Migwell180
PARKED
Hello everyone,
First off I must admit that I am in the process of reading The Millionaire Fast lane. As of this posting I'm on Ch 14, I read a little bit everyday. I'm a CPA and I have always had an interest in saving money and investing it. As I grew older I started being able to save over 50% of my (after tax) income and investing a lot of it in index mutual funds. My net worth has been going up and up but despite how happy I was to see it grow it still wasn't growing as fast as I wanted it to (only about 2k per month). So I set out to find ways to increase my income from my job and find other investments that returned a higher return than my large cap index mutual funds. So I worked hard at my job, asked and received an 8% raise and found that if I bought small cap index stocks when they were performing poorly and planned to keep them for the long run I would be able to get a much higher return. I also started reading books like the millionaire next door, Think and Grow Rich, and a few others. Now that I'm reading TMFL I realized that I'm more or less in the slow lane.
My issue that I face now is that I haven't been able to find a passive income idea that I want to pursue. I want to start off small, with maybe 30 minutes per day and a 1,000 or less money down. I want to get a feel for the business I'm creating at a small scale, learn it at a small scale to minimize loses and impacts of errors and once I get a good handle on it then I would start to dedicate more time and effort into it and grow it with the final goal of turning it passive. However, while there's a decent amount of ideas out there I haven't been able to pick one that I see myself doing for the long run.
Any suggestions or advice is greatly appreciated. Thank you!
First off I must admit that I am in the process of reading The Millionaire Fast lane. As of this posting I'm on Ch 14, I read a little bit everyday. I'm a CPA and I have always had an interest in saving money and investing it. As I grew older I started being able to save over 50% of my (after tax) income and investing a lot of it in index mutual funds. My net worth has been going up and up but despite how happy I was to see it grow it still wasn't growing as fast as I wanted it to (only about 2k per month). So I set out to find ways to increase my income from my job and find other investments that returned a higher return than my large cap index mutual funds. So I worked hard at my job, asked and received an 8% raise and found that if I bought small cap index stocks when they were performing poorly and planned to keep them for the long run I would be able to get a much higher return. I also started reading books like the millionaire next door, Think and Grow Rich, and a few others. Now that I'm reading TMFL I realized that I'm more or less in the slow lane.
My issue that I face now is that I haven't been able to find a passive income idea that I want to pursue. I want to start off small, with maybe 30 minutes per day and a 1,000 or less money down. I want to get a feel for the business I'm creating at a small scale, learn it at a small scale to minimize loses and impacts of errors and once I get a good handle on it then I would start to dedicate more time and effort into it and grow it with the final goal of turning it passive. However, while there's a decent amount of ideas out there I haven't been able to pick one that I see myself doing for the long run.
Any suggestions or advice is greatly appreciated. Thank you!
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