How I 'retired' at age 22.

[Bila]

Now i get the " kidnapped by Latevian models " in one of your posts

 

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[SeanyHang]

@GrumpyCat and @theag quit your fighting. You guys have too strong of a bond after the Riff Raff thread.

Ryan, great job man - I definitely dig the whole "alternative living" thing you got going.

 

[Daniel A]

@GrumpyCat and @theag quit your fighting. You guys have too strong of a bond after the Riff Raff thread.

Hugs?

I agree, that approach is pretty cool. Especially during your early 20s.

 

[DeletedUser394]

Riff Raff is an American hero

 

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[Harry321]

@GrumpyCat A truly remarkable and inspiring journey. For someone similar to your age, what is the best piece of advise you can give for someone working a full-time job looking to increase their net worth to six figures in a short amount of time?

 

[DeletedUser394]

@GrumpyCat A truly remarkable and inspiring journey. For someone similar to your age, what is the best piece of advise you can give for someone working a full-time job looking to increase their net worth to six figures in a short amount of time?

1. Live below your means. As low as you can go.
2. Start a company in spare time.
3. Sell company or live off the income

Unfortunately, that's the way.

 

[Harry321]

Hah I was hoping you might have perhaps a more specific tip.. I have those covered so far. I think the main constraints im facing at the moment is the cost of testing multiple ideas. With the concierge business how much capital did you put up and how did you assess the risk/reward ?


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[RisingStars]

I also have another question.
It would be really cool if you could post your main findings of your life.

Thanks

 

[DeletedUser394]

@Harry3000 The initial investment was into the six figures already. Combination of cash and maxing out cc + loc.

I don't recall doing a risk/reward assessment. I looked at the track record of my partner and saw the opportunity and went for it.

 

[DeletedUser394]

I also have another question.
It would be really cool if you could post your main findings of your life.

Thanks

Not really sure what you mean.

I don't have much figured out in that respect (life). lol

 

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[RisingStars]

Not really sure what you mean.

I don't have much figured out in that respect (life). lol

Hm, hard to explain. Like a list what you seperates you from other people.
For example I read you dont buy things (minimalist) stuff like that.



And another question just came up I just read that 90% of your income comes out of the stock market. At which point did you started investing?
First you needed all your capital for the hustle. But when did you start to invest how much money did you had?

 

[GuestUser113]

@GrumpyCat and @theag quit your fighting. You guys have too strong of a bond after the Riff Raff thread.

 

[DeletedUser394]

These no word posts with gifs or a meme are really getting old.

Considering the last two threads with these out of control meme crap were closed, don't you think it's enough already.

 

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[Harry321]

@Harry3000 The initial investment was into the six figures already. Combination of cash and maxing out cc + loc.

I don't recall doing a risk/reward assessment. I looked at the track record of my partner and saw the opportunity and went for it.

That is really interesting. How did you convince/influence your business partner to take you on board? And how did you meet?


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[mt_myke]

For those who haven't heard of it, there's a principle known as the 4% withdrawal rate, whereby you can reasonably expect to withdraw 4% of your total capital and that money will last you 30+ years with an 85% success rate over the history of the financial markets. Right now I'm hovering around a 3% withdrawal rate to be safer.

I've lost something like $60,000 in the past 2 and a half weeks LOL, but I stay the course.

Enough info here to make a good guess at the size of Mr. Grumpy's portfolio and the cash flows he's living on. Using the Toronto Stock Exchange composite index as a proxy, it was at 13705 on Friday the 12th (his post was Saturday the 13th). Two and a half weeks before that would have been Nov 19-20, let's call it 15111. That's a 9.3% drop. If $60k is 9.3% of his portfolio the total amount (before the drop) would have been around $645K. This figure seems in-line with the other numbers he's stated in this thread.

3% to 4% of $645K is $19k to $26k. Pretty much living on a minimum wage income, but without having to sacrifice precious time working a minimum wage job.

 

[zr1]

congrats!

