[Gilly]

These last few months I've been feeling paralyzed, unable to decide what to do with my life. I've been fortunate to have started a business when I was 18 which currently provides me with over $250k a year in passive income, however it's uncertain how long this will last. I've been diligently saving since I started and currently have close to a million. Not enough to retire on comfortably at age 24 but a good cushion nonetheless.

Due to this situation I've become lazy, unmotivated, and overly "comfortable". I feel as though I'm wasting time day by day not being productive or working towards something. I sleep in as long as I want, do whatever I want all day everyday with seemingly no responsibility. I have spent the last year or so being very unproductive and feeling without purpose.

I continue to lightly manage my business (maybe an average of 3-4 hours a month maximum) however it runs successfully without me for the most part. I have no intention to try to grow my business further, expand, etc as I simply don't like the niche for various reasons. In fact - I've found I have pretty much maximized the amount I can make off of it and would really like to diversify my income and efforts AWAY from my current business. So for this reason I would appreciate if the comments disregard that possibility.

There are three things I'm considering doing to break me out of this state:

1) Complete my degree - I dropped out of university after roughly 2 years to focus on my business which proved to be successful. However now that it's at a point where I'm not needed in the day-to-day tasks it may be a good idea to finish my degree while I'm still at a reasonable age and while it's still producing income. The degree is in business administration and if I went with this option I'd most likely major in accounting.

2) Start a new business - I've put a lot of thought and research into opening a pool hall / bar. I've become very passionate towards the game in the last year and a half. There isn't a pool hall in my city and I've talked to several experts in the billiards community who have given me a lot of advice. My first business was built on my passion towards the niche it's in which is why I came up with this idea after being into pool for awhile now.

3) Learn to day trade - Since I have enough money and time I could buy a course, read books, etc to learn how to day trade potentially on the side of whatever else it is I do. This is ideal because it's online, location independent, and could potentially take up less time. I'm also very interested in this however I understand the risks which is why it would most likely be on the side of whatever else it is I do.

So if anyone here would like to share their opinions on this it would be very appreciated.

Thanks a lot,
Gilly

[miggyme1]

(07-06-2017 01:50 PM)Gilly Wrote:  

These last few months I've been feeling paralyzed, unable to decide what to do with my life. I've been fortunate to have started a business when I was 18 which currently provides me with over $250k a year in passive income, however it's uncertain how long this will last. I've been diligently saving since I started and currently have close to a million. Not enough to retire on comfortably at age 24 but a good cushion nonetheless.

Due to this situation I've become lazy, unmotivated, and overly "comfortable". I feel as though I'm wasting time day by day not being productive or working towards something. I sleep in as long as I want, do whatever I want all day everyday with seemingly no responsibility. I have spent the last year or so being very unproductive and feeling without purpose.

I continue to lightly manage my business (maybe an average of 3-4 hours a month maximum) however it runs successfully without me for the most part. I have no intention to try to grow my business further, expand, etc as I simply don't like the niche for various reasons. In fact - I've found I have pretty much maximized the amount I can make off of it and would really like to diversify my income and efforts AWAY from my current business. So for this reason I would appreciate if the comments disregard that possibility.

There are three things I'm considering doing to break me out of this state:

1) Complete my degree - I dropped out of university after roughly 2 years to focus on my business which proved to be successful. However now that it's at a point where I'm not needed in the day-to-day tasks it may be a good idea to finish my degree while I'm still at a reasonable age and while it's still producing income. The degree is in business administration and if I went with this option I'd most likely major in accounting.

2) Start a new business - I've put a lot of thought and research into opening a pool hall / bar. I've become very passionate towards the game in the last year and a half. There isn't a pool hall in my city and I've talked to several experts in the billiards community who have given me a lot of advice. My first business was built on my passion towards the niche it's in which is why I came up with this idea after being into pool for awhile now.

3) Learn to day trade - Since I have enough money and time I could buy a course, read books, etc to learn how to day trade potentially on the side of whatever else it is I do. This is ideal because it's online, location independent, and could potentially take up less time. I'm also very interested in this however I understand the risks which is why it would most likely be on the side of whatever else it is I do.

