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Strategies for Retiring Young, Soon, and Wealthy
593 hits
| Jul 21, 2004 5:48 am |
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re: Concrete Plan to become a Millionaire |
David Natiuk
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Hi Martin,
Here's one plan of attack... although there could literally be hundreds.
1. Start some kind of business part-time while you hold down your current job to pay the bills. My choice for a great part-time is XanGo, but you could try internet marketing, network marketing, direct sales, etc.
*NOTE: The important thing is to have a business that can grow larger without requiring you to work too much harder. Don't do a business that pays you for each hour you work - it will only be a 2nd job.
2. The reason you work on this part-time is so that ALL the profits can be put into investments. I would recommend starting with purchasing your own home (if you rent currently). Then I would certainly continue to buy investment property, as well as invest in mortgage notes or tax liens, etc.
3. Rental property has passive income. MLM or other businesses also have passive income. To RETIRE in 10 years, you need to have more money coming in from your passive activities than your monthly expenses.
When our passive income exceeds expenses -- you can retire!! That shouldn't take 10 years. Business (with profits not wages), real estate, and other income-producing assets will get you there.
I know some who have "retired"* in a year or less with the passive income in MLM... but of course that will not be everyone's experience. :-)
Hope that gives you some ideas,
Sincerely,
David Natiuk
* I put retired in quotes because most people choose to keep working although they no longer have to worry about money. Retirement is defined differently by different people. My "retirement" will just mean that money is no longer a concern.
> Martin Huan wrote:
> Hello Young and Rich Retirers,
>
>I am 30 years old student. I just started graduate school in medicine. I was wondering whether anyone can give me suggestion and advice on creating a plan to become a millionaire in 10 years.
>
>Any Specific instructions will be greately appreciated.
Private Reply to David Natiuk (new win) |
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