Financial Independence Daily FI discussion thread - November 08, 2020 |
| Daily FI discussion thread - November 08, 2020 Posted: 08 Nov 2020 12:07 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Passive Income for New Venture Posted: 08 Nov 2020 07:45 AM PST I've previously shared my story about being a gym owner who was financially healthy (making over 300k year), but was also getting destroyed mentally, physically, and emotionally (legitimate nervous breakdowns). I almost lost my marriage and myself. The pandemic turned my business upside down. We're currently on track to make less than half of previous years but I'm also healing mentally and finding myself again. I think it would be a smart move to start pivoting to some different income streams. Some ideas I've considered:
Anything to start bringing in some passive income or close to absentee owner status. We have just over $1m in index funds/Roth/IRA saved for retirement. I'd like to start generating enough passive income that I could sell the gym business and start COASTing. Our expenses are not much more than 65k a year. Does anyone have any similar experiences they can share? [link] [comments]  |
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