Categories
School/Work

Alternate income streams

Ok, so beginning of 2019, my New Years resolution is to make back the money I lost last year. Which is around $150k give or take. I know, that’s ALOT of money to make back, and I’m still trying to figure how to make that much money back *while* giving me a path to go back to Korea (cause I dont want to stay forever alone).

So the obvious choices for a job is to either be a freelancer or find remote work like I did last time I lived in Korea. Problem is freelancer work isnt really stable, and finding a full time remote job like before isn’t that simple either, not many companies are willing to do it, and even less if I want to work from Korea (thus necessitating my own hours pretty much).

Or I can live in Korea and be an English tutor or teacher, that always works but its not the job I like to do. And if I do that I need some additional income streams. So what are some options for side jobs?

1) Earn money from Youtube. Hey, I already do that. I make around $75-$100 a month from Youtube revenues now. It’s not that much, but it will pay for the cellphone bill each month.

2) Earn money from Quora. Already doing this too, but Quora pays very little, only abut $10 a month on average for me. Again, a free meal every month but thats about it.

3) Write an e-book and sell it on the Kindle store. Need to figure out what to write about. My expertise is either JavaScript libraries, Blues/Rock guitar playing, Magic the Gathering strategies, Korean lessons, or Basketball trivia. Not sure if I’m a good enough expert in any of those fields to really write a book about it.

4) Start a Udemy course and sell the course to students. Again, similar to the Kindle thing, I need to be a good enough expert in a field to really make my own course teaching it, but maybe sometime in the future.

5) Rent out my house/apartment or AirBnb it. I need to get a place first, but I will most likely do this once I buy an apartment/condo in Vancouver in a few months.

6) Drive for Uber or Lyft. I need a car to do this, but definitely a nice weekend side job if I have nothing else to do and have a car.

7) Make advertising / affiliate revenue blogging. I am not a well known enough blogger to make any money from it.

8) Stream video games on Twitch and earn advertiser revenue. Not a good enough or entertaining enough gamer to do this either.

9) Sell my own merchandise on my own store using Shopify and Droplift. I don’t have my own brand that I’m selling right now, I would probably need around 200k ish subscribers before I have a market of people to sell my brand to.

10) Start a Patreon and get folks to support you. Again, if my Youtube channel surpasses 200k ish subscribers then I can see myself doing this but I’m not popular enough now.

11) Invest money in dividend stocks. This is recurring revenue, and something I would like to look at more once I have more money saved up.

12) Invest money in Masternode coins. This is also recurring revenue but you have to be careful to avoid the ponzi ones (I fell victim to several last year and lost around $15k to them), and definitely more riskier than dividend stocks (crypto in general is riskier than stocks) but could definitely have potential for higher return if invested in the right ones.

13) Mining coins. Bitcoin is no longer profitable to mine, and so is most other coins out there. You need dedicated machines and/or equipment to mine, and given the bear market right now, its probably better to go for the PoS coins rather than PoW.

Categories
Business Music

How long does it take someone to be a millionaire?

A millionaire is, by definition someone who has a net worth of $1,000,000 or more, not necessarily liquid assets. But I’m also interested in seeing how quickly the average man can become a millionaire if he’s really frugal.

So I made some sample data which obviously requires some estimates and assumptions.
Here are the assumptions:
-The man is a university graduate.
-The years start counting from when the man is 25. (so year 1 means the man is turning 26, has worked one year)
-The man gets $2000/paycheck, after taxes. I think this is fair considering I’m 23 and this is my paycheck. There are 26 paychecks in a year, totaling $52,000 in net income.
-The guy is very frugal. He spends only $150 a month on entertainment/clothes/gifts.
-Budget for food/groceries a month is $250, conservative yet doable.
-Interest and cellphone budget around $100.
-The guy doesn’t pay rent. He lives at home with his parents (so no other bills).
-He doesnt have a car, he takes public transportation which is about $100/month.
-He doesn’t have any investments, in fact he puts it all in an IRA.
-He doesnt plan to marry or have kids.

Here is the graph:

He becomes a millionaire at 48.
He becomes a millionaire at 48.

So, it takes him 23 years to save up a million dollars.

That’s a bit boring though, who wants to live like that? Here’s a more interesting graph with more assumptions:

Including spouse and investments
They become millionaires at 36.

So, the average man is not that frugal, but still wants to save money. His expenses are much like the guy above, except he purchases a car, stocks and eventually a house and gets married. But here are some more assumptions:
-Spouse’s income is 93% of the male’s according to trends. She also owns a car but doesn’t purchase stocks.
-Average cost of US home is $176,000 and average age of homebuyer is 31. Property taxes are about 1.3% of the value.
-S&P average annual returns over 10 years – about 8%. Houses increase about 3.75% each year annually (these are all data from Google searches).
-They don’t have kids yet and graduated debt-free.

So, actually your combined net worth with your spouse could be $1 million when you’re as young as 36. That’s if you live modestly, because I’m not accounting for alot of other expenses (such as going back to school or home furnishing) that may occur, various tax credits or inflation, but it’s doable. And It’s way more efficient to marry and invest than to save by yourself.


Edit:
Ok so maybe $2000/paycheck is a bit high. But working two jobs, it can definitely be done. And I didn’t say it was going to be easy :). I have another graph here, so this time I’ll make the situation more plausible. The average starting salary in my field (IT) is about $55,000. So after Ontario taxes, that amounts to take home pay around $42,000. So after figuring that in the equation, let’s see how long it takes for the man+spouse to get combined net worth of 1 million+:

$1,000,000 net worth reached at 41
$1,000,000 net worth reached at 41

So after that income adjustment, you can see that it takes 16 years, so they will still be millionaires at age 41 if they live frugally. In short – save more, spend less. Some people think getting a million is really hard, but in actuality it just requires hard work, dedication and lots of saving.

Edit #2
At the time of writing the post, I was 21 and living in Canada. I’m now 23, living in California and indeed my paycheck is $2000, two times a month. So, completely doable in my field.

Edit #3:
I’m been on a Beatles spree lately. Here’s some reuploaded songs: