how to ACTUALLY make money?

como10 · 2020-06-03T20:40:23+00:00

Your question shouldn't be how do I make a lot of money. It should be how do I get rich. If you are under 40, you can get rich without making a high income. Here's how.

Make your living situation an investment - Buy a house/condo/duplex. Since it's a primary residence, most people can put as little as 3.5-5% down. Rent out rooms/the other half of the duplex. You will own property and your monthly payment will be heavily subsidized by the rent you collect. Instead of paying $2,000 a month to pay off someone else's mortgage, someone else is paying off your mortgage and your monthly payments will be low or you may even be making a profit/living for free. This is called house hacking. Look it up.
Don't buy assets that don't appreciate or earn you a return. Obviously you need a car in most cities. Buy a used car with low mileage. The sweet spot is 30-60k miles. Buy directly from the seller and milk it until you reach 120k miles. At that point resell privately and not to a dealer. This will cut your car expenses down significantly.
Reduce overall spending - Don't deprive yourself completely, but try to limit eating out, especially ordering alcohol at a restaurant or bar. Don't buy expensive furniture or TVs.
Invest at least 20% of your income. If you do what I told you to do in bullet points 1-3, this shouldn't be a problem. Even if you make 50k a year, you can still save 10-20k a year. Don't believe me? I did it in Los Angeles for 5 years before I started making more money. Was able to save 70k over that period of time. Where should you invest it? I like real estate, but some people have success with the stock market. Make sure your investments are for long term wealth and not a quick get rich scheme. If you invest in real estate, plan on holding the property your entire life or at least for the duration of the loan (30 years is typical). On real estate loans, most of the interest is front-loaded, so if you can get to the back end of the loan, you are paying off mostly principal.
Don't spend profits gained from your investments. Instead, reinvest.
If you do all this, you will be rich in 10 years, and it's up to you when you want to start dipping into your passive income and treating yourself. The longer you wait, the richer you will get, but at some point, you have to treat yourself as well.

DoubleConversation4 · 2020-06-03T19:17:01+00:00

Hey guys, please explain to me how be a billionaire in 5 words. Does it take more than an hour? If so, I can't do that I gotta play games on my android phone

thecarryone · 2020-06-03T19:27:02+00:00

There is no cheat code buddy. Get a job, save, invest, spend wisely. Work your fucking ass off.

2020-06-03T20:51:59+00:00

Work.

Having more than your peers is enough to impress bitches.

TheRedPillKing · 2020-06-03T22:09:37+00:00

Millionaire fastlane. Read it.

SaveMeApparel · 2020-06-03T19:13:40+00:00

I’m really interested in learning how to make money even though I’m still in highschool, I always have free time and would like to use it to make money. I’m also very interested in business

clickherebaby · 2020-06-03T19:46:55+00:00

Luck is a huge factor, but most people sitting on their ass wont magically get a million dollars

BusterVadge · 2020-06-03T20:11:12+00:00

Work your ass off in creating assets that make you money. The best time to plant a tree is yesterday. If you want to live lavish you have to plant a forest.

DatRiggz · 2020-06-04T00:43:55+00:00

Tf you mean how does it affect getting broads? Its asktrp, you know damn good and well how it helps. I did it by learning a trade and fucking grinding.

sugarwaterpurrrple · 2020-06-04T11:09:56+00:00

You make money by fulfilling the needs of the market. Or you rob people.

If you want longevity go with number one.

Find out what people need and help them get it, bonus points if it’s something you love to do.

GraphiteIsInPencils · 2020-06-03T19:41:01+00:00

It's most likely not going to happen. Be a wage slave but pick something you actually like and limit your work as much as possible

2020-06-03T20:15:37+00:00

Nepotism and looks are a major part of the equation. However, sacrificing social life for financial gain/goals is what is required to get into the position in which you don't have to worry about missing a paycheck. Get out of debt and never go back into it. Limit your monthly expenses. It's a marathon.

Title	how to ACTUALLY make money?
Author	TheSelz
Upvotes	4
Comments	18
Date	June 3, 2020 7:09 PM UTC (6 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/gw0cs4/how_to_actually_make_money/
Archive Link	https://theredarchive.com/r/askTRP/how-to-actually-make-money.671923 https://theredarchive.com/post/671923

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