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Forum » About 3 years away from reaching Financial Independence (passive income ideas AMA)
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Thread: About 3 years away from reaching Financial Independence (passive income ideas AMA)

post 1567596511 12-01-2018, 05:26 PM
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#61
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Originally Posted By Burtle1⏩
Thanks man!

I hope younger and older read my post and take it serious and all of your posts.

The time to start is NOW. ALL of you. START NOW. Do research. Figure it out....and never give up. Stop living day to day and pay check to pay check. Build an empire for yourself, your family, and leave a legacy for your kids to build off of.



My end goal is 100 rental properties, and to flip 8 houses per year. I will say this. When I reach that goal I will step up rentals to 125...and then 150...and then 200.


I've even thought about new construction. There's so much flat land around here and builders are buying up the land and turning the land into subdivision. So if I could build a team of workers (VERY good workers, which I can) Building new construction homes to sell would be amazing. I've talked to a local builder, his son is a police officer as well. He started out just like I am starting out. All he does is new construction. He averages 30-40K per house all said and done. He builds 12 per year. Well, his workers do. he spends most of his time in the office or traveling with his family.
I will just keep growing and growing. I never want to stop growing.

I eventually want to invest into the stock market as well. I just need to learn more about it.
you watching alot of discovery channel i assume... wish it was as easy as they you make it sound. It looks simple when youre watching

property wars
Container Wars
fast n loud
Wheeler Dealers

its not at all

end result, to make money you need to have enough money to spend and not give a sh!t if you lose
Cherish your life. Live to tell your story
post 1567596551 12-01-2018, 05:27 PM
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How much money do you have saved/invested right now?
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post 1567596681 12-01-2018, 05:29 PM
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#63
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pay your parents back for all the **** they bought you, trailer etc
Tottenham Hotspur
post 1567597701 12-01-2018, 05:41 PM
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Originally Posted By MEDITATE⏩
you watching alot of discovery channel i assume... wish it was as easy as they you make it sound. It looks simple when youre watching

property wars
Container Wars
fast n loud
Wheeler Dealers

its not at all

end result, to make money you need to have enough money to spend and not give a sh!t if you lose



to idle is to fail
Originally Posted By RagnarChadbrok⏩
How much money do you have saved/invested right now?
~$160k invested in a bunch of different DG(dividend growth) stocks
Originally Posted By BigChief3000⏩
I cope so hard that I don't even remember the details of OP's past
I'd be more concerned about why you even give me so much mental space.

don't worry in this next 3 year time span ill have paid my parents back, but definitely not cause your ******* ass is telling me too just lol
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post 1567597731 12-01-2018, 05:41 PM
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Originally Posted By Tornach⏩
OP is right and most of the misc will ignore him.
The reason the music will ignore him -and rightly so- is that op’s notion of financial independence literally involves living in an actual trailer park in the middle of some god forsaken wasteland because he doesn’t have other options.

Miss me with that chit
post 1567597831 12-01-2018, 05:43 PM
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Originally Posted By r32gojirra⏩
The reason the music will ignore him -and rightly so- is that op’s notion of financial independence literally involves living in an actual trailer park in the middle of some god forsaken wasteland because he doesn’t have other options.

Miss me with that chit
i plan to be living in Seoul Korea until i feel as though i am ready to go back to Canada by the time i am ready to quit my full time job...

why do you think so small?
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post 1567597901 12-01-2018, 05:44 PM
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Invest up to the company match in 401k and invest the rest in Roth IRA? Or shoot for 10 - 15 percent in 401k and disregard ira?
The Misc is where I'm from, but it's not what I am
post 1567598011 12-01-2018, 05:45 PM
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Originally Posted By AlvinDavenport⏩
Invest up to the company match in 401k and invest the rest in Roth IRA? Or shoot for 10 - 15 percent in 401k and disregard ira?
nope Max the chit out of that tax sheltered account (ROTH IRA is king at your age)
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post 1567598081 12-01-2018, 05:46 PM
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Good for you OP, and good on you for encouraging other young people to invest. I put money an an index fund every time I make some
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post 1567598161 12-01-2018, 05:47 PM
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Originally Posted By ashin1⏩
If I can pull $3k month passively while also being debt free I’d live a very comfortable life.
3k Canadian? I could do that on 3k usd maybe, would prefer about 5k minimum. But Canadian that's only like $2250 usd.

