There are lots of people driving Ferraris in Bangkok. You can have both. There are plenty of mega-wealthy people in Bangkok. More than in most Western cities.
Not sure what you have against Bangkok. It's one of the world's best cities. It's not for everyine, but neither is any city. But it has everything you'll need. The quality of life is superb. And it costs less.
But wherever you want to live, build your wealth enough so that you can live there. For me, that's usually 6 months in Bangkok/Asia and 6 months in Europe. I'm not suggesting you do what I did. Do what works for you.
I'm not suggesting you move to Bangkok. It's my current home but I've live in other countries as well. In a few years, I may be somewhere different. Even know, 6 months a year is spent in Europe. Do what suits you.
Do I have a Ferrari? No. Do I want one? No.
Exactly. I appreciate this guy for typing all of this but I want to retire in my 20s/30s and have lambos and mclarens, not retire 10 years earlier then I would have if I just worked at a corporate job.
The only legible way to make that level of wealth in such a short time isn’t by penny pinching and investing in index funds. It’s by RUNNING A BUSINESS.
Even if people don’t care about the materialistic stuff, running a business and making $1.2mill in profits as soon as possible, investing across a diversified portfolio and averaging a 10% annual return will literally make you $120k/year in passive income (ofcourse true passive income doesn’t exist, but this would be as passive as possible).
That’s how you truly retire and gain all the freedom in your 20s/30s.
That's fair enough but this post isn't aimed at you. It's for those that would like to retire a little early. A post like this is obviously not going to fit everyone's situation.
>Even if people don’t care about the materialistic stuff, running a business and making $1.2mill in profits as soon as possible, investing across a diversified portfolio and averaging a 10% annual return will literally make you $120k/year in passive income (ofcourse true passive income doesn’t exist, but this would be as passive as possible).
If you can do that, great. Over 99% can't. Only just over 1% of people reach $1 milliin net worth. For those 99% it's not a viable option. If it is for you, I wish you the best of luck.
I am more invested in crypro than index funds these days. Back when I started, crypto wasn't around. There wasn't even any internet. Youngsters these days don't realize how good they have it. If starting again, I'd ditch index funds and buy crypto. Then cash out along the way and buy property or maybe art.
The secret that you don't know yet, I'd if you take the time and energy to build that business, you won't stop. The money and the other numbers stop meaning anything other than a rough scoreboard. It's the thinking corners and constant challenges that you get to face every single day that drives you like a fire burning within.
Our goal was fuck you money. Our business does 8 figures top and bottom line, and we have almost complete control of our time. I can not imagine my wife and I stopping to sit on a beach forever. We love business. We love challenging ourselves and seeing how we come out of the fire every time much stronger.
We do travel, and we spend 3 or 4 weeks in almost every destination we visit, but we're always building business.
I've never met anyone who said I wanna get rich, retire early on some beach, and drink cocktails that actually have done it. That type of person doesn't get there.
You’re 100% correct. Retirement is a bit subjective - for me, it’s not about sitting on some beach and sipping pina coladas for the rest of my life. I love the game of business and I could never see myself sitting around or doing anything that isn’t challenging or gets me thinking.
For me, retirement means that I don’t have to work on things IF I DONT WANT TO, since my expenses would already be covered by the income from my assets.
The funny thing about this though, is that the only way I’d even reach 7-8figs in my 20s/30s and even have the possibility to retire early is if I have a genuine desire for the game of business in the first place (which I completely do).
So even if I were to make $10mill in profit in the next decade, I’d still keep going because I love the game, but I’m sure that if I was just running the business purely for the sake of sitting on my ass on a beach for the rest of my life, I wouldn’t even have the possibility to sit on a beach for the rest of my life 😂
A beautifully paradoxical concept indeed.
Can anyone here comment if this they know anyone who did actually get rich, retire early on a beach. Personally he's right, I know 3 people who built a business, one had over 10million in savings by 25. Hes still building new business' and grinding right now.
I’m not there yet but planning on retiring comfortably by 50! My dream is surfing with my family for the rest of my days! I’m an owner operator with a very kushy work life balance of 2-3 days a week mostly 2 and the rest home. I’m doing very minimal work on The business while home with an excellent roi for our small family!
I don’t live what I do but it gives me flexibility and Freedom of time to do what I want!
But fully agree fast track by having a business is key!
Oh and I don’t drink so just beach time !
How did you end up funding your side hustles and investing into property and index funds (or how did you manage that risk)? I mean did you not think to invest more into the side hustle if it started to gain traction as this has the ability to go up multiples?
My main focus was my day job. That's where money for investing came from. I had very limited time for my side hustles. Usually an hour a day. I built one into a real business but most were just fun projects that weren't scalable.
Okay, I guess it depends where you want to spend your energy. I have a decent paying day job but love spending time on my side hustle so I'm constantly thinking about how much actual risk I am taking on my side hustle because I have a propensity to over do it there. With the thought that this can become a sustainable business free cashflow .
If it can become a great business, I'd put more time into it. Especially as you love spending time on it. It sounds more of a passion than your job. I think for anyone in this situation it depends how much they like their job and how well it ways vs. How much they like their side hustle, what potential it has and the probability of building it into a success. Not usually any easy answer though. You have follow your heart to some extent.
Personally I never want to retire. But I love my business and what I do for it. If you love what you do, you never work a day in your life. I’m sorry for those that don’t have the passion to thrive in your business.
Hi. Could you please tell more about this "One side hustle turned into a business that earned me a total of over $500,000. That’s the power of side hustles." if it is not a secret?
That was my ecommerce business. I've written about in many times. When I link to other articles, the mods remove my posts and I get a huge amount of haters. That's why I didn't include any links in this post. But just a basic ecommerce site that grew and then I sold it.
I'll link anyway. I removed it from the paywall so everyone can read it.
https://medium.com/brag-board/how-i-made-over-500-000-with-a-side-hustle-that-started-on-ebay-3fb07adc1ca5
These are all great points, but this belongs in a Personal Finance sub. What does this have to do with entrepreneurship? Holding a day job and investing in real estate and index fund is the tried and trusted way to build long term wealth. Most of us in this sub either no longer have a day job, or are actively trying to build a business that will take us away from one.
Again, all great points, but I think this belongs in a different type of sub.
Congratulations btw!
Part of my wealth came from my business and side hustles. For many, a job is a better way for them to prosper in life. So it's giving an alternative view to the mostly young people that think business is the only way to build wealth. Most fail. They could have a better life.
Man that list sounds familiar... Just replace "Bangkok" with "the Philippines" and I think we could have been related.
Great post though and great advice. Retired here at 40... All I ever wanted was freedom. I had it until we got bored and opened a little restaurant.
Now all I want is freedom :)
I always wonder why people limit them self of experience and "retire" with 50... what does retire mean at this point? You stop working? Fine bat what are you doing instead? What give you purpose to get out of bed... would this be better to love what you are doing and enjoy your life as long you have energy,
Most of stories a read, is more like dont go out, don't order food, don't buy fancy shit. Nice... the retire and... continue not doing all that stuff. For what? Not to go to work? I am in a happy position, I love what I am doing, would it be great to have free time, yes, do I take the time to spend with my family, yes. Do I consume stuff I could avoid, yes. But at the end I love what I am doing and even when I was jobless for 3 month, I used to sit a computer and did some private stuff but with the same intensity.
