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Originally Posted by bronco67
Don't forget residual income....
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residual income can come from #2 or #3. You will make residual income from your retirement savings as they grow from interest collected each year. You can also make residual income from your business and other business ventures like rental property etc...
Quote:
Originally Posted by Amputate Your Head
Began slowly working for myself in 1997 and went full time & quit my last "job" in '02.
Since then I've had boom years and lean years, but it's always been pretty much by choice. My dedication to it comes & goes in waves. Every couple of years or so I just get burned out and have to slow down and take more chill time than usual, and that usually translates into some big changes in the way I do things by the time I get fully geared up again.
But that works for me because my primary motivation has never been lust for more & more money. Being rich and being a peer-perceived "pimp" is not a requirement of mine, only being happy. I do this stuff strictly because I hate having "The Man" telling me when to eat, shit & sleep. And now, after doing this for so long, I am pretty much unemployable by the typical "job" because, a) I no longer have the mindset or will to punch a clock and bend over for some douchebag on a power trip, and b) I'm fully tattooed right down to my fingertips.
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fuck the "pimp" mentality. While those people are busy collecting fast expensive cars to park in their garage, I am socking away money for retirement. My investments go up invalue, their cars depreciate fast. Then they need cash and sell them off for pennies on the dollar. What a waste of hard work to just piss the money away. It's one thing to spoil yourself a little, but you need to have balance. You need to take your check and split up the money, % to pay bills, % to savings, % to retirement, % to having fun with.
I try to make more and more money not to impress anyone else other than myself. The more I can make, the bigger my snowball of investments and retirement grows and the faster I can get to the point my passive income pays my bills and later in life my investments buy me those fast cars (if i choose to buy them). I can then work if and when i want to and never have to worry about working for the man, or myself if I don't want to. That's my motivation.
A LOT of people miss this. They either fall into the "blow all my money on toys as fast as I make it" group or the " make enough money to build up a savings, then take some time off and use up what I saved", start over do it again...