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$65,000 passive income by age 40

Discussion in 'General Entrepreneur Discussion' started by whiterabbit, Mar 29, 2019.

  1. whiterabbit
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    whiterabbit New Contributor FASTLANE INSIDER

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    Hey guys,

    Quick question.

    Im 29 and currently own 12 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 around 20,000 pounds ($26,000) a year passive income profit (almost passive anyway) which im proud of. 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.

    50,000 pounds is a key goal for me as this is the maximum you can earn in the UK before the tax jumps for 20% to 40%.

    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 by age 40 in 11 years time.....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 and still be on 20,000 a year passive income by age 40.

    So what would you do in my situation?

    -Play it safe. Save, invest for 10 years and have 'comfortable passive income of $65k by age 40' 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 :)
     
    Omega likes this.
  2. Omega
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    Omega Absolute dominationem vitae Read Millionaire Fastlane Speedway Pass

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    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
     
  3. Strm
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    Strm Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    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:
     
    Omega likes this.
  4. Bourbons
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    Bourbons Bronze Contributor

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    Risk it for a biscuit
     
  5. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    How would you lower the risk?
    How could you increase the return more quickly?
    Would a @SteveO 'value add' be a better play?
     
    SteveO likes this.
  6. Mainstream7
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    Mainstream7 Beauty is Truth

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    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.
     

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