So if anyone here would like to share their opinions on this it would be very appreciated.

Thanks a lot,
Gilly

if u dont mind me asking, what is your business?

[Gilly]

It has to do with online gaming (purchase and resale of coins / items / accounts).

[philosophical_recovery]

1 - congratulations! I hope to be there sooner rather than later myself
2 - have you secured a home so that you can afford to invest money on another business, fail, and still have a place to live?
3 - You've got to find out what motivates you. If I were in your shoes, I think I'd do the following. I'm not saying you should do this, but just use it as an example:

*Travel to another country long enough to be fluent in one of my secondary languages
*Get tutoring in a creative field that I enjoy, enough to build another business or to study under masters in that area
*Participate in a competitive sport, like boxing or bjj, on a regular schedule with solid training from a dedicated trainer
*Seek out like minded individuals and build something cool
*Get other income streams going, that are diverse enough that a single failure can't ruin me
*Avoid bad habits like drugs and alcohol


I already partially do this, but I'm not free enough to disappear for months on end. I could do that, dip into savings and risk my job, but I don't have that passive ability.

Try something that challenges you, that you know you're bad at, and struggle some. No matter how good other parts of our lives are, we get complacent when not challenged.

It sounds like you're letting your success handicap you from going further. This is normal. Recognize it, and keep pushing to continue improvement

[Captain Gh]

If I was you, I would fo ahead and start the Pool / Hall business since... it is this option which brought WAY more Passion out of your writings! And you are... in a very good spot my friend! A millionaire with a cash cow of $250 000 tying none of your time. Damn that's good

[Gilly]

(07-06-2017 02:29 PM)philosophical_recovery Wrote:  

1 - congratulations! I hope to be there sooner rather than later myself
2 - have you secured a home so that you can afford to invest money on another business, fail, and still have a place to live?
3 - You've got to find out what motivates you. If I were in your shoes, I think I'd do the following. I'm not saying you should do this, but just use it as an example:

*Travel to another country long enough to be fluent in one of my secondary languages
*Get tutoring in a creative field that I enjoy, enough to build another business or to study under masters in that area
*Participate in a competitive sport, like boxing or bjj, on a regular schedule with solid training from a dedicated trainer
*Seek out like minded individuals and build something cool
*Get other income streams going, that are diverse enough that a single failure can't ruin me
*Avoid bad habits like drugs and alcohol


I already partially do this, but I'm not free enough to disappear for months on end. I could do that, dip into savings and risk my job, but I don't have that passive ability.

Try something that challenges you, that you know you're bad at, and struggle some. No matter how good other parts of our lives are, we get complacent when not challenged.

It sounds like you're letting your success handicap you from going further. This is normal. Recognize it, and keep pushing to continue improvement

Yes I have a home I purchased last year where I currently live. Prior - I did spend 2 years in South America and can speak Spanish quite well. I used to be very active in the gym but haven't consistently gone for a few years and it's something I'd like to pick up again soon. Although I play pool competitively now but it's not an active sport.

That's a good point made about my success handicapping me. I don't feel that "necessity" to act because my business is still profitable and supporting me. But at the same time now is the best time while I still have income coming in to start something new. I just can't decide what's best for me or worth committing to.

Thanks a lot for your reply.

@Captain GH
Thanks a lot man - I agree it's a good spot and it's been a huge accomplishment, but at 24 it's making me look at my future with less direction. I'm getting bored just doing nothing and living so passively. Kind of a blessing and a curse. I do like the idea a lot and I see the path to profitability but if it fails it will be more difficult to return to school at a later age than it is now.

[Steelex]

Do something you selfishly enjoy and another that selflessly helps people

[birthday cat]

About how old are you?

Do you like the city you live in?

The pool hall idea sounds like something you're passionate about but it ties you down. I wonder how much of a trade-off that is.

