Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
Why wait any longer? Well, as mb has suggested, "You might want to see how stable your passive income is for a couple of years before you decide to call it quits."
Quote:
Originally Posted by kstronggt
(W)hat's the worst that could happen? I spend 3 months burning through my savings, only to go back to a career that I enjoyed, and where I am well respected.
If you are confident that you can easily get your old job back, then I guess you're right (I have no idea how likely it is that your boss would quickly replace you, or whether you'd have to start at the bottom if you are hired by a rival dealership).
However, consider the following:
the $30,000 that you say you'll burn through in three months represents your life savings, accumulated over ten years of salaried employment. Risking that is not to be taken lightly.
if your business (whatever it is) fails, it will likely cause significant personal stress and may place a strain on your marriage.
I don't believe that the above are necessarily reasons not to "go for it", but they should be taken into account. If nothing else, you should make sure that your wife is 100% on side and is not going along with your plan reluctantly.
Good points by CybrMike.
__________________
"There is no more dreadful punishment than futile and hopeless labour" - Albert Camus
"Why should I let the toad work squat on my life? Can't I use my wit as a pitchfork and drive the brute off?" - Philip Larkin
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 9,535
Quote:
Originally Posted by CybrMike
Although many of us here have started a business and "made it", others here will also tell you that its to risky, especially in the environment that our economy is in.
I sold a business a couple years ago, and am in the process of starting another. It is hard for me to gauge from your post whether or not you are really prepared for life as a business owner. A couple of things did catch my eye though.
First, you make it sound like creating passive income is easy as baking a cake. In practice, its typically takes hard work, long hours, and mucho stress. All things that are the exact opposite of what you described. Typically the return is much greater than working for someone else, which is why people do it.
If you can find something that you love, then it makes the equation much easier, because you will naturally spend your time doing it.
I'm curious as to what you've found that takes little work and creates enough income for you to live off of? Somehow selling cars wholesale or something?
He could make good money opening his own lot, but that's hard work, and a lot of sweat equity. A few guys I know did it, and they make a VERY NICE living............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
I have no idea what his plan is, but he did say "I decided long ago, that the car business was not a permanant destination for me." So presumably he doesn't intend to open his own lot.
__________________
"There is no more dreadful punishment than futile and hopeless labour" - Albert Camus
"Why should I let the toad work squat on my life? Can't I use my wit as a pitchfork and drive the brute off?" - Philip Larkin
It sounds more like a mid-life crisis than a well thought out plan. How do you expect to create so much passive income when you have so few assets right now?
It sounds like I got many of you riled up. I was hoping to get some play out of my post, and it looks like I did a good job. You are all waiting for me to pounce with my sales pitch. Well, here it goes:
I tried Amway, that didn't work. I tried some other MLM's, they didn't work either. I realize now that I was mostly young, and didn't understand a lot of things. I feel like I have a lot more perspective now. I am done with MLM's, at least for the time being.
I have to be honest with you, I don't have a definite plan. All I know is that I have lost all passion for my job. It is literally a struggle to drive to work everyday. I never really wanted to be in the car business, It was a place that I just "ended up". I'm a firm believer that if you don't make life happen, life will just sort of happen to you. I am now at a point when I need to make a career change. I figure, why not give it a go on my own. I don't mean to be arrogant, but I really do have my bases covered, and I'm okay with the worst scenarios that could come my way. I have fought through adversity before, and I am confident I can handle whatever comes my way.
To answer some of your questions about what my specific plans are, I have a couple of websites that are already producing automated income (I would share those with you, but I've recieved strict instructions that no commercial website links are allowed in the forum). If I wasn't bogged down by a job, I'm confident I could create more of these small websites. I am also preparing to make some moves with real estate using opm. I have also started investing parts of my savings in stocks according to a formula I have discovered for minimizing risk and maximizing return. So far, so good.
In a nutshell, I have a lot of irons in the fire. I have been plotting all of this for a lot of years now, and I've come to the conclusion that having a job is the biggest obstacle to becoming rich.
