I'm a software developer myself and I would find helpful if you could you elaborate on what do you mean by focusing on your work.
Sure. But it really has nothing to do with software development or any particular business. What I mean is: don’t think about the size of the next paycheck or whether you hit a certain dollar sum as your goal. It gives you tunnel vision and really limits creative thinking. I’ll give you my example: My work is app development and most of my business is referral. Many of my clients don’t really know what they want and don’t have in-house expertise to help them develop their ideas. We agree a rate for a set target, I complete the task and we take status. More than 80% of the time I go back and develop further on the ideas we discuss because I have control of the process and frequently give them ideas they never would’ve thought of. That means I’m not just putting together what they think they need, I’m adding value to the product and as a result, I get paid more. Getting to this point only happened because I stopped seeing my job as strictly a programmer/coder and I decided to take on more of a consultant type of role. Acting like a sounding board for my clients and their ideas totally changed my job and made it much more creative in nature. With that creativity followed more money. That would never happen in a dev section of some behemoth company and I certainly wouldn’t have the flexibility of choosing when and when not to work.
Thanks, will take a look at HYT. I’ve had my eyes on hattaras, it Still looks affordable. One tough thing to plan for is healthcare in the US. Costs continue to inflate and the health insurance here only seems to work until you need to use it.Wind Chaser, HYT is pretty good. It pays about 7.5% annually with a monthly distribution. https://www.marketwatch.com/investing/stock/hyt
Great advice thanks. I like #4. My question to Mossy is what kind of company? Doing something like a laundrymat or self-service car wash are obvious winners, I would guess. I actually am part-time self-employed right now. I get 3-4 months off a year. But, I typically spend a bit traveling during that time. I would like to quit working in 5-8 years if possible. Thinking I should suspend the traveling & get something going that would payoff in 5-8 years???Mossy 757 wrote: ↑Thu Jun 14, 2018 6:09 pm1) Cut your monthly spending as much as possible by reducing unnecessary expenses. Sure, making a ton of money is great, but the absolute size of your account is less relevant than the percentage of it that you're able to invest. So if you can live off $3k/month, that allows you to retire sooner on the same salary than if you need to live off $3250/month. So as you cut those expenses, any increase in income that comes along through a career doesn't bloat lifestyle, it hastens income independence.
2) Prioritize and maximize tax advantaged savings as the place where you save your first dollars.
3) Create recreational savings goals that allow you to stockpile for your planned purchases. For example, instead of accepting a car loan for 6 years, with interest, save a car-payment-sized-sum every month, then buy your car with cash a few years later and shortcut the interest (or buy it with credit that you immediately repay to build your credit rating or get rewards points). This is especially important going into retirement with a hobby like watersports where the increased free time will result in accelerated wear-down of your consumable items.
4) As soon as practicable start a company. People don't get rich on salaries, they get rich on equity.
I don't want to preempt Mossy, but I'll chime in with a personal observation. You'll be happier in the long run and probably more successful if you choose a business that you are passionate about. There's more to life than "living the dream" and kiting every day. You'll be more fulfilled by doing something that you really believe in (plus living the dream and kiting every day).
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