I’m going to be very rich one day. I’m addicted to learning about money and how to make it, and if you’re interested in that as well then I’d love to have a chat with you For those of you unfamiliar with the idea of being financially free, the concept is that to be considered “free”, you need to make enough money through passive income sources to maintain your same salary without working a day of your life. Passive income is essentially money you earn without working for it (rental income, money earned from owning a business, etc). My life goal is to own an army of houses that all pay me passive income, so that when I decide to settle down I can be present in my children’s and wife’s life when they grow up. If anyone else shares this ambition, or would like to talk money, let me know!
Same here. Are you planning on achieving it through your own business or through working and investing?
YEAAHHHH BOIII talk to me about this. I've been reading books and stuff on this lately We're all gonna make it brahs
A little bit of both! I’m training to be a real estate broker right now with some of the top agents in my area. I’m going to market myself as a business, give myself a salary, and the rest will be reinvested, compounding across my life. Eventually I hope that my “full time job” just boils down to managing and adding investments (well into the future)
I completely agree, but becoming financially free is a component that adds to happiness. Just making money won’t make me happy. Owning nice things doesn’t make me happy. But eventually providing for my future wife, and children, will certainly help me feel fulfilled. My goal is to make sacrifices early in my life so I can positively influence those around me who I care about. I guess it’s all about perspective!
Are any of you guys familiar with Dave Ramsay and Financial Peace University? It’s life-changing stuff. For what it’s worth.
Of course! Love that guy. I actual took a class in high school based on his curriculum. He’s great! if you like him, I HIGHLY recommend watching Graham Stephan on YouTube. Honestly he’s changed my life. also, consider reading the book “Rich dad Poor Dad” by Robert Kiyosaki (if that’s how you spell it). I would never have gotten into personal finance and money making if it wasn’t for that book. It’s changed millions of lives, mine included
heck yeah big mans, i've recently become very interested in this as well. I plan on saving and investing aggressively, and hopefully achieving a well above average salary from my profession once I graduate. Doing this, I aim to have a large chunk of investments in 10 or so years. my first 100K will probably come from crypto gains if the market does what I think it will in the next 1-2 years best of luck to you
I’ve heard mixed opinions of Kiyosaki. Interestingly, his company actually went broke earlier on in the year. Here’s a simple explanation from a piece I read a few weeks back on what happened. “Basically, the company didn’t pay the proper royalties on its seminars, and when they lost in court, they didn’t have enough money to pay at all. It wasn’t a personal bankruptcy, rather, a corporate bankruptcy.” I feel like Ramsay isn’t out to sell a vision to his followers. He sticks more to facts, and is very strict on being accountable to pretty much every dollar spent. While most financial planners would tell you that he’s out of his mind to suggest investing in mutual funds that average a 12% return, everything else he suggests is solid. It’s certainly changed my life. Hope it works out for you. And hopefully money doesn’t become your master.
Hell yeah! Sounds like a good plan! don’t forget to diversify your investments and live below your means!
How interesting! I never actually knew that about kiyosaki. I just read the book and it was super eye opening to me. I’m actually very surprised to here that about him, poor guy. Ramsey is the best. I’ve been following him for years. Where I begin to disagree with him is with his opinions on credit. He says that you should avoid credit cards at all costs, but I disagree. our society is so crazy about credit that it’s almost essential to have a good credit score to actually get loans (for cars or mortgages) that aren’t attached to an insanely high interest rate. I think the school system should teach the dangers of credit, it’s almost essential. Every 18 year old should go get a credit card, but more importantly very 18 year old should be taught how to use it
I think this a great motivation. To aim to be in a position when you don't have to work (much) to maintain your income, so that you can spend time with your loved ones and/or doing something you love. Be aware that making money is highly addictive (of course!) - if you are ignoring your family for days chasing that extra .001% you are doing it wrong. But you are young, motivated and ambitious. Go for it!