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- Don't live paycheck-to-paycheck. If you get a good income coming in, put atleast 50% aside.
This is good because let's say you live off 50%, and put the rest aside
You work for 12 months and suddenly you get fired/your market is fucked or maybe you want to try to start your own business that will make you rich?
Because you saved 50% you now have 12 months of living expenses before you go broke
This isn't possible if you live paycheck to paycheck, then you NEED a new job if you miss 1 paycheck. You are an extreme wage slave in that situation, and it's very hard to leave the job market, if that's your desire
Anyway, some stuff this enables you to do
- You can start building your business without worrying about paying the bills for a year, and you don't need to see profits right away...
- If you already got a business that goes bankrupt, you can use the money and time it gives you to RECOVER.
- You can also learn a new skill that people will pay you for without worrying about paying bills for a long time
Sam, if you don't mind, how much are you making via sales? I keep finding shitty paying sales positions and 'high paying commission" where I have to pay hundreds of dollars for licenses which they won't cover to start working.
All this sales talk is making me doubt medical school. I mean I really like the idea of being a doctor and always wanted to be one and the paycheck is pretty solid but I pretty much lose free time and any ability to travel. Once I'm out from a 4 year uni + 4 year med school + 2 year residency, then I'll be in super debt. By the time the debt is gone, I'll be like 35 and plus I won't be able to go around the world to hit the clubs up or start my own business as I'll be very busy.
25 years old, and he has a net worth of 450.000$ + multiple streams of income. No debt.
He currently got a sales job that generates like 7000-8000$/month, and an online webshop that generates 10.000$ in profits a month. So he is making +210.000$/a year.
His monthly living expenses are like 1300$/month.
He drives a nice car, and owns his home 100%.
He told me when he first started earning big money, he made 130.000$ in one year.
After that year he had only 4000$ left to his name, because he had spent it all on stuff.
From that point he started to save, 30%, then he bumped it up it 40%, etc.
He got alot of capital, but he hasnt invested it, since he doesn't know anything about it yet
But it's more importanst to accumulate significant CAPITAL in the first place
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I didn't think that your exercise and diet advice would have girls checking me out. It did.
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Kratom is next!
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