[Captain Gh]

After you figure out your next move, I would strongly suggest that you sell that Business to someone who wants to grow it further. If you made 250K with 4H of work... someone... or even a BIG company WILL pay you big for that. Something to ponder while you figure things out

[LINUX]

You're 24 man. Go be 24 and stop carring so much about making money. It's obviously hasn't brought you any happiness.

If I was 24 and had your money, I would invite the coolest mother fuckers on this forum to Ibza, rent a yaht , a chef, a skipper hat, a go pro, a speaker system, and deck that boat with pussy, molly, and steak.

Go live and be happy. Make good friends. Make good memories. Once your youth is gone, it's not coming back. You got your whole life to work and make money to buy useless shit you didn't really need anyway.

[Cattle Rustler]

Put that money in some ETF index and live off it while going to school. Enjoy life and be your age for a while. Day trading seems kind of gay, most day trades I know happen to be stuck to their laptops a lot of time trying to "time" the market. Few if any are successful. Plus, if you need a reliable solid internet connection...you're not really location independent.

Either way man, as LINUX said....you can make up for lost $$$ but you can't get time back.

[Digimata]

Most dudes day trading at 24 are doing it because they are hungry for success. You clearly have already succeeded you are just bored and need a challenge.

Simplest challenge for you: go double your passive income.

You will never buy another second so enjoy it while it lasts.

[Ballr]

I share a close call with you on your journey. Start a new business and keep the momentum up. You might be a serial entrepreneur.

The bankroll you've got now lets you try an offline business like the Pool hall you want. Go for it, you can't lose. While you're at it, look at ecommerce, affiliate marketing, lead generation, etc. They align with your current venture and easy to transition into.

Good luck!

[SanMiguel]

If I had that sort of amount to play with I could buy 16 houses in my city (using mortgages) which after renovations would produce approx. £200k/year rented to students OR without mortgages, 6 houses making around £80k. The income is not completely passive and requires hard work, project management skills etc but is a really solid long term investment - you get regular income in rent and an asset that over time is almost guaranteed to increase in value. Another option would be doing something similar in a bigger city using Airbnb, I saw opportunities in Medellin for this - low property prices but good, increasing demand and rental rates, much more risk doing this in an area/country you're not familiar with though.

Here's a datasheet I did - thread-60212.html I recently quit a very comfortable full time job to focus on this completely. After the end of this year I should complete by 4th house and will have nearly £4000k net income coming in each month. As said it's semi-passive, there are things that can go wrong or break down but the houses are completely renovated with new electrics, plumbing, appliances, everything so chances of this are low. I just got back from a 2.5 month SA trip and had no issues while away. I use an agency to deal with the tenants so the students don't have my number or any contact with me, I only speak to one person at the agency if there is an issue.

If you are not that motivated you can buy ready made or off plan property investments for reasonable returns but knowing the local property market is essential, there are lots of scams out there and it's something I've never invested or been really interested in.

[zoom]

I would try and go for an offline business or try and get some rental properties. I don't see the point in going back to school.

[Veloce]

mid 20s and 250k/year in passive income...christ.

Take this from someone that's been grinding almost nonstop for 10+ years and works pretty damn hard to make 6 figures NON-passive income:

If I were you I'd think a hell of a lot bigger than owning a pool hall. I mean if that's really an idea that gets you up in the morning, go for it. Can't talk shit about that.

If I were you I'd start a travel blog showcasing how fucking badass my life is. Oh look here I am traveling all over the world eating at Michelin 3 star restaurants. Oh here's me volunteering to help feed the hungry/thirsty in India/Africa. Oh look here I am partying with models in Milan. Here I am hiking through the jungles of Vietnam and Thailand. Here's me posing with reef sharks while scuba diving in the Maldives...

There's plenty of travel/food blogs but on 250k/year I'd wager you could do it bigger and better than 99% of them. Throw up a few affiliate links for more passive income.

That's what I would do.

[Gilly]

Thanks guys,

I had been looking at real estate but where I am prices are sky high using leverage it's unlikely I would profit after paying mortgage and all expenses. My money is invested in stocks / ETFs which is fine for now.

