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Multiple sources of income

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Brian Suh

Silver Contributor
Speedway Pass
May 19, 2018
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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?
 

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NMdad

Gold Contributor
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Aug 6, 2017
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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)
 
OP
OP
Brian Suh

Brian Suh

Silver Contributor
Speedway Pass
May 19, 2018
479
542
241
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).
 
OP
OP
Brian Suh

Brian Suh

Silver Contributor
Speedway Pass
May 19, 2018
479
542
241
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
 
OP
OP
Brian Suh

Brian Suh

Silver Contributor
Speedway Pass
May 19, 2018
479
542
241
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)
 

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