I have also started investing parts of my savings in stocks according to a formula I have discovered for minimizing risk and maximizing return. So far, so good.
This could potentially generate some interest and discussion in this forum. Care to share the "formula" with us?
To answer some of your questions about what my specific plans are, I have a couple of websites that are already producing automated income (I would share those with you, but I've recieved strict instructions that no commercial website links are allowed in the forum). If I wasn't bogged down by a job, I'm confident I could create more of these small websites. I am also preparing to make some moves with real estate using opm. I have also started investing parts of my savings in stocks according to a formula I have discovered for minimizing risk and maximizing return. So far, so good.
So, what you're claiming is [Edit]
Are we expected to [Edit]
I'm not sure how you [Edit]
What part of this is [Edit]
Where are you getting [Edit]
Just what kind of board members do you think [Edit]
OK, let's try this: Gosh, that seems pretty specific.
You don't have to blame it on the board's moderators. You can put your blog in your profile, and then you can link your websites from your blog.
Hey, BigMoneyJim, did you know that your slavish dependence on your job is your main obstacle to wealth enhancement?!?
__________________ *
* For more info see "About Me" in my profile.
Presumably, the "automated income" websites you're referring to are blog-type pages with Google ads. You'd probably get more hits (and therefore more cash) if you actually put a link to it on your main page, as Nords suggests. For anyone interested, Ken's blog is here. I will refrain from commenting on the content of the blog.
Ken, if you haven't yet, I wouldn't quit that day job just yet. Your Google AdSense revenue is not likely to be very large. If you're fortunate, it might cover your hosting costs. Investing in real estate with other people's money is probably going to be a lot harder to do today than it was when Kiyosaki wrote Rich Dad, Poor Dad (to say nothing of actually making money doing it).
Your stock formula, however, sounds intriguing, and I'd really love to get in on your secret. Where should I send the check?
__________________
I can't complain, but sometimes I still do.
- Joe Walsh
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 11,324
Quote:
Originally Posted by FIREdreamer
It sounds more like a mid-life crisis than a well thought out plan. How do you expect to create so much passive income when you have so few assets right now?
He plans to sell these plans on this board.
Ha
__________________
“I’ve had a perfectly wonderful evening. But this wasn’t it.”-Groucho
If Ken has some real money-earning opportunities (who knows), then it could well be that spending time working for a salary or commision at his current sales job is a waste of valuable time that he could be spending on those opportunities (although passive income by definition doesn't take any significant time). On the other hand, there are any number of cases of people losing their shirts on hair-brained get-rich-quick schemes.
My own experience and belief is that achieving financial independence almost invariably requires time and patience, and can rarely be hurried by using OPM without incurring substantial risk. There are few if any reliable shortcuts.
To me he seems reckless and rather immature, but so what? It's really no skin off our noses. His posts don't offend any rules here (there's little or no solicitation, so far at least), and he shouldn't have to justify himself or his decision.
__________________
"There is no more dreadful punishment than futile and hopeless labour" - Albert Camus
"Why should I let the toad work squat on my life? Can't I use my wit as a pitchfork and drive the brute off?" - Philip Larkin
Ken, on your profile you describe yourself as "Sales, Internet Marketing, Real Estate, Stock investing." While some young readers with no money somewhere might take that seriously, to me it is a nonstarter.
Would you really go to someone for advice who claimed to be expert in all of those fields? It's almost impossible to find a good advisor in any one of them, so I find it hard to take seriously. Just an observation. Keep in mind the population you are dealing with here. LOTS of experience, lots of unassuming millionaires, pretty sophisticated investors, tons of retirees, and most have seen every trick and read every hype in the book.
__________________
Rich
Tampa, FL 99.1% ESR'd...
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
But then it's not passive income anymore, it's a job. Because we all know that it's gonna take A LOT of work to convince anyone on this board to buy anything looking remotely like a get-rich-quick scheme!
Quote:
?
...)
?
Linear Mode
