I'd rather chop off a limb than read financial books right now. I wouldn't even know how to go about investing in any kind of stocks or bonds and don't really know what other possible avenues I have to choose from other than starting a business or buying property to rent to tenants. Currently, my money is rotting in a checking account, at the very least, I should put it in some kind of high interest account to defeat inflation. I've felt overwhelmed lately with personal projects and what to do with my life, and this keeps getting put on the back burner.
I remember Ty's post on Lending Club, how's that going? Peter Parker, you're with Prosper, right? I'd be happy with consistent 10% returns, is either of these two sites safe enough to dump a majority of my cash into?
Background info: I'm 30 years old, live in the Rialta, probably spend under $700/month on normal expenses (super frugal, not glamorous at all), 2-months unemployed by choice and living off what I have saved: a little over $32k, engineering drop-out, don't seem to have many high-paying skills, and don't know what I'll do in the future as far as making income. I'm not a dumbass, but I'm not a "runner" as Tynan might put it, and I don't know if I can change that... I don't want to work forever. I love my leisure time. I guess it's different if the projects you love are making money... maybe that's another discussion. Along with Tynan's goals, being able to bank a few million and comfortably support a family would be awesome, but I'm not that hopeful; fortunately, I don't seem to mind living very simply and without kids (for now at least...). My goal might be making $1-2k/month passively. Some of the entry-level oilfield jobs here pay well, $1900/week for driving a truck a limited amount of hours for example, so I might consider putting up with that for a year or two, but I still need to find out what to do with that money. Thanks everyone. Great job with SETT and your whole blog, forum, & book history, Tynan; we're lucky to have you.
I've delayed writing this article for a while now because I'm not an authority on the subject. I don't make millions of dollars, and neither does Todd (that I know of).
However, something I realized is that it doesn't TAKE millions of dollars to make enough money to leave. Panama could easily be lived in for $1000 a month, and that's a sum that ANYONE could make.
So, instead of focusing on making huge sums of money, I'll focus on the first step : how to get out of the rat race and become location-independent.
Edit: I gave up on financial goals in late 2011 after some huge financial and artistic wins... money shouldn't be taken too seriously. For the record, they were all basically on track, some were being massively exceeded, others were a bit behind schedule, but were all happening.
I set my next 10 years of financial goals on June 28th. That was exactly a month ago.
1 year - Critical Thinking [my first book] out. Blog income trickling. Some info products. Some freelancing. Something else, some X-Factor thing bringing in cash. Net monthly income positive. Health insurance. $50,000 in the bank. Expenses = income per month minimum.
3 years - 3 to 5 books out, many products out, blog income robust, some working on big exciting deals. $10,000 per month total, $5000 passive at least. First property owned. $300,000 in the bank.
5 years - 7-10 books out, many many products out, many passive income internet properties, working on big exciting things, $50,000 per month total, $40,000 passive at least. $1,000,000 in the bank.