I see a lot of anons around here struggling with their monetary situation. And I fear this situation will only get worse over the next couple of years. I want to help you guys. I am financially independent. I achieved this through my own work and doing. I am neither rich nor famous. I just don't have to care about money anymore ever.
AMA
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I am at this point 28 years old. I started on this journey 12 years ago. My parents where neither poor nor rich just wagies. The thing I want to “teach” people is that stuff has no value at all. Inner peace is the most valuable thing. If you do not agree with this statement what I have to say will not be of any interest to you.
Your first question will be how?
First thing we need to understand is that everything you have to pay for monthly is a burden. So keep it simple. I live in a 1 bedroom apartment. Rent + electricity is 700€, telephone and internet another 35. Cellphone contract is prepaid around 10€. I can live of food for 5€ a day no problem that would be another 150€.
Remember these are the things I have to pay no question asked. This sums to a total of under 1000€ now we have a goal. Our goal is to earn at least 1000€ a month without doing anything.
How do we do that? You might ask next.
Unfortunately there is no right answer to this. The goal is to invest everything possible in passive income. There are literally thousands of ways to achieve this. I will tell you what I did now but that is not the only way.
I started working when I was 16. To that time I stilled lived with my dad so no rent. I started to save money. I moved out when I was 18. Had to pay for stuff now saving money became harder – but I did it anyway. Flash forward I am 23 have worked for 7 years in a franchise. I have saved enough money (30k) to take a loan (200k) to buy my own franchise. I work very hard in the first few years and don't pay myself a lot (remember I have basically no expenses) I invest all that money in my employees. Guess what they earn good money and like working for me. I have to work less and less. I talk to my employees “listen guys, I want to quit working, I do not need a lot of money you all know this, now I have this proposal, we shall split the profit of this company, 90% will be split up among you I get 10%) Now they earn a lot of money. I earn my normal wage (2k after tax) + 10% of whatever the profit is (about 5 – 600 a month)
I start the same thing over. Now I have a 2nd stores where I will do the same thing. And I teach my employees this knowledge so they may follow the same path some day.
Where are you going from here? You might ask next
I am currently investing all my spare money in Dividend paying stocks. 2 Stores is more then enough for me at this point in time.
if you are going to go ahead and explain the 4% rule and say how you need to save 80% of your salary for 10 years and then live off the dividends then I'm going to tell you this news is old as fuck and uninteresting as fuck as well.
so when do you pay back the 200k franchise loans if you only pay yourself 2.5k a month?
profit means the amount of money after everything else is paid. that includes the loan
I want to have enough financial independence to remove myself from wagecuckery
What about all the other costs. A franchise doesnt cover everything right
I just bought the concept so to say. They help you find a location (which is very hard if you are 23 years old as you might imagine) and help with other stuff. I have to pay 6% Franchise fees a month. Thats it. This is also included before we calculate profit.
I want to be financially independent. Unfortunately I wasted time when I was younger and have only just begun working a real job that pays 58313 USD with guaranteed pay increases (engineer for the government).
I am 28 years old.
I have saved 11k since I started working in September due to my signing bonus and overtime traveling. Travel happens about 5 times a year and you can gain hundreds or even thousands in per diem each trip. The retirement plan matches you 5% of your paycheck into your TSP (government version of 401k).
I keep my expenses down by eating a fitness oriented diet that costs around 40-50 USD a week and having roomates. I also bike to work. Unfortunately I took out loans for school amounting to 38k I must pay over 10 years. I am choosing to not be aggressive about this debt because i believe i can outpace it.
My plan is to save up enough for a down payment on a duplex that will cashflow to the point I am effectively paying no rent or mortgage. From there I plan to build a small real estate empire while also investing in index funds. I am hoping that the economy goes into recession for the next few years so I can buy up.
The downside is I fucking hate working this job, but really I'd hate working any job so I might as well stay here while i enact my plan over a few years.
If you saved 11k since September why not pay those 38k? Remove that burden from you.
Another thing I would recommend is not working a job you hate. I love my job. I love working with and for people. And I think it is very important that you like your job or change your attitude and like your job through understanding the bigger picture.
Heya pal,
I´m 23, got 400pounds in the bank as i have spent all my money in a MSc.
I´ve been looking for a job for months, i was thinking about opening a website or some shit to start generating some passive income and start buying dividends ASAP.
Any suggestions/ideas to improve my situation?
You would not like what I have to say so I`d rather not.
>got 400pounds in the bank
lose weight eurofat
I hate any job there is in the world based on the principle that I have to be there and not be doing what I want.
Also, I don't want to pay down the loan because A.) My job offers 9000$ towards your loans every 3 years and B.) I can outpace the interest rate by investing in other areas and only doing the minimum payment.
Job is too good to give up with regards to the bigger picture.
Go for it.
