At the crossroads - critical decision. Your thoughts?
- Thread starter BLTN
- Start date
How do we know this person is a he? It could be a female escort that's looking for a girlfriend.
I'd like to get this part sorted before we go any further.
RC
Stop fantasizing, and get off those Google searches.
Go with option 1 then. Cruisy dead end job that bores you stupid.
Fall in line with the other 'safe' millions.
Can you tell me how do you plan to retire by 40?
I presume from previous emails you wish to replace your job with passive income from investments. Well then, in today's $ to generate about $100K gross would require at least $2mill in unencumbered investments (excluding PPOR). That means paid off and that represents no expenses, just gross rent, if income is derived from IPs????
Investing in property takes time, so yes, the sooner the better to invest, but it also takes income to obtain loans and serviceability.
I would suggest to optimize your income since you are young and I am sure you can still dedicate some time to your wealth building journey.
The balanced approach is the way...
How do we know this person is a he? It could be a female escort that's looking for a girlfriend.
I'd like to get this part sorted before we go any further.
RC
Because to be a male stripper requires a lot more work then being a female
Female strippers these days are quite chubby not fat, and some places are really bad, chubby, old, unattractive and plain stupid
T be a male one, you have to be buff and well above average
Hence why they generally get paid more
Yars ago, female strippers used to go to the gym and look after themselves, now a days the standards seem to have dropped
Wow, there seems to be more interest in this thread about my (potential) secondary job rather than my dilemma!
Yes, it is topless work and stripping, but I haven't decided whether I can do it (confidence-wise). Part of the reason I actually want to do it is for that reason, I think it would be great for my confidence, particularly in talking to randoms and approaching girls.
I don't think I'd actually want to meet a girl through stripping though - I just want to use it as a way to build up my confidence so I can meet a girl through some other means.
Not doing it for roots either - shagging randoms isn't really my thing.
Enough on that topic now please
Well, it would probably be more than that, but in all honesty I don't know exactly. I'm sure the salary would be negotiable. I am going to apply and we'll see how it goes. I'll keep you all posted - I expect the process will take at least 2 months.
I have no idea what area I want to look in yet - I have a potential opportunity near my place which I need to wait and see what will happen with yet. Once (if) I have that, that will tie me up for a little while, so I guess I can use that time to study an area where I want to make my next purchase. It will probably take at least 2 years to get to the point where I able to make another purchase, so will have plenty of time to learn about an area then.
Yeah, that's what I'm going to do. Same with the stripping haha. It is honestly scaring me ****less though.
Going from ~$370K now to financially free in 8 years? Would be nice, but perhaps a bit too ambitious to make as a goal. If I had the requisite knowledge already, perhaps it would be possible, or if I had been raised in a different environment (think Rich Dad Poor Dad....).
As it stands, I would be very happy if I could turn my current situation (decent capital, zero knowledge) into financial independence in 13 years.
I'm going to stop taking the easy way out and go for the job. All that said, if I don't get the job, I'll be in the same position as I am now with no likely job prospects coming up in a LONG time.
It's a goal - the path to the goal hasn't been laid out yet.
I don't plan to replace my job - I will probably keep working past 40. But I want to never have to worry about money by that point and know that I am pretty much set for life (or have the skills to ensure that I will be).
I haven't run the numbers yet as I don't want to plan on fixed amounts of CG or rental yield. But when I get some free time, I'll run some rudimentary numbers and see if it is possible.
I think with good investing though and bringing in an income of say $100K a year, it would not be hard to turn $370K into $2m (in today's dollars) in 13 years.
Yes, it is topless work and stripping, but I haven't decided whether I can do it (confidence-wise). Part of the reason I actually want to do it is for that reason, I think it would be great for my confidence, particularly in talking to randoms and approaching girls.
I don't think I'd actually want to meet a girl through stripping though - I just want to use it as a way to build up my confidence so I can meet a girl through some other means.
Not doing it for roots either - shagging randoms isn't really my thing.
Enough on that topic now please
Well, it would probably be more than that, but in all honesty I don't know exactly. I'm sure the salary would be negotiable. I am going to apply and we'll see how it goes. I'll keep you all posted - I expect the process will take at least 2 months.
