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Free registration at the forum removes this block.1. We're probably not as expensive as you think.yikes attorneys and cpa's the cost of those alone would wipe out whatever gains i was earning is it necessary to get so many people getting a hand out on what i earn?
What do you have your 5 million in now?well if its stable id like to someday put in at least around the $5 million dollar mark thats where mj says that compound interest starts kicking in
Approximately how much money are we talking about here?mj you talk about passive money systems which includes vanguard, now since we dont own vanguard we cant control it isnt that risky, what if they close it down and all our money disapears from it?
i truly hope so, what if they have a change in ownership with different vision like greedy sons and daughters or grandchildren who just want things for themselves
Approximately how much money are we talking about here?
100k?
500K?
A million?
I think I understand your question...are you referring to control in the sense of "commandment of control"? The commandment of control is in the context of fastlane businesses, not passive money systems. For example, if your entire business depended on putting sponsored links on a popular facebook page, but then facebook decided you were violating their terms of service and closed your page, that would be failure from violating control (eg, facebook has control over your entire business model). But passive money systems like Vanguard don't really violate this...first, you need to already have millions saved up, second you can shop around and move your money easily (Vanguard isn't the only such system), third I believe such systems are insured, whereas violating control in a business is not.
Vanguard holds around $4 trillion in assets. You don't "control" it, but you're trusting their reputation. Even if they decide to close down, money would be returned to its investors. When you invest your money into Vanguard, you aren't giving up your rights to your dollars and the money doesn't just disappear into nothing.
They don't really change in ownership, only in who runs the company, which they've changed several times. There are directors who won't just let someone come in wipe out the company. There are regulations around running a company like that so your money isn't just going to evaporate into nothing. You still have every right to your dollars in Vanguard as you do holding them under your mattress.
I mean, if you don't trust them, then don't open an account there. I've had accounts with Scottrade, TD Ameritrade, Fidelity, Interactive Brokers, and some random company in Chicago when I was daytrading. Every time I wanted to withdraw my money, I've gotten every cent back.
Think about this. They have around $4 trillion in assets under management. Do you really think there is anything to be concerned about? Why would the millions of other people invest their money into Vanguard if there was a chance the company could steal your money and run away with it?
Do some research, learn about the company, get familiar, maybe start small, and get comfortable with how everything works. You might find understanding in all of it if you educate yourself. **I'm being sincere so not trying to make that come off as sounding rude.**
Approximately how much money are we talking about here?
100k?
500K?
A million?
What do you have your 5 million in now?
The $5 million number regarding compound interest is arbitrary. All that matters is how much you need to quit your job and live the way you want to live. If you can do that on $50,000 a year, you could easily earn that off $1 million invested in a fund that earns an average 5% return. That kind of rate is usually provided by lower-risk funds or even municipal bonds. Do you need $100,000 a year of passive income to enjoy the life you want? Then $2 million invested in the same portfolio earns you that. If you need $500,000 a year passive income to live your ideal life, you will need an investment of $10 million.
A 5% return on $5 million earns you $250,000 a year, or around $20,000 per month before taxes. I can sip a lot of margarita's by the pool with that much income coming in. In another thread, @MJ DeMarco mentioned that his actual monthly living expenses total something less than $2,000 because his home is paid for, as well as his vehicles. So let's say you earn $5 million over the next few years and exit your company. Take some money and buy yourself a nice place in cash right off the bat, then place the rest of your loot into a diverse group of investments that you can move around easily and return to cash quickly.
Your money system will continue to provide you a nice cashflow while you eat, sleep, or while you sit back and do what you want to do. You DO need to be wary about where the money goes, you'll need attorney's and CPA's to help manage any tax implications, and you will have to keep up with inflation--especially if you're very young and need your pot to keep providing at your preferred standard of living for a long time.
1. We're probably not as expensive as you think.
2. I wouldn't consider the fees I earn a "hand out" on what you earn. You should only be paying professionals who provide value to you. The same way people are paying you for your product because it provides value in their life, right?
If you respect and appreciate MJ, stop making these kind of threads.
Do you think he wants to take time out of his day to answer these ridiculous, hypothetical questions? And especially to someone who doesn't listen and isn't providing any value exchange?
This is the Fastlane Forum--not "Ask MJ Anything!"
If you respect and appreciate MJ, stop making these kind of threads.
Do you think he wants to take time out of his day to answer these ridiculous, hypothetical questions? And especially to someone who doesn't listen and isn't providing any value exchange?
This is the Fastlane Forum--not "Ask MJ Anything!"
I think she's secretly in love with MJ. All of these MJ call out threads, the flowers, etc.
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