Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-29-2008, 11:37 AM   #21
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by aaronc879 View Post
Not bad w*rk if you can get it.
And she hasen't "recruited" you as a "distributor" ?

Sorry - been there, done that...

- Ron
__________________

__________________
rs0460a is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

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!

Old 07-29-2008, 11:43 AM   #22
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,077
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 View Post
(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.
__________________

__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 07-29-2008, 12:56 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by CybrMike View Post
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).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-29-2008, 01:13 PM   #24
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,077
Quote:
Originally Posted by FinanceDude View Post
He could make good money opening his own lot.
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.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 07-29-2008, 01:28 PM   #25
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
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?
__________________
FIREd is online now   Reply With Quote
Old 07-29-2008, 02:21 PM   #26
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Quote:
How do you expect to create so much passive income when you have so few assets right now?
Maybe he knows "The Secret" and has created a "visualization board" with pictures of money on it!

Hmm, I just clicked on his name and enjoyed visiting his website--for FREE we can get a 10-page report and learn how to:

Quote:

  • Harness thoughts that can make you rich
  • Have money work for you
  • Invest in businesses, real estate, and others
  • Take advantage of legal tax breaks
  • Harness good karma through giving
  • Build Wealth
  • Retire Early

__________________
Bestwifeever is offline   Reply With Quote
Old 07-29-2008, 03:11 PM   #27
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by Bestwifeever View Post
Maybe he knows "The Secret" and has created a "visualization board" with pictures of money on it!

Hmm, I just clicked on his name and enjoyed visiting his website--for FREE we can get a 10-page report and learn how to:
Sign me up .....

(Think he will be back? ...)

BTW I just sent him a private message. Maybe we all should ?

- Ron
__________________
rs0460a is offline   Reply With Quote
Old 07-29-2008, 03:24 PM   #28
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,077
Quote:
Originally Posted by Bestwifeever View Post
I just clicked on his name and enjoyed visiting his website--for FREE we can get a 10-page report ...
Thanks for pointing it out. We'd all better sign up soon! Remember, THIS IS A LIMITED TIME OFFER... HURRY BEFORE IT IS OVER!

Quote:
Money is like air, you only think about it when there is not enough of it.
Speak for yourself, Ken!

I suspect this is a classic case of "those who can, do; those who can't, teach". Personally, I won't be contributing to his passive income stream.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 07-29-2008, 03:34 PM   #29
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Quote:
Originally Posted by rs0460a View Post
BTW I just sent him a private message. Maybe we all should ?
Kind of like an intervention?
__________________
FIREd is online now   Reply With Quote
Old 07-29-2008, 03:36 PM   #30
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by FIREdreamer View Post
Kind of like an intervention?
Yes...

I believe that if we fill his "maibox" it will be a good form of "instruction" for what he is trying to do ...

Anyway - what the heck?

- Ron
__________________
rs0460a is offline   Reply With Quote
Old 07-29-2008, 04:23 PM   #31
Confused about dryer sheets
 
Join Date: Jul 2008
Location: Salt Lake City
Posts: 4
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.
__________________
kstronggt is offline   Reply With Quote
Old 07-29-2008, 04:50 PM   #32
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,315
Quote:
Originally Posted by kstronggt View Post
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?
__________________
FIRE'd@51 is offline   Reply With Quote
Old 07-29-2008, 05:04 PM   #33
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by kstronggt View Post
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?!?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 07-29-2008, 05:12 PM   #34
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
>using opm

opium is bad for you I think
__________________
Marquette is offline   Reply With Quote
Old 07-29-2008, 05:21 PM   #35
Full time employment: Posting here.
ProspectiveBum's Avatar
 
Join Date: Sep 2006
Location: SoCal
Posts: 667
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
ProspectiveBum is offline   Reply With Quote
Old 07-29-2008, 05:46 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,385
Quote:
Originally Posted by FIREdreamer View Post
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
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-29-2008, 06:19 PM   #37
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,077
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.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 07-29-2008, 06:30 PM   #38
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

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.
Rich_by_the_Bay is offline   Reply With Quote
Old 07-29-2008, 06:41 PM   #39
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Quote:
Originally Posted by haha View Post
He plans to sell these plans on this board.

Ha
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!
__________________
FIREd is online now   Reply With Quote
Old 07-29-2008, 08:47 PM   #40
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Quote:
Originally Posted by rs0460a View Post
You are correct (in this instance). I understand that Nords usually only checks out the females ...

- Ron

He then PMs them if their IP address is 36.23.36 because not too many women have that IP address.
__________________

__________________
BunsGettingFirm is offline   Reply With Quote
Reply

Tags
early retirement, quitting job


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Perhaps we should work longer? JustCurious FIRE and Money 55 02-17-2008 05:27 PM
live longer perinova Life after FIRE 43 09-13-2006 07:25 PM
Wow! Quitting a Job is Difficult BunsGettingFirm Young Dreamers 24 04-28-2006 07:25 PM
No longer lurking moretolife Hi, I am... 1 11-28-2005 07:08 PM
The next big trend: quitting wabmester Other topics 5 01-02-2005 10:07 AM

 

 
All times are GMT -6. The time now is 10:27 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.