30 and quitting my job! Why wait any longer...?

[rs0460a]

Quote:

Originally Posted by aaronc879 Not bad w*rk if you can get it.

And she hasen't "recruited" you as a "distributor" ?

Sorry - been there, done that...

- Ron

[Milton]

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.

[FinanceDude]

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............

[Milton]

Quote:

Originally Posted by FinanceDude 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.

[FIREd]

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?

[Bestwifeever]

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

[rs0460a]

Quote:

Originally Posted by Bestwifeever 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

[Milton]

Quote:

Originally Posted by Bestwifeever 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.

[FIREd]

Quote:

Originally Posted by rs0460a BTW I just sent him a private message. Maybe we all should ?

Kind of like an intervention?

[rs0460a]

Quote:

Originally Posted by FIREdreamer 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

[kstronggt]

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.

[FIRE'd@51]

Quote:

Originally Posted by kstronggt 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?

[Nords]

Quote:

Originally Posted by kstronggt 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?!?

[Marquette]

>using opm

opium is bad for you I think

[ProspectiveBum]

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?

[haha]

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

[Milton]

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.

[Rich_by_the_Bay]

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.

[FIREd]

Quote:

Originally Posted by haha 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!

[BunsGettingFirm]

Quote:

Originally Posted by rs0460a 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.