Alternate Income

[FRpilot]

Originally Posted by Drift_FX

Just keep mind studies show that regardless of income, the majority of people across all pay scales always want 10% more and then they claim they will be happy.... This is not the case, because money and happiness have no correlation and to say otherwise is just ludicrous and societies ignorance place upon you.....

A study came out not too long ago that stated in the US, an average income of $75,000 is the peak of happiness (earnings wise) and from that point the more money you make you usually get diminishing returns in happiness.

I think it depends on where you live, how you live, and what your expectations are. $75,000 is pretty good if you live in the midwest where a house cost $100,000 with low cost of living, but if you live in a high cost of living area like SF Bay Area, certain parts of southern California, NY, etc. where a small starter house cost $500,000 and a nice house cost $700-$1M+, you can probably scrape by on $75,000 if you're single (don't even think about raising a family on that income).

Originally Posted by silnv

I am kinda shocked at the amount of people with 6 figure incomes still messing with s chassis cars.

Why? Most of those people are most likely restoring s chasis cars and not buying junk and probably have a few other toys on the side.

[TougeLove]

my current job makes enough for me to be happy, but i keep things simple and live by the beach. it probably helps that im married to an amazing artist with an MBA. lol.

If your not making AT LEAST $20 an hour, go back to school, get a legit certification, etc.

You will have more money by earning it, or reducing your reoccurring expenditures. this is where americans are idiots. they live life by how much they can afford per month which automatically puts you in a paycheck to paycheck mode.


START at 0.
then add monthly payments.
then add typical monthly purchases.
see how much you have left over.
if you're in the negative, stop fucking around on the internet.

ultimately its your desire. I don't care to drive a ferrari and have a mansion, so i dont do whats necessary to acquire those items, BUT at the same time I take advantage of every opportunity.

also, DONT BE ANOTHER RANDOM DOUCHEBAG. Karma aside, being nice to those you meet regardless of the situation is probably the best way to meet new people and explore new options. My buddy is making 100k+ a year because he was nice to the son of an executive to a large company. He didnt know who the guy was, but his generosity helped him get his foot in the door. Nothing will ever come from being an ass. unless you want a career in WWE. lol

[silnv]

Originally Posted by FRpilot

Why? Most of those people are most likely restoring s chasis cars and not buying junk and probably have a few other toys on the side.

I agree with that statement. I guess I just feel that people would eventually move on to a more modern platform. I fit in this demographic. I question myself all the time why I still mess with S chassis cars, and yet I've put more into my 98 than anyone should ever put into an 240sx. I guess its where my roots were at and I enjoy working on them. Same probably goes for everyone else too.

Sorry for going off topic, carry on!

[heychris]

I agree w/ K style. 100k a year not hard to come by even without a 4 year degree provided you work hard.

To the OP..... Sounds to me that you could probably expand yourself within your own degree.. By that, I mean take a look at what you can do with the skill set you have ie: design a product/process every business needs, start your own firm etc. Might be tough going at first but easy living once rolling.

Ch

Sent using XT912 M

[SoCalDrifter]

Originally Posted by !Zar!

Sell crack .

sell your sperm easy 500$ a month

[simmode1]

Damn. This turned into a surprisingly good thread. I'm taking notes.

[SoCalDrifter]

or you can be like this guy and just ask for money hahahah

http://zilvia.net/f/chat/522745-my-b...ml#post5307157

[holemilk00]

Originally Posted by silnv

I agree with that statement. I guess I just feel that people would eventually move on to a more modern platform. I fit in this demographic. I question myself all the time why I still mess with S chassis cars, and yet I've put more into my 98 than anyone should ever put into an 240sx. I guess its where my roots were at and I enjoy working on them. Same probably goes for everyone else too.

Sorry for going off topic, carry on!

I can't tell you the number of times in the last five or six years I've thought about selling all my s-chassis' and getting a big boy toy, and the recent deterioration of the scene cause by grass roots drifting and the "drift missile" has pushed me closer and closer. I recently bought a forester and I now have a savings account started for a 355. That purchase will probably be the turning point that will make me sell my collection of nissans.

[turbo2nr]

^ 335i is a nice car, you will miss your s14 tho, i went back after 1yr. the car isnt enough of a toy, its too tame, not raw and has little personality..

I thought i would never want to sell my s14, but lately as i am getting older and making more money i really would like a r35. But right now until my income is comfortable to my standards i will not invest into my bad habit of "toys".

