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$500/mth is $6,000/yr At a 4% safe withdrawal rate what you've built is the equivilent of saving $150,000. You should be EXTREMELY proud of yourself, and never underestimate the power and value of the asset you've built
$500/mth is $6,000/yr At a 4% safe withdrawal rate what you've built is the equivilent of saving $150,000. You should be EXTREMELY proud of yourself, and never underestimate the power and value of the asset you've built
Can you breakdown this calculation? I'm familiar with FIRE and SWR but how do you get to the $150,000 number? [EDIT] Thanks got it!
the analogy is imperfect, because presumably the OP is spending some time to generate that app income; it's not totally passive.
Awesome. Congrats! Did you do anything to promote the app? (other than posting it here and organic searches on the app store)
See my other comment for what I did to promote the app [0].
Short version: Instagram account to follow people and have them look at my profile. Useful website with a link to my app as "content marketing" and Apple Search Ads.
$500/mth is $6,000/yr At a 4% safe withdrawal rate what you've built is the equivilent of saving $150,000. You should be EXTREMELY proud of yourself, and never underestimate the power and value of the asset you've built
Can you breakdown this calculation? I'm familiar with FIRE and SWR but how do you get to the $150,000 number? [EDIT] Thanks got it!
Part of what attracted me to software engineering in the first place was an interest in "how things work", and being able to move between levels of abstraction (e.g. I know how IP, DNS, TCP, HTTP and JSON works, but most of the time I can just treat it as "sending objects"). So it was a bit of a eureka moment for me to realize that running a company is really just expanding the levels of abstraction that you operate with. It doesn't matter how well you code if people can't understand the user interface, so I got an interest in UX and usability. But it doesn't matter how user friendly it is, if it doesn't solve the right problem for people, so I got an interest in product development and customer research. It doesn't matter how good a product is if people never hear about it, so I got an interest in marketing and sales. And it doesn't matter how well I do all of that if I can't pay the bills, so I got an interest in pricing and monetization strategies.
Juggling all those needs, and trying to shape the company and all its aspects into a cohesive whole is just as demanding and interesting as doing the same for a software project - it's just expanding the scope of which requirements and concerns you bring into the equation. For me at least, it's also been very rewarding to do the whole thing end-to-end, and it's felt like more of a natural extension of my ever-broadening interests than I would have expected. Bookkeeping can be as annoying as debugging, but in the end I'm really grateful that I understand how each detail works.
$500/mth is $6,000/yr At a 4% safe withdrawal rate what you've built is the equivilent of saving $150,000. You should be EXTREMELY proud of yourself, and never underestimate the power and value of the asset you've built
It's an impressive creation but this is not a good way to value it.
Relevant to today's discussion, did you use SwiftUI or the ol reliable UIKit?
Here's the url for those who are looking:
Earlier quoted context omitted.
Can you breakdown this calculation? I'm familiar with FIRE and SWR but how do you get to the $150,000 number? [EDIT] Thanks got it!
6000/0.04 = 150 000 Essentially, those 6K a year is the equivalent of a 150K portfolio
Congrats! This is really no small achievement, being able to make a profit while making mobile apps is no little thing. I saw your comment that you made the app in Flutter, how come that you didn't release it then for Android? Also a separate question, I do wonder what was your thought process for coming up with the idea for the app? Do you keep somewhere a list of app ideas, or was this one you have been dreaming ab…
That being said I'm almost done making the app look great on Android. I'm just waiting for some Material 3 widgets to be done by the Flutter team.
My thought process was simple : I don't like any of the apps on the App Store for 5/3/1, so I'm going to make my own!