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Old 11-29-2019, 03:33 PM
 
Location: Texas
11,714 posts, read 4,467,608 times
Reputation: 22779

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Quote:
Originally Posted by JustMike77 View Post
With respect, I disagree. I've been self-employed since I was 28, almost 40 years now. It all depends on what you want out of life. With some notable exceptions like bank presidents, etc, the ordinary worker will never get rich working for someone else. When you have your own business, the sky's the limit. .
I don't agree at all. Lots of people have gotten rich from working for someone else, with their company sponsored 401K plan, company stocks, saving and investing their money. I know of many retired with nice lifestyles from their jobs at EDS, Texas instruments, various Fortune 500 companies, and sometimes even smaller businesses. No, they weren't CEOs, they were just ordinary people working in a cubicle.

In my experience the people who diss ordinary jobs and say that "self employment is the only way to get rich" are pushing a Multi-Level Marketing business.
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Old 11-29-2019, 04:08 PM
 
Location: Boston
9,385 posts, read 2,748,712 times
Reputation: 6670
Quote:
Originally Posted by hotzcatz View Post
If you've got $25K in savings, find some way to make that work. Does someone need a loan to buy a house? Loan out the money and collect interest. For a house loan, that could garner around 6% and set up the paperwork so there's a lien on the house so if they don't pay, you get the house.



Better yet, put that down on a house and then rent it out. Be sure to do the numbers first and make sure you can rent it for more than the mortgage amount. Or buy a fixer upper house and fix and up then either rent or sell it.


Hmm, maybe buy a coin operated candy machine and ask your boss if you can put it at work? Or a soda/water machine.


Since you're driving a truck, can you move things along your route in addition to what you're trucking company carries? Maybe put the coin operated candy machines along the route you drive?
I would recommend and rank this just below buying powerball tickets.
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Old 11-29-2019, 09:50 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
30,954 posts, read 56,414,013 times
Reputation: 33028
Quote:
Originally Posted by PriscillaVanilla View Post
I don't agree at all. Lots of people have gotten rich from working for someone else, with their company sponsored 401K plan, company stocks, saving and investing their money. I know of many retired with nice lifestyles from their jobs at EDS, Texas instruments, various Fortune 500 companies, and sometimes even smaller businesses. No, they weren't CEOs, they were just ordinary people working in a cubicle.

In my experience the people who diss ordinary jobs and say that "self employment is the only way to get rich" are pushing a Multi-Level Marketing business.
I agree. Although I had a successful business for 16 years and raised 3 kids comfortably, when the recession hit in 2008 I lost it, blew most of our savings and maxed out credit cards to get by. In early 2009 I got a job with great benefits, including pension, 401k, 403, and great medical. After two promotions in the first two years I was well beyond the paycheck to paycheck cycle. We have much more extra money for savings and extras than when I had the business. Of course it helps that the kids are off on their own now, but a small business takes a lot of work, and one has to pay for their own benefits, if any, and is subject to the ups and downs of the market they are serving.
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Old 11-30-2019, 09:20 AM
 
2,624 posts, read 2,189,075 times
Reputation: 6452
Quote:
Originally Posted by PriscillaVanilla View Post
I don't agree at all. Lots of people have gotten rich from working for someone else, with their company sponsored 401K plan, company stocks, saving and investing their money. I know of many retired with nice lifestyles from their jobs at EDS, Texas instruments, various Fortune 500 companies, and sometimes even smaller businesses. No, they weren't CEOs, they were just ordinary people working in a cubicle.

In my experience the people who diss ordinary jobs and say that "self employment is the only way to get rich" are pushing a Multi-Level Marketing business.
Awesome posts and so true.
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Old 11-30-2019, 09:34 AM
 
5,970 posts, read 2,626,191 times
Reputation: 16645
Quote:
Originally Posted by hotzcatz View Post
If you've got $25K in savings, find some way to make that work. Does someone need a loan to buy a house? Loan out the money and collect interest. For a house loan, that could garner around 6% and set up the paperwork so there's a lien on the house so if they don't pay, you get the house.



Better yet, put that down on a house and then rent it out. Be sure to do the numbers first and make sure you can rent it for more than the mortgage amount. Or buy a fixer upper house and fix and up then either rent or sell it.


Hmm, maybe buy a coin operated candy machine and ask your boss if you can put it at work? Or a soda/water machine.


Since you're driving a truck, can you move things along your route in addition to what you're trucking company carries? Maybe put the coin operated candy machines along the route you drive?
You're joking right?

Quote:
Originally Posted by skeddy View Post
I would recommend and rank this just below buying powerball tickets.
This.

