Quit My Job But My Net Worth Kept Going Up
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- Опубликовано: 10 сен 2024
- Sometime ago, I quit my job. For most, this would mean digging into your emergency savings. For me, I have arranged my side-income and passive income in such as away that it completely pays for my expenses. Therefore, even with expenses, I have been able to easily meet my obligations and even add to my Net Worth! Not too bad for not working at a day job.
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T-rex looks like he's thinking: "Oh boy, here we go again"
They must be getting bored of my yammering on about net worth.
Every time I think of buying something expensive, I come to your channel and somehow your advice makes me be like nahhh...don’t need that after all. 😂
Lol... I think I am infecting myself. Now I am buying less from hearing myself! LOL!
Awesome! :)
I do the exact same thing! This is why I am watching this video. Just came from the luxury vlogs. Hoping to have some restraint 🙏🏻
Great strategy, keep it up!
thanks!
That’s right! Get that money! Quit your day job while you’re young!
Exactly. Except, this is hard to do.
I enjoyed this little update chat on your perspective of how things are going and we should enjoy what we're doing.
Was expecting to see some numbers
All that matters is it is increase still. Which is more than I could ever hope for.
I'm a 19 year old college student , and Ive been pondering on this question for a while. Its glad to see you bring it up.
And if you start working on it now, you will be so much more ahead of everyone else.
I don't want to get stuck on just talking about it. I'm going to do it. Are there any books you would recommend?
Congrats BeatTheBush!
Thanks!
This game is 10x harder if you have children.
Oh yes. That will drain your funds and make your cash flow all that much harder to increase.
Death and taxes are nothing compared to kids. Children can drain savings so fast. I've seen those RUclips videos where people break even after working 40+ hours a week, due to children.
Solution: Don't have kids
Ur couch doesn’t fart anymore haha great video and content my bro
It doesn't? It still does a little but then I added some silicon lubricant the sound making areas.
Your philosophy on this is really cool. Living a humble life and being clever about your finances to live a better life. Most people think of working until they're too old to work.
Much things are not valuable in terms of utility which is how people are wasting most of their money. Take that way and you have way too much to spend and can easily make enough in 10 years for a lifetime.
"gotta find yourself" Yep. "Gotta find something you enjoy". Yep
yup yup!
Honestly your a personal finance God.
Trying to make do with what I have I think. Maximizing happiness and also my time.
Sorry. I think he's more like Wizard Extraordinaire - tricks up his sleeve and an insightful crystal ball (future focused). You know, gods are a fickle lot. Hahaha.
Can I just say how I love watching your videos especially whenever I have an urge to buy expensive things that I actually don’t need? Thank you @beatthebush
You're welcome! Ha ha ha... remember I buy expensive things sometimes too, it just better have a good utility value rather than brand value.
I like that this guy gives back
In his lessons
Just sort of looking back to see what helped and what didn't.
Congratulation! Well done!
Thanks!
Hi, your channel is eye opening n informative. What do you think of other income streams like Click Bank affiliate?I have tried exploring that but most of the sellers seem to be selling 'scammy' products/e-books that leaves me feeling like there is nothing to promote as affiliate. What do you think since you are an Audible affiliate?
My thoughts exactly. And for that reason, I have had a hard time finding anything that I would like to promote. You can become an amazon affiliate and that is much less spammy.
Hi. I do not know if I really have passive income but I have several streams of income. I schedule mystery shopping, focus groups, do mystery shops, do product demos, do exit interviews, and have my own you tube channel. I make the most from scheduling mystery shops.
The truly passive one is dividend collection. RUclips is semi-passive as it requires a bit of upkeep. Mystery shopping, focus groups, exit interviews are all active income because you have to do incremental work to get incremental income.
Okay, thank you.
=D
I’m 20, going to university, have 3k in savings but have a lot of student debt. Is that too low of an amount to begin investing? I want to begin generating side passive income but I don’t have a lot of time on my hands due to uni Monday to Friday and then weekends, I am working all day in retail. Are you able to advise me on how to begin/what to do to help my situation? Much appreciated, great video, very inspiring! (This is the first time I’ve posted a comment in two years I think!)
