65% of self-made millionaires have 3 streams of income

Good advice. Passive income streams are crucial.

Also, don't carry debt if at all possible.
 
Most don't have the time for multiple streams of income. How do millionaires do it? The money tends to work for them. And if you're the owner, you can set your own hours. This article taught me nothing.


Once you become a millionaire, you can branch out. But getting there is the hard part.

I laugh at these advice pieces. They are all the same.
 
i guess da generic answer is own something (a house, condo, etc.) rent it out.

make a business, or something that generates income (music, YouTube channel, merch store)

and have a main gig.
 
wallyhopp said:
Most don't have the time for multiple streams of income. How do millionaires do it? The money tends to work for them. And if you're the owner, you can set your own hours. This article taught me nothing.


Once you become a millionaire, you can branch out. But getting there is the hard part.

I laugh at these advice pieces. They are all the same.
Click to expand...
 
wallyhopp said:
Most don't have the time for multiple streams of income. How do millionaires do it? The money tends to work for them. And if you're the owner, you can set your own hours. This article taught me nothing.


Once you become a millionaire, you can branch out. But getting there is the hard part.

I laugh at these advice pieces. They are all the same.
Click to expand...
Most people would rather watch game of thrones or hang out at the bar with friends than work on another stream of income.

Also you don't need tons of cash to invest, I always hate when people talk about how if they had money they would invest in blah blah but they literally have never invested a dollar in anything ever.
 
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yomari said:
Most people would rather watch game of thrones or hang out at the bar with friends than work on another stream of income.
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Those are like 2 of my favorite activities. Some of the few fun things my old self still does.
 
Most people who have not earned their first million think of making money in a linear fashion, trading time for money.

But, real wealth is a byproduct of strategic thinking. Big money requires thinking about it in nonlinear terms. Generating money through ideas that solve problems is the path to endless millions because if there is no limit to ideas there is no limit to how much money you can earn.

The money-making process gets expedited by your enthusiasm. Financial success breeds positive, self-affirming self-talk that strengthens existing, empowering beliefs and creates new ones. We live in a society that rewards problem solving.

You have the right to be as rich as the problems that you solve and the value you create. While most people think of being rich as a privilege, once you earn your first million you will know that being rich is not a privilege - it is a right.
 
hennessy said:
Most people who have not earned their first million think of making money in a linear fashion, trading time for money.

But, real wealth is a byproduct of strategic thinking. Big money requires thinking about it in nonlinear terms. Generating money through ideas that solve problems is the path to endless millions because if there is no limit to ideas there is no limit to how much money you can earn.

The money-making process gets expedited by your enthusiasm. Financial success breeds positive, self-affirming self-talk that strengthens existing, empowering beliefs and creates new ones. We live in a society that rewards problem solving.

You have the right to be as rich as the problems that you solve and the value you create. While most people think of being rich as a privilege, once you earn your first million you will know that being rich is not a privilege - it is a right.
Click to expand...

Not true at all. It's great bulletin board material. Money is truly a by product of time and sacrifice. Anyone can become a millionaire with enough time, or if they are willing to sacrifice real life.

Obvious factors:
Sick family members
Paying rent versus living at home
Student loan debt versus college paid for
Kids versus not kids

The reason that most people become risk averse is because they have had life lessons that taught them how the world actually works. If you have a sick parent to take care of you either have to sacrifice them or you use that time to earn money. Similar with kids - they are a time drain.

It's why most people either earn a lot of money before they have kids or after they retire (earn in non traditional non linear ways).

If you have time treat it valuably and minimize expenses and maximize income. Not everyone is going to be filthy rich, but most everyone can eventually get to very comfortable.
 
As an economist I sometimes shake my head at these articles that push the narrative that everyone should value work and look down on leisure. Some more Gary Vee nonsense. Granted the article is not that bad and is focused in on a particular audience.

The major problem with America is not that people don't work hard enough. It is that they don't get compensated properly for the work they do.

And it is not that people don't hustle to get multiple income streams, it is that few and fewer people can't lead a decent life with just one stream.

Some of the biggest welfare queen in this country are millionaires and billionaires. Most of these extra income streams mainly from our tax code and other agents of the state rigging the game in their favor. Remember that.

Work hard to insure some base level economic security, yes. Get a second income streams if you can (the more passive the better), to provide more security and prosperity, sure. But value your leisure time, and let no one shame you for it.

But if being in the rat race gives you utility, then do your thing.
 
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My goal is now to have X amount of money in stocks creating a sustainable amount of income through dividends and growth that enables me to quit my day job whenever I want.

Doesn't mean that i will be a millionnaire or that passive stream of income will earn me 100k per year, but just enough to live and enjoy the simple things in life. Once I reach that goal, i will feel free.

I will then have the choice t0 work, take a contract, travel, raise my kids, etc. Choice is key for me.
 
True words above and above. Its why I'm trying to make a career change from an auditor to a developer. I want to enjoy my life. Working 10-12 hours a day for any amount of money doesn't interest me. And especially not for the peanuts I get paid (85k in SF).
 
jjs136 said:
My goal is now to have X amount of money in stocks creating a sustainable amount of income through dividends and growth that enables me to quit my day job whenever I want.

Doesn't mean that i will be a millionnaire or that passive stream of income will earn me 100k per year, but just enough to live and enjoy the simple things in life. Once I reach that goal, i will feel free.

I will then have the choice t0 work, take a contract, travel, raise my kids, etc. Choice is key for me.
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Curious to see how much you think you need in your portfolio to achieve this.
 
antidope said:
Curious to see how much you think you need in your portfolio to achieve this.
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i'm looking at a 4% withdrawal rate. Research shows it should not affect the capital in the long run and it's also inflation protected.
 
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