I have no idea what area I want to look in yet - I have a potential opportunity near my place which I need to wait and see what will happen with yet. Once (if) I have that, that will tie me up for a little while, so I guess I can use that time to study an area where I want to make my next purchase. It will probably take at least 2 years to get to the point where I able to make another purchase, so will have plenty of time to learn about an area then.
Uhhh...yeah....we can see that "analysis paralysis"
And that'll kill any investing decision too.
You might simply have to take the Nike factor and "just do it" - whatever it is, new job, investing etc.
The Y-man
Yeah, that's what I'm going to do. Same with the stripping haha. It is honestly scaring me ****less though.
Why not "financially free by 35", then you'll have more time to do the girlfriend search
The Y-man
Going from ~$370K now to financially free in 8 years? Would be nice, but perhaps a bit too ambitious to make as a goal. If I had the requisite knowledge already, perhaps it would be possible, or if I had been raised in a different environment (think Rich Dad Poor Dad....).
As it stands, I would be very happy if I could turn my current situation (decent capital, zero knowledge) into financial independence in 13 years.
I'm going to stop taking the easy way out and go for the job. All that said, if I don't get the job, I'll be in the same position as I am now with no likely job prospects coming up in a LONG time.
Can you tell me how do you plan to retire by 40?
I presume from previous emails you wish to replace your job with passive income from investments. Well then, in today's $ to generate about $100K gross would require at least $2mill in unencumbered investments (excluding PPOR). That means paid off and that represents no expenses, just gross rent, if income is derived from IPs????
Investing in property takes time, so yes, the sooner the better to invest, but it also takes income to obtain loans and serviceability.
I would suggest to optimize your income since you are young and I am sure you can still dedicate some time to your wealth building journey.
The balanced approach is the way...
It's a goal - the path to the goal hasn't been laid out yet.
I don't plan to replace my job - I will probably keep working past 40. But I want to never have to worry about money by that point and know that I am pretty much set for life (or have the skills to ensure that I will be).
I haven't run the numbers yet as I don't want to plan on fixed amounts of CG or rental yield. But when I get some free time, I'll run some rudimentary numbers and see if it is possible.
I think with good investing though and bringing in an income of say $100K a year, it would not be hard to turn $370K into $2m (in today's dollars) in 13 years.
Ok, so I applied for the job.
Not sure how long it will take to hear back, but I estimate at least a month or so.
In looking at my resume and what the job is asking, I'm not all that confident that I'll even get an interview, but at the same time, it was the guy from that organisation who contacted me to tell me about the job opening, so maybe I'm in with a chance.
Not sure how long it will take to hear back, but I estimate at least a month or so.
In looking at my resume and what the job is asking, I'm not all that confident that I'll even get an interview, but at the same time, it was the guy from that organisation who contacted me to tell me about the job opening, so maybe I'm in with a chance.
..... and did you know 80% of what people worry about never happens, just a little bit of useless trivia
BLTN
I think you have your answer above!
When you are a paid employee, you are not the one in charge and could be fired at anytime.
When you are building your assets/wealth base you are in charge and how well you do is dependant on what you apply yourself to.
If you are happy with your life outside of work, consider that as well. It takes time to find a partner too.
Good luck
Sheryn
The more money you can 'earn' through a job, the faster you have the ability to build a wealth producing portfolio, but not at the cost of sanf and happiness. You earn enough as you are now to become a Millionaire within 5-10 years so don't stress. It all just depends on how you invest. There a loads of positive cash-flow deals out there right now and if you have near $400k to play with then buy four of those to begin with. Thats where I'd start. Keep maybe $50k spare for you sleep at nigt factor, wait a few years and repeat. Then retire when you're ready. Should take around 15 years if done correctly, maybe even sooner if you're anything like Nathan but for me it will take around 13-15 years (9 years in so far!)
