91–100 of 349 posts
> Don't go too hard on crypto > 11.2% of NW is tied up in crypto
It's quite possible that he started out putting 1% into crypto (or even less), and it just grew much faster than his other asset classes.
Seems like he's actively rebalancing it to ~10%
Earlier quoted context omitted.
I fail to see what good it is to own a mansion and have a bunch of toys if you live in a dangerous area where you have to put up a gate, have armed guards and in general worry about someone knocking you over the head and stealing your shit. Being the richest person in the ghetto is like being tallest midget - who cares.
And none of that happens anywhere basically (except maybe some barrios in El Salvador or Venezuela) Besides, in this world the shit is everywhere it's just the color that changes and the window dressing that makes people believe otherwise. I'd rather deal with impoverished people and deal personally with my security than some scum of Silicon Valley such as Elizabeth Holmes or Elon Musk.
> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…
> Preamble: I'm extremely lucky. If we live in a Simulation and life is just a Video Game, mine was started on difficulty level “Very Easy”: I was born in a developed country in the 80s (Italy), with access to fresh water, very good carbohydrates and a decent education system. So what you're going to read is 99% luck and 1% planets alignment. Please, correct success stories for selection bias.
>Do this for 7 years while investing most of your salary in a diversified portfolio. Don’t go too crazy with Crypto. Easy to do in a massive bull market.
> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…
> Don't go too hard on crypto > 11.2% of NW is tied up in crypto
If it was stocks, you would diversify more by sector according to your risk, but in general ~10% in a broad asset class seems fine. I don't think we would question 10% of net worth in real estate.
> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…
Working 1099 should be preferable from a tax perspective (if through an s corp) and from a liquidity standpoint (money is cash, not 401k contorbutions), not worse, I would think. You do have to pay health insurance monthly but for a young single person I'm at 250 a month so nothing that really changes things.
Earlier quoted context omitted.
> So there’s a lot missing from this blog post. I suspect maybe the author got lucky with some outlier investments, but that’s not something that can be conveyed in a “how to” blog post. Why do you think that? All the numbers work out. Even in your hypothetical scenario, investing 100k for 7 years, especially in the last 7 years, would easily bring you 1M total investments. > FIRE type wealth trajectories are possibl…
> would easily bring you 1M total investments. I think this is the disconnect with GP, $1M isn't what anyone can really call "wealthy" nowadays. Yes, it's a lot of money, but does not allow one to live what most people consider to be a rich lifestyle.
Being a contractor would require me to spend about $10,000 more for health insurance above what my workplace premiums are. US, obvi. When I was a contractor fifteen years ago, I billed at $1,000 a day ($125/hr) in the US, not remote. Seems like wage stagnation has hit the software market as well. Really enjoyed the story. I love seeing the personal histories of people in my profession.
i have the impression the max contracting rate is 175/hr. when you ask for more, “HR says they never seen such high rates”… that doesn’t leave you with much in california. and i think that once you move to a cheaper place you cannot demand that rate. so how can you increase your rate as a software engineering contractor?
Another way to get exceptionally high hourly rates is to do per-project or per-phase bidding, but that has its own pitfalls, so a good in-between can be to have some of both.
> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…
This is essentially Mr. Money Mustache's formula: https://www.mrmoneymustache.com/2013/02/22/getting-rich-from...