4 ms·

Any tips on how to get started doing this?

by velaru7 10y ago

cby1990 10y ago
No magic bullet of saving money, you really have to spend less. However, if you do get to withdraw $1~2k a month which is probably somewhere around what $500k ~ $1m saving generates, you can consider moving to Asia. You can enjoy your life in countries like Thailand, Vietnam or the Philippines with that monthly withdrawl
- hasbot 10y ago
  When I was in my twenties, I was working 80-90 hours a week and working on a masters. I hated it. Whenever I had the urge to buy something, I calculated how many hours it would take for me to pay for it. I imagined those hours being the 4am, up since 7am, dead on the feet, hours. More often than not, I decided/realized that the gizmo/coffee/whatever was not worth it. I don't do that calculation anymore, but I still pause and re-evaluate every purchase.
toomuchtodo 10y ago
http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-...
salesguy222 10y ago
Howdy pal, yes absolutely I can think of some tips!! Most people will tell you about the 4% rule, which to me roughly means "the percentage of your portfolio that you can withdraw every year without decreasing your portfolio's original value (principal)" 4% is on average what you could roughly expect to make yearly from your portfolio after taxes, inflation, and abnormally bad losses It's a decent rule, but most people don't have a portfolio that is generating between 12,000 and 24,000 USD per year. You would need to have 300-600k invested!! That's not common for under 30 year olds. So, you would need to either find a part time online job that you can do while sitting at home or the beach or what have you. Or partake in riskier trading strategies, such as day trading actual stocks or ETFs. This all becomes a bit of a time and happiness sink, so beware :) 1-2k per month in income is actually quite high by the way. There are places all over the county and the world where 1-2k is more than most people make per month, and they live just fine. All about perspective!
- velaru7 9y ago
  Good stuff thanks

Any tips on how to get started doing this?

by velaru7 10y ago

Any tips on how to get started doing this?

cby1990 10y ago

No magic bullet of saving money, you really have to spend less. However, if you do get to withdraw $1~2k a month which is probably somewhere around what $500k ~ $1m saving generates, you can consider moving to Asia. You can enjoy your life in countries like Thailand, Vietnam or the Philippines with that monthly withdrawl

hasbot 10y ago
When I was in my twenties, I was working 80-90 hours a week and working on a masters. I hated it. Whenever I had the urge to buy something, I calculated how many hours it would take for me to pay for it. I imagined those hours being the 4am, up since 7am, dead on the feet, hours. More often than not, I decided/realized that the gizmo/coffee/whatever was not worth it. I don't do that calculation anymore, but I still pause and re-evaluate every purchase.

toomuchtodo 10y ago

http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-...

salesguy222 10y ago

Howdy pal, yes absolutely I can think of some tips!! Most people will tell you about the 4% rule, which to me roughly means "the percentage of your portfolio that you can withdraw every year without decreasing your portfolio's original value (principal)" 4% is on average what you could roughly expect to make yearly from your portfolio after taxes, inflation, and abnormally bad losses It's a decent rule, but most people don't have a portfolio that is generating between 12,000 and 24,000 USD per year. You would need to have 300-600k invested!! That's not common for under 30 year olds. So, you would need to either find a part time online job that you can do while sitting at home or the beach or what have you. Or partake in riskier trading strategies, such as day trading actual stocks or ETFs. This all becomes a bit of a time and happiness sink, so beware :) 1-2k per month in income is actually quite high by the way. There are places all over the county and the world where 1-2k is more than most people make per month, and they live just fine. All about perspective!

velaru7 9y ago
Good stuff thanks