I see these insanely wealthy people, flashing the best brands that money can buy, private jets and all the good cars. This got me thinking, I am ever going to reach that level in this lifetime? keeping my 9-5 job, seems a guaranteed way not to get there. Here’s a rough math: Even to attain the ‘financial freedom’ aka retirement, I’d need nearly $3 mil, maybe invested in real-estate that’d generate us ~15k/ month. If me and my wife save $100k a year, that’s going to take 10 years to save a mil. Now from there on, we have lot of variables as to how long would it take to save the next 2 mil. I am assuming roughly, it will take another 10 yrs. So, after 20 fucking years, my family will have a normal comfortable lifestyle, without needing to work. And there’s no jets and cars here, only good food, good roof and a vacation a year, maybe. If i quit my job, venture out in the wild start a business or sometime, there actually a small chance that it wont take 20 years to gain ~15k/ month in passive income. If the business does really good, the cars and blings doesn’t look that distant a dream. Or if the business doesn’t work, i will spiral down a path to homelessness. and that too shouldn’t take 20 long years to find out. This idea that i need to work for the next 20 years gets me very nervous. Keeps me awake at night sometimes. Almost want to let go of my cushy TC down a drain and start something small. Am I crazy in thinking like this? Am i too ambitious? Or am I just an employee justifying his lazy work ethics? Thoughts/ suggestions/ comments? Combined TC: 300K #finance #worklife
Exact my thoughts. If you have any business ideas, I'd love to discuss. I don't want the cars but definitely want to get out of the grind. DM me and let's chat.
Owning your own business is a new kind of grind
Ok. And I am your future version 20 years later. Whateva I made, is only good to eat food and live less than. I am starting my business now, but collegues my age are too scared to leave the cushy job. However, they are ready to jump with me. 20 different ideas, 20 different implementations, 19 will fail. 1 works and I have my exit strategy planned. Now, I need to find those ideas, so they have to be service based or small products. I don't have the right energy that I used to have. I just need to look for the right trustworthy partner ready to give 200 % in, regardless. The ones I have are honest and long relations but all techies 🙂 and job minded. Business mindset is a different ballgame.
My financial goal is to reach $3m by the age of 40. I've talked to friends and family about this goal in the past, and most of them have laughed in my face because they think it's unattainable. Please gain some perspective on the matter because YOU'RE the flashy rich person that most Americans would be jealous of. I don't think your mindset will help you be successful in a business. You'll probably burn out before anything life changing happens because you're in it for the wrong reasons. The people who I've seen succeed in business are in it to help others and fulfill their own passions; money is secondary. If you really want that flashy lifestyle, try moving to a higher paying company and leveling up. HHTC: 300k
People get in business for all sorts of reasons. It might amaze you to hear that we are quite frugal people. We live below our means. Because we understand that taking on loans upto your neck to ‘look’ rich wont cut it long term. What I want for us, at the minimum, is to get us out of the 9-5 loop. And heck ya , thereafter, aim to make shit ton of money for the flashiest thing out there, debt free. And I would love to hire someone with your mindset.
Is there any calculator or strategy to figure out how much I'll save by 40 in my current scenario. I have never paid attention to this and now I'm 33, I should become more responsible and figure out where I will be when I'm 40 and how much wealth I would have accumulated.
Do it, I made the leap a year ago. Built while also maintaining (barely) a remote swe job. On track to make some good $ soon
Wow, would love to hear more about it dude. Good going!
define good, money, soon, and why ur on blind, and ill believe u
Business =/= passive income
Corporate life is guaranteed middle class lifestyle. You won’t get upper class unless you make it to the top or start your own business. Risk vs reward.
False. It will just take longer. I am objectively on a path to hit upper middle class by early 40s (10 years from now) even without another promo at work. Basic index fund investing is all you need. HH TC: 350k HH NW: 1.5m Projected HH Nw in 10 years: 4.2m with modest 5.5% return on NW and no increase in monthly savings
Upper middle class is still middle class. Upper class doesn’t care about 10 million, it wouldn’t dent their portfolio (much). Check how much CEOS make. They earn your entire net worth and more in a year - that’s upper class.
OP. I have been thinking about business for the longest time but I have never actually worked towards it. I keep seeing different advice being thrown here. Some say to "do real estate investing, open a gas station, open a car dealership, open a indian grocery store," etc. I think there is a massive knowledge gap to figure out how much upfront capital is required and how to figure out you are doing the right thing. E.g. say you decide to venture into buying a real estate as an investment, I'm 100% sure it is not simply to go on zillow and filter base on maximum price you are willing to go for. My gut feeling tells me there is a lot more to this.
Business owning is NOT the way. Extremely overrated. Employee life is far superior as long as full remote plus great wlb, nothing gets better
A lot of wealth was generated due to luck. Look at me. I’m dumb and lazy, but forgot to sell my microsoft stock in the last 10 years. I became a multi multi millionaire due to Microsoft stock.
How do you know you will generate 300k in business per year
Ya that’s the unknown. I don’t know. I don’t know how’s that path going to look like. But I sure do know how the current path I am on looks like. The 9-5 path needs 20 years of my ‘prime years’
No one is asking you to grind. With 1 m nw you can easily make 200k per year with some risk