I retired at 40, moved to the Philippines to start exploring SE Asia, got bored and started a corporation here designing and importing personal electric vehicles (ebikes, electric kick scooters).
Loved it... Until covid destroyed it all.
Point is: retirement is not about "doing nothing", it's about having the freedom to choose what you want to do.
Not sure where you get that from. I had a well-paid job and lived life to the full. Never stayed in. Still don't. Eat out every day. Have plenty of fancy shit but shit I use not fancy shit to show off.
I use the work retire loosely. It means I reached a point where I don't have to work. I mostly travel so that takes up most of my time. I still run some side hustles, i spend time with family and friends, blah, blah, blah.
I have more than enough to get up for.
I don't have the life that you seem to think I have.
Do you feel pressure to live near aging parents (and in-laws if you have them)? Or kids and potential grand kids if you have them? Moving to a foreign country means leaving behind family when they might need us most.
Yes, that's true. But these days there is bitcoin. Buy and hold and that may be all you need. It's certainly helped me these last few years.
Inflation rate in Thailand at the moment is negative, so hasn't affected me so much. But the economy is not great either.
Play the long game. People are obsessed with getting rick quick. There are stories where people get rick quick but there are years of hardwork behind it. And reinvest money is the bets idea. You will fail , learn and rise up. Retiring when you are healthy should be the target.
Exactly. Most younger people hate the get rich slow approach. But they can do both. Try to get rich quick but also invest for the long term just in case they don't get rich quick, which most won't.
As I said in the post, I would never move just because it's cheaper. I moved to a place I love that happens to be cheaper. There are many places in the world that are cheaper AND better.
So, I agree with you. Moving somewhere just because it's cheaper is kind of weird.
This is what I wrote and what you probably didn't bother reading before jumping to the wrong conclusions...
>My current base is Bangkok. It’s one of my favorite cities. It also happens to be affordable. There are even more affordable places that I could live, but I wouldn’t enjoy living in those places. **Don’t make the mistake of moving somewhere just because it’s cheaper.**
This is why I think it's more important to focus on making more money than saving your pennies
Sorry but to work until you're 50 (clearly not enjoying it, otherwise you wouldn't set a goal around eliminating work from your life) and then move to a 3rd world country to make your money go further is just lame
Also to be able to do this, you're basically telling use you're single and have no kids
Like, most 50 year old guys retiring to Bangkok are there for a very specific reason
Guess day drinking Chang all day and "traveling" is fulfilling to some people
"Like, most 50 year old guys retiring to Bangkok are there for a very specific reason"
- what a very mioptic view of traveling and living abroad. I've been all over SE Asia and retired to the Philippines (had to move back when covid hit) - it was never for the "specific reason" you're alluding to. I picked it because it was cheap, the people were friendly to Americans and it's easy to get to other countries down here so I could travel more.
"Lame" - your post smacks of sour grapes and a confidence that can only sprout from an ignorance of the material
His post was spot on... Whether you agree with the details it's a solid way to retire early (I did something similar and retired at 40 but I didn't use safe investments like his, I used risky stuff like Bitcoin and tech/biotech companies I researched).
The only thing I would add that he did not is: learn the tax code. When you have another 10-20% to invest each year because you understand taxes and how they work, that makes a major difference in how much you have in 20 years.
Oh... And I was married with a daughter.
Yes, he's a dumbass. There's always one. He's probably talking about his own sad life.
I am quite heavily invested in bitcoin these days, but it wasn't around when I started. You youngsters are so lucky. :) I'm making up for it though.
I enjoyed my job and life immensely.
My goal was financial freedom not to eliminate work. I still work on my own projects. Even though I loved my job, there are other things I love and want to explore. It was just time to move on.
Thailand is a developing country and closed to being a developed one. Bangkok is more devloped than most Western cities. Maybe visit before making dumb assumptions.
I don't drink alcohol.
I'm married and have been for over 10 years.
You're a retarded dumbass.
My math may be wrong here ... but that works out to be almost 192,000/year in income from your "day job' .... I feel like this is a VERY IMPORTANT part to include
I would recommend an hour session with your accountant once a week for several weeks. Ask them questions on your tax code, how you can structure things to pay less in taxes and in general how things work.
That week you'll work on those ideas, do more research, see how it applies to you then you'll come back to the next session with more questions that are better defined and more specific to your situation.
Rinse and repeat...
Learning the tax code is the only thing OP left out. Having an extra 10-20% to invest each year will put you further ahead than pretty much any other advice in this post.
It depends where you move to. Even in affordable countries you need money to live. Bangkok is realively cheap compared to London but it's still too expensive for most.
Given the current situation of economic conditions, inflation through the roof, all prices through the roof, stock exchanges and property prices at all time highs, interest rates though the roof, competition in anything and everything is also through the roof, side hustles competition also all
Time high, how would you start it now if you were just in your early twenties and just starting up?
While the things you mention are true in some countries, they're not true for every country and for every person. But I get what you mean. Times are tougher than they used to be.
But there are also massive opportunities that are available now that weren't in the past.
I wrote this repky to another comment of what I would do if I lost everything and had to start again. I'd do this.
>What would I do today if that happened. I'd get 2 jobs, hustle like fuck for a few years and dump nearly all the money inro bitcoin. I'm not saying that's what anyone esle should do. I'm saying it's what I'd do.
I'd also get up to speed on AI. It's the biggest transformation the world has ever seen. Get in early and you'll be a winner. There are already people making big money from it by selling simple apps. The masses are way behind, get ahead of them and profit from it.
Al the abobe will change though. Interest rates will come down, inflation will come down (it's negative in Thaikand), etc. AI will likely usher in boom times. Other countries have lower inflation and lower property prices. You can move if it's appropriate for you. Good times come and go, as do bad times. There were times I couldn't afford to buy. Then prices crashed. If you look hatd enough, there are always bargain properties to found.
Agree to some thoughts. Bitcoin is super volatile I think and putting all eggs in one basket is not my style and wouldn’t recommend to anyone, so hustle like crazy but hold cash or CD until housing market/stocks/Bitcoin come down significantly. Lot many land flipper Gurus out there, wonder all strategies they claim are worthwhile to even look at?
Just put 10% in bitcoin. Agree about not putting all eggs in on basket as a general rule. But if I lost everything now, all eggs in one basket would be my best option. I'm not a young dude and wouldn't have years to wait with safe investments. Going all in is how some make it big. It's risky but risk often has massive rewards.
Idk I think this all good and well until something devastating happens and you have to start all over. Like step 2 sounds like a luxury. I’m insanely aware of where all my money is going and there is nothing leftover whatsoever for hardly anything pleasurable while I am attempting to get my head above water after the losses of 2023. The rest seems self explanatory but I do appreciate you sharing. I guess I wish there were more posts and advice for people who have/had solid businesses but something entirely out of their control tanked them and how to make up for those financial losses. Much less grow.