[silnv]

Originally Posted by turbo2nr

^ 335i is a nice car, you will miss your s14 tho, i went back after 1yr. the car isnt enough of a toy, its too tame, not raw and has little personality..

I thought i would never want to sell my s14, but lately as i am getting older and making more money i really would like a r35. But right now until my income is comfortable to my standards i will not invest into my bad habit of "toys".

355 as in Ferrari.

[FRpilot]

Originally Posted by turbo2nr

Don't get me wrong i can live comfortable, i can pay my expenses, have my hobbies, and have a saving working my 9-5. But that is not enough for me. I dont mind continuing my education but i would like to have direction instead of wasting my efforts to obtain a masters in a field which i still wont get a great paying job.

BUT the thing i consider the most. Realistically any 40hr/week job you land chances are you will not make over 100k/yr. Unless you have been with the company for 10+yrs. Even then maybe you will get up to 150k.. But depending how you want to live life and want to provide for your family and what not. That may not be enough.

I understand where the OP is coming from. He seems to do just fine right now, but he is wanting more and looking into his future it just doesn’t seem to be there if he continues the path of what he is currently doing. Plus, living in NY, probably the most expensive area to live in the US, is not helping. I think his expectation is to make $250K-$300k+ because the "regular" route of going to school and then working for some big corporation for the rest of your life will net you a max income of $150k-$200k as a worker grunt (unless you become CEO or something, which is rare) and that is not enough for him.

I also think he wants to make a lot of money without working too much or giving up too much of his free time. It's easy to make more money by getting a second job or one good job(Lawyers easily make $150-200k+ but spend like 80 hours a week working.), but OP doesn't want that.

It seems like he wants his money to work for him eventually and It would be nice to have 5-10 rental properties and/or a stock portfolio worth like $5M to live off the rental/interest income, but it takes a long time to save that. Considering people save like 5+ years to come up with a 20% down payment to buy just 1 house (Unless you get it from mommy and daddy), It will take a lifetime of working to save up millions to have enough money for it to generate income for you to live better than comfortably. Most people I’ve seen with rental properties or portfolios worth millions are nearing retirement or already there. Face it, this scenario isn’t happening unless you inherit it or spend a lifetime earning it OR you can start now so you can be one of those well off retirees.

The only thing I can think of is starting your own business. Like others have said, you are only making someone else richer by working for someone. Starting your own business is not without risks though and you will most likely be losing money for a few years and people with business work their asses off to get it started (think 12-15 hour days for a few years) before it becomes successful.

You can always lower your expectations, live within your means, and be content making $150k+ a year. A lot of people don’t have Audi R8 and a $2M house and are able to live happily. Maybe get out of NY and its high cost of living and go to Texas like someone mentioned since I hear that’s a great place for young people to start off since cost of living are pretty low and incomes can be what you would be making in large cities like SF, LA, NY, etc.

[turbo2nr]

LOL quick reading on my phone has failed me again -__-

[turbo2nr]

Originally Posted by FRpilot

I understand where the OP is coming from. He seems to do just fine right now, but he is wanting more and looking into his future it just doesn’t seem to be there if he continues the path of what he is currently doing. Plus, living in NY, probably the most expensive area to live in the US, is not helping. I think his expectation is to make $250K-$300k+ because the "regular" route of going to school and then working for some big corporation for the rest of your life will net you a max income of $150k-$200k as a worker grunt (unless you become CEO or something, which is rare) and that is not enough for him.

I also think he wants to make a lot of money without working too much or giving up too much of his free time. It's easy to make more money by getting a second job or one good job(Lawyers easily make $150-200k+ but spend like 80 hours a week working.), but OP doesn't want that.

It seems like he wants his money to work for him eventually and It would be nice to have 5-10 rental properties and/or a stock portfolio worth like $5M to live off the rental/interest income, but it takes a long time to save that. Considering people save like 5+ years to come up with a 20% down payment to buy just 1 house (Unless you get it from mommy and daddy), It will take a lifetime of working to save up millions to have enough money for it to generate income for you to live better than comfortably. Most people I’ve seen with rental properties or portfolios worth millions are nearing retirement or already there. Face it, this scenario isn’t happening unless you inherit it or spend a lifetime earning it OR you can start now so you can be one of those well off retirees.

