Quote: (10-24-2012 08:11 PM)pitt Wrote:
I am currently living off passive income. If i had 500k right now, i could live the rest of my life without working for anybody (although i dont work fo anybody right now). I may invest 150k in order to make more money, but if i decide not to stress myself, this 500k could be enough for the rest of my life.
By the way, its funny how many guys here in their 30s and 40s advise younger cats to focus in making money and then when we see them in these type of threads, i get the idea that they dont have that much money saved. If i was to spend my 20s solely on making money, i would make sure that i would be WELL off by the time i get to my late 30s.
I'm comfortable. I've driven nice cars, eaten at nice restaurants, taken fancy trips overseas, and I got money in my savings account and my retirement account.
Most of my friends went my route. They got education, they work for corporations, they bought houses, they got married and had kids. They all have nice sedans and minivans, retirement funds, college funds, and all the toys their wives will let them have.
And all of them are at the mercy of their companies. Sure, they may be able to find jobs if something pops off, but that's not security.
We've got a few friends that opened their businesses in their late 20's early 30's, and all of them stuck with it, and are now banking, but on their own terms. (one in insurance, one in real estate, one in party promotion/club ownership)
Nobody can fire them. They fire people.
That's security, that's freedom.
When you are young, it's much easier to get it done. You can live in filth and have the energy to try lots of things, until you find something good.
I'm not telling you to start a business cause i'm broke. Far from it.
I'm telling you to start one, so that you can be truly rich.
WIA