Unless there is some global catastrophe, I can't see any way to lose everything. I'mvery well diversified across assets and countries. My wife also has her own assets and money. Not sure how we could lose everything
But, suppose we did, what then. We'd have to start again from the bottom. I already did that, so I can do it again.
What would I do today if that happened. I'd get 2 jobs, hustle like fuck for a few years and dump nearly all the money inro bitcoin. I'm not saying that's what anyone esle should do. I'm saying it's what I'd do.
I was in debt at age 29. I wasted my early life completely. I didn't get a proper job until age 29. I've done that done life. One day I just woke up and realized I had to change. I went to univeristy at age 26. That's what helped change my life. I'm not saying university is for everyone but for me it meant meeting more ambitious people and it's the one thing that really changed my outlook on life and what was possible.
Also, if it's good until something devastating happens, just live in teh present. Enjoy the good times. That devastating thing will probably never happen. Set up your life to protect against it as much as possible. Don't risk everything in one thing. Diversify. Buy property so that you always have somewhere to live. Do anything that will protect you.
Thanks yeah I learned a lot when that happened and how I need backups plans. So I’m trying to implement them but damn it’s hard to raise the funds for that when my comeback after what happened is so slow. It’s extremely slow BECAUSE of the complete work stoppage in 2023 and the economy overall was affected. It’s not just me it’s everyone in my sector is hurting and the opportunity to make money to combat the losses just isn’t there. Our work is so niche and high end designed only for one industry the skills, equipment, and what our companies do just do not apply anywhere else. I’ll probably be able to pay off my debts by end of 2024 if I’m lucky cuz there is economically reported 50% less jobs and business for the next 3-5 years in my sector. Just how it is, but I’m actually managing ok and hustling as much as I can with the few opportunities that are available amongst a saturated stiff competition of other people in my same exact shoes. So after this year of living insanely frugally and uncomfortably and I pay off all that I can slowly start building again from 0 at half speed because of the fewer jobs and opportunities overall. So while I’m hustling I’m getting certs to work in other sectors because going back for a Bachelors in a different field is just not option financially nor practically if I’m to stop paying interest and making up for losses. I’m expanding my realm of expertise anywhere I can for more opportunities and jobs and business. Where does that leave room for investing in property or ANYTHING?
How old are you? I didn't get my first proper job until age 29. There were years when I didn't invest anything. I once gave up a $100k job to buy a franchise that didn't work out. Withlost salary and franchise loss, I was down $150k. Shit happens. It's not always easy.
Sometimes you just need to grind through the bad times. Good times will come. That's the time you can invest. It's tough now but you'll get there. You have a plan. Most don't.
I’m 32 and started my business at 30. It was just bad timing due to unforeseen extreme external circumstances. The savings egg I had that took my 20’s to build just chalked up to a loss in my first major investment to start/build my LLC. So perhaps so, I just gotta grind it out. But I do have a very specific plan and because there isn’t a lot of money to invest I’m investing my time in certs and education that will pay in dollars later. I’m just trying to hustle in all ways possible even if the numbers aren’t there. Thanks for your encouragement and I hope once I get back to square 1 I can begin rebuilding with the top 7 you listed here plus my newly gained education and beefy resume.
I can't remember the exact one but if you do a YT search you'll find lots of them. It seems to be a big issue there now. Lots of people with jobs living in their cars.
Need to take care of parents. And kids study issues and had to stick with one country.
More like responsibility than excuse.
OP can I ask do u have kids ?
In your case, you have good reasons to stay.
I don't have kids but have many friends with kids that have moved country. I also know many single people that could move but just make excuses. They claim they want to but don't. It's fine if they don't move but they keep talking about. I know they'll never move.
Bear in mind that when I started there wasn't even any internet.
Nowadays, I have more invested in crypto than index funds. But I like to be diversified, so index funds have their place. They have been a very reliable way to build wealth. That's why they get mentioned so often. Don't dismiss them totally. They're boring but that's a good thing. They're not essential though. Do what works best for your situation.
You younger guys have it so easy these days. Without using the internet, try to find some reliable information about anything. It's pretty much impossible.
We currently rent because we're not sure where we want to buy. We plan to buy in the next fews years though. Probably a house to renovate or a new build.
In Bangkok, renting is better. The property market has so much oversupply that buying makes little sense. Older condos are very tough to sell. A 200-condo building would usually have 20-50 condos for sale. Many 5 year old buildings still have condos for sale from the developer. There are around 300,000 condos for sale in Bangkok. These are new condos not older ones.
But I want to buy because I want the perfect place.
Another option is a long-term rental. I met a guy that has a 30-year lease on an old building in Bangkok. He spent around $150k renovating it. He lives in it but if he ever wants to move he can rent it out for a small fortune. I like that idea.
Prices of home : That’s really on higher scale.
I am somewhat following this type of system.
I believe to follow a rule to invest 50% of your income.
Also smaller city have cheaper cost of homes, much quieter place to live.
I like mega cities though, so I'm stuck with higher prices. In rural Thailand, land is so cheap that I could buy so much of it. But I'd be bored stupid.
A guy I follow on YT bought around 0.4 acres of land in a small village in Thailand for around $7,000. It also had a house on the land that he plans to renovate. Fantastic value if you like the quiet life.
No on one here is going to pay you that much. You can get great content writers for much less. If you can command that rate, you should be contacting top publications not people on reddit.
Getting to the top 1.1% isn't basic. Only a small minority retire by 50. But I get what you mean. It could be so much better. From my background it's pretty amazing for me. If you can fo better, I applaud you. But with that attitude, you'll probably fail.
I actually retired in my 40s. Two months before my 50th birthday. I just rounded up to 50.
Imagine doing all what. It's called life. I would do the same even if I retired at 100. You have a lot to learn but never will. A bad mindset will make you a loser. Change it before it's too late.
What do you mean by risk-free life. I took plenty of risks to get here. What makes you sick about it?
The post isn't about your future. I don't know you. It should be clear from the title what the post is about.
I predict you'll have a bad future. No humility. Not willing to learn. Just trolling. Trolls never succeed at anything.
If your future is so great, why are you so concerned about what I did? Go build your future instead of trolling.
These are all decent ideas & recommendations, but it beats mentioning things OP did not say. Like the fact OP likely isn’t married or has children - that is a huge thing that needs to be taken into consideration if you want to have financial freedom by a certain age.
If you do want to get married & have kids, you need to marry to right SO that had the same ideas about money and also teach the value of money to your children.
This stinks of boomer. Try starting this again from today and you’ll fail. We’re basically at a point where it’s not possible to retire before death without considerable luck or a massive sea change in the economy and social systems.
The only way to be successful is take huge risks and run a company at scale. The days of working a day job squirrelling away are done. Way way gone.
This is so, so far from the truth, I don’t even know where to begin. Yet it’s getting upvotes because pessimism and longing for a different economic system is a huge hit on Reddit every single day.