Pretty much nailed it, Dont get me wrong i dont mind working or giving up my free time, I rather put it my work so later i can enjoy. If that means "working" but more like investing into my own endorsers for 18hrs a day i dont mind at all.

[FRpilot]

Originally Posted by TougeLove

this is where americans are idiots. they live life by how much they can afford per month which automatically puts you in a paycheck to paycheck mode.

Not surprisingly, most millionaires are millionaires because they are frugal and buy only what they need instead of spending all their money and buying everything they want. I wish I could do this.

Originally Posted by turbo2nr

I thought i would never want to sell my s14, but lately as i am getting older and making more money i really would like a r35. But right now until my income is comfortable to my standards i will not invest into my bad habit of "toys".

This is WHY the OP needs more money, but at least he’s trying to control himself.

[FRpilot]

Originally Posted by turbo2nr

Pretty much nailed it, Dont get me wrong i dont mind working or giving up my free time, I rather put it my work so later i can enjoy. If that means "working" but more like investing into my own endorsers for 18hrs a day i dont mind at all.

Trust me, I know where you’re coming from. I live in a pretty high cost of living area too, want all these nice toys, and at the point where I’m wondering if I should put myself in debt and spend $50,000 on this master’s degree or if there is a better way?

It’s kind of a waste of money actually, but I will probably end up going that route regardless, since it is a personal goal (I can say I have a masters haha) and also so my parents can’t use it against me, but I don’t see myself using it for the rest of my career. I'll probably expand into something else and get out of this industry altogether.

Why don’t you open up a business in something since you don’t mind putting in work. Maybe pick up a 2nd or 3rd job in the meantime, save money, and start something up.

[Sir]

Originally Posted by TougeLove

START at 0.
then add monthly payments.
then add typical monthly purchases.
see how much you have left over.
if you're in the negative, stop fucking around on the internet.

Only thing I would do differently is a to save 20% before paying bills. Shit adds up quick.


Rental property is fast way to build up equity and income starts flowing pretty quickly, assuming there isn't a need for major repairs.


Anyway, carry on, I love where this is going

Sent from my Nexus 7

[SLiDe_WaYz]

Most of you guys live in CA, NY, etc. Expensive cities and places to live so 70K a year is probably considered almost poverty there.

I'm from Texas, if you don't mind hard work, and aren't a idiot and have common sense you can make 100K plus in 4-5 years in the Oilfield.

I work overseas for a major oil company, I have a company truck, gas card, company credit card, the only thing I pay for is clothes for myself they pay everything else.

I also work 28/28, so I basically work 6 months out of the year and make the same if not more than someone that spent 15 years in school. I'm just saying you could look into something like that.

For instance a oilfield consultant make anywhere from 2,000–6500 a day... A day. The pay scales are ridiculous on alot of jobs in this field.

Also my company let's me buy stocks, I put in 200 a check for a quarter and whatever the stocks are I can buy for half of what there selling for on the market. Last quarter it was $21 a share. I bought them for 10.50 a share, now this quarter there at $36 a share I sold all my shares and basically quadrupled my investment. Things like that are just amazing perks.

Look into it man really it pays off.

[KA24DESOneThree]

Don't get a second job; screw that noise. Get rid of your shit job and find something you actually wake up happy to go to.

I work with vintage cars five days a week. It would probably be a lot of people's dream job, but the pay sucks and it's run like a toy shop rather than a business. I have no benefits and my boss and the other managers screw something up at least once a day and I have to clean it up. I wake up dragging my feet and come home tired and all I want to so is see the bottom of a bottle then fall asleep. We could be so profitable, we could be the best in the business, but we're always shooting ourselves in the foot.

That is not what life is about. Try out different jobs. Learn what you're truly good at and what you love doing and do it. Figure it out before you settle down and have too much overhead to have that flexibility.

[Heytheremr2]

Originally Posted by KA24DESOneThree

Don't get a second job; screw that noise. Get rid of your shit job and find something you actually wake up happy to go to.

I work with vintage cars five days a week. It would probably be a lot of people's dream job, but the pay sucks and it's run like a toy shop rather than a business. I have no benefits and my boss and the other managers screw something up at least once a day and I have to clean it up. I wake up dragging my feet and come home tired and all I want to so is see the bottom of a bottle then fall asleep. We could be so profitable, we could be the best in the business, but we're always shooting ourselves in the foot.

