[quote=scaredyclassic][quote=The-Shoveler]Multiple streams of income (Better than FU money).
FU money can disappear or be inflated away faster than you can accumulate it.
I would advise working on getting multiple streams of income as soon as possible (I would put this as a higher priority than college).
anyway my 2 cents.[/quote]
or find a line of work or small business that you can somewhat enjoy and do to an older age? this seems more probable for the majority. also better fir the mind and body, to be engaged?[/quote]
Some professions don’t require to to do this. For example, in your case if you’re a doctor or a lawyer, you can easily practice all they way until you are 70. First, you can’t easily be outsourced (maybe paralegal/clerical work can, but you can’t). Second, all the skills and knowledge you learn and know pretty much is still useful 20-30 years from now. Maybe you need to brush up here and there, but for the most part, your skills aren’t going to be completely outdated. My kid’s pediatrician is turning 70 and he is being forced to retire by his organization. So he is moving to UCSD, so he can continue to practice.
Same could be said about plumbing, electricians, etc,but those things have another issue…they are physically demanding and it may be difficult to continue doing those things when you are 70+.
Technology, unfortunately, changes quickly, so you have to constantly keep up. If you like it, it’s great. If you are only in it for the money, you won’t last very long because you won’t be motivated to keep up.
Running a small business, is not a walk in the park. And it’s probably not something you want to start doing when you are 70. While there are some people who probably succeeded having a auto-pilot small business, what I’ve seen is small business needs active participation from the owners for it to remain profitable, which means “working”. Most small business owners I’ve seen work hard to generate income, which is then used to invest to generate passive income. The only difference is probably the take home income from a small business can be more than take home income from a salaried paycheck, with all the special tax variables you can play with a business versus just a W2/1099 paycheck. So you might be able to reach financial independence quicker…or not…
By the time you are 70, you’re money should be on autopilot working for you.
