Financial Independence General

OP here

I'd definitely still work, but it's more of a "fuck you I can quit at any time, don't give me bullshit" kinda thing. I feel I'd even do better at work without the pressure of being one fuckup away from getting fired and missing rent.

This is so sad but true. But I cant stand plebbit's community.. rip Veeky Forums the shithead coiners ruined a good thing

Literally shitballs loads of other threads about crypto. Go ask there

get a job you'll enjoy at a decent start up... work your ass off then when you either get bought up or go through an IPO you'll have that period of say 4 years where your 7 figures+ of equity is annually vesting 25% at a time....

33k in crypto, this either makes me retire in 10 years or i will kms

true financial independence is hard as fuck to achieve unless you inherit buttloads. requires serious luck and/or time

>inb4 skills

That's exactly my mindset as well. I want enough money to have a decent safety net. I'll work to add to the net and afford some nice luxuries, but at the end of the day I want to know that if I'm not working I won't be losing all my shit.
I'm 1 year out of gradschool and my family isn't wealthy, so I'm certainly not there yet. I hope living frugally and investing in some long-term potential crypto will get me there.

which coins

Best of luck user, we'll all make it.

10 Bitcoin, 4 Bitcoin in ETH, 2 in ETC and some other coins.

I will wagecuck for 5 years and hope this increases enough so i can live off it for at least a decade, then I plan on taking out as i need it and hope this will increase enough to sustain me.

I've done some research on the options and it seems like there are quite a few, especially if you're organized and establish your non-negotiables. The obvious first priorities are basic living expenses, then you come up with the other expenses you're not willing to part with, such as travel or owning a car. Most of us could probably live on 2000 USD a month unless you have some expensive non-negotiables such as living in a high-rent area or something.
>Living off of dividends:
Mutual/Index funds return about 12% annually, which means you'd need at least $200k invested to get $2k a month. Not reliable though.
>Absentee-run business
Some businesses can be run autonomously but its risky and you'd probably still need to be semi-involved. If you know someone who is qualified to manage a business, looking for a job, and also worthy of your trust, then it's possible.
>Passive Income online
Dropshipping, affiliate marketing, ad-revenue, e-books, podcasting, blogging, etc. Do enough of these and with enough luck you could get there.

i live with 1800$ per month and i pay rent and food etc. i just don't own a car. I can safe 2k per month not sure if i should retire when i hit 200k buy a house and make my own food

I DONT WANT TO BE A WAGIE FOREVER

REEEE SOMEONE HELP ME

kys

I've always been enamored by the idea desu. I grew up pretty poor in all and I'm pretty well accustomed to a simple lifestyle. Since I actually enjoy my job I don't really want to retire but the idea of having all my needs met and everything else I make be pure fluff is really appealing. I want money I can throw at random shit or crazy ideas without repercussion.
Still just getting the game plan together though, fresh out of college and about half a year into my first big boy job. I managed to get both of my degrees for less than 20k in total debt that I'll have to start paying next month. My current plan is to spend the year paying it off in it's entirety and keep whatever left as pure liquid funds as a safety net. I want to get to the point where I'm saving over half of my after tax income and investing every bit of it but I'm not sure I'll start until next year.
I do feel like I need to have some funds invested somewhere though even if it's not much so I can get comfortable with ramping it up in time. How much do you folks keep in the bank before investing it somewhere? I'm setting at 5k right now and I feel pretty comfortable with that amount, is that too much?

financial independence has been my dream for as long as I remember having to think about a job/my future
I currently have a job in IT consulting which is okay, and I do enjoy working and creating something of value but I have always hated the idea of selling my time
however this dream always seemed so far away due to everyone telling me "yeah that's what everyone wants, duh. but you have to be realistic.. " that I never actually took any risk (or any action really) to achieve it

>What are your plans to achieve it?
Stocks + crypto, hustling on Amazon

>Are you currently on track?
Unfortunately not, not even close to the goals which I set out for myself. I could achieve spartan level independence relatively soon, but comfy level, its gonna take time and more risks.