That is not what life is about. Try out different jobs. Learn what you're truly good at and what you love doing and do it. Figure it out before you settle down and have too much overhead to have that flexibility.

Its like...you walked into my soul and spoke for it...

[Silverbullet]

Originally Posted by turbo2nr

So lets face it, working a standard 9-5 job wont make you happy, you will just be able to pay bills and get by..

As i am getting older i realize that to be "successful" in America one needs "alternate income".. NO another job will not cut it.. it not an effective use of ones time to work another 6hrs a day and make a lesser pay rate then your main job.

tired of living a mediocre life..

Theres a problem with post #1. There is an assumption making a X amount of income will make anyone successful, and by being successful one becomes happy. With that mind-set, you're always going to be chasing after money and being unhappy regardless if its the avg joe making 80k a year or a manager at 250k a year. There is always a higher level you can obtain.


On the topic of making money, no working 9-5 isn't going to make you rich for the most part. There are very few jobs out there that are considered high income that dosn't require long hours.
Realestate and stocks are great but they don't yield any big gains in the short term for the most part. I've been land lording for a few years and on paper it has bumped my annual income by some figures, however I don't really see any significant changes to my day to day savings or spenditure.

Starting your own business is the way to go.

If its happyness you're truely after, quit your job and find something that you love to do and have a passion for. They money will come.


I recommend reading 4 Hour Work Week by Tim Farris, and other books recommended by Amazon similar to it.

[Silverbullet]

Everything comes down to working smarter, not harder. This is the premis of the book i mentioned in my previous post.

Originally Posted by Sir

As far as 9-5, I don't know how you guys do it. I work 2hrs a day and spend all day with my daughter. No way any is give that up.

Sent from my Nexus 7

I'm still personally managing my property, however in the near future when I plan on having a second one and not living in the same area, I plan to have a property manager run my properties. They take a percentage out (expect 15%). 80% of your problems are attributed to bad tenants. Ensuring the property manager screens the tenants propertly will mitigate 80% of your problems. After that, its just a matter of collecting money, and setting a side a buffer zone for repairs that will need to be made.

Originally Posted by silnv

I am kinda shocked at the amount of people with 6 figure incomes still messing with s chassis cars.

Cars are expensive. I'm not quite at 6 figure yet, but I have a hard time finiding the money to finish my 240sx. Some people spend all of their money into their cars, some have other obligations going on.

Originally Posted by FRpilot

Trust me, I know where you’re coming from. I live in a pretty high cost of living area too, want all these nice toys, and at the point where I’m wondering if I should put myself in debt and spend $50,000 on this master’s degree or if there is a better way?

50k is steep. Don't do it unless your company is paying for it.

[STL240SXDRIFT]

A few years ago I was in the same boat as the OP. I had a really successful friend recommend the following literature. It helped me tremendously. If you take it seriously, (like I did) it will can do major things for you.

Might not be the case for everyone...but it did for me

Give a try, what do you have to lose?

[Silverbullet]

those are great recommendations along with 4 Hour Work Week.

The more we exercise our entreprenual side, the more capable we become on taking any challenges. I love these types of self-help and motivational books.

[SimpleS14]

A lot has been said that are good points and I'm making some notes for myself. For the OP.....do you like your profession? I only ask because you're 9-5 should be something you enjoy doing (ideally). Might want to consider revisiting your profession and look into getting certs or another degree that can boost your marketability. Obviously networking is key as well. I'm going to go that route and be a SME in my profession where I eventually get more flexibility and compensation.

Alternatively I would consider long term investments such as real estate and the stock market. While they are both risky, I'd only look at these as backups or reserves for when I'm too old, injured or weak.

[STL240SXDRIFT]

Originally Posted by Silverbullet

those are great recommendations along with 4 Hour Work Week.

The more we exercise our entreprenual side, the more capable we become on taking any challenges. I love these types of self-help and motivational books.

^^ I completely agree.

Zilvia...it’s up to us to continually educate ourselves, even after high school, college, grad school...etc. These types of behaviors increase income and job/ownership satisfaction. You HAVE to be driven.

I wish more colleges would teach more entrepreneur classes and drive students to become business owners. Rather than teaching us to "just get a job with a good company...". It just not the same as it was back when that saying was relevant. I've seen top tier companies lay off colleagues that had 25+ years with the company, just because of costs. Gotta think bigger these days guys.