1. Live below your means. As low as you can go.
2. Start a company in spare time.
3. Sell company or live off the income

Unfortunately, that's the way.

I agree with this advice 100%. 3 years ago, I went way below my means and as low as I could go, built a company and saved everything. Now I have a 7 figure net worth and invest the money tree similarly but in dividend stocks and not index funds.

I'm actually surprised how many of my friends are unwilling to give up cable tv, vacations, organic foods, and luxury car leases in exchange for something better in the future if they saved their money and built a business. Right now, most are living paycheck to paycheck. One friend almost fully cried to me that he was one paycheck away from broke.

I'd rather have more money at the end of my month than month at the end of my money. If you don't have the habit of saving and living below your means when you're not rich, most likely you won't have it when you become rich. Money passes from those who value it least to those who value it most.

 

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[DeletedUser394]

Enough info here to make a good guess at the size of Mr. Grumpy's portfolio and the cash flows he's living on. Using the Toronto Stock Exchange composite index as a proxy, it was at 13705 on Friday the 12th (his post was Saturday the 13th). Two and a half weeks before that would have been Nov 19-20, let's call it 15111. That's a 9.3% drop. If $60k is 9.3% of his portfolio the total amount (before the drop) would have been around $645K. This figure seems in-line with the other numbers he's stated in this thread.

3% to 4% of $645K is $19k to $26k. Pretty much living on a minimum wage income, but without having to sacrifice precious time working a minimum wage job.

That's a REALLY good deduction! Rep $$$ coming your way!

I do still have an llc on the books so almost all of my living expenses are deducted/written off. I expect to make about $35k this coming year from my stocks/write offs/tax breaks. That doesn't include any current and future business income.

 

[Night Flyer]

Wow man, I'm 22 and I just started my new job...

I'm currently trying to do the import-and-sell-online hustle while putting away a good chunk of paycheck aside to work with, but it is tough to find time, especially when I live with parents that tell me to spend my check on new clothes to look good at work...

Anyway, I'm having a road block finding a good product. Any tips you have on finding good niches, products, trends, etc?

 

[bob johnson]

i understand little of what you have said, but I am inspired.

My dream involves no money, but it requires time...which money can buy.

 

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[JasonR]

My dream involves no money, but it requires time...which money can buy.

Uh, what? This is 100% FALSE.

Have you read MJ's book? You need to.

 

[bob johnson]

Uh, what? This is 100% FALSE.

Have you read MJ's book? You need to.

THis is how i look at it: if I earn 4 times current hourly, I can work 1/2 as much, while making twice as much overall. This strikes me as gaining time.

 

[MasterOfMyFate]

THis is how i look at it: if I earn 4 times current hourly, I can work 1/2 as much, while making twice as much overall. This strikes me as gaining time.

If you are talking about working on your business then yes, props to you.

But I'm assuming you are talking about working as an employee.
If so:
Who controls how many hours you work?
Who decides how much you get paid?
How long would it take to increase your wage x4? (Years?)
Are you irreplaceable? Can nobody else do the work you do?

Have you read MJ's book? You need to.

 

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[bob johnson]

If you are talking about working on your business then yes, props to you.

But I'm assuming you are talking about working as an employee.
If so:
Who controls how many hours you work?
Who decides how much you get paid?
How long would it take to increase your wage x4? (Years?)
Are you irreplaceable? Can nobody else do the work you do?

i own a job. Service oriented. Minimal skill level required.(I won't mention it for fear of a herd of firms suddenly entering the market) Pay is quite lucrative considering that it is a highly non-prestigious unfulfilling business. Lets just say it is an extremely standard profession. I embarked upon it to gain time to ponder and pursue other ventures. It beats my last gig as a cafeteria cook by atleast 3 times per hour - and that was a union gig. But i grudge every moment spent in it.

 

[Samuriscimi]

Anybody have the link on his vending machine investing?
seems like a business with a low capital-barrier to entry.