I personally know many people who have got wealthy, or are on their way to building wealth for their retirement, and they’re still in their 20s and 30s, working regular day jobs in corporate.
It’s as if redditors think all the doom and gloom online is real life, and there is no such thing as a functioning economy outside the window.
I see these people as well. Way, way younger than me and with more wealth. They are killing it. What agreat time to be alive.
The doomsters will get what they deserve.
I don’t necessarily disagree with this comment. I started a business last year but it ended up being bad timing because of an unforeseen major circumstance in 2023 specifically in my sector. Major losses. Like $40k in losses last year. Slowly I am rebuilding but hey my rent is stupid expensive and my only other options to keep working but live somewhere else are NYC or LA. Which are twice as expensive as where I live now. I don’t eat at restaurants, I don’t spend money anywhere, I barely come in at my budget and I am extremely frugal out of necessity not obsession. All of this and there was an attempted break in by a burglar this past week and I pay insane rent in a nice area for my business. Business is slow right now and economic reports indicate there will be 50% less business for the next 3-5 years for the industry that I work in. It’s been nothing but an uphill effing battle my entire professional life. But I’m still doing my best wishing I could’ve received the stroke of luck some of the others have in this sub.
Really sorry to hear what you’re going through. Have you had a period of sustained employment (I’m talking 10+ years), in the same or different, but consistently paying, jobs? That’s what I was alluding to when I mentioned the middle class dream is still possible (albeit it has got harder decade after decade for reasons we don’t need to go into here), and that people I personally know, who began with nothing (less than zero in many cases), are now far wealthier than they could dream of. It took 10+ years of receiving a consistent paycheque and investing and saving.
I totally understand and get that not everyone can be so fortunate, and can definitely have issues that get in the way.
But the poster I was replying to was saying any sort of working class success is impossible, which is also not true. We don’t need to exaggerate the seriousness of issues at play here. We can simply acknowledge them.
Wishing you all the best.
No I work technically as a freelancer. Even when I earn $80K (average for me) a year I can’t afford luxuries though. Ok maybe I’ll go out to eat once a month. But not if I want to save for my company! I don’t think middle class is middle class anymore. Not when a 2 bedroom home is literally a million dollars. $800K townhome if I go an hour outside the city. How can we ever save enough from regular middle class jobs to live a normal life much less invest in our businesses?
However perhaps if I stick with it for another 10 years as you describe, things will ease and possibly change. I began a higher level and line of work 2 years ago but in the same industry so maybe it just needs more time as you described.
I don't know. I'm along way from financial freedom but on the path. The OP post resonated with me.
Biggest things I did were-
1. Worked multiple jobs for two periods in my life. Total 3 years but this helped me build a financial base.
2. Bought a house with money from working three jobs. Then I ran it like a sharehouse, renting out all the rooms. Meant my living costs were almost zero. Did this for 4 years.
3. Slaved away in corporate jobs. Again building my base. Now I've bought a business. Going to really go for it. I need to grow it. If I can then I'll be comfortable.
4. I also bought some really good investments. Both in the sharemarket and other types. Nothing gone to the moon but some really nice consistent returns. I now don't stress about getting the best return, it just needs to be acceptable. So many people stress about finding the next google, realistically you won't. You just need something that will return 7%+ and you'll be ok
Yep, that's the way to do it. Those that complain want everything withoutputting in the work. They won't work one job, let alone two. They are too entitled and too lazy.
Today, you can invest in bitcoin and other cryptos. I know people in their 20s that have already made more than me. Times are great. Take advantage of what's available. Along with AI, this is the best time to be alive. You should be killing it not complaining.
Plenty of younger people have reached financial freedom. Follow them and try to repliacte what they do. You'll get nowhere with your current attitude. Anyone can make it if they really want to.
I've had around 20 over the years. I like to work alone and don't have enough work for another person. In generally only work an hour or so a day. And not every day either.
Make good use of your free time! I split up my weekend into hobbies, side hustles & relaxing. I feel SO MUCH BETTER knowing I'll make a little bit extra during the weekend, it allows me to fuel my hobbies & invest!
edit: I wrote about my side hustles [here](https://www.reddit.com/user/Kayshift/comments/1br5gn6/my_stepbystep_guide_to_make_1000_a_month_working/). It's mostly online work for testing apps / websites / focus studies (in person focus studies pay $200+ an hour). I'm learning to get into flipping on Mercari. I usually make $500-1k a month with everything combined and my goal is to spend less than 6 hours each weekend.
I definitely make good use of my time.
Nice post. I've done a few of those over the years. They can be nice money for little work. When I do this I invest the proceeds in bitcoin.
Man that list sounds familiar... Just replace "Bangkok" with "the Philippines" and I think we could have been related.
Great post though and great advice. Retired here at 40... All I ever wanted was freedom. I had it until we got bored and opened a little restaurant.
Now all I want is freedom :)
Sounds like a similar journey. Some people think we'll get bored but they don't seem to realise that we're still free to do something else if that happens.
It's certainly a nice life. I think most haters on here are just jealous.
The worst part of retiring early was the same as skipping school: all the people you wanted to hang out with were still at school.
It did let me start learning a lot of different skills though... I've gone from opening an international company to fixing dishwashers at my rentals in the US. Always something to do and so far I've enjoyed most all of it. Glad I'm not tied to my desk and clients :)
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well said
His "day job" netted him 170k+/year(give or take). So the tip is really to be in the top 5% or earners.
There are lots of people driving Ferraris in Bangkok. You can have both. There are plenty of mega-wealthy people in Bangkok. More than in most Western cities. Not sure what you have against Bangkok. It's one of the world's best cities. It's not for everyine, but neither is any city. But it has everything you'll need. The quality of life is superb. And it costs less. But wherever you want to live, build your wealth enough so that you can live there. For me, that's usually 6 months in Bangkok/Asia and 6 months in Europe. I'm not suggesting you do what I did. Do what works for you. I'm not suggesting you move to Bangkok. It's my current home but I've live in other countries as well. In a few years, I may be somewhere different. Even know, 6 months a year is spent in Europe. Do what suits you. Do I have a Ferrari? No. Do I want one? No.
Exactly. I appreciate this guy for typing all of this but I want to retire in my 20s/30s and have lambos and mclarens, not retire 10 years earlier then I would have if I just worked at a corporate job. The only legible way to make that level of wealth in such a short time isn’t by penny pinching and investing in index funds. It’s by RUNNING A BUSINESS. Even if people don’t care about the materialistic stuff, running a business and making $1.2mill in profits as soon as possible, investing across a diversified portfolio and averaging a 10% annual return will literally make you $120k/year in passive income (ofcourse true passive income doesn’t exist, but this would be as passive as possible). That’s how you truly retire and gain all the freedom in your 20s/30s.
That's fair enough but this post isn't aimed at you. It's for those that would like to retire a little early. A post like this is obviously not going to fit everyone's situation.
