User Power
Value/Post Ratio
74%
- Nov 7, 2013
- 39
- 29
Hi! I was just laid off from my job in the oil industry and am going to use this as an opportunity to get my fastlane where I want it to be. The job was eating 18+ hours a day of my time and made it difficult to do anything else. I look at it as a positive! I will have a year of $2k/month severance pay coming in. This is more than I need to live, since I went into hardcore monk mode, sold my house and live in a paid off RV. I have very little personal overhead and no wife or kids, so this is the time to CRUSH it.
I am making $5k a month net on average ($12000 rent roll) from my rental real estate. I really like this model although it is not as fast as some others. With my limited skillset and passion for the business, I think this is the surest path to success. I would like to double this to $10k a month, at which point a partner and I could travel the world indefinitely or settle down somewhere and live a great life without working if we didn't want to.
Additionally I would like to leverage my knowledge of Internet marketing to start an amazon business. I made my own private label product with a 50% profit margin and this is launching next month. It's terrifying putting $4k in startup costs on a credit card when you have no job, but I can handle it. Real estate is my "slow and steady" fastlane and amazon will be my "try to job a home run" fastlane.
Now like I said I have $2k a month of severance for a year. $5k real estate income. I am also participating in medical research studies (I hope to only do this for the short term) that will yield an additional $2k per month with lots of freedom and free time. I'm also doing some remote "job" projects for people who have already built their fastlane for free, with the hopes that it will take off and I will profit while adding value for them.
With this strategy I am thinking I really don't need a traditional job again. Even in months where I take a vacation to Mexico I don't spend more than $2k total. I mainly get anxious about not generating enough to buy more real estate in a timely manner. Do you think trying to score a $100k a year stressful job would be beneficial or harmful to my plan? I am thinking the latter, but this is new territory for me. I'm enjoying my new freedom.
Overall, what do you think of my plan? Is there anything I shouldn't be doing, should be doing, or could do better? I have a masters degree and could go back to a job, but honestly it is more exciting being a part time lab rat (60 days a year) and pursuing a dream. I just don't want to end up as a broke loser at 40 (I'm 29).
I am making $5k a month net on average ($12000 rent roll) from my rental real estate. I really like this model although it is not as fast as some others. With my limited skillset and passion for the business, I think this is the surest path to success. I would like to double this to $10k a month, at which point a partner and I could travel the world indefinitely or settle down somewhere and live a great life without working if we didn't want to.
Additionally I would like to leverage my knowledge of Internet marketing to start an amazon business. I made my own private label product with a 50% profit margin and this is launching next month. It's terrifying putting $4k in startup costs on a credit card when you have no job, but I can handle it. Real estate is my "slow and steady" fastlane and amazon will be my "try to job a home run" fastlane.
Now like I said I have $2k a month of severance for a year. $5k real estate income. I am also participating in medical research studies (I hope to only do this for the short term) that will yield an additional $2k per month with lots of freedom and free time. I'm also doing some remote "job" projects for people who have already built their fastlane for free, with the hopes that it will take off and I will profit while adding value for them.
With this strategy I am thinking I really don't need a traditional job again. Even in months where I take a vacation to Mexico I don't spend more than $2k total. I mainly get anxious about not generating enough to buy more real estate in a timely manner. Do you think trying to score a $100k a year stressful job would be beneficial or harmful to my plan? I am thinking the latter, but this is new territory for me. I'm enjoying my new freedom.
Overall, what do you think of my plan? Is there anything I shouldn't be doing, should be doing, or could do better? I have a masters degree and could go back to a job, but honestly it is more exciting being a part time lab rat (60 days a year) and pursuing a dream. I just don't want to end up as a broke loser at 40 (I'm 29).
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