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Setting Yourself Up?

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John Doe
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Setting Yourself Up?

Postby John Doe » Wed Jun 13, 2018 11:25 pm

Here's the deal...as I get older, get a little bit more saved etc. I look forward to the day where I can just rely on investments & enjoy watersports most of the time. I kite, surf, sup, swim, run etc.

Many of the guys I've known over 25 years in watersports have set themselves up financially so that they can have the freedom to ride whenever they want. But, a lot of them have worked their whole lives at companies, or small businesses, or something so they are in that position later in life. My question is this....what have YOU done in order to set yourself up financially so that you can kite MORE??? AND, what should I do so that 10 years from now I will be in their position????? Should I buy a laundrymat or some other small business??? I've done well investing but I'm not sure I will have enough to do more than basic subsistence.

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JustAGirl
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Re: Setting Yourself Up??????

Postby JustAGirl » Wed Jun 13, 2018 11:33 pm

Piece of advice: money is NEVER enough, regardless of whether you have 11,000 or 11 million... so, just like time, if you want to do something badly you’ll make time & money for it, your way. There are no formulas. Everyone’s financial imprint is different, just like our finger prints. That’s why financial advice is absolutely useless! But others may disagree...

wind chaser
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Re: Setting Yourself Up??????

Postby wind chaser » Wed Jun 13, 2018 11:50 pm

Buy ETH and bitcoin. if that doesn’t work... 40s and scratchers.

knotwindy
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Re: Setting Yourself Up??????

Postby knotwindy » Thu Jun 14, 2018 12:08 am

There are two ways to do it. Make more or want less.
Sell all your crap and move someplace windy warm and cheap.
SOON.

Not much help I know but it does work.

John Doe
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Re: Setting Yourself Up??????

Postby John Doe » Thu Jun 14, 2018 12:19 am

knotwindy wrote:
Thu Jun 14, 2018 12:08 am
There are two ways to do it. Make more or want less.
Sell all your crap and move someplace windy warm and cheap.
SOON.

Not much help I know but it does work.
Love it. Along with the Bitcoin suggestion. Moving somewhere cheap is the long goal, Right now I'm not far from the SF Bay & I know if I cash out & move to Baja or somewhere I would cut my living expenses by more than half. The thing is, if I get a good investment going that pays U.S. rates-returns, then move somewhere cheap I will be set!!!! But what have others done????

Wind Chaser, HYT is pretty good. It pays about 7.5% annually with a monthly distribution. https://www.marketwatch.com/investing/stock/hyt

John Doe
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Posts: 130
Joined: Mon Feb 06, 2012 4:46 am
Kiting since: 1999
Gear: The cheap kind.

Re: Setting Yourself Up??????

Postby John Doe » Thu Jun 14, 2018 12:21 am

knotwindy wrote:
Thu Jun 14, 2018 12:08 am
There are two ways to do it. Make more or want less.
Sell all your crap and move someplace windy warm and cheap.
SOON.

Not much help I know but it does work.
Love it. Along with the Bitcoin suggestion. Moving somewhere cheap is the long goal, Right now I'm not far from the SF Bay & I know if I cash out & move to Baja or somewhere I would cut my living expenses by more than half. The thing is, if I get a good investment going that pays U.S. rates-returns, then move somewhere cheap I will be set!!!! But what have others done????

Wind Chaser, HYT is pretty good. It pays about 7.5% annually with a monthly distribution. https://www.marketwatch.com/investing/stock/hyt

Just A Girl, I'd be pretty set with 11 million. Hell, if I put 1 million in HYT I would get $75,000 annually. That would be more than enough :D

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FLandOBX
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Re: Setting Yourself Up??????

Postby FLandOBX » Thu Jun 14, 2018 1:00 am

(1) Live below your means.
(2) Start regular savings early in life ("pay yourself first").
(3) Regularly invest your savings in proven companies.

knotwindy
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Re: Setting Yourself Up??????

Postby knotwindy » Thu Jun 14, 2018 1:41 am

OK, maybe this. Find a town that is growing. Figure out which direction it is growing. Buy some land on the main road just outside the expensive zone and wait 5 years.

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ShaveTheWhales
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Re: Setting Yourself Up?

Postby ShaveTheWhales » Thu Jun 14, 2018 8:20 am

Stay single ;)

SaltWaterDog
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Re: Setting Yourself Up?

Postby SaltWaterDog » Thu Jun 14, 2018 8:52 am

Hard to answer without knowing approximately how old you are.

I’m in my mid-30s and self-employed. Hated the 9-17 rhythm and everything that came with it. So my best advice is to keep things on your terms as much as you possibly can. Ironically, I’ve never been more well off financially, than when I started to completely focus on my work (software dev) and not worry about savings, investment or the bank balance itself. I’m not rich but doing just fine.

There are pros and cons. I’m never really off work in the 9-17 sense but I have the freedom to take the morning off if the wind is good and make up the hours in the evening when my kid’s asleep. So my best advice is to sit down and see how many areas of your life can be put entirely on your terms and through that process you’ll find lots of free time provided you’re diciplined.

Don’t know if that’s relevant to you. Like I said, hard to know what to say without knowing your approximate age and profession. If passive investment with your money is something you can live off already, then you’re in great shape.


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