Level 1 - NGMI
Excellent update to your classic roadmap. Three comments I'd like to make:
1) As mentioned, your early 20s will be absolutely dreadful should you choose to work towards financial independence (and you should or you wouldn't be reading this). Doubly so if you're a guy. You'll find yourself at the bottom of every conceivable socioeconomic totem pole: money, status, dating, etc. Your peers will be blowing their entire paychecks travelling and leasing cars and homes they can't afford, and they'll make you feel like a loser if you don't do so as well.
ALL of this will eventually pass, and if you're smart you'll only go up from the bottom. Things didn't start to get better for me until I was in my late 20s but now I'm surpassing most of my peers left and right. See things through and reap the rewards later (for the autists: look up "Saturn return").
2) I recognize this isn't an option for some people and that family situations can differ quite a bit, but live with your parents for as long as you can. You'll have ZERO expenses and can put ALL of your money towards your income streams and crypto. Again, your peers and some girls will ostracize you for this, especially in your mid to late 20s, but you shouldn't give a care what they think. The very idea of not paying rent and keeping everything you earn makes most "normies" seethe like you wouldn't believe. Make sure if you do this, however, that you don't get complacent with your financial goals.
3) Regarding Hack Reactor or coding schools in general, I attended a few years ago and the program is a shell of its former self. Coding bootcamps were a good idea 4-5 years ago but they're the same as for-profit universities now. They take in an incredible amount of students, shuffle them through a mediocre series of pre-recorded lectures, and leave you to learn the rest on your own. Furthermore, they've discontinued their job fairs and offer no help with career placement. Hack Reactor was the biggest $20K mistake I've made in my life, and that's including several DeFi yield farming scams.
Great stuff. I'm 30, but it's good to revisit the basics every now and then to keep your foundation strong.
I agree with almost everything you said, but I'd like to challenge one belief or assumption that keeps coming up in your writings: the idea that you should focus on building wealth in your 20s and then wait to focus on health until your 30s and beyond.
I think this is based on the idea that output increases linearly in proportion to hours worked. E.g. 60 hours of work per week yield 50% more output than 40, 80 hours yield 33% more output than 60, etc.
I think that the real equation for work output is something like this: output = time spent working x energy x focused % of time.
Y'all talk about "working 60-80 hours a week with minimal sleep." If I'm right about the above equation, "minimal sleep" gives you more hours in which to work, but it can also reduce your output per hour by sapping your energy and impairing your focus.
You CAN work 60-80 hours a week and still get plenty of sleep, though, if you have no kids, no romantic partner, and no social life (which y'all would advise for someone who is trying to build wealth). That's what I'd recommend.
Other things I would add to help optimize the equation are healthy eating and meditation. Healthy eating improves energy and doesn't take much time if you just go to Chipotle, Sweetgreen, or wherever and order all vegetables and meats and no grains or dairy.
Meditation has really helped me improve my focus. You don't need to be a monk and meditate all day, but adding just a little bit to the morning can help you stay on track.
I do think that people in the wealth-building phase should engage in minimal exercise, though. A clean diet can make up for a lack of exercise, but the reverse isn't often true. 20-year-olds (myself included) are also prone to lifting like idiots and hurting themselves.
Thanks Bull. Well said. Been doing all of these things except the company match.
The thickheaded bighorn did it this morning. No need to avoid on principal.
Don't hate the game.... free money.
In the US, one other addition if available would be to take advantage of your employer's Healthcare Savings Account (the one that rolls over, not the use-it-or-lose-it Healthcare Spending Account) to use pre-tax dollars on prescriptions, doctors visits, and co-pays.
If there is a big, known medical expense then either are OK, but sometimes the latter lets you spend money before you have actually contributed it.
28 currently work in foods e-commerce company. Was “gifted” great domain names as owner does not have time to work on them anymore as he is getting older
Solid domain names that could me profitable. Proteins.com, chocolates.com, cinnamon.com, etc
Question is what platform are most people using to host their websites? Shopify??
I have experienced is Prestashop, which is bigger an Europe but the websites are pretty lackluster overall
If anyone has experience in eccomerce sites would be willing to work with
The worst thing about college is when they convince kids from a poor background to take on the most useless degrees like communications or political science. Now they're straddled with debt, no assets, no financial support and no job prospects. I know a lot of people going down this path and man I can't imagine how bad its gonna be.
this is one of my favourite posts
Where does one learn copywriting? I see it brought up so often- I am interested in knowing the best place to learn it
I graduated last year, in the process of receiving a promotion into first full time position. The side business / second form of income was selling herb. Business was well enough that I have enough physical cash to pay off my entire student loans. Only problem is I obviously cant just go and deposit all that money into an account without raising any flags. Any suggestions? Obviously from reading your posts I have come to learn that holding that much physical cash is an awful financial practice but its not like I could just go and deposit it into the bank.
Not in college but need a copy of triangle investing and spending for max return. Can’t find them with the website down. Any link to buy?
Hey Jungle, about to enter the workforce post graduation. Was wondering if it would be a good idea to allocate my 401k to company stock or just have it an index fund. Thanks
Curious to hear anyone’s thoughts on this... do you consider a spouse’s income when talking about multiple streams? Or is it just for each person individually? Between my wife and I, we have 3 right now and I am working on my second (she has two). I appreciate any input.
Question on buying websites to fix them up - what skills would you suggest learning to do so, besides the obvious like sales copywriting and general common sense on what businesses are a good idea or not? Specifically, is there a web programming language or platform (Wordpress, etc) you recommend learning? Not asking you to do my homework for me, just maybe looking for a point in the right direction.
Does having my crypto portfolio generate cashflow and revenue streams, count as my second income stream?
I am not in college but would like to purchase your books. How would I go about doing that?
What do you think is a safe withdrawal rate? 2%? 3%? 4%? i’ve heard four is too high