I don't want to **** on your thread because you seem decently smart and it's got good content, but most people wouldn't be happy on 2250 a month. My personal retirement goal is about 90k a year in today's dollars.
post 1567598221 12-01-2018, 05:48 PM
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Originally Posted By MEDITATE⏩
you watching alot of discovery channel i assume... wish it was as easy as they you make it sound. It looks simple when youre watching

property wars
Container Wars
fast n loud
Wheeler Dealers

its not at all

end result, to make money you need to have enough money to spend and not give a sh!t if you lose
lmao

I don't watch tv


I listen to podcasts and watch podcasts on youtube.

I spent years working for a local investor. I have family who invests into real estate. I have friends who own 100's of rentals.


The hardest part is getting started. Once you get 2-3 properties under your belt the ball is in your court. Grow and grow....
post 1567598441 12-01-2018, 05:51 PM
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Originally Posted By Burtle1⏩
lmao

I don't watch tv


I listen to podcasts and watch podcasts on youtube.

I spent years working for a local investor. I have family who invests into real estate. I have friends who own 100's of rentals.


The hardest part is getting started. Once you get 2-3 properties under your belt the ball is in your court. Grow and grow....
No, the hardest part is finding mentors and resources, which you clearly have.
Your schtick sucks and it screams insecurity.
post 1567598901 12-01-2018, 05:55 PM
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Originally Posted By RagnarChadbrok⏩
Good for you OP, and good on you for encouraging other young people to invest. I put money an an index fund every time I make some
misc needs more positive threads, and I know for a fact its threads like these that make lurkers(i was only a misc lurker when i stumbled on a passive income thread that permanently burned the desire for passive income in my head at a young age) like myself make to make moves and act quick.
Originally Posted By soaponarope1⏩
3k Canadian? I could do that on 3k usd maybe, would prefer about 5k minimum. But Canadian that's only like $2250 usd.

I don't want to **** on your thread because you seem decently smart and it's got good content, but most people wouldn't be happy on 2250 a month. My personal retirement goal is about 90k a year in today's dollars.
to be fair, I'm not including my Nicaragua property income because there are other things i want to do with that money(should be making ~2k USD/month after tax), but I want to do some playing around with off a shore bank accounts or, do something with the cash(legally can bring back 10k usd cash internationally)
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post 1567599321 12-01-2018, 05:59 PM
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OP is a ridiculous troll, but he's got a point for the youngsters. Glad I got a job within 2 weeks of graduating college and started investing immediately. Future is completely secured.

I have no plans to retire anytime soon tho. Being a trailer park rental manager is a cool position in life but others have career ambitions of a different caliber boyo.
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post 1567600011 12-01-2018, 06:07 PM
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Originally Posted By PisseninMisc⏩
OP is a ridiculous troll, but he's got a point for the youngsters. Glad I got a job within 2 weeks of graduating college and started investing immediately. Future is completely secured.

I have no plans to retire anytime soon tho. Being a trailer park rental manager is a cool position in life but others have career ambitions of a different caliber boyo.
dat smug feel when you live a better lifestyle than most with minimal effort, all thanks to a couple trailers and some cheap pieces of land.

#finesse
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post 1567600741 12-01-2018, 06:18 PM
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I have a large dividend growth portfolio and the dividends are a large part of my income. But I have been told repeatedly it is better to just buy an S&P index fund or total stock market fund and sell bits when necessary to supplement the lower dividends.
post 1567601091 12-01-2018, 06:22 PM
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Good sentiments.

As long as you understand the downsides of trying to focus on dividend yeild, over overall yield. The only difference is the downside for tax purposes of dividends, the 'feel good' psychology of getting a dividend, and (possibly) slightly less volatile movement of dividends vs share price.
Concentration risk
Another downside to chasing dividends is concentration risk. The top-yielding shares on most markets are concentrated in sectors like banks, property (REITs) and utilities, which tend to grow less in rising markets. They are also sectors which tend to underperform the broader market when interest rates rise. We looked in detail at the dangers of concentration risk in our post on SMSF risks.

Dividends bring forward your tax bill
The impact of taxes can further reduce the attractiveness of focusing on dividend yield for tax-paying investors.

Many of our clients re-invest dividends back into their Stockspot portfolios. Investing a larger amount in ‘high dividend paying stocks’ would increase the tax bill they have each year. Therefore any dividend yield more than what is required for spending or pension drawdown is essentially slowing their total portfolio growth. All else being equal, and depending on your circumstances, delaying taxes and letting untaxed returns compound can be a more tax-efficient strategy.