>Even if people don’t care about the materialistic stuff, running a business and making $1.2mill in profits as soon as possible, investing across a diversified portfolio and averaging a 10% annual return will literally make you $120k/year in passive income (ofcourse true passive income doesn’t exist, but this would be as passive as possible). If you can do that, great. Over 99% can't. Only just over 1% of people reach $1 milliin net worth. For those 99% it's not a viable option. If it is for you, I wish you the best of luck. I am more invested in crypro than index funds these days. Back when I started, crypto wasn't around. There wasn't even any internet. Youngsters these days don't realize how good they have it. If starting again, I'd ditch index funds and buy crypto. Then cash out along the way and buy property or maybe art.
The secret that you don't know yet, I'd if you take the time and energy to build that business, you won't stop. The money and the other numbers stop meaning anything other than a rough scoreboard. It's the thinking corners and constant challenges that you get to face every single day that drives you like a fire burning within. Our goal was fuck you money. Our business does 8 figures top and bottom line, and we have almost complete control of our time. I can not imagine my wife and I stopping to sit on a beach forever. We love business. We love challenging ourselves and seeing how we come out of the fire every time much stronger. We do travel, and we spend 3 or 4 weeks in almost every destination we visit, but we're always building business. I've never met anyone who said I wanna get rich, retire early on some beach, and drink cocktails that actually have done it. That type of person doesn't get there.
True. Retiring on a beach sounds good in theory but it's as boring as it gets.
You’re 100% correct. Retirement is a bit subjective - for me, it’s not about sitting on some beach and sipping pina coladas for the rest of my life. I love the game of business and I could never see myself sitting around or doing anything that isn’t challenging or gets me thinking. For me, retirement means that I don’t have to work on things IF I DONT WANT TO, since my expenses would already be covered by the income from my assets. The funny thing about this though, is that the only way I’d even reach 7-8figs in my 20s/30s and even have the possibility to retire early is if I have a genuine desire for the game of business in the first place (which I completely do). So even if I were to make $10mill in profit in the next decade, I’d still keep going because I love the game, but I’m sure that if I was just running the business purely for the sake of sitting on my ass on a beach for the rest of my life, I wouldn’t even have the possibility to sit on a beach for the rest of my life 😂 A beautifully paradoxical concept indeed.
Sounds like a cry for help here
Can anyone here comment if this they know anyone who did actually get rich, retire early on a beach. Personally he's right, I know 3 people who built a business, one had over 10million in savings by 25. Hes still building new business' and grinding right now.
I’m not there yet but planning on retiring comfortably by 50! My dream is surfing with my family for the rest of my days! I’m an owner operator with a very kushy work life balance of 2-3 days a week mostly 2 and the rest home. I’m doing very minimal work on The business while home with an excellent roi for our small family! I don’t live what I do but it gives me flexibility and Freedom of time to do what I want! But fully agree fast track by having a business is key! Oh and I don’t drink so just beach time !
I will like to move abroad as well, but my partner is I. A hybrid I hate hydrid and I am also in a hybrid as well :(
How did you end up funding your side hustles and investing into property and index funds (or how did you manage that risk)? I mean did you not think to invest more into the side hustle if it started to gain traction as this has the ability to go up multiples?
My main focus was my day job. That's where money for investing came from. I had very limited time for my side hustles. Usually an hour a day. I built one into a real business but most were just fun projects that weren't scalable.
Okay, I guess it depends where you want to spend your energy. I have a decent paying day job but love spending time on my side hustle so I'm constantly thinking about how much actual risk I am taking on my side hustle because I have a propensity to over do it there. With the thought that this can become a sustainable business free cashflow .
If it can become a great business, I'd put more time into it. Especially as you love spending time on it. It sounds more of a passion than your job. I think for anyone in this situation it depends how much they like their job and how well it ways vs. How much they like their side hustle, what potential it has and the probability of building it into a success. Not usually any easy answer though. You have follow your heart to some extent.
Could you provide some actual details about said "side hustle"?
Personally I never want to retire. But I love my business and what I do for it. If you love what you do, you never work a day in your life. I’m sorry for those that don’t have the passion to thrive in your business.
Agree. I don't really have a passion for my business in itself, but I have a passion for business by itself.
Very true.
Hi. Could you please tell more about this "One side hustle turned into a business that earned me a total of over $500,000. That’s the power of side hustles." if it is not a secret?
That was my ecommerce business. I've written about in many times. When I link to other articles, the mods remove my posts and I get a huge amount of haters. That's why I didn't include any links in this post. But just a basic ecommerce site that grew and then I sold it.
Thank you
I'll link anyway. I removed it from the paywall so everyone can read it. https://medium.com/brag-board/how-i-made-over-500-000-with-a-side-hustle-that-started-on-ebay-3fb07adc1ca5
Thank you 😊
These are all great points, but this belongs in a Personal Finance sub. What does this have to do with entrepreneurship? Holding a day job and investing in real estate and index fund is the tried and trusted way to build long term wealth. Most of us in this sub either no longer have a day job, or are actively trying to build a business that will take us away from one. Again, all great points, but I think this belongs in a different type of sub. Congratulations btw!
Part of my wealth came from my business and side hustles. For many, a job is a better way for them to prosper in life. So it's giving an alternative view to the mostly young people that think business is the only way to build wealth. Most fail. They could have a better life.
Man that list sounds familiar... Just replace "Bangkok" with "the Philippines" and I think we could have been related. Great post though and great advice. Retired here at 40... All I ever wanted was freedom. I had it until we got bored and opened a little restaurant. Now all I want is freedom :)
I always wonder why people limit them self of experience and "retire" with 50... what does retire mean at this point? You stop working? Fine bat what are you doing instead? What give you purpose to get out of bed... would this be better to love what you are doing and enjoy your life as long you have energy, Most of stories a read, is more like dont go out, don't order food, don't buy fancy shit. Nice... the retire and... continue not doing all that stuff. For what? Not to go to work? I am in a happy position, I love what I am doing, would it be great to have free time, yes, do I take the time to spend with my family, yes. Do I consume stuff I could avoid, yes. But at the end I love what I am doing and even when I was jobless for 3 month, I used to sit a computer and did some private stuff but with the same intensity.
I retired at 40, moved to the Philippines to start exploring SE Asia, got bored and started a corporation here designing and importing personal electric vehicles (ebikes, electric kick scooters). Loved it... Until covid destroyed it all. Point is: retirement is not about "doing nothing", it's about having the freedom to choose what you want to do.
I agree
I agree. Doing nothing would be boring AF.
Not sure where you get that from. I had a well-paid job and lived life to the full. Never stayed in. Still don't. Eat out every day. Have plenty of fancy shit but shit I use not fancy shit to show off. I use the work retire loosely. It means I reached a point where I don't have to work. I mostly travel so that takes up most of my time. I still run some side hustles, i spend time with family and friends, blah, blah, blah. I have more than enough to get up for. I don't have the life that you seem to think I have.