>I hate any job there is in the world
then you simply have to change your attitude. You can only control 2 things your actions and your thinking.
Just asking I am not paying my loan in full because it is 4% intrest and thats a fucking steal.
There a multiple reason not to give up something just because you dont "like it" it is much easier to understand this "not likeing"
You seem lost fren.You first need to understand fundamental basics.
Not changing my attitude. If I change my attitude and I liked working a job, why achieve financial independence? Why not just keep working and take out loans to buy nice things like everyone else? Its like if I didn't hate being fat, why work out then?
Different schools of thought to achieve the goal.
Thats why I said
>The thing I want to “teach” people is that stuff has no value at all. Inner peace is the most valuable thing. If you do not agree with this statement what I have to say will not be of any interest to you.
wisdom right there user, i think its mostly a generational thing. nobody wants to do the grunt work. remember how the industrial age was like? i dont, but im guessing that kids had to get their hands dirty very early on. my fear in life is not making it financially to help my parents, and few friends that are true.
whats your take on life?
view on god/nature/universe/energy?
im mid 20 doing landscaping, make good money for where i am, but cant see myself doing this in my 50s. im really banking on cryptos and lets say... getting lucky... i dont mind putting in work as of now, but im not the strongest. i can commit, but im very slow to commit. whats your read on me so far?
those things are not under your control fren. So there is nothing to worrie about
>whats your take on life?
I am a Stoic if that wasnt obvious :D
> whats your read on me so far?
You seem to be a very bright fellow and I have no worries atall about your future. I would recommend you study philosophie in your spare time (if you do not already do so)
thanks fren! i think im abit more on the positive side than negative, which was majority of my past i think.
i thank you fren. this is exactly why i do anything now adays. I want to help people. Even if its just a tiny little bit.
> i think im abit more on the positive side than negative, which was majority of my past i think.
You have to learn what hell is befor you can understand anything about the opposite unfortunately
What franchise?
There are thousands out there and I will not promote this one. Do your research about the service they provide and what expectations you have about future market developments
Got some ticker symbols for us to check out?
Congrats on your success man. Very inspiring.
Can you at least tell me what sector? Food, service, retail etc.?
Franchise cuck
Thanks a lot. Same thing I will never recommend any Stocks. But I can say this much I only invest in Stocks that pay rising Dividend for at least 20 years. If they can not hold up to this criteria I wont even look further. This is veeeeery conservative and not at all necessary this is just how I handle it
Food - people have to eat after all (at least for the next 10 years where I have to pay my loan I hope :D )
I have enough that I could live comfy in my 1 bedroom apartment until I die. The problem is I'd like to have a family. So I have to earn enough to buy a decent sized house, and enough money to keep the wife and kids happy. I want enough to give my kids every advantage possible. Best tutors for school, best coaches if they want to learn a sport or any skill. And ideally have enough to pass on my wealth for a few generations. So I figure I need a couple million at least.
jewish cuck
I am sorry I have no experience about wife and kids at all that shall come at a later point. I have a very nice girlfriend tho. But marriage and kids is not on my list right now.
But as I said I hold those things in lesser value then my inner peace. If they should confront any of it (which I dont think they would) I would rather not have any of those things.
That makes sense to me, inner peace is massively underrated. I like your franchise method, I thing doing something similar and scaling it up would help towards my goal. How many would you like to own in the end?
I am happy with the 2 I have right now. I once said I would never make more then 3 because it is just way to much money/stress. But the way I am handling it now I dont see a reason to ever stop.
We will see I relay dont know.
please send me 1000 usd. i owe 5000 to the tax authorities but i only have 2500 due to crypto losses. i havent filed yet, you dont have to file under the regular timelimit if you're disabled but instead they take interest, and as soon as i send it in they will wanna grab shit out of my apartment
buy AAPL. it's got good fundamentals.
Alright... what is your yield requirement on each one? Pure stock plays or ETFs, REITs, MLPs, etc?
I also eat for about 5 euros a day and I also have a 9.9 euro phone contract. if this crypto crash has taught me anything it's how to budget, how to live on very little money, how to not be wasteful, and the value of money
Support Liberty and Freedom
I have to admit I am new to the stock market and dont understand half of your terminology. I only have around 10k invested right now in 3 different stocks. This is still a field I have much to learn about but as I said since money has a very low value to me I am not very concerned about it at the moment its just a thing I do whith spare cash because to my knowledge it is a good investment idea. and yes i also hold link
>Not changing my attitude. If I change my attitude and I liked working a job, why achieve financial independence?
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you are either a stupid wagecuck who doesn't mind being a slave or you will hate any job even if it was playing with nice tits for 8h/day as long as it's forced
you dont seem to take high account of this inner peace thing do you :D
I am out guys just noticed its 4am gotta go to my oh so poor wage slaves tommorow.
I wish you all the very best and will be around soon to answer more questions because I had a great time.