According to my friends, family and those around me I was doing very well. I knew I wasn't and I just want to demonstrate what I mean so hopefully everyone here will shoot a lot higher. I know I will, I'm gunning for at least $10MM after this horrible mistake I made.
You see, the last 2 years I made about $100k each year through various hustles as a freelancer (not a CENTS business I know) and through some small investments. Where I live this means that I make about 2.5x the average national income.
The government tells me I'm doing amazing, especially for me age, so do my friends and family. But it's bullshit let me show you why:
- $100k after taxes here comes down to about $60k
- $35k of that goes to living a very normal and dare I say frugal lifestyle
- $5k goes to unforeseen costs (had a small accident + medical costs and stuff like this)
- $10k went into a new venture/side hustle that just didn't work out
Now you got about $10k left. And made basically zero progress.
Mind you: I'm in my late twenties, no kids, no liabilities, no real debt, and not married so I can only imagine how tricky it is for people who are in those types of situations.
This is just a reminder that it's imperative you aim HIGH.
This experience has also proven to me that if you don't adhere to the CENTS commandments you are screwed eventually. The only exception would be being a high paid actor, singer or athlete.
So yes I can confirm, 100%, making $100k/year is bullshit. The only difference would be when this $100k would be 90%-100% passive flowing from assets but I'm not there yet.
TLDR; made $100k last two years, want to show that it's nothing and illustrate the need for aiming a lot higher.
You see, the last 2 years I made about $100k each year through various hustles as a freelancer (not a CENTS business I know) and through some small investments. Where I live this means that I make about 2.5x the average national income.
The government tells me I'm doing amazing, especially for me age, so do my friends and family. But it's bullshit let me show you why:
- $100k after taxes here comes down to about $60k
- $35k of that goes to living a very normal and dare I say frugal lifestyle
- $5k goes to unforeseen costs (had a small accident + medical costs and stuff like this)
- $10k went into a new venture/side hustle that just didn't work out
Now you got about $10k left. And made basically zero progress.
Mind you: I'm in my late twenties, no kids, no liabilities, no real debt, and not married so I can only imagine how tricky it is for people who are in those types of situations.
This is just a reminder that it's imperative you aim HIGH.
This experience has also proven to me that if you don't adhere to the CENTS commandments you are screwed eventually. The only exception would be being a high paid actor, singer or athlete.
So yes I can confirm, 100%, making $100k/year is bullshit. The only difference would be when this $100k would be 90%-100% passive flowing from assets but I'm not there yet.
TLDR; made $100k last two years, want to show that it's nothing and illustrate the need for aiming a lot higher.
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