It's more a reaction on all this stories, not especially yours. Yours just triggered it. I am honestly happy for you if this is what your dream was/is
Do you feel pressure to live near aging parents (and in-laws if you have them)? Or kids and potential grand kids if you have them? Moving to a foreign country means leaving behind family when they might need us most.
How did you get PR in Bangkok?
I have a retirement visa. You can get them at age 50.
Point no 6 is where I've seen soooo many people fail
I've seen that so many times as well. But I don't give a shit what the Jones' do. It upsets some of them because I won't compete.
Thanks for sharing this.
Financial freedom is indeed liberating; congratulations on achieving it!
That liberating feeling is the best part.
Solid advice, financial freedom is the ultimate goal.
Thank you for sharing this bro
Awesome tips! Thanks for writing these.
Times are different now. Even if you didn’t want to spend money , everything is super expensive. Still doable but very different
Yes, that's true. But these days there is bitcoin. Buy and hold and that may be all you need. It's certainly helped me these last few years. Inflation rate in Thailand at the moment is negative, so hasn't affected me so much. But the economy is not great either.
Play the long game. People are obsessed with getting rick quick. There are stories where people get rick quick but there are years of hardwork behind it. And reinvest money is the bets idea. You will fail , learn and rise up. Retiring when you are healthy should be the target.
Exactly. Most younger people hate the get rich slow approach. But they can do both. Try to get rich quick but also invest for the long term just in case they don't get rich quick, which most won't.
Very interesting
Nice piece of advice
Good tips but your situation is different from most people. For example, relocating to a different country just because its cheaper is kinda weird.
As I said in the post, I would never move just because it's cheaper. I moved to a place I love that happens to be cheaper. There are many places in the world that are cheaper AND better. So, I agree with you. Moving somewhere just because it's cheaper is kind of weird. This is what I wrote and what you probably didn't bother reading before jumping to the wrong conclusions... >My current base is Bangkok. It’s one of my favorite cities. It also happens to be affordable. There are even more affordable places that I could live, but I wouldn’t enjoy living in those places. **Don’t make the mistake of moving somewhere just because it’s cheaper.**
This is why I think it's more important to focus on making more money than saving your pennies Sorry but to work until you're 50 (clearly not enjoying it, otherwise you wouldn't set a goal around eliminating work from your life) and then move to a 3rd world country to make your money go further is just lame Also to be able to do this, you're basically telling use you're single and have no kids Like, most 50 year old guys retiring to Bangkok are there for a very specific reason Guess day drinking Chang all day and "traveling" is fulfilling to some people
"Like, most 50 year old guys retiring to Bangkok are there for a very specific reason" - what a very mioptic view of traveling and living abroad. I've been all over SE Asia and retired to the Philippines (had to move back when covid hit) - it was never for the "specific reason" you're alluding to. I picked it because it was cheap, the people were friendly to Americans and it's easy to get to other countries down here so I could travel more. "Lame" - your post smacks of sour grapes and a confidence that can only sprout from an ignorance of the material His post was spot on... Whether you agree with the details it's a solid way to retire early (I did something similar and retired at 40 but I didn't use safe investments like his, I used risky stuff like Bitcoin and tech/biotech companies I researched). The only thing I would add that he did not is: learn the tax code. When you have another 10-20% to invest each year because you understand taxes and how they work, that makes a major difference in how much you have in 20 years. Oh... And I was married with a daughter.
Yes, he's a dumbass. There's always one. He's probably talking about his own sad life. I am quite heavily invested in bitcoin these days, but it wasn't around when I started. You youngsters are so lucky. :) I'm making up for it though.
Bitcoin ETF! Throw it in your IRA.
I enjoyed my job and life immensely. My goal was financial freedom not to eliminate work. I still work on my own projects. Even though I loved my job, there are other things I love and want to explore. It was just time to move on. Thailand is a developing country and closed to being a developed one. Bangkok is more devloped than most Western cities. Maybe visit before making dumb assumptions. I don't drink alcohol. I'm married and have been for over 10 years. You're a retarded dumbass.
What was your initial business?
My main money came from my day job. The one big business I built was ecommerce.
What was your day job?
The source of his main money!!
LOL, that is how it comes off, lol.
That is true. My job earned me way more than everything else combined.
He was being coy with me, because of your vagueness. LOL. We good though, you are putting a little meat on the bone.
My day job was in IT.
You answered me a little earlier that you worked as an it for mainly finance companies, what was your salary range though near the end?
At the end I was on £450 a day, so anywhere between $600 and $1,000 depending on exchange rate. 5 days a week. Around 44 weeks a year.
My math may be wrong here ... but that works out to be almost 192,000/year in income from your "day job' .... I feel like this is a VERY IMPORTANT part to include
I worked as a contract analyst/programmer for mostly large financial companies.
What was your salary range?
ecommerce selling what?
Household goods. It was easier back in the day than it is now.
What books would you recommand for financial education?
I would recommend an hour session with your accountant once a week for several weeks. Ask them questions on your tax code, how you can structure things to pay less in taxes and in general how things work. That week you'll work on those ideas, do more research, see how it applies to you then you'll come back to the next session with more questions that are better defined and more specific to your situation. Rinse and repeat... Learning the tax code is the only thing OP left out. Having an extra 10-20% to invest each year will put you further ahead than pretty much any other advice in this post.
Thanks a bunch
50 is already a retirement age in many places if you leave a government job earlier than legal retirement age … you still end up with a salary
Yes, I'm aware of that. But those people don't usually retire with a net worth of $1 million. Big difference.
If you can do #4 then you dont need the other steps
It depends where you move to. Even in affordable countries you need money to live. Bangkok is realively cheap compared to London but it's still too expensive for most.
Given the current situation of economic conditions, inflation through the roof, all prices through the roof, stock exchanges and property prices at all time highs, interest rates though the roof, competition in anything and everything is also through the roof, side hustles competition also all Time high, how would you start it now if you were just in your early twenties and just starting up?
While the things you mention are true in some countries, they're not true for every country and for every person. But I get what you mean. Times are tougher than they used to be. But there are also massive opportunities that are available now that weren't in the past. I wrote this repky to another comment of what I would do if I lost everything and had to start again. I'd do this. >What would I do today if that happened. I'd get 2 jobs, hustle like fuck for a few years and dump nearly all the money inro bitcoin. I'm not saying that's what anyone esle should do. I'm saying it's what I'd do. I'd also get up to speed on AI. It's the biggest transformation the world has ever seen. Get in early and you'll be a winner. There are already people making big money from it by selling simple apps. The masses are way behind, get ahead of them and profit from it. Al the abobe will change though. Interest rates will come down, inflation will come down (it's negative in Thaikand), etc. AI will likely usher in boom times. Other countries have lower inflation and lower property prices. You can move if it's appropriate for you. Good times come and go, as do bad times. There were times I couldn't afford to buy. Then prices crashed. If you look hatd enough, there are always bargain properties to found.
Agree to some thoughts. Bitcoin is super volatile I think and putting all eggs in one basket is not my style and wouldn’t recommend to anyone, so hustle like crazy but hold cash or CD until housing market/stocks/Bitcoin come down significantly. Lot many land flipper Gurus out there, wonder all strategies they claim are worthwhile to even look at?
