Now i get the " kidnapped by Latevian models " in one of your posts
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Free registration at the forum removes this block.@GrumpyCat and @theag quit your fighting. You guys have too strong of a bond after the Riff Raff thread.
@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?
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
@GrumpyCat and @theag quit your fighting. You guys have too strong of a bond after the Riff Raff thread.
@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.
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.
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.
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.
My dream involves no money, but it requires time...which money can buy.
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.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.
Have you read MJ's book? You need to.
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.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?
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