You've gotta' think about how you're going to pay your mortgage (and how much will that mortgage be??? Thats where it becomes interesting) off or if not, then how much rental money you require to live until you die (as we know, rents rise pretty well certainly every single year, how much money will you end up giving to someone else over insert years here???) Thats the hardest part IMO. Get this sorted asap and reduce your living expenses to $0, then if you have a few IP's earning some form of income you're set. Much easier to be financially free with $0 debt. And I don't count IP debt as 'debt' per-se, IF it provides a neutral or positive income over the loan, you're in net credit as Steve would say (provided you have equity)
As you said above: In the famous words of Jim Rohn
"Work harder on yourself than you do in your job"
All it boils down to is how fast you can exit the rat race. Learn your game, never stop learning but DO something, constantly work on your progress or you'll never make it
but for me it will take around 13-15 years (9 years in so far!)You've gotta' think about how you're going to pay your mortgage (and how much will that mortgage be??? Thats where it becomes interesting) off or if not, then how much rental money you require to live until you die (as we know, rents rise pretty well certainly every single year, how much money will you end up giving to someone else over insert years here???) Thats the hardest part IMO. Get this sorted asap and reduce your living expenses to $0, then if you have a few IP's earning some form of income you're set. Much easier to be financially free with $0 debt. And I don't count IP debt as 'debt' per-se, IF it provides a neutral or positive income over the loan, you're in net credit as Steve would say (provided you have equity)
As you said above: In the famous words of Jim Rohn
"Work harder on yourself than you do in your job"
All it boils down to is how fast you can exit the rat race. Learn your game, never stop learning but DO something, constantly work on your progress or you'll never make it
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No Risk = No Reward
My bet was on underwear model, stripping it seems is a pastime nowadays and as an escort/gigolo/call girl you are competing against too many enthusiastic amateurs who will provide the service for free
When I was young, swinging was not was it is these days
I'm trying to get into that - it's more about who you know though, it's a hard industry to get into.
I'm not sure I'm going to do the stripping - I should have a good idea after this weekend. I'm not sure if it is my thing to be honest. But it could potentially be a good money earner and help with my confidence etc.
Yeah I know. The main incentives for taking the new job (if I even get it of course) would be:
- Potentially a more rewarding career, enjoying myself more and feeling more fulfilled (I will still need to work for probably at least another 10-15 years, so might as well enjoy what I do)
- A good safety net if the investing doesn't work out for one reason or another (either I make a poor investment or just turn out to be not very good at it). This job should pay a lot more in the long run, so I should still be relatively financially well off, even if the investing doesn't work out as I hope.
Obviously a higher income will help fuel my investing, but I will initially take a big hit in terms of time and money, so it will take a while before the increased salary kicks in and makes up for the lost time and money now.
I've applied now, so will see how it goes. But I won't be disappointed if I don't get it - that will just mean I will focus all of my time and energies on investing (while hopefully increasing my pay a little bit at work).
And yes you are right, finding a partner does take time. And I don't want to be single forever either, so that is another consideration.
The more money you can 'earn' through a job, the faster you have the ability to build a wealth producing portfolio, but not at the cost of sanf and happiness. You earn enough as you are now to become a Millionaire within 5-10 years so don't stress. It all just depends on how you invest. There a loads of positive cash-flow deals out there right now and if you have near $400k to play with then buy four of those to begin with. Thats where I'd start. Keep maybe $50k spare for you sleep at nigt factor, wait a few years and repeat. Then retire when you're ready. Should take around 15 years if done correctly, maybe even sooner if you're anything like Nathan
You've gotta' think about how you're going to pay your mortgage (and how much will that mortgage be??? Thats where it becomes interesting) off or if not, then how much rental money you require to live until you die (as we know, rents rise pretty well certainly every single year, how much money will you end up giving to someone else over insert years here???) Thats the hardest part IMO. Get this sorted asap and reduce your living expenses to $0, then if you have a few IP's earning some form of income you're set. Much easier to be financially free with $0 debt. And I don't count IP debt as 'debt' per-se, IF it provides a neutral or positive income over the loan, you're in net credit as Steve would say (provided you have equity)
As you said above: In the famous words of Jim Rohn
"Work harder on yourself than you do in your job"
All it boils down to is how fast you can exit the rat race. Learn your game, never stop learning but DO something, constantly work on your progress or you'll never make it
What sort of CF+ investments are you talking about? I can't see how I could get 4 properties in my current situation? Unless you are talking about units, but I'm not sure there is much growth prospects in them.
I definitely do like the idea of getting CF+ properties though, but want to make sure they will remain that way.
