Hey kids and not kids. Many of you know me (if not by my scary reputation, than in person). If not here's the 411, I've been a independent contractor for the greater portion of my life, making the "big bucks" lol. Unfortunately AS a contractor I pay my own taxes, do not get a 401k (or pension, if those things still exist on some alternate universe), get granted medical through an employer and a slew of other things that W-4 guys definetly take for granted.
Lets talk about money.
I make pretty good money (finally), and I've gotten to the point where I can take a large portion of my income out back and b burn it, and still not be hurting. That's well and fine, except for the fact that my on the top is wasted on worthless things, like car parts, couches, and whatever catches my eyes at the time. Not really doing me a lot in the short or long term.
Lets say I could take 1500$ - 3500$ a pay check and actually do something that would benefit me, short term or long term. What would be a smart investment? I hear about the stock market, but I feel that its a bubble that WILL collapse without notice, and take my money with it, I read about it all the time, some guy losing his life savings on oranges because Florida wasn't hot enough this year. I also thought about Gold, gold is finite, it has a face value (we aren't talking about gold certificates here, but the real deal). I also though briefly about IRA's, but I know that if a bank collapses, there is a written in clause that my money goes with the bank against their defaulted loan, since it is then the banks property.
So lets talk about money.
What about self generating incomes? How about passive incomes? I've honestly though about buying houses and renting them, passive income IS recurring income, and it can carry well into retirement, or provide the seed money required to open new businesses or just retire flat out. How about laundry mats? Almost completely passive, they would only really need on employee per store, and one supervisor per region. I believe that the costs and the closed market space for competition weed those out pretty quick. Of course theirs OUR speciality, eCommerce and electronic business, maybe create a few forwarding stores and see how they generate income, after your initial investments of time and moola, they could be semi-lucrative and almost completely hands off as well.
What do you guys invest in? Do the contractors have plans for the future? Have you started a nest egg? Where and how and why?
Cheers guys, love you all and wish you the best!
Jd Daniel || ERADO MCS L3C.
Senior Applications Architect1329 Monroe Ave N.E. Renton