High dividend does not equal low risk
Companies that issue dividends have decided that there are not better opportunities to deploy their cash by investing in new projects or acquiring other companies. Paying dividends in itself does not provide any certainty about a company’s financial well-being or ability to sustain future dividends. All a dividend shows is that the company had nothing better to do with the cash so decided to give it back to shareholders who can choose themselves.

Investors have a long history of chasing the latest investment fad and getting burnt when the risks of that strategy become apparent. We believe that investors ignoring total return and focusing solely on dividend yield are underestimating the importance of capital returns in the investment equation.

That’s not to say that we don’t believe yield is important. Historically yield has contributed a significant portion of our portfolio returns. However rather than focusing on a single theme like dividend yield, we believe long-term investors should seek diversification across asset classes, countries and industries — as well as buying shares with a range of different dividend yields to generate long-term wealth.
For a more indepth discussion:https://jlcollinsnh.com/2011/12/27/d...wth-investing/

In summary:

1. With vanishingly rare exception Index Investing bests all other methods.
2. Receiving dividends in a taxable account is a taxable event.
3. The payment of dividends represents a reduction in the company’s value that precisely matches the amount paid.
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post 1567601171 12-01-2018, 06:23 PM
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Originally Posted By Josh6453⏩
I have a large dividend growth portfolio and the dividends are a large part of my income. But I have been told repeatedly it is better to just buy an S&P index fund or total stock market fund and sell bits when necessary to supplement the lower dividends.
depends on your country too i suppose

DGI is really good for regular taxable investment accounts in Canada, Basically if you were depending on that income for retirement, when you do your taxes you get credits for using dividend income which resolves most taxes that are actually owed on said income (because a dividend is already taxed income, no need to tax it twice).


however if you are taxing on income created from crystalizing portions of the principle you get no tax credit unless you are taking from a loss which is something you want to avoid
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post 1567601181 12-01-2018, 06:23 PM
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Well, I pulled it out, now I'm thinking whether to put it back in.

Should I put it back in?
post 1567601491 12-01-2018, 06:28 PM
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Originally Posted By Grinners⏩
Good sentiments.

As long as you understand the downsides of trying to focus on dividend yeild, over overall yield. The only difference is the downside for tax purposes of dividends, the 'feel good' psychology of getting a dividend, and (possibly) slightly less volatile movement of dividends vs share price.



For a more indepth discussion:https://jlcollinsnh.com/2011/12/27/d...wth-investing/

In summary:

1. With vanishingly rare exception Index Investing bests all other methods.
2. Receiving dividends in a taxable account is a taxable event.
3. The payment of dividends represents a reduction in the company’s value that precisely matches the amount paid.
but who was dividend growth?

I've heard all the same arguments before, but like I said earlier in this thread, know your level of risk and personality so you don't loose sleep at night.

I am naturally am optimist, so if the market gets bearish to me that is just an indication of discount prices. pretty basic logic. If you want to be in the market be prepared for changes, and be prepared to keep your wits.

I respect index investing, but personally im a dividend guy.
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post 1567604081 12-01-2018, 07:07 PM
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Originally Posted By ashin1⏩
didn't think i needed to spell it out for you. it's called rental income, you know the currency a landlord collects from tenants.

I plan to have 4 rental properties provide me the means to live without needing to work full time.

maybe if you knew how to play your own RE markets you would know what i am talking about.



damn that's pretty sick, I am friends with a couple different contractors and the ones that have been doing it for a long time say its nothing but clock work, when building a home and following codes and by laws there is a lot going on, so those that make a killing off it, more than likely know the ins and outs like the back of their hand, and its that knowledge and connections over time that aide to your growth i imagine?


truth bomb @ the bolded
Why are you getting so defensive? I asked a simple question, no need to get mad.
Originally Posted By r32gojirra⏩
The reason the music will ignore him -and rightly so- is that op’s notion of financial independence literally involves living in an actual trailer park in the middle of some god forsaken wasteland because he doesn’t have other options.

Miss me with that chit
This, if I thought as OP did, I could retire within 3 years as well. As it stands my plans will come to fruition in 9-12 years as I like expensive things.
Originally Posted By soaponarope1⏩
3k Canadian? I could do that on 3k usd maybe, would prefer about 5k minimum. But Canadian that's only like $2250 usd.

I don't want to **** on your thread because you seem decently smart and it's got good content, but most people wouldn't be happy on 2250 a month. My personal retirement goal is about 90k a year in today's dollars.
Same, $80k-$90k will allow me to live the life I live now, which is where I wanna be.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1567604311 12-01-2018, 07:11 PM
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Originally Posted By ashin1⏩
If I can do it so can you! Srs

Investing in income producing assets to get started really isn’t that difficult.