The point of going back to school would be mainly a security blanket should everything else go down the gutter, and the fact that I'm still at an age where going back to school would be reasonably easy. I may never use my accounting degree to get a job but it could give me knowledge to start another business or even open a sole practice. And pool hall's actually can make good money, the game is my current passion, and I'd work towards having it self managed similar to my current business. My father doesn't enjoy his current job and is eager to manage it for me should I open it. While I (personally) don't understand the path to profitability starting a travel blog, I do see the path to profitability owning a pool room. Unfortunately I'm kind of tied to where I live currently for the next couple years (GF going to school, car lease, etc) otherwise starting a travel blog would be a much more possible consideration.

[sonoran_]

holy shit man. Can you give us a mini biography of your business life? How you got started? What led you to it? Your struggles and how you got to this income level etc.

Feel free to keep vague any details you dont want to share.

I just love reading the path successful people took to get to where they are, its inspirational.

[Gilly]

I was working in a corner store in my small town in Canada and had played an online game for years. The coins within the game can be gambled, and when I was 17 I was lucky and turned roughly $50 worth of items to $3600~ (gambling essentially on a 50/50 coin toss). I found out I could sell the coins for real money, found a reputable buyer, and had $3600 in cash. Over the next few months I blew the money with my friends and gambling again a bit.

I then thought of the guy who bought the coins from me and realized I could make money by buying and selling them as well and just taking a smaller margin to be competitive from the beginning and build my reputation. I had $800 to my name at this time. The market was different at that time as everybody was operating through MSN and most were sole traders (like I was at the time), no websites, just buying and selling to individuals through forums and payment through PayPal. I worked extremely hard in my first year and was making good money, became one of the most reputable traders on the forum, and quit my job. I became good friends with a woman in China who worked for a company I did a lot of business with. She quit them and joined me. She worked 12 hours every night (her daytime) and I worked 12 hours each day to keep the business running.

The market was slowly shifting to traders beginning to operate through websites as opposed to MSN. After owning a couple of websites which both failed due to hacks, scams, etc, I started my successful website in 2013 which I've had until now. Throughout this time, my worker in China sourced new workers (her friends, family, etc) and eventually it operated 24/7 without me. My website also grew to prominence through SEO (a couple tricks I discovered which proved successful).

Two biggest struggles:

1) I hadn't planned for taxes as I was young, naive, received bad advice from friends/family, and didn't understand what I was doing until a year later when I was already too far in debt tax wise. I fled Canada and spent a lot of time in various countries in South America (Bolivia, Panama, Paraguay, Peru) and luckily my business was growing at this time so over a couple of years I saved enough money to come clean and file/pay the taxes I previously owed. I returned to Canada and resolved it with the help of my accountant and have been running properly ever since.

2) A few years ago when my computer/website was hacked repeatedly and in one case, infected with a java driveby exploit which ended up costing my customers to lose about $10,000 in game items which I had to refund. I barely had $10,000 at this time and if I didn't refund this I wouldn't have been able to continue with my business. I will never forget sitting in a hotel lobby at 4:00 AM while visiting my prior gf in Bolivia, calling up hosting / domain provider repeatedly trying to resolve this using my Canadian phone's roaming.

Of course there are many things I left out and I'm not sure if any of this makes sense but I hope you're somewhat satisfied.

[birthday cat]

1. Do what you need to do to protect your current income. I understand that you don't want to expand that business but don't let it start slipping either.

2. Talk to a good business broker (or two) about selling your business in 1 to 2 years. I'm not suggesting that you sell the business but talk to the broker to understand how to maximize the business' value in case you want to sell it at a later time. You don't know where you will be in the future or if your current feelings of being paralyzed will begin to affect the business. You want to be able to get the maximum value out of the business if you decide to sell it later on.

3. Diversify your investments.

4. Don't ever get married in Canada. You've traveled a lot and you can always get married at a later time in a foreign country with a marriage structure that will protect your assets. This might be the last thing on your mind but I mention it because marriage in Canada is the worst business decision you could make.