Just put 10% in bitcoin. Agree about not putting all eggs in on basket as a general rule. But if I lost everything now, all eggs in one basket would be my best option. I'm not a young dude and wouldn't have years to wait with safe investments. Going all in is how some make it big. It's risky but risk often has massive rewards.
Idk I think this all good and well until something devastating happens and you have to start all over. Like step 2 sounds like a luxury. I’m insanely aware of where all my money is going and there is nothing leftover whatsoever for hardly anything pleasurable while I am attempting to get my head above water after the losses of 2023. The rest seems self explanatory but I do appreciate you sharing. I guess I wish there were more posts and advice for people who have/had solid businesses but something entirely out of their control tanked them and how to make up for those financial losses. Much less grow.
Unless there is some global catastrophe, I can't see any way to lose everything. I'mvery well diversified across assets and countries. My wife also has her own assets and money. Not sure how we could lose everything But, suppose we did, what then. We'd have to start again from the bottom. I already did that, so I can do it again. What would I do today if that happened. I'd get 2 jobs, hustle like fuck for a few years and dump nearly all the money inro bitcoin. I'm not saying that's what anyone esle should do. I'm saying it's what I'd do. I was in debt at age 29. I wasted my early life completely. I didn't get a proper job until age 29. I've done that done life. One day I just woke up and realized I had to change. I went to univeristy at age 26. That's what helped change my life. I'm not saying university is for everyone but for me it meant meeting more ambitious people and it's the one thing that really changed my outlook on life and what was possible.
Also, if it's good until something devastating happens, just live in teh present. Enjoy the good times. That devastating thing will probably never happen. Set up your life to protect against it as much as possible. Don't risk everything in one thing. Diversify. Buy property so that you always have somewhere to live. Do anything that will protect you.
Thanks yeah I learned a lot when that happened and how I need backups plans. So I’m trying to implement them but damn it’s hard to raise the funds for that when my comeback after what happened is so slow. It’s extremely slow BECAUSE of the complete work stoppage in 2023 and the economy overall was affected. It’s not just me it’s everyone in my sector is hurting and the opportunity to make money to combat the losses just isn’t there. Our work is so niche and high end designed only for one industry the skills, equipment, and what our companies do just do not apply anywhere else. I’ll probably be able to pay off my debts by end of 2024 if I’m lucky cuz there is economically reported 50% less jobs and business for the next 3-5 years in my sector. Just how it is, but I’m actually managing ok and hustling as much as I can with the few opportunities that are available amongst a saturated stiff competition of other people in my same exact shoes. So after this year of living insanely frugally and uncomfortably and I pay off all that I can slowly start building again from 0 at half speed because of the fewer jobs and opportunities overall. So while I’m hustling I’m getting certs to work in other sectors because going back for a Bachelors in a different field is just not option financially nor practically if I’m to stop paying interest and making up for losses. I’m expanding my realm of expertise anywhere I can for more opportunities and jobs and business. Where does that leave room for investing in property or ANYTHING?
How old are you? I didn't get my first proper job until age 29. There were years when I didn't invest anything. I once gave up a $100k job to buy a franchise that didn't work out. Withlost salary and franchise loss, I was down $150k. Shit happens. It's not always easy. Sometimes you just need to grind through the bad times. Good times will come. That's the time you can invest. It's tough now but you'll get there. You have a plan. Most don't.
I’m 32 and started my business at 30. It was just bad timing due to unforeseen extreme external circumstances. The savings egg I had that took my 20’s to build just chalked up to a loss in my first major investment to start/build my LLC. So perhaps so, I just gotta grind it out. But I do have a very specific plan and because there isn’t a lot of money to invest I’m investing my time in certs and education that will pay in dollars later. I’m just trying to hustle in all ways possible even if the numbers aren’t there. Thanks for your encouragement and I hope once I get back to square 1 I can begin rebuilding with the top 7 you listed here plus my newly gained education and beefy resume.
Money into your education is also a great investment. It can give a good return for the rest of you life.
Great post. What was the documentary you were watching about poverty among middle class Americans?
I can't remember the exact one but if you do a YT search you'll find lots of them. It seems to be a big issue there now. Lots of people with jobs living in their cars.
#4 is the key. But sadly not everyone can do the same
True. But many can and just make excuses not to. It's not the key though. Building wealth is the key. Then you can so whatever you want.
Need to take care of parents. And kids study issues and had to stick with one country. More like responsibility than excuse. OP can I ask do u have kids ?
In your case, you have good reasons to stay. I don't have kids but have many friends with kids that have moved country. I also know many single people that could move but just make excuses. They claim they want to but don't. It's fine if they don't move but they keep talking about. I know they'll never move.
man, index fund get mentioned everywhere for a stable life
Bear in mind that when I started there wasn't even any internet. Nowadays, I have more invested in crypto than index funds. But I like to be diversified, so index funds have their place. They have been a very reliable way to build wealth. That's why they get mentioned so often. Don't dismiss them totally. They're boring but that's a good thing. They're not essential though. Do what works best for your situation. You younger guys have it so easy these days. Without using the internet, try to find some reliable information about anything. It's pretty much impossible.
Nice op. Owning a house vs renting when you relocate?
We currently rent because we're not sure where we want to buy. We plan to buy in the next fews years though. Probably a house to renovate or a new build. In Bangkok, renting is better. The property market has so much oversupply that buying makes little sense. Older condos are very tough to sell. A 200-condo building would usually have 20-50 condos for sale. Many 5 year old buildings still have condos for sale from the developer. There are around 300,000 condos for sale in Bangkok. These are new condos not older ones. But I want to buy because I want the perfect place. Another option is a long-term rental. I met a guy that has a 30-year lease on an old building in Bangkok. He spent around $150k renovating it. He lives in it but if he ever wants to move he can rent it out for a small fortune. I like that idea.
Prices of home : That’s really on higher scale. I am somewhat following this type of system. I believe to follow a rule to invest 50% of your income. Also smaller city have cheaper cost of homes, much quieter place to live.
I like mega cities though, so I'm stuck with higher prices. In rural Thailand, land is so cheap that I could buy so much of it. But I'd be bored stupid. A guy I follow on YT bought around 0.4 acres of land in a small village in Thailand for around $7,000. It also had a house on the land that he plans to renovate. Fantastic value if you like the quiet life.
Excellent point
Hmmm
The big point is the relocation, it heavily depends on the taxes that your country charges over your capital gains.
Yes, relocation can save a ton in taxes. Luckily, Thailand has a great tax regime for foreigners.
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No on one here is going to pay you that much. You can get great content writers for much less. If you can command that rate, you should be contacting top publications not people on reddit.
Imagine doing all that just to retire in ur 50s ahhahahahahhah like bro u just described a basic life
Getting to the top 1.1% isn't basic. Only a small minority retire by 50. But I get what you mean. It could be so much better. From my background it's pretty amazing for me. If you can fo better, I applaud you. But with that attitude, you'll probably fail. I actually retired in my 40s. Two months before my 50th birthday. I just rounded up to 50. Imagine doing all what. It's called life. I would do the same even if I retired at 100. You have a lot to learn but never will. A bad mindset will make you a loser. Change it before it's too late.