Money is obviously an important factor but if you have the right mind set and discipline money should just be the product of those efforts.

The second element that has equal If not more impact is utilizing time to do the grunt work for you(compound interest)


Sooner you start the better. And the beauty about investing properly(doesn’t have to be al that difficult) is you don’t need to be rich to get started, the value itself isn’t important nearly as important as the act of starting in general.

I invest in dividend growth stocks which is the easiest way to create a stream of passive income. It’s a method of wealth accumulation that is gets its gas from consistent contributions, and reinvesting the returns. With the obvious results being that you get out what you put in, as well as the longer it has to grow the more you will accumulate hence why starting(regardless of how much) is so important, especially if yo got the time(you are young)

If you are reading this and you are early 20s, I encourage you to highly think about how much impact your time will have if you get the ball rolling on investing wisely at a young age.

I’m working today but will try and answer legit questions.

Bless up misc, lets get this bread
Lmao at posting this just as the bear market is beginning and witha. Recession in 6 months time. Your 3 years suddenly blows out to 10
post 1567605191 12-01-2018, 07:26 PM
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Originally Posted By Godfrd824⏩
Why are you getting so defensive? I asked a simple question, no need to get mad.



This, if I thought as OP did, I could retire within 3 years as well. As it stands my plans will come to fruition in 9-12 years as I like expensive things.



Same, $80k-$90k will allow me to live the life I live now, which is where I wanna be.
not mad at all srs. I honestly am blown away at how quick compound interest is working in my favor since i was fortunate enough to be able to combine youth with a high income as i've been investing heavily into the stock market at 22 years old when i landed my first 6 figure job. To give you an idea of a very conservative return in my investments alone in the span of 12 years no addition contributions just snowball here is a screen grab from a compound interest calculator for investments.



with my rental income of 3k a month plus the dividend equats to roughly 80k.....

you see the difference is, in those 12 years you'll be toiling away working for the boss wage slaving, while i will be living a life of leisure, living it on my own terms.

again this is also not including my central american beach property, which should also generate me a side income of ~2k USD a month

but hey, you seem to take pride in make someone else richer than yourself. keep up the good work!!

Originally Posted By Bar182⏩
Lmao at posting this just as the bear market is beginning and witha. Recession in 6 months time. Your 3 years suddenly blows out to 10
nice, Im sure by the time i actually want to dip into that account it wont be for 20 years, so I got lots of time to wait out a bear market
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post 1567605601 12-01-2018, 07:32 PM
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Originally Posted By ashin1⏩
not mad at all srs. I honestly am blown away at how quick compound interest is working in my favor since i was fortunate enough to be able to combine youth with a high income as i've been investing heavily into the stock market at 22 years old when i landed my first 6 figure job. To give you an idea of a very conservative return in my investments alone in the span of 12 years no addition contributions just snowball here is a screen grab from a compound interest calculator for investments.



with my rental income of 3k a month plus the dividend equats to roughly 80k.....

you see the difference is, in those 12 years you'll be toiling away working for the boss wage slaving, while i will be living a life of leisure, living it on my own terms.

again this is also not including my central american beach property, which should also generate me a side income of ~2k USD a month

but hey, you seem to take pride in make someone else richer than yourself. keep up the good work!!





nice, Im sure by the time i actually want to dip into that account it wont be for 20 years, so I got lots of time to wait out a bear market
You know what the funny thing is, I can raise $160k, like you have, except it's taken you 7 years, it would take me 2. Also, my one property, just one, netted me $23k last year, more than all of your investments. I have more money than you, and in 10 years I'll still have more money than you.

I don't slave now, I don't work 40 hours a week as it stands, what about you?
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post 1567606061 12-01-2018, 07:39 PM
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Originally Posted By Godfrd824⏩
You know what the funny thing is, I can raise $160k, like you have, except it's taken you 7 years, it would take me 2. Also, my one property, just one, netted me $23k last year, more than all of your investments. I have more money than you, and in 10 years I'll still have more money than you.

I don't slave now, I don't work 40 hours a week as it stands, what about you?
not sure why you are trying so hard to rustle me, this calculator is gassing me and getting me all fukked up hehehehe



Yo keep trying to prove to me how impressive you are, I don't give a chit I gots me a snowball rolling on autopilot for the last 2 years.

Spoiler!
in 20 years i won't even be 50
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post 1567606251 12-01-2018, 07:42 PM
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I'm working on mine. I started this from 500. You make more money than I do. I had a rough life growing up but its coming together. I hope to go full time passive in a year or two doing reselling and wholesaling, private label on selling platforms to launch my other ideas.