I wouldn't invest, I would try to pay off your student loans first and get debt free
Yes. The 3k is good in cash for emergencies. Graduate first and THEN make some real money. Well, depending on your major.
Fortunately i live in a country where my student debt is actually *interest free*, and gets gradually and automatically paid off once i attain a full time job.
leah frie tell me where I'm moving to
Wow! how nice! I would just sip it to death. Just pay minimum all the way and let inflation do its job.
Before I started watching your channel, I was already aware of the value of multiple income streams ( I pay part of my mortgage with income from having a roommate), but you've really sold me on the value of other passive and secondary sources of income as well. Just have to find the one that fits my life.
Exactly. I think finding those sources or just actively working towards that goal is extremely important for your own security.
No kidding! Financial insecurity is one of the leading causes of misery in the world.
I am very happy for you :)
Thanks!
Doesn't seem like it's been a month already man. Congrats!
Thanks! A month flies by quick if you are working a job. For me like I said before, time travels 3x slower.
I bet.
Thank you.
=D
About passive income, what di you think about the high daily interest from lending USD and EUR on Bitfinex?
congratulation man.
Thanks!
I'm addicted to your videos. I texted your link to my 30 year old son who lives in a different city than me and he said "Oh I'm already following him Mom." Can you create a video about different ways to start earning passive income. Ugh I need to start some other sources of income quick because I'm much older than you. You are so wise and smart. Wish I knew what you teach years ago.
Ha ha! Interesting your son would know of my channel as I feel it's still a pretty small one. The challenge, make $1 of passive income... heck even $0.10 is good. The idea is to start and start thinking about how.
You da man BTB
=D
Question for you: how are dividends taxed? is the tax automatically deducted, or do you have to write a check to the govt? Sorry, I don't know much about this topic.
It depends on the source. It is taxed at tax time typically and not taken out when it is paid out. If you end up paying too much every year, you may be required to make estimated payments.
Your heair looks better now :) First couple of days after cutting it looked weird. Probably best cutting it Friday evening when you start working again ;)
It's because I uhhhh didn't forget to comb it... heh heh!
As a newbie, should i do amazon drop ship or blogging? Thoughts?
You try it and see how you like it. I think drop ship is a bit bland in that it's like a logistic job where you are just moving things around but not improving anyone's life. Blog however, you can make a difference possibly.
Beat the Bush finance and subjective question. I live with my parents to save money b/c of the high rents in CA but I am very lonely and bored frequently doing nothing during the weekend should I move out and lose money to rent or continue to save?
This nigga with almost 100k subs
Good on ya!
Thanks!
Those stuffed animals put me at ease just wants to make me watch more and more.
I'm glad! T-rex of course doesn't give too much care as he is too cool for everything.
lol!
The best wealth is good health. A serious medical issue can eat up your saving/net worth quickly.
Exactly. Even with insurance it can eat into it a lot.
I started my Schwab account with 6K about four months ago. Because the market is doing so well right now, that account is now worth 3.2% more. If things continue as they have, over the next nine months I will have gained 12.8% by doing nothing but letting it sit and be invested by computers.
That's great BTB! I only have passive income from CC points and online savings account. Im about to start investing to get more passive income like you.
CC points to me is too small.. you get $200 a year? Signup bonuses are a bit more lucrative. Think about something more lucrative such as writing your own ebook, websites, blog, RUclips, etc.
I have a question for you? I'm trying to pay off my mortgage and I'm debt-free. Is it wise to take a vacation or save it to pay off the home quicker? What's ur opinion
You have to live a little. So if you didn't take one for the past 12 months, you really should take your vacation.
BeatTheBush Thank you for the quick response. I like ur thinking! I'm glad ur available :D
My main source of passive income is mutual funds within my corporation. They are changing our corps in Canada where we can only put 50k into passive income a year. Now I have to decide if I want to keep the rest of my money in the corp at 9.5% tax or pull it at 46% tax and invest it into RRSPs and Tax free savings. Not sure what to do...
You can only put $50k additional a year or you can only have $50k of passive income?
