Multiple sources of income

[Brian Suh]

Hey everyone, I am 23 years old and am looking to achieve financial freedom by the age of 25 (or 24). My total yearly income would ideally be $250000. The amount I need to live very comfortably anywhere I want is $72000 a year but that is not after all expenses paid. I obviously would like money saved up for the future and for my future children (yes I know I made a thread about not having kids but I changed my mind).

I was wondering how many sources of income I would need to achieve this goal. What sources of income do you guys have to achieve your financial goals?

 

[NMdad]

OK, so let's break it down:

• $250k/year = $20,833/month
• What problems could you solve where you could be paid:
  • ~$1,042/month from 20 clients
  • $100/transaction from 208 customers
  • $50/transaction from 416 customers

You get the idea.

There are tons of ways to generate income that meet the CENTS criteria. But having lots of customers in 1 business, or having multiple separate businesses reduce risk.

You might want to look at @Andy Black's thread:
Who have you helped? (and ask yourself HOW you can help)

 

[Brian Suh]

OK, so let's break it down:

• $250k/year = $20,833/month
• What problems could you solve where you could be paid:
  • ~$1,042/month from 20 clients
  • $100/transaction from 208 customers
  • $50/transaction from 416 customers

You get the idea.

There are tons of ways to generate income that meet the CENTS criteria. But having lots of customers in 1 business, or having multiple separate businesses reduce risk.

You might want to look at @Andy Black's thread:
Who have you helped? (and ask yourself HOW you can help)

Yes I understand. My active and passive business will revolve around helping people (personal trainer). However, I don't think things like real estate or stock market "helps people" (you can argue it can in a certain angle).

 

[Brian Suh]

I

Yes I understand. My active and passive business will revolve around helping people (personal trainer). However, I don't think things like real estate or stock market "helps people" (you can argue it can in a certain angle).

I currently have a few streams
Online personal training service
Supplement company
Real estate
Stocks

 

[Brian Suh]

I

I currently have a few streams
Online personal training service
Supplement company
Real estate
Stocks

I can't think of any other (Embarassing but I am a complete noobie in the financial game, give me a break)