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JSNOW's avatar

What worked for me is, when you start making a lot of money, for the next 5-10yrs do not substantially upgrade your lifestyle and aggressively invest. Hit that 7 figure in liquid assets number as quickly as possible before you start doing all the luxuries. When you get used to that lifestyle it is really hard to dial back. Luxuries once tasted become a necessity. If you are on the younger side, that 7 figures will give you escape velocity with all the time ahead of you. I have owned a business since 2010( I was 30 at the time), here is my timeline. Wish I had started earlier but spent 20's working for investment managers. Laid off in 09 and had around 70k to make a business happen.

Year 1 - Get to a point I am not losing money every month

Years 2-3 - Start making enough money to cover living expenses

Years 3-5 - Start making good money and aggressively pay down all debt.

Years 5-10 - Making great money and aggressively investing 50-75% of income

Years 10-13 - Hit lower mid 7 figures NW and start enjoying and spending more. Keep investing but not be as obsessively.

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BowTied Bum's avatar

Person B is less stressed at his W-2 as his WiFi biz grows.

Because he doesn't care or doesn't need the money, he gets promoted over Person A.

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