Seems like common sense to some but I wish I had read this 3 years ago…
This is true when you have “fck you” money. When you got bills, not as easy to just say “fk you” and walk. This is where the emergency 3-6 month fund comes into play.
Only thing to fear is fear itself.
It can’t be effectively done unless you have a significant amount of savings, an alternative source of income, or both. A six-month emergency fund is not that much and doesn’t make much of a difference. Time flies for those who don’t have a job.
During the last year or so, part of me believes that it would be nice to get sh!tcanned. My severance package would be an amount that’s hard to ignore, and I already have a steady income source independent from my job well over $100K after taxes. If somehow HR one of these days looks for people willing to take their severance, I’d probably be the first to accept it.
Exactly… that’s why I keep about 2 years of living expenses saved that can only be touched if i lost my lob…
Brothels are not a going concern…
“How to lose your fear of being fired? Be independently wealthy!”
Thanks. Millions of people now know something they didn’t… maybe…
I always wanted to be self sufficient. If you own your own land, and can literally provide / grow for everything you need to live on and pay minor expenses, you are good.
Do tell. What is this golden goose?
I can’t read the article… but I need to look into this “self sufficiency” thing. At the moment, my only alternative source of income is the investment portfolio, which has a reasonable chance of meeting my current life expenses. Of course, it would be extremely risky to rely on it for such a purpose, not until it gets significantly bigger at least. The other backup is my wife, whose job will probably be much more stable than mine. Somehow, she is not so eager about being the sole breadwinner, which is confusing, because this arrangement sounds great to me.
In other threads he has referenced real estate rentals (if I’m remembering correctly).
Real estate in Texas sold to well-off residents of Mexico who buy it as a future vacation property / investment. It’s quite common for them to go on vacation or long weekends over there, and it is legal for them to own real estate for vacation purposes. It’s a very short flight from six or eight cities to IAH and DFW. Residential land is dirty cheap in Texas, so I buy it, make a few improvements with a local contractor, arrange the legal aspects of it when needed, and sell it through a couple of RE agents in Mexico.
I’m also involved in the financing of the property because no bank in Mexico would lend for that. Banks in the US sometimes finance houses to foreign buyers, but only with a number of restrictions and it’s a PITA for the buyer. The land itself has intrinsic value for Mexicans, so the model has been sustainable so far and not too time consuming. Soon I’ll be offering building and managing properties, but that needs more capital, so I’ll start with something small to test if I can make it work, like six homes. Will see how it goes.
But yeah if it tanks badly and I go bankrupt, a brothel in Canada with Argentinean chicks is always an option.