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Your scenario is almost completely based on chance where as the article is saying you should use your money while you have it to try and build other sources of

Your scenario is almost completely based on chance where as the article is saying you should use your money while you have it to try and build other sources of income. The examples are maybe shit though. I’m a super biased reader though. I get very anxious when it comes to money so when the going was good for me, I used all the extra earnings to secure a moderate income outside my job.

Xenograph 5y ago
> I used all the extra earnings to secure a moderate income outside my job. How? You make it sound straightforward, but I wouldn't know where to begin.
- ryandrake 5y ago
  Upvoted because it is a good question that never seems to get answered specifically. It’s always something vague and simple like “just invest in... uh... stuff, bro!” Let’s say I have $1M liquid (I don’t) and I want to “build passive income”. What do I do? Specifically, what are the actual steps? As in, I pick up the phone and do what? Should I buy a laundromat? Great! HOW do I do this? Where is eBay For Laundromats? Once you but it you’ll need to hire someone to run it. How? Buy a bunch of duplexes and be a landlord? OK... where is the step-by-step guide? The answer of course is that it is not straightforward. It is complex and requires experience and not-widely-known niche know-how, and that’s why not everyone just does it.
  - timuzhti 5y ago
    If you have a million stick it in a boring old index fund. Above market returns require above market amounts of work.
mattzito 5y ago
Yeah, it is luck-based, but in a different way, the original was pretty luck-based as well, as everything worked out for Sam (bought a great low effort website for 3k? That’s pretty lucky). I would say the scenario with the lowest amount of luck is not really outlined here, which is: get a good job with a high probability of stability. Work hard at it, spend less than you earn and put it in a diversified portfolio of investments and then don’t think about it once it’s in there.

Xenograph 5y ago

> I used all the extra earnings to secure a moderate income outside my job. How? You make it sound straightforward, but I wouldn't know where to begin.

ryandrake 5y ago
Upvoted because it is a good question that never seems to get answered specifically. It’s always something vague and simple like “just invest in... uh... stuff, bro!” Let’s say I have $1M liquid (I don’t) and I want to “build passive income”. What do I do? Specifically, what are the actual steps? As in, I pick up the phone and do what? Should I buy a laundromat? Great! HOW do I do this? Where is eBay For Laundromats? Once you but it you’ll need to hire someone to run it. How? Buy a bunch of duplexes and be a landlord? OK... where is the step-by-step guide? The answer of course is that it is not straightforward. It is complex and requires experience and not-widely-known niche know-how, and that’s why not everyone just does it.
- timuzhti 5y ago
  If you have a million stick it in a boring old index fund. Above market returns require above market amounts of work.

mattzito 5y ago

Yeah, it is luck-based, but in a different way, the original was pretty luck-based as well, as everything worked out for Sam (bought a great low effort website for 3k? That’s pretty lucky). I would say the scenario with the lowest amount of luck is not really outlined here, which is: get a good job with a high probability of stability. Work hard at it, spend less than you earn and put it in a diversified portfolio of investments and then don’t think about it once it’s in there.