Keep learning, growing, setting higher goals, master your passions, and never settle of mediocre.

Loved 4 Hour Work Week, great book. I just started Atlas Shrugged, I hear it’s pretty good too. It’s not necessarily “self help”, but has lots of good underlying messages/themes.

[turbo2nr]

Wow im surprised this is still being discussed. I has been an informative thread.

as for my self a few points i would like to address in regards to me:

Degree- i have my bachelors to me that is a decent amount of education, would i peruse my masters,, YES, would i pay for it, NO i would let the company i work for fund my continuous education. Being in the working field full time for about 4years i come to realize its more about who you know then what you know to a certain extent.

Current job- no its not what i am happy doing, does it pay my bills yes, does it let me keep my hobbies, yes. Does it allow me to save money , yes. But i can do better and i know im capable of it. I honestly have a goal not to work for anyone by the age of 40. I want to be able to live comfortably off my investments and any kind of business ventures i set up for my self.

Money - I dont want to be a millionaire, would it be nice? Yes. but im not money hungry, but i do want to be able to do what i want , when i want, and not have to look back. The things i want to do/experience isnt cheap anymore. I dont want to hold my self back from missing out on any experience , life is short.

i have read rich dad poor dad, along with other success books, it helps to motivate me, it has gotton me to realize that i need alternate sources of income.

BUT my main road block as of right know is "HOW". I am motivated, i will work, i will give up time, i will put in effort, but i need a good direction to invest myself into. that was the purpose of this thread, not to get rich quick , just to generate conversation and share idea, or even things that worked for other people.. i see it more as a "networking" thread then anything else.

Thanks for all the comments good and bad everything counts.

[h2v7]

my work schedule is monday thru thursday from 12-4.

residual income and all


just invent things or make apps or whatever new age stuff

[SochBAT]

If you change your mindset, you wouldn't need alternate income.

Also, moving to TX isn't that bad. Cost of living is stupid low and it's become one of the nation's most bustling states with TONS of improvements/expansion in Austin, Dallas, Houston and San Antonio.

AND we've got a highway that hits 85mph!

AND our cops aren't dicks!

[AFSil80]

I live within my means, I pay in cash instead of financing as much as possible, and I have money put away for my future, and I invest. I'm working full time while tackling college, and I have money to go have fun with. I try to stick to the Dave Ramsey plan as much as possible.

Originally Posted by holemilk00

I can't tell you the number of times in the last five or six years I've thought about selling all my s-chassis' and getting a big boy toy, and the recent deterioration of the scene cause by grass roots drifting and the "drift missile" has pushed me closer and closer. I recently bought a forester and I now have a savings account started for a 355. That purchase will probably be the turning point that will make me sell my collection of nissans.

This is where I went. I bought a WRX, got rid of it for an F-150 and realized that the import scene I came up in is long gone...I want nothing to do with most 240 owners these days. Bought a muscle car to keep me entertained in the meantime, and my 240 should be gone this week.

I'm taking a break from building cars while I focus on school and my reputation in my new company, but once I'm done with school, I'm either gonna build an older 911 for street terrorism, or build something entry level for SCCA/NASA club racing. Or get out of the aerospace industry altogether and pursue other interests.

Another good thing to have is a woman with a stable income.

[Silverbullet]

Originally Posted by turbo2nr

BUT my main road block as of right know is "HOW". I am motivated, i will work, i will give up time, i will put in effort, but i need a good direction to invest myself into. that was the purpose of this thread, not to get rich quick , just to generate conversation and share idea, or even things that worked for other people.. i see it more as a "networking" thread then anything else.

Thats everyone's obstacle. Many people find their calling by simply quiting their job and spending a bit of time traveling to other countries.

I plan on doing a Europe and Asia tour next spring when I feel comfortable quiting my career to start a new chapter in my life.

Originally Posted by turbo2nr

Being in the working field full time for about 4years i come to realize its more about who you know then what you know to a certain extent.

I'm in the same shoes. I urge you to read some of the recommended books in this thread. The more you read these entreprunal books, the more you realize EVERYTHING comes down to who you know and networking. And its not just going to a networking event or adding a friend on Linkedin. Its actual genuine networking, not just befriending someone with the intent to use someone.

I also recommend Never Eat Alone by Keith Farazi. It is about the importance of networking and his story of breaking the corperate culture in DC, and break into the entertainment industry in LA.