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Setting Yourself Up?

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codifilo
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Re: Setting Yourself Up?

Postby codifilo » Thu Jun 14, 2018 9:24 am

SaltWaterDog wrote:
Thu Jun 14, 2018 8:52 am
I started to completely focus on my work (software dev).
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.

SaltWaterDog
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Re: Setting Yourself Up?

Postby SaltWaterDog » Thu Jun 14, 2018 10:45 am

codifilo wrote:
Thu Jun 14, 2018 9:24 am
SaltWaterDog wrote:
Thu Jun 14, 2018 8:52 am
I started to completely focus on my work (software dev).
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.

wind chaser
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Re: Setting Yourself Up??????

Postby wind chaser » Thu Jun 14, 2018 4:26 pm

Wind Chaser, HYT is pretty good. It pays about 7.5% annually with a monthly distribution. https://www.marketwatch.com/investing/stock/hyt
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.

Mossy 757
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Re: Setting Yourself Up?

Postby Mossy 757 » Thu Jun 14, 2018 6:09 pm

1) 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.

John Doe
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Re: Setting Yourself Up?

Postby John Doe » Fri Jun 15, 2018 12:20 am

Mossy 757 wrote:
Thu Jun 14, 2018 6:09 pm
1) 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.
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???

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FLandOBX
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Re: Setting Yourself Up?

Postby FLandOBX » Fri Jun 15, 2018 12:32 am

John Doe wrote:
Fri Jun 15, 2018 12:20 am
My question to Mossy is what kind of company?
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). :thumb:

SaltWaterDog
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Re: Setting Yourself Up?

Postby SaltWaterDog » Fri Jun 15, 2018 12:36 am

+1 on that. Dollar amounts and paycheck goals become nothing more than an endless chase. Probably sounds like just another platitude, but really it’s about thinking creatively, knowing when you have a good idea and running with it. Just work towards a daily life that’s on your terms and you’ll find you’re practically there.

PullStrings
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Re: Setting Yourself Up?

Postby PullStrings » Fri Jun 15, 2018 3:35 am

Find a town that has kiteable wind 15 days a month year long
Move near the water spot where you will kite the most
Don't wait til you are older and lots of money to kite more
Part time salary work and off by mid-afternoon 5 days a week gives you the chance to not miss out
Kiting on average every other day year round can make a person with not much money very happy

piccio
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Re: Setting Yourself Up?

Postby piccio » Fri Jun 15, 2018 8:28 am

3 4 months off a year it is enough to travel ,visit and fed up of kiting .you are at good point and moment of your life, do not dream and look too forward,make some money when you work and go! one never knows what will happen,do not ask yourself too much.
if you feel you want to kite close your mind......get few friends and decide next destination .
5 8 years from now is too far........ maybe you change your mind and you will decide completely different from what you dream now.
anycase there is no answer to your question....is up to you

Mossy 757
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Re: Setting Yourself Up?

Postby Mossy 757 » Fri Jun 15, 2018 3:50 pm

It's funny that you're asking what business to start on Kiteforum.com. Check out the site owner/admin's life story, Toby's living the dream with the exact kind of business I'd recommend someone start in the modern era if they want to work soft/play hard.

-Web forum with advertiser revenue and classified section
-Video content available for sale/downloadable

Even if Kiteforum ONLY pays for 1 new kite per year, hell, it's worth it. So my business recommendation is to find something you'd do every day if you could, then ask yourself, "who else wants to know about this topic?" As you go through the process of research and discovery, document everything, package it for online use, then share the ever-living-mother-fucking-shit out of that content until it starts generating traffic. Online traffic to information people want to consume = passive advertiser dollars.

Another good example of how to get rich with a website is www.mrmoneymustache.com or http://www.themoneyhabit.org/

You'll notice in those examples, they're making CRAZY money because everyone needs financial advice. If your blog/website are about tarantula husbandry, don't expect many advertisers to want to give you money...


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