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Multiple sources of income

Discussion in 'General Entrepreneur Discussion' started by Brian Suh, Feb 26, 2019.

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  1. Feb 26, 2019 #1
    Brian Suh
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    Brian Suh Bronze Contributor Speedway Pass

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    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?
     
  2. Feb 26, 2019 #2
    NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    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)
     
    Jello, Andy Black and minivanman like this.
  3. Feb 26, 2019 #3
    Brian Suh
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    Brian Suh Bronze Contributor Speedway Pass

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    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).
     
  4. Feb 26, 2019 #4
    Brian Suh
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    Brian Suh Bronze Contributor Speedway Pass

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    I
    I currently have a few streams
    Online personal training service
    Supplement company
    Real estate
    Stocks
     
  5. Feb 26, 2019 #5
    Brian Suh
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    Brian Suh Bronze Contributor Speedway Pass

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

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