The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

$65,000 passive income by age 40

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

whiterabbit

Contributor
FASTLANE INSIDER
Jul 18, 2017
22
28
22
32
leeds
Hey guys,

Quick question.

I'm 29 and currently own a number of bedsits which I rent out in the U.K. Im mainly in China however still manage the properties myself via making phone calls basically. (handyman / electrician etc).

From these I make a fairly good passive income. Obviously I have other income from my work and side businesses too.

Now by my calculations. If I continue to save from my property income and other income and reinvest in property by the age of 40 (11 years from now) I will have a passive income of 50,000 pounds ($65,000) a year from my property business.

Now obviously $65,000 a year for doing pretty much nothing is great. But am I doing this the wrong way? I mean yes at 40 years old Ill still be young (I think its young anyway) and still have plenty of time to enjoy life. $65,000 is great passive income but.......Its comfortable money isn't it. Its not FU money.....

Now using my save and reinvest over 11 years method is 95% guaranteed. I know a lot about property. It wouldn't involve take big risks at all and its all a matter of maths and time. But....its boring, and I don't feel its in the Fastlane category.

So I guess basically what Im asking is if you were me would you continue with my plan and aim for $65,000 a year passive income (from my property business) by age 40 in 11 years or would you risk it and take bigger risks with the money saved each year. The advantage of this method could be that I could have ALOT more than $65k a year income by age 40. For example I was considering getting into importing from china to the UK and make a business like Vigilante who seems to be extremely successful. However the fact is, not everyone can become a vigilante, sometimes it just doesn't work and I could waste 10 years of savings and not become successful with this.

So what would you do in my situation?

-Play it safe. Save, invest for 10 years and have 'comfortable passive income' which is an most 99% guarantee.

or
-Gamble - Don't invest in boring property for the next 10 years. Experiment with importing or other business opportunities that can bring in 'mega bucks' but also have a higher chance of failing (don't know the percent / chance of success in this)

Honest answers please :)
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited by a moderator:

Omega

Absolute dominationem vitae
Read Millionaire Fastlane
Speedway Pass
Sep 28, 2015
667
1,342
425
Everyone can give you different answers but none of those answers are going to be from your situation and pertain to your line of thought.

Sure someone can say, "Yeah take the risk, try to make more money!" and then the next guy could go "No, I think you should play it safe, even if it isn't FU money!" but are those answers really going to sound fulfilling in the end?

Find out what you want out of your finances and where your goals are aligning towards, It's much better to be flexible and adaptable than it is to be rigid in stiff, and any of those answers to those two situations are going to be rigid and stiff because there's no personal element to it. Those answers aren't really going to "answer" your (pretty important) question. I guess they might help with gathering advice though, It's always good to look through multiple perspectives.

Who knows in the end, I sure don't LOL
 

Strm

Mamba Mentality!
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 4, 2018
185
389
190
29
Estonia
Pretty much what @Omega said.

You have to really think it through for yourself: are the risks really that big if you are going to provide real value and serve real needs? And what could you do to further minimize them.

And second part, would you be satisfied in the long run, if you'd play it safe? Most important, would you REGRET? You are in this forum so something tells me you would. But you know yourself the best!

Don't rush, but don't get very comfortable either. :smile2:
 

ZCP

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 22, 2010
2,853
9,813
2,206
Woodstock, GA
How would you lower the risk?
How could you increase the return more quickly?
Would a @SteveO 'value add' be a better play?
 

Mainstream7

Beauty is Truth
Jan 1, 2015
395
443
226
30
Why don´t you continue investing and set aside a bit of money for your side businesses?
Once they take off, you can invest more into them.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Just bought 5 of your Upwork courses. Thanks for making valuable content Lex!
  • Sticky
MARKETPLACE Kill Bigger Incubator
I've just concluded my program with Kyle. The incubator gave me what I wanted. Now, working on a...
  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
Thanks for the detailed response. I see it similar, in the beginning, you have only a small...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Thanks for your offer to look at my book. Here's the link to the squeeze page Buy The Prosperous...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
The day I can afford to pay 800 a month to have someone keep me accountable is the day I've won...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom