sounds riskay.
It definitely is, especially if you get stupid and greedy. But you can earn fairly reliable income from it.
See ya behind the Wendy’s 😉
What I've learned by having "fun" with paper money options trading:
I was thinking more like sources of passive income. So that you dont have to rely on medicine as much.
Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
Agree with you there. A colleague used to do projects around the house and get low quality results because he wasn't an expert. He said, now, "I pay the experts to come do the work and I just work an extra saturday to more than offset the costs, plus it helps the community by keeping good companies employed and busy doing what they are experts at." That hit home with me and I think he had the right idea.
Oh its a great shovel. But i always want a bigger and bigger shovel is the problem lol. I don't think you’re understanding the assignment. Im not desperate im ambitious.
At some point the RMDs from these "tax advantaged accounts" can be quite large so plan on Roth Conversions for at least 1/2 of it, maybe more, so you will need a large brokerage account as well to manage retirement. If you aren't doing Backdoor Roth conversions then start immediately as this is the best account to have under the age of 50. You may need to open a solo 401K at Schwab or Fidelity if you have an Traditional/Rollover IRAs so you can transfer those funds into the solo 401K to avoid the Pro rata rule. All you need is a little side hustle of 1099 work for this strategy to work.
Funny thing is when I do my own work I get head and shoulders better results than if I pay some schmuck to half azz it. To me its less about money, more about having pride in what I do and doing the best job possible.
Right, this is more within the vein of what I was thinking of. I would love to own some businesses. Just no idea where to start. I have perused bizbuysell.com a few times. Laundromats sound great.
I agree if it is something that I can youtube and learn or if I have the proper tools. But, many things are above my skill level, even if I could teach myself. Tree work is one of those things. I have done it and know how to do it and I think I can do it mostly safely, but I have seen too many things go awry and I like to leave it to the experts for anything that might be dangerous or too big of a job or might require tools that are better than the meager ones I have. I don't want to end up in the ER or in a wheelchair.
Other side to the professional coin also is that there's no guarantees that a professional will do it correctly. Like you said,there are a lot of professionals that will half ass it.
Carwashes always seem like they'd earn good money, especially close to cities.
Exactly. Ive found hiring people to be hit or miss. There are some types of skilled labor I wont do. Like masonry, or trees like Blanston said.
I’ve never understood the complaints of RMDs. Unless you’re going to never spend the money and leave it to heirs, you have to take it out anyway to spend it.
My brother did his own retaining wall about 10 years ago. Has had back problems and needed epidural steroid injections, time off work, leg weakness, and potentially surgery.
I am fully on a 1099. Backdoor roth-check. Brokerage acct-check. I cant do a solo 401k because I have employees but my wife and I both max out contributions.
Like I said- I wouldnt do masonry. Haha. Actually I did it for one summer as a teenager and that left quite a negative impression on me. Wont do things like that- roofs, masonry, trees, etc.
Same here - I also had a coworker who went without health insurance because, as he said, “I’m healthy” and he didn’t want to spend the money.
Yeah some of these physical tasks are so rough on the body. I figure they’re worth a professional doing them because hopefully they also have the experience to not self injure.
One thing I can tell you is that I do not trust anybody working on my cars. The only things I outsource there are engine internals and transmission work.
Depends on the car IMO. For more exotic cars, I would find a certified shop to handle those issues.
www.vaildaily.com
Exactly. Plus, depending on the tasks, there are specific tools and protective equipment available to make it safer and less risk of injury that they may have that I don’t. They are also likely in better physical shape than I am with more muscle strength and stamina in the particular muscle groups required to do certain tasks.
Good for him. Can coast.