My brother started his own cryptocurrency. It's not a big thing but its passive enough and he lives in thailand like a millionaire.

How do you get into dividend stocks? I did the stash app dividend thing and actually lost a little.
"There are some who do not fear death for they are more afraid of really living."-Ancient proverb




Between the buried and me
post 1567606701 12-01-2018, 07:50 PM
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Originally Posted By jiujitsubro⏩
I'm working on mine. I started this from 500. You make more money than I do. I had a rough life growing up but its coming together. I hope to go full time passive in a year or two doing reselling and wholesaling to launch my other ideas.



My brother started his own cryptocurrency. It's not a big thing but its passive enough and he lives in thailand like a millionaire.

How do you get into dividend stocks? I did the stash app dividend thing and actually lost a little.
Good on you for making that side hustle initiative and are seeing results. Its brave for going full time into entrepreneurial ship, and TBH i don't think i have the guts to do it full time, at least not now or ever in the past. But props to those that do, one of my close friends is doing a 4hr work week thing and he is almost at the point where he is needing to incorporate so its very exciting to see the fruits of his labour take of soo quick after what seem ed to be 4 long years of non stop hustle. hes actually living in thailand too lol

I got into dividend stocks after I read a book called the lazy investor, and then coincidentally I started working with an ER nurse that was huge on it and had like 300k in the market at the time, and seeing that at 22 years old left a huge impression on me. He told me that if i was serious about invest that he would mentor me what he knew, and yeah at young age i had the confidence to go balls deep into the market, in what "financial advisers" would tell clients is extremely risky! lol scare tactics of peace.
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post 1567607311 12-01-2018, 07:57 PM
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#88
  1. CementPizza
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Originally Posted By Basiliskboy⏩
A digital product is pretty much what you see most YouTube fitness trainers do.

Build an audience through YouTube

Release a workout routine .pdf for $20

Keep at it with YouTube making sure to drive viewers to your website where they can buy the pdf

Make an average of 10 sells a day which is very attainable.

That’s $200 a day.


This formula can be a plied to a lot of things. The best part is the product is completely digital so you don’t have to worry about printing a physical book or anything.

Game developers make passive income with micro transactions in mobile games.
Music producers make passive income selling sound recordings, snippets, etc online
Artists make passive income selling pre recorded courses on sites like undemy or Lynda.com

There’s many ways to make passive income through digital products you just have to be good at something, and produce something people need.
I would like to discuss this with you at some point if possible.
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post 1567607321 12-01-2018, 07:57 PM
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#89
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Originally Posted By ashin1⏩
Good on you for making that side hustle initiative and are seeing results. Its brave for going full time into entrepreneurial ship, and TBH i don't think i have the guts to do it full time, at least not now or ever in the past. But props to those that do, one of my close friends is doing a 4hr work week thing and he is almost at the point where he is needing to incorporate so its very exciting to see the fruits of his labour take of soo quick after what seem ed to be 4 long years of non stop hustle. hes actually living in thailand too lol

I got into dividend stocks after I read a book called the lazy investor, and then coincidentally I started working with an ER nurse that was huge on it and had like 300k in the market at the time, and seeing that at 22 years old left a huge impression on me. He told me that if i was serious about invest that he would mentor me what he knew, and yeah at young age i had the confidence to go balls deep into the market, in what "financial advisers" would tell clients is extremely risky! lol scare tactics of peace.
I'm good friends with a 94 year old real estate developer who is worth around 125million. His son is a friend I'm real good friends with. He always preaching "Get a base income and do what you want with your excess."

Well the way you want to do it. Be real good friends with your current boss and employees whenever you leave to go full-time so you can have something to fall back up on. Keep your licenses, etc current incase it goes south and have an escape plan.

That 9k was hard work and it still is. I made a lot of mistakes and this wasn't my first venture I had several before this that failed. One broke even but not enough to make it worthwhile and that was in Skin care. I'm trying to scale as fast as I can on this one.
"There are some who do not fear death for they are more afraid of really living."-Ancient proverb




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post 1567607481 12-01-2018, 08:00 PM
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#90
  1. inb4everything
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These kind of threads are helpful but it becomes a frkn dick mesauring contest many times unfortunately.

Anyways, what do you think of construction loans for flipping vs doing it myself (I think a good learning proccess first time but scared af I'll spend too much). I have a garage in LA that I want to extend to a legal living unit then someday refinance cash out for 2nd property. Sounds reasonable right?
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