>Plans after it is reached?
No idea, but waking up without a care in the world is gonna be amazing

Thanks

>subscribe to this lifestyle?

Trying right now

>What are your plans to achieve it?

Leveraging my marketing contacts from a prior business and funneling that money into 70% real estate 30% index. I have 700k in Crypto and i dabble in trades but its mostly for Hodl. I don't consider crypto in my portfolio because of the volatility and it isn't actually money until the gains are realized in fiat form but that could change. I'm looking for 7k post tax rental income monthly and to leave my index/crypto untouched.

>Are you currently on track?

Kinda.. I have am 100% liquid 0 assets...just cash. I have an aquisition plan lined up but im suffering from serious investors anxiety at the moment but this won't affect my buy and hold real estate decisions heavily. 90% of my dealings are in the bay area and I can tell you that there is a serious bubble there. Everything is prospective and I mean everything, hardly any company generates a profit and if they do its generally bought outright or majority by Chinese in order to funnel their money out of China into the states since crypto/real estate crackdown. I'll be holding off on index until I see a trend change there.

>Plans after it is reached?

travel the world for a few years. I did this already in 3 months spurts due to health issues but they weighed down on me so much I wasn't really able to experience the cultures (besides japan) i was exposed to, I mostly stayed in my airbnb pounding coffee and working, still fun though!

After that I'll have a better understanding of what I want to do..and probably relocate, fuck Canada.

Some advice I can give to people aspiring to this since I am semi FI and I did take a year off experiencing my goal lifestyle is you will get bored. Make sure your FI goals aren't to become a hermit just because you are frustrated with society at the moment. Exit with backup options, decompress for 6 months and then evaluate. Also tax planning NOW can make or break FI goals.

btw im running on fumes sorry for that grammar/formatting. Feel free to ask any questions or give advice! Not enough constructive input since the crypto takeover of the board.

If you have 700 in crypto and you are flexible enough to live off the 1rst world you are set for life.

Keep all your money in some safe stuff.

Do whatever you want, become some kind of hero.

Die.

What do you guys think is a reasonable specific dollar amount for an end goal?

(Obviously one could make more money after this point, like for fun)

Currently I'm in college as well, taking summer classes and trying to save on the most valuable asset, time.

I've paid for my education entirely so far and doubled my initial investment with crypto (now at $6,500) and I would just need about $30,000 to graduate no debt.
That is therefore my next goal with crypto

700k isnt anywhere close enough to live off. I don't want to ever deplete my wealth I want to turn my wealth into vehicles to generate passive income

Depends on your intended lifestyle and cost of living. If you lived in NYC you would need more than say Croatia. For me personally I can live off of 80k annually pretty much anywhere in the world with my current lifestyle that I am happy with. To do this I will probably need 2.5m USD invested in passive low risk investment vehicles (index/certain RE markets). That being said if I were American I would need far far less. Using leverage to buy up cheap property in america is the strongest asset an american has to building wealth. In Canada the strategy just is not feasible so I can't use leevridge in the markets. Not possible with Canadian housing prices/yields despite me having access to near unlimited 2.2% mortgages

I'm an engineering student. I grew up dirt poor.
I started with $4k in Crypto that I earned wagecucking. Bought Ethereum at 80 cents when it got listed on Kraken, sold at $13 like an idiot.

My portfolio is now around $50k.

At first I was anxious about tens of dollars, then hundreds, now it's thousands.

The richer get richer, the poorer get poorer. On some days I earn more money a day than my mom does in a month.

I think I have the right mindset. All it takes is a series of good trades with higher investment (think $5000 in Ethereum at 80 cents).

My dream is to accumulate a net worth of $1,000,000 with crypto trading. Then buy a nice property in a rural area and focus entirely on trading and generating passive income.

I have no intention of being a soulless, wageslaving wreck of a human being like all the other "successful" people with steady pay. I cannot imagine working 9 to 5 every single fucking day in the same office until I'm 75.

I want financial independence, the only true independence.

How did you build that wealth originally? Wageslaving?

That sounds amazing user, are you going to wagecuck in engineering for a few years to build that wealth then?