Insanity.
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Old 11-30-2019, 05:30 PM
 
Location: Las Vegas (Winchester)
446 posts, read 329,619 times
Reputation: 479
Quote:
Originally Posted by supertrucker212 View Post
I'm a 40 year old single parent, with only a high school diploma and my occupation is a truck driver for a local construction company. I'm just burned out from going to a job and working for someone else everyday. I want my money to make money so I can work when I want. Travel when I want, around my son's school schedule of course lol. I have been driving truck for 15 years it's the only skill I really have. I've been reading a lot that freelancing your skills is becoming the new thing to do, but it's a hard to freelance being a truck driver. I just want to change course and earn more $$$ and have more freedom but in my situation is it even possible. I have a 401 with around 25k if it matters. Thanks in advance
IMHO you really cannot take much risk because you have a child to support. Therefore, perhaps you can try to get into a job where you can chart a path to enter management. It will likely end up with less freedom, but a lot more pay.

A friend of mine worked his way up from landscaper (50+ hours/week digging, chopping, mowing) to a regional sales director at one of the largest landscape companies in the country, where his annual salary was $180K + 20K bonus + car w/gas allowance.

Another friend, with only a HS degree, charted a path from buying and renting a condo on a loan from a relative to building and flipping homes to building apartments. He became a multimillionaire builder.

Unfortunately, both of these examples took time... at least 20 years.

You can always go back to school. I recently read an article where a guy was working as an independent auto mechanic, had only a HS degree, and went back to school around age 40. It took 8 years, but he's now a doctor working in a hospital.

Last edited by mitchmiller9; 11-30-2019 at 05:44 PM..
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Old 12-01-2019, 06:36 AM
 
Location: Guadalajara, MX
6,539 posts, read 3,177,724 times
Reputation: 12541
Quote:
Originally Posted by PriscillaVanilla View Post
I don't agree at all. Lots of people have gotten rich from working for someone else, with their company sponsored 401K plan, company stocks, saving and investing their money.
Yep. You get a couple six figure earners who don't have a high expense cost of living and they can accumulate a lot of money over time. Early retirement forums are filled with engineers/lawyers/sales/doctors/etc. who punched the clock for 25 years and are now multi-millionaires.
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Old 12-01-2019, 09:33 AM
 
196 posts, read 157,566 times
Reputation: 180
I'm state Corrrectional Luetinant, I've been working for the state about 8 yrs now. My take home pay about 4300 a month and I'm a Army Reservist for 12 yrs. I haven't been able to reach my financial goals until I met my wife! She makes around 3200 a month plus our mother n law babysits our two small children. But simply having that team effort me and wife was able to buy 10 properties to rent off. I'm not saying you can't accomplish this on your own but everyone man I know is struggling because of a:

Divorce
Wife that doesn't want to work
Living in a big because it's cool

All these people talking about the F.I.R.E. movement had some kind of help or had no kids at all to get to their wonderful financial freedom. I got correctional officers in my unit making 5k a month by doing tons of OT buying houses at 23 yrs old. They keep that up They will be set for life and retire early.

Oh yeah I'm only 32
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Old 12-01-2019, 11:26 AM
 
12,534 posts, read 22,177,278 times
Reputation: 12562
Quote:
Originally Posted by Mr.910nc View Post
I'm state Corrrectional Luetinant, I've been working for the state about 8 yrs now. My take home pay about 4300 a month and I'm a Army Reservist for 12 yrs. I haven't been able to reach my financial goals until I met my wife! She makes around 3200 a month plus our mother n law babysits our two small children. But simply having that team effort me and wife was able to buy 10 properties to rent off. I'm not saying you can't accomplish this on your own but everyone man I know is struggling because of a:

Divorce
Wife that doesn't want to work
Living in a big because it's cool

All these people talking about the F.I.R.E. movement had some kind of help or had no kids at all to get to their wonderful financial freedom. I got correctional officers in my unit making 5k a month by doing tons of OT buying houses at 23 yrs old. They keep that up They will be set for life and retire early.

Oh yeah I'm only 32
Well you work a high paying government job in a most likely low COL area. So you had help too.
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Old 12-01-2019, 12:46 PM
 
7,566 posts, read 4,177,050 times
Reputation: 16264
Quote:
Originally Posted by Mr.910nc View Post
I'm state Corrrectional Luetinant, I've been working for the state about 8 yrs now. My take home pay about 4300 a month and I'm a Army Reservist for 12 yrs. I haven't been able to reach my financial goals until I met my wife! She makes around 3200 a month plus our mother n law babysits our two small children. But simply having that team effort me and wife was able to buy 10 properties to rent off. I'm not saying you can't accomplish this on your own but everyone man I know is struggling because of a:

Divorce
Wife that doesn't want to work
Living in a big because it's cool

All these people talking about the F.I.R.E. movement had some kind of help or had no kids at all to get to their wonderful financial freedom. I got correctional officers in my unit making 5k a month by doing tons of OT buying houses at 23 yrs old. They keep that up They will be set for life and retire early.

Oh yeah I'm only 32
Not bad for a guy who can't even spell his job title.
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