5. I think you are the only one who knows yourself well enough to determine what else to do with all the free time you have. We can only throw out suggestions without really knowing you. You are young so don't let time waste away without doing something challenging or having fun or both.

[Sonoma]

That's awesome that you were able to do that.

I would highly recommend going to college, just to kill time and it's a shitty thing to have to do later.

You'll still be able to travel in summers, hopefully make friends in the college system, and investing in a future that doesn't revolve around a videogame you don't own.

I used to make money playing an online game, but when there was some tweaks to it (specifically related to trying to stop RWT), it nerfed the game and the market, effectively ruining any investment made in the game. You seem to be very aware of this problem, and I recommend not spending on anything that locks you in for future expenses

[scorpion]

Go back and finish college, with an emphasis on having fun rather than your academics (business degrees are not terribly demanding, anyhow). Transfer to a party school. Take three years to finish instead of two. Lift weights and do martial arts. Become friends with the coolest guys on campus. Instead of a pool hall, consider opening a college dive bar (note: do your homework on this idea, it could blow up in your face). Have fun, and as LINUX said, enjoy your youth. You're already way, way ahead of the game. Use your money to help establish yourself as a BMOC (big man on campus). There is no better bang for your buck anywhere in the world if your goal is to be surrounded by beautiful young women. A BMOC at a good party school will enjoy sexual abundance and female enthusiasm that usually requires A-list celebrity status.

Spend a few hours a week thinking about and working on new business ideas/websites. You made a million bucks online once. Maybe you got lucky, but maybe you're just that good. But frankly you'd be foolish to completely walk away from the online business game just because you're bored of your current site. Find a new business idea that you can scale up like your last one, and work on it in your spare time. Keep an eye open for other opportunities, but milk your current website for as long as you can, stacking up that cash.

But really, just try to have some fun. You're fortunate enough to enjoy an extremely rare combination: youth, wealth and free time. Don't be stupid about it, but have fun. If you don't, I can guarantee you that you will have massive regrets ten or twenty years from now. You don't want to look back at yourself at 24 with a million dollars in the bank and $250k in passive income and wonder why you didn't take full advantage of it.

[Australia Sucks]

(07-06-2017 01:50 PM)Gilly Wrote:  

Due to this situation I've become lazy, unmotivated, and overly "comfortable". I feel as though I'm wasting time day by day not being productive or working towards something. I sleep in as long as I want, do whatever I want all day everyday with seemingly no responsibility. I have spent the last year or so being very unproductive and feeling without purpose.

Thanks a lot,
Gilly

Hi Gilly, its important to of course keep saving and investing every year but other than that I would say do not become overly obsessed with money (because you are already doing well in this area). Instead focus on improving yourself.

You also mentioned that you can speak decent Spanish, the best time to learn languages is while you are still young. Why not live in another country for a few years (to immerse yourself) and learn Russian or French or Arabic? Having 2 important languages under your belt is good. Having 3 or 4 important languages under your belt is even better! Not too mention all the hot foreign girls you would get access to while studying said languages in other countries.

While you are doing that overseas, maybe read up (and take some cooking lessons) to improve your diet and cooking skills. Join a martial arts dojo and train a few times a week. Travel around different places (short trips) while you live overseas studying a language. Maybe take up one or two other new sports/hobbies. Get into a mini relationship with a quality foreign girl.

If you live overseas to study a language full time while doing all of the above you will most likely be busy and feel productive, while adding to your own long term value (becoming a guy that can speak multiple languages, is fit and can defend himself in a fight, can cook really well, etc).

For somebody in your situation you will get a lot more benefit out of learning new languages than you will from getting a degree. You really do not need the degree. Besides you probably know a lot more about how to run a business than a lot of the academics that are teaching/lecturing in these business administration courses anyway LOL.

Remember only boring people become bored, so do not be a boring person!

p.s. you are doing really well in life, I wish I was doing that well.