but on average houses do not return what the stock market does.. and before you sell it its costing you in RE taxes, maintenance etc.
So while I agree with the 4% rule.. it has to be 4% invested in the market, not net worth.. OK flame suit is on..:)
Incidently my $400k property where my house sit also generates about $20k in rent after expanses.. I.e a 5% return... So I guess I just kinda skewered my own argument..:)
Hey, nudge nudge...you with the skewered argument and 20K a year coming in from a 400K property, that's nothing to sneeze at... I need to remind ya'll when you talk to the newcomers that the stock market is not the only path to freedom. I'm a big believer in multiple streams of income, so have rentals (mostly), stock market and carrying First TD notes in my portfolio.
I have 10 paid for rentals generating 18K+ a month and they function as a very part time job for us. Yes, property ownership involves paying taxes and insurance, so that 18K isn't all gravy. But there's plenty of gravy. Me and my gravy just got back from Hawaii, and a couple more trips are coming right up back to back to back, so I'm feeling the FI vibe along with Bateaux.
Have you thought about swapping some to Airbnb? I've seen some crazy numbers done with properties when people get Airbnb right. Managed right with a small team to deal with issues. Customer services fully outsourced. There is lots out there about doing it. Not just slapping up a listing and hoping for the best. It needs to be done right.