You can add 50k a year.
make a video about all your passive income
All? Ha ha. Probably only will show you 'a few'.
your old co-workers are gonna dislike this vid
Lol... I haven't heard about it yet!
Watched the full video, and didn't get any example of passive income...
There were 3.
Would you please list all your income sources for inspiration? Also, I'd be interested which of them make how much. Not necessarily the dollar amounts, some vague terms would be okay like this brings in a lot, that brings in only a little but you still enjoy it. Maybe do a whole video about them? Or if you already did, I's appreciate a link to it. Thanks.
A ha haha... That is a bit secretive and I shall release this as necessary and when I am comfortable doing so. Releasing this poses some amount of danger to me I think. As my burn rate is very low, I have made it easy for me to achieve this.
Okay, I did not think it would be dangerous in any way. I asked so maybe you'd say something that I did not think of before. I don't have many income sources, I have a few more ideas but not many.
I’m curious about those additional income sources too, looking for inspiration. You are very secretive, seem kinda paranoid Mr BTB lol Why would it be dangerous? Are you doing illegal stuff?
People don't share these types of valuable information for free. It's probably like a trade secret? He said some side income streams may be jeopardized if everyone started doing them.
sogerc1 amazon, eBay, RUclips, Kindle book I bet, financial advice, real estate, fixing things like electronics and/or computers, cooking and or photography. I bet he does all these things....but not yard mowing. Hahaha, BTB amiright?? XD oh and I bet he's patented at least one thing
I think it's cool you've been able to quit your job. I would love the free time that would allow me, but I need to keep working so off to work I will continue to go.
Ahh, so the point here is to work on things on your free time to build on your passive income. It's hard at first but even one penny a month passively is a start.
I don't have any passive income. I'm not even sure what that is. And as a single mom of two special needs people, I have little to no free time.
Quit your job and your net worth keeps going up . . . Congradulations, this is a big deal!!!
Exactly why I made this video. It's one thing to estimate that could be but another to actually live in it.
My favorite type of passive income is a large inheritance. For some it's a sugar-daddy or suga-mama, but I'm too moody for that. Seriously though, I enjoy doing YT vids, but I haven't found my niche and I only upload randomly. I would love doing cooking: quick, cheap, healthy, delicious meals. For that, I need to update my filming equipment, which I intend to do late next year. Wish me luck.
Lol... large inheritance is a bit unpredictable for most. You just end up with it or not depending on your situation.
Could you please make a video elaborating more about passive income? What is it exactly and how to get there?
For that, I had a hard time finding the video I did because it wasn't exactly labeled passive income. Here it is: ruclips.net/video/QT5ddyaqDI4/видео.html It's more about how you use your time to generate those passive income streams.
Hi Beat the Bush, love your content. Ive been self employed for a year now and love it. It definitely has come with its own stresses though. I’ve been vaguely looking into dividend paying stocks. Do you have any advice when looking into them? Thanks, Dan :)
Self employment is a nice change for that you tell yourself what to do and work your own hours. Dividend paying stocks will pay more when it his highly risky. Sometimes it might be as high as 15%! So you have to evaluate it just like a stock and asses the risks.
Do some research on SCHD from Schwab. Reasonable dividend and diversified.
Thanks for the info and advice @BeattheBush and @JamesEdward 👍.
Hi BTB...im from malaysia but currently working in qatar as an aircraft mechanic...ur videos are so helpful and i am wondering can outsiders invest in the us market?i dont know how to go about...hope to hear from u soon...tc
Nice! That sounds pretty neat to work on the engine. In the US, people can invest in markets in other countries but there is currency exchange risks because you are investing in another currency.
Soon 100k
I hope so. =D
You deserved it! I love your videos!
Where are you from, if im allowed to ask? I think youre from britain, because of you akzent. Keep your nice vids up! :)
I invest in ETFs with a low expense ratio and in large Caps.
That's the general wisdom of investing indeed.
you never said what your passive income is other than dividends and youtube. and even then you said yourself you gotta keep uploading (creating, editing, uploading) youtube videos for ad rev. and also now youtube is slashing away ad rev.
thoughts?
