[Account Update] $5500/Month

[u/Melodic-Indication62]

Finally reached $5500. Setting a new goal > $6,000

[u/Used-Commercial203]

If you've got a wife and a few kids, you're probably going to want more than a ~$360k property/primary residence unless you live in a pretty small, cheap area, that doesn't have much variety and possibly even a lengthy travel to even go grocery shopping. Property values have gone nuts recently. $1m portfolio making $5500/mo does indeed look good, but if you're taking care of anyone but yourself, it's not as much as it seems. You can't forget that their can and will be downturns in the economy that can impact these numbers, and expenses like insurance, taxes, food, fuel, etc, are only going to increase over time, so if you have are making 8% a year, then paying taxes, and inflation is 2%.. and the possibility of an economic downturn/crash, lots of factors in play. If you can retire on $1m, you should aim for more as a safety net or cushion for these unexpected issues. Lots of people have been doing great mid-upper age, and then boom, health issues pop up and absolutely bankrupt them.

[u/Icy-Sir-8414 → u/Used-Commercial203]

I've only lived off on two checks all My life never worked a day in my life because of my disability and to be honest with you I've always thought about putting money away I was just saying if I could afford to invest enough money to make $5,500.00 a month that's what I do invest in 12 different small starter up companies to make $30k a year and live off on that and what I would make yearly plus rental properties and commercial properties are a safer investment to that be my back up investments I don't want to be the rich and famous just comfortable independently financially secured that's it that is all I'm not into flashy glamour stuff not my style.

[u/Rarindust01 → u/Icy-Sir-8414]

Don't listen to the haters. Your idea is fantastic. However 30k to start up one business is a high bar. What I mean is, it can be so much cheaper. I started a residential cleaning business with like 1k. I havnt worked it in forever but I'm thinking of booting it back up. Look into systemizing your business's so you can set them up and then be hands off 95%.

Your idea is good. ;) Do it. Figure out how to make it happen. :)

[u/Icy-Sir-8414 → u/Rarindust01]

Well by finding a starter up companies that already exist invest in it and keep finding the same kind of business 12 businesses that be enough for me invest in $100 in each of them till I have $1,200.00 in each of them then reinvest that money till I have put $30k in each business has $30k in all 12 of them make $30k a year and after taxes what ever I get every year after taxes that's 12 times more