One thing I still don't understand about the definition of CF+ though is this:
- Once you have paid off a certain portion of a property, it will inevitably be CF+. But when considering if a property is CF+, do you ALWAYS look at 105% of the purchase price only? i.e. Even if you have paid the property off completely, do you consider the current rent vs outgoings (including what you would be paying in interest if you had a 105% loan on the property?)
With regards to your other points, being able to retire in 13-15 years is definitely the goal (by around 40).
My living expenses are very low at the moment - I do watch my money carefully - so I have that box ticked at least.
Honeslty I'd stick to topless bar work. So easy, pays well, far less effort than actually dancing/trying to entertain people.
(From close experience, I was never topless for obvious reason, but worked bar/catering gigs with topless bar staff)
If you will earn sufficient for your needs, go with what you will enjoy. You're definitely still young enough to change youre mind, make mistakes and recover with no problems. especially considering you don't currently have a family to support. I've got a wife at home with two kids and I'm still bumbling around trying to find what I like doing. Yeah, I do long hours, but it could be more of a grind if I wasn't doing something I enjoy.
I'll give you my sister's number.
I always think about this, too. I look forward to the responses.
I say this all the time, but check out the www.mrmoneymustache.com blog for some ideas/inspiriation. The older posts are the best, so maybe read the first one and click forward. http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/
Re: your thoughts of becoming a stripper to gain confidence I'm not too sure how that would work. From my perspective I'd find it hard to take someone seriosly who worked in that field. Maybe I'm old fashioned. I'd also be uncomfortable dating someone in that profession. From meeting you briefly at lunch you didn't appear to lack confidence. If you want to get into investing sooner it may be worth seeing a BUyers Agent.
Simple. Cashflow positive can be had now with 5 percent rates on many growth properties so theres no need to speculate in small towns right now. If it puts mobey ibto your pocket after all expenses abd tax then its pos cf. Theres no limit to how many you purchase aif you have the deposits. Easy to talk about but will you do it? Time will tell. I jope you make it for one
Yeah as I mentioned, I'm not sure if I'll actually do it or not. It might not even earn as much as I think it does. It'll be a numbers game at the end of the day - if I think it'll earn me a decent amount for a small amount of work and I won't feel embarrassed doing it (or worried what people think etc), then I'll do it. Topless bar work is easiest, but takes up more time. From what I've heard, a strip is just 10 minutes or so and that's it. Obviously there is a bit of time rehearsing or setting up a routine, but once you've done it for a while, you'd be at ease and it'd just be 10 minutes for easy money.
I might start a separate thread re the CF+, as the question might get lost in here.
Cheers for the links, I'll check them out.
I have weird confidence. I can be outwardly confident, but inwardly not so much. And there are some things that terrify me that really shouldn't.
That's what I'm hoping this might address. It might not, but I'll never know unless I do it.
There is definitely a stigma associated with it - but at the end of the day, people are always going to judge you for one thing or another. I already do bodybuilding and modelling - people tend not to take you seriously when you do those either. I'm obviously not going to advertise the fact that I'm thinking of doing this (other than to my closest friends), but I guess it is inevitable that people would find out should I pursue it.
It's also worth mentioning that there are different kinds of strips. Some are really sleazy and are definitely not the kind of thing I would be doing.
Some are just a bit of fun and are playful. That would be what I would be going for. Definitely not the seductive sleazy ones.
Simple. Cashflow positive can be had now with 5 percent rates on many growth properties so theres no need to speculate in small towns right now. If it puts mobey ibto your pocket after all expenses abd tax then its pos cf. Theres no limit to how many you purchase aif you have the deposits. Easy to talk about but will you do it? Time will tell. I jope you make it for one
The only properties I can think of at that price would be units though right?
I might be able to find some CF+ places with land, but would be 1-2 tops with the amount of capital I have and the level of borrowing the bank will lend me.
Savings of $370k and the possibility to ramp up the income to over $100k and without getting outside the comfort zone.....
$120k is not chicken feed for 90% of the population.
Stay where you are.
You can use a decent chunk of the $120k to invest and make an absolute fortune in 10 or 15 years.
You can always get a girlfriend (well; you can with Mr. Visa); but not $120k per year cushy jobs.
But you can't put an old head on young shoulders, so go for it; you're only here once.