Yeah.. I'll have to take it one day at a time I think. Not sure where this will go.
I have seen many of your videos and I have always considered you wise and very successful. I am just curious how old are you? @BeatTheBush.
Ahhh... that is something I haven't released. I'm not sure why but then I suppose I will be comfortable enough one day to give that away.
I thought you said you were switching jobs. Oh well this video is dope.. Bring back on your highest Patron donation option, of you counseling one hour a month and I'll be in.
Oh.. yeah. I got rid of that. Having to keep any sort of appointments is a bit nerve racking for me.
BeatTheBush YES it's called enslavement. And you have broken free my friend. I'm a single father of a 2 1/2 year old boy. I seen your channel come a long way. And you'd proven me wrong about your hair style I saw today..that was all you. openyourmind2020@gmail.com. I've had millionaire friends but no one special like you. What if you did a meet along like chrisfix for fans. That would boost you up I swear.
My favorite form of passive income...running Forex bots in the cloud 24/5. Took some time to find and backtest a bot I could trust but so far so good :)
Can you do a video on how to write your own Ebook and publish it etc...?
How? I have not done it myself but once you do it, you can self publish on Amazon.
I went in with about $5,000 on two ETFs that pay monthly dividends. For several months, each of them were paying me $12 or $13 every month. So I worked quite a bit for the initial $5,000 but now I get $20+ every month without having to do anything. Finally decided to reinvest the dividends. Passive income YAY!
That $20 is very valuable. Good one! =D
When is your
1) next Boxster video
2) next video out with your lady friends?
I betcha you have subscribers of all sorts, mainly finance, but your engineering mind allows you to make some awesome Boxster videos (the original reason I subscribed.) Just like your income, your subscribership also has many forms. Keep at it, mate!
I'm not sure. I make Boxster videos only when something breaks and it's been pretty good so far. So I'm happy nothing has happened yet. Ha ha, I don't always make videos with friends as that sort of stresses me out to need to make something. I'll keep those in mind and integrate those more though. =D
When are you going to reveal what you are doing now? I'm super curious!
Soon.... soon.
Okay! I'm waiting!
Its as Jim Rohn said financial "financial independence the ability to live from the income of your personal resources" currently me and my wife receive 1759 annually in income once you receive more than you need to live your time is yours again you can do what you wish but you must stay focused
1759? That sounds a bit low per year. $17k? There is the difference between earning just enough to make it vs. making a lot more so you can save at a fast rate. Having enough to cancel out expense is certainly a milestone but not the final destination.
It is a bit low but it started at 0 current savings on top of that is 8320 annually I know Im not a super saver like you but I will get there your videos are very inspiring :)
$8320 is pretty low to live on per year. Are you serious?
No that's total saved in the stockmarket annually I could live on 8320 annually if I lived in a rv but my wife said she'd leave me we both still work at the bank hope that clarifies things
where do u live? USA?
California, USA.
Why are you not starting to work again? Isnt that losing money?
He can focus on something that he enjoys, job and money not the only things that matter in life.
Do you invest in Real Estate only?
I kind of dislike being a landlord, maybe later.
I used to check my net worth and retirement progress monthly as well but it was almost like weighing yourself daily when you're on a diet with market fluctuations. It's not so bad right now with the Trump stock market where every month has been a positive month so far. Currently I do a financial status report every January 1st and it works well.
Ahhh... yearly? Hmmm if you want to step back that far. I think one month is a good mark as I enjoy looking at it.
What's the best and easiest passive income?
High yield savings. Easy but low rates.
Very low rates. I get more interest from my high interest savings account (2.3%). But I suppose I'll have to have large income to actually supplement anything.
I love passive income, it’s the best. Looking to build it up to $4,000AUD per month, and then take a break from my everyday job
That will be the ultimate goal. =D
Not much passive for me. One day id like real estate or to own a business. Looking at one to two years of college left. Student debt will be first then investing. Right now work and sell stuff on ebay for income.
Start small and work on getting even $1/month passively. Then grow it. That $1 is harder than you think.