What made you decide to pull the trigger on Etherium at 80 cents?

Nope! Last "wage" I received was from a gas station. I started a business with no skills but the gift of gab. Started a business that was basically a better version of an existing one, with no money to my name. I offered rev share to my staff and to the marketing channels I acquired in order to market the product with 0 capital. I did not optimize the margins as best I could have because I was still learning, sometimes getting rolled and knowing it and sometimes overpaying because of a one off offer in order to get a person(s) under a non compete. This left me in good standing with virtually every marketing channel I did business with. Now that the dust has settled i have resume but more importantly I have connections which are the most important asset you can have, this is how rich people get richer. This is how you can map out an entire business model. No need for VC, I have the means and the strategy to market the product. No need for an idea, I'll take an existing model of a profitable company that has become complacent with their market share and broad side them or fill a niche that they can't with their current feature set/bizmodel. Everyone thinks that starting a business has to be a crazy unique Idea. In my experience its a lot of luck but the luck won't do anything if you don't work your ass off. If you are half-retarded and uncreative like myself just choose a micro niche saturated or not and work your hardest to corner that whatever that might be.

Thanks. This is good info

Same for me too.

Im mainly just playing the crypto/stock/metals game to beat inflation and try and grow my money thats just sitting there until I have enough for property to rent out. I main just want to have enough capital gains and passive income so I can have a big family without having to work 50+ hours a week

However I do have to prepare for possible early retirement due to a degenerative disability.

I honestly don't think ETC is going anywhere and wouldn't bother with it. In my opinion it only seems to be doing well because it's got "ethereum" in the name.

But hey if you're making gains and people keep investing into it even if purely because of the name then ignore me and keep doing your thing

bumperino

Anyone here know about .mil finances?

I've been in the mil for about half a year now making decent monies and I have 5% going towards Roth TSP but I wanted to start doing stuff with the rest of the money I'm saving up
I was told to max Roth IRA and then stick the rest in index funds.

I saw NavyFed had the option of opening a Roth IRA, can i just do it through there? Where do i do that index fund stuff and learn more about it?
Also what should my TSP funds be going to, like government or international, etc. I know government won't make you much money though.

Wow an non crypto good thread. It's been so long. I just turned 25, have $75,000 in liquid investments. I want to be independent in the next few years. I think that would be around the $300k range. I will probably transition from full time wage slave to part time. Managing my investments will probably take up more of my time too. I would like to start a business too, but with the security of having a large investment portfolio. I'm hoping that health insurance is cheaper in the near future and also that bonds or money market account have higher yields.

bumpi

Just had my first major interview today. Think I did really well in the major parts of it got good feedback and lots of positive body language.

Don't know for a month but hope I made it so I can get to lamboland

Good luck user!

East-Europistani crypto neophyte here. I started playing with crypto about 2 months ago after a period of observing the ebb and flow, sadly missing quite a few opportunities because of this.

The level at which current state of affairs is in Eastern Europe in terms of wages, costs and opportunities, I will need at least 100 000 Euros to live comfortably off of dividends for the rest of my life. This amount of capital will net me a monthly dividend payout of between 800-1200 euros with certain investment vehicles, which equates to the current median monthly income in my country, plus/minus 200 euros accounting for market volatility and performance of investment vehicles.

This level of income would ensure I don't have to work should I choose so, and will live a relatively comfortable life with no real financial limitations within reason. However, I plan to continue to work, essentially simply doubling my income. This income would ideally further fuel my multi-year plan of accumulating a portfolio of dividend-paying stocks and other options alongside my crypto investments.

My end goal is to accumulate enough net worth in investments that I can enjoy a reasonably carefree life that allows me to travel as much of the world as I can manage within my lifetime, raising a family that is not limited in opportunities to grow and flourish due to lack of resources. Ideally, my abundance of free time would allow me to be around and actually let me grow my kids and give them the happy childhood I never had.

It's all just a big dream for a guy with few financial means compared to pretty much anywhere else in the first world, but I like to think in numbers and set myself goals as such.

Currently, I am ~2.5% to my goal.