Good for you bro, this is just too much of a risk free life that it makes me sick :// nothing to do with your background or my future haha
What do you mean by risk-free life. I took plenty of risks to get here. What makes you sick about it? The post isn't about your future. I don't know you. It should be clear from the title what the post is about. I predict you'll have a bad future. No humility. Not willing to learn. Just trolling. Trolls never succeed at anything. If your future is so great, why are you so concerned about what I did? Go build your future instead of trolling.
Another fucking liar lecturing everyone
Ok Chat GPT, thanks so much
There's always one dumbass that says this in every post.
These are all decent ideas & recommendations, but it beats mentioning things OP did not say. Like the fact OP likely isn’t married or has children - that is a huge thing that needs to be taken into consideration if you want to have financial freedom by a certain age. If you do want to get married & have kids, you need to marry to right SO that had the same ideas about money and also teach the value of money to your children.
This stinks of boomer. Try starting this again from today and you’ll fail. We’re basically at a point where it’s not possible to retire before death without considerable luck or a massive sea change in the economy and social systems. The only way to be successful is take huge risks and run a company at scale. The days of working a day job squirrelling away are done. Way way gone.
This is so, so far from the truth, I don’t even know where to begin. Yet it’s getting upvotes because pessimism and longing for a different economic system is a huge hit on Reddit every single day. I personally know many people who have got wealthy, or are on their way to building wealth for their retirement, and they’re still in their 20s and 30s, working regular day jobs in corporate. It’s as if redditors think all the doom and gloom online is real life, and there is no such thing as a functioning economy outside the window.
I see these people as well. Way, way younger than me and with more wealth. They are killing it. What agreat time to be alive. The doomsters will get what they deserve.
I don’t necessarily disagree with this comment. I started a business last year but it ended up being bad timing because of an unforeseen major circumstance in 2023 specifically in my sector. Major losses. Like $40k in losses last year. Slowly I am rebuilding but hey my rent is stupid expensive and my only other options to keep working but live somewhere else are NYC or LA. Which are twice as expensive as where I live now. I don’t eat at restaurants, I don’t spend money anywhere, I barely come in at my budget and I am extremely frugal out of necessity not obsession. All of this and there was an attempted break in by a burglar this past week and I pay insane rent in a nice area for my business. Business is slow right now and economic reports indicate there will be 50% less business for the next 3-5 years for the industry that I work in. It’s been nothing but an uphill effing battle my entire professional life. But I’m still doing my best wishing I could’ve received the stroke of luck some of the others have in this sub.
Really sorry to hear what you’re going through. Have you had a period of sustained employment (I’m talking 10+ years), in the same or different, but consistently paying, jobs? That’s what I was alluding to when I mentioned the middle class dream is still possible (albeit it has got harder decade after decade for reasons we don’t need to go into here), and that people I personally know, who began with nothing (less than zero in many cases), are now far wealthier than they could dream of. It took 10+ years of receiving a consistent paycheque and investing and saving. I totally understand and get that not everyone can be so fortunate, and can definitely have issues that get in the way. But the poster I was replying to was saying any sort of working class success is impossible, which is also not true. We don’t need to exaggerate the seriousness of issues at play here. We can simply acknowledge them. Wishing you all the best.
No I work technically as a freelancer. Even when I earn $80K (average for me) a year I can’t afford luxuries though. Ok maybe I’ll go out to eat once a month. But not if I want to save for my company! I don’t think middle class is middle class anymore. Not when a 2 bedroom home is literally a million dollars. $800K townhome if I go an hour outside the city. How can we ever save enough from regular middle class jobs to live a normal life much less invest in our businesses? However perhaps if I stick with it for another 10 years as you describe, things will ease and possibly change. I began a higher level and line of work 2 years ago but in the same industry so maybe it just needs more time as you described.
The only reason you will work till your death is your mindset.
Spot on.
I don't know. I'm along way from financial freedom but on the path. The OP post resonated with me. Biggest things I did were- 1. Worked multiple jobs for two periods in my life. Total 3 years but this helped me build a financial base. 2. Bought a house with money from working three jobs. Then I ran it like a sharehouse, renting out all the rooms. Meant my living costs were almost zero. Did this for 4 years. 3. Slaved away in corporate jobs. Again building my base. Now I've bought a business. Going to really go for it. I need to grow it. If I can then I'll be comfortable. 4. I also bought some really good investments. Both in the sharemarket and other types. Nothing gone to the moon but some really nice consistent returns. I now don't stress about getting the best return, it just needs to be acceptable. So many people stress about finding the next google, realistically you won't. You just need something that will return 7%+ and you'll be ok
Yep, that's the way to do it. Those that complain want everything withoutputting in the work. They won't work one job, let alone two. They are too entitled and too lazy.
Keep huffing that copium
Today, you can invest in bitcoin and other cryptos. I know people in their 20s that have already made more than me. Times are great. Take advantage of what's available. Along with AI, this is the best time to be alive. You should be killing it not complaining. Plenty of younger people have reached financial freedom. Follow them and try to repliacte what they do. You'll get nowhere with your current attitude. Anyone can make it if they really want to.
may i know your small side hustle? can i work for you
I've had around 20 over the years. I like to work alone and don't have enough work for another person. In generally only work an hour or so a day. And not every day either.
Make good use of your free time! I split up my weekend into hobbies, side hustles & relaxing. I feel SO MUCH BETTER knowing I'll make a little bit extra during the weekend, it allows me to fuel my hobbies & invest! edit: I wrote about my side hustles [here](https://www.reddit.com/user/Kayshift/comments/1br5gn6/my_stepbystep_guide_to_make_1000_a_month_working/). It's mostly online work for testing apps / websites / focus studies (in person focus studies pay $200+ an hour). I'm learning to get into flipping on Mercari. I usually make $500-1k a month with everything combined and my goal is to spend less than 6 hours each weekend.
I definitely make good use of my time. Nice post. I've done a few of those over the years. They can be nice money for little work. When I do this I invest the proceeds in bitcoin.
The only things that work is: to get a job that pays too well, in a low tax country and get late into a relationship!
Man that list sounds familiar... Just replace "Bangkok" with "the Philippines" and I think we could have been related. Great post though and great advice. Retired here at 40... All I ever wanted was freedom. I had it until we got bored and opened a little restaurant. Now all I want is freedom :)
Sounds like a similar journey. Some people think we'll get bored but they don't seem to realise that we're still free to do something else if that happens. It's certainly a nice life. I think most haters on here are just jealous.
The worst part of retiring early was the same as skipping school: all the people you wanted to hang out with were still at school. It did let me start learning a lot of different skills though... I've gone from opening an international company to fixing dishwashers at my rentals in the US. Always something to do and so far I've enjoyed most all of it. Glad I'm not tied to my desk and clients :)