BeatTheBush its just a matter of time. I am just working on what i can. Reducing student loans and building side income on ebay. Plus building financial knowledge. Once im paid up i can grow a normal emergency fund and investments.
Peep the new crispy shirt
Crispy? That's a neat way to put it. =D
Just started with Coinbase, thanks for all of your advice! Referral code used!
Thanks! It seems so dangerous to go in right now though with it being as high as it is. Its best to average in, in case it drops 50% in the come year.
Only put the $100 necessary to get things started I'm working on purchasing BRK.B as a long term investment. Just wanted to have a bitcoin wallet with something in it to begin my next endeavor afterwards!
Do you think now is also a bad time to start with Etherium? Im waiting to sign up to be a Neuro node, as well as to start Mining Etherium. I ordered my mining machines but haven't gotten them yet.
Ahhh.. that sounds good then. I do that as well. You just start something as a place holder. I like it.
I think anytime is a good time to start. Just don't invest all at once. Average in over several months. Wow.. .you really went out to start do mining? Sounds like you are getting pretty busy!
Awesome! Thanks for the advice! Keep making videos I love them and wait each day for the newest one!!!
Hope you got in QCOM today before the jump.
Nope. Too bad. =D
This is all good and obtainable...When you are single and don't plan to have kids.
Lol.. haha... perhaps. =D
www.google.com/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=2&ved=0ahUKEwjY4v--vqXXAhVJ0mMKHYdNBssQFggfMAE&url=https%3A%2F%2Fwww.learnvest.com%2F2010%2F06%2Fhow-much-money-does-a-baby-cost-are-you-ready-for-a-baby&usg=AOvVaw0D-hDqoB6m_jpdhrM7QJE6
Count the cost for that too. Healthy people can have sick children that cost thousands of dollars just to keep alive. Do a lot of research on cost. People won't tell you how hard it is, the pitfalls and uncertainties. Parenthood is not a emotional jackpot. Read real stories of parenting challenges and how ordinary people cope.
What do you do for medical and dental insurance without a job?
You have to get those out of pocket yourself. Such is the way.
He meant he's paying his health insurance premiums out of his own pocket not that he doesn't have insurance.
In California, if you're unemployed you should qualify for MediCal, CA's version of Medicaid. For people who don't get health insurance through their jobs because they freelance or work part time for instance, they can usually get a subsidized health plan through Covered CA.
So one real by product to being f I or having all your expenses covered by passive income already is losing the drive for promotion. Recall how you felt about your job first year in your mortgage and building up those tiny streams compared to today... So that might be a drawback for f I folks --no longer being first in last out and going that extra mile taking on extra projects for the leading performance review . Instead thinking what I'd do on my new found freedom on the next round of layoffs. But before that in the meantime it's hard to pass up risk free money for work I can do practically with my eyes closed.
It's funny how I go thru my monthly routine combing thru my expenses and seeing which fixed costs can be further eliminated like phantom power when I realized all of it was covered off by dividends already with dividends left over in which I promptly realized how my many year cost reduction habit was pretty futile now. I guess I am around level 8 or 9 on that scale of yours.
Finally of course
Only when the tide goes out do you discover who's been swimming naked
#yolo
Now question for you:
Have you ever seen or worked at a tech company where u actually have coworkers who retired at the typical retirement age 50+ or are most software engineers replaced well before then? Is software engineering mostly a young mans game?
That sounds like you are doing all that from experience, nice! The thing is, you might have less of a drive to get a promotion but did you not increase your drive to do other things that is more beneficial to society? Things that can touch other people's lives? Just because the monetary needs are met does not mean you just coast all the way to death. You could but that would be a life wasted. I recommend to drive even harder because you are now working for yourself.
Software engineering? I see plenty of older engineers around. It's not all young people.
BeatTheBush what about at start ups?
Startup seems to hire younger engineers.
Mr. Beatthebush please share your additional income source generator!
please help the poor.
Lol... I talked about it in the video. Btw, I'm actually making less than when I am working so its not all flowers.
I don't wanna work forever.
Try to earn $1/month fully passively.
What a guy
=D
Do you offer coaching?
