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/biz/ - Business & Finance

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1441902 No.1441902 [Reply] [Original]

So, I want to become wealthy. To start, I've started trying to keep my monthly expenses as low as possible. I've rented a room in a house to live in for $300 a month and, in my spare time, I do activities that cost little or no money like reading books from the library, drawing, and browsing the internet. I keep my driving to a minimum, which is easy since I don't have friends or anything to worry about. I pretty much only buy what I need.

My job sucks, so I've only been able to save back $500-$600 a month so far. I put this money in an Ally savings account. I try to find other ways to make money outside of my job, but I haven't had much luck. I'm thinking about registered an LLC to do business through, but I'm not sure what to do.

So, my question for you is: Am I on the right track so far? What are other things that I should be doing?

>> No.1441952

>>1441902
>So, I want to become wealthy.

That's a broad term. What exactly are you aiming for?

>> No.1441967

>>1441952

I just want to have enough to comfortably live on. I want to be able to completely give up a traditional job and be able to make my own money while having the financial security to not have to worry if shit happens. I want my money to be able to earn me money through investments and such.

I'm still doing research, so I don't know what I need to do to get there. Baby steps.

>> No.1441970

>>1441902
I would cap the savings account at 2-5k depending on your needs, and put your additional savings into some stocks/vanguard funds.

>> No.1441977

Read Early Retirement Extreme. The above posters are somewhat legit. in indicating that your post of "I, like, um, don't wanna have to work... Is an Ally account a good thing?".

There is a spectrum. On one end you have homeless people. It honestly takes <$4/day to live on the beach. Buy a tent, pick somewhere which it doesn't flood near a water fountain. Problem solved.

The other end of the spectrum is people that earn many millions and cannot afford to retire (I'm looking at you, NFL players!).

Personally, I'm a "raise a family in the suburbs" kinda guy. That looks like is as a $500K barrier to entry, and I'm about $300K of the way done earning it.

Whatever you want, you buy your "ticket" on the spread between income and outgo. High income and low outgo means you can get a ticket quickly. 5% of paycheck to 401K means its gonna take 40+ years.

>> No.1441987

>>1441977

You've misunderstood me. I don't not want to work. I've always been very entrepreneurial-minded, but I've never known what to actually do. I've operated a few small businesses in my life, but none of them have ever been very successful. They've mostly been small commerce operations. I took every business class I could when I was in school. I just want to work for myself and want the financial security to be able to focus on my own ventures rather than having to keep a traditional job.

I want to own a condo and have the freedom to do what I please, pretty much. I just need to work to get there first.

>> No.1441998

>>1441987
You are missing the whole point. You say you don't want to work but want to start your own business. Trust me that is 5 times more work then being employed you have a pile more of stuff to worry about

A couple ways is to stroke the lottery or be a spoiled brat whose parents die with a lot of money.

>> No.1441999

>>1441987
What do you want us to tell you other than to earn more money, spend less money, and save more money?

>> No.1442007

>>1441998

Okay, nevermind. You're misunderstanding what I'm saying. I mean that I don't want to work for another person/company. I only want to work for myself. I'm not completely inexperienced in doing so; I just haven't had much success with it although I've put in the work. Not enough to quit my day job. I still do private contract work and run a small online business outside of my job, but it's not making me a lot yet.

>> No.1442012

>>1441902
Try switch jobs. Apply to lots.

>> No.1442097

>>1442007
Retired building services contractor here.

It sounds to me like you're doing all the right things, but just haven't managed to find that niche that pays.

It takes time.

You aren't very specific about the sort of commerce and contracting you've done, and I can only speak to my own experience. When I was starting out I was doing part-time office cleaning to supplement my income from my regular job. About an hour a day, $75/hr.

I loved the pay but didn't know how to go about increasing the volume of work I was doing. Once I learned how to get more work it was a very short matter of time before I was comfortable enough to quit my regular job.

I've been working part time or not at all ever since. I quit my last job as an employee almost 15 years ago, and I've made at least four times as much money every year since.

You just have to find a niche that pays, and then find out how to get the volume you need to sustainably stop working. I don't recommend retail. I don't recommend selling to the public at all. But ultimately it's up to you what you do and who you do it for. Some markets are just easier to break into is all.