Only on an hourly basis so far. You can find out more on my Patreon page.
Will do thank you.
I pretty much want to be where you are at in life.
=D I pretty much tell all on this channel on how. =D
Stocks are definitely a good source of passive income. Consider stocks with good dividends. Also if u have multiple properties you can rent them out.
They indeed are but should not be the only source.
Just 3k more subs :)
Ha! Yeah... but it seems so far away still.. Maybe 2 more weeks.
Umm, no passive income...only non-passive work. Ugghh!
Get to it! Make some.
If you quit your job are you going to move out of the high priced area and help yourself out even more? Last I remember you were in at about $2200 a month. Congrats btw.
Michael Hawkins OIC. I thought I seen a video of his where his rent/mortgage was $2200. It must have been awhile back.
I still have a mortgage and yes it is possible to move to a lower price area but I do enjoy living in California more central than far off somewhere.
you look healthier and happier after u quit your job. is it an coincidence???
Lol... shouldn't everyone? I live about 3x longer than those who are working. That's how much extra time I have to do my own business.
You Quit your Jon BTB? You go buddy!!!!!
Yes, I am jobless right now but I have up coming plans lined up.
What are you doing for health insurance since you quit your job? Unfortunately for older people and people with pre-existing conditions getting insurance through an employer is a necessity. Right now Obamacare is available, but it looks like Republicans will be taking it away, so early retirement will be out of the question for many people.
I'm going to talk about that in a future video. It is indeed a very expensive proposition.
i say your networth is about $2m.
Why guess? I never released enough info.
$5m
next episode: money laundering
Ehhh, no illegal stuff here.
You must have a shit ton of money invested with strong returns to be able to do this and live decently, My portfolio which consists of a brokerage account and 401k invested in a bunch of stocks, ETFs and Mutual funds. It has returned 12% in the past couple years, in a market rally. I have a cost of living of about $3,500 per month. All things held equal, I would need to have roughly $2,400,000 in assets in that account to see enough returns to cover these expenses. I have nowhere near that amount, but add to it bi-weekly both from the employer deduction and match and I put in my own money too as savings. Either you had a job/business that paid you several hundred thousand dollars per year for many years (you look pretty young - im 35), or you had an inheritance, or your expenses are that of a college kid? Appreciate more information because what you are doing does not make sense to me mathematically.
I also have a good amount of side income to supplement this. I realized the more supplemental income (passive or semi-passive) the less investments you need.
My expenses are that of a college kid, lol. Except I also have a mortgage on top of it. Hope the side income part makes it have more sense.
My favorite passive income is mystery shopping, selling on apps like letgo and offerup, and completing surveys.
Miss desire Independance None of these are passive, though...
Oh yeah? I've never done that before. That is not really passive but I would say it's actually active because you have to do work to get each additional dollar.
Miss desire Independance if you're selling stuff you have too much junk
I was watching your videos on credit card and realized my electricity and gas bills were coming out of my checking account, not my cash back credit card. I was losing over $ 500 a year. Made the change immediately. Thanks!
Cash back cannot possible amount to $500. If you used a 2% card on the $500 of total gas and electric a year then it'll be about $10.
BeatTheBush yep I redid the math. It was $50. I have trouble with those zeros in my head. Still, $50 will help with vacation spending. It took 10 minutes to switch, so I made $50 in 10 minutes.
Do not forget your bitcoin investment
I purposely forget about it. Not touching it. Did you invest in it during my first video on the subject? Oh boy it tripled in price since I recommended it.
My passive income is investing cryptocurrency :)
Having only one passive is pretty dangerous.
The fans wants the 100k. Promote everyone! Show everyone BTB.
Ha hah a... seems to have slowed down last few days. All in good time. =D
Crypto currency mining and lending out are good sources of passive income.
I haven't tried mining but are you not getting less and less as time goes on per same amount of energy used?
Yes, usually you get less coins but the price goes up long-term. It's not 100% passive and needs some tweaking over time but I believe every other passive income business needs too.
I don’t think I could ever do mining, seems so miningless. I’d go crazy seeing my limited time on earth melt away, but accomplish nothing useful.