How do you provide for your family?

[greenmachin]

So I was watching this show recently and it kind of made sense.

The guy said that treat your money like your oxygen supply. You don't have one specific plant that gives you that sweet H2O right? That's how you have to think about your money because both are that important.

Now I don't know how good you guys are doing but like most ppl, I'm a one job dude at the moment (Though I'm doing some Adult Education at night as well to upgrade).

Do you guys have anything else coming in besides your job? Like a side business on ebay, Studypug, Thinkific or a brick and mortar venture? Heck even an investment perhaps thats giving a nice return or what not. I just started freelancing by I'm paying more in invoicing then making any real cash.

Cuz if you think about it, if my one source (Job) disappears, I'm going to be in trouble. Yeah I'm sure I'll find something but it's just annoying.

[Daox]

Yep, I have a bunch of forms (I think ~5 right now) of income besides my 9-5. I think its very wise to have multiple streams of income. None make as much as my 9-5, but I could probably live off them if absolutely necessary.

[jeff5may]

The key factor in this discussion is this: to get ahead, you have to have money set aside to multiply. Be it a small business, an investment property or portfolio, or whatever, this money must be separate from your everyday life, and not drawn from. You will be amazed at how much harder that money works than you can, how fast it grows, and how difficult it is not to spend any of it.

[NiHaoMike]

A whole bunch of altcoin mining rigs - a few cheap smartphones and old tablets plus a small ASIC board. Altogether, they use about 15W or so and yield around $80/month worth of altcoins - enough to cover the Internet bill and then some. It also sets a nice budget for "small" hobby parts and other gadgets.

It's down quite a bit from the days when 4 cheap smartphones would get $100/month mining Perk. (Which doubled in difficulty just shortly before crashing, made nearly $1000 and only lost $15 of coins that were waiting to reach the exchange minimum.) My best month of mining was on a (then) experimental coin bringing well over $200 that month, although the difficulty level caught up pretty quickly. I got to understand the life cycle of altcoins - birth, high profitability early stage (some coins fail to get to this point - "infant mortality" or "never got off the ground"), difficulty level hike+maturity, and eventual crash/"death". (Most memorable for me was Realbucks that went through the whole cycle in about 2-3 months, although I made a good amount with just one miner in that time.)

My cousin wanted to get into mining but he didn't want to do the research or IT work needed for the highly efficient coins. Since he is renting a place that has electricity included in rent, a cheap Bitcoin mining appliance was a perfect fit. A friend of mine was selling an Avalon 4.1 (once a favorite among college students in that it's actually quiet enough to run in a dorm or apartment), so I bought it using profit earned from one of my other mining ventures. If all goes well, all three of us get happy.

[greenmachin]

Originally Posted by Daox

Yep, I have a bunch of forms (I think ~5 right now) of income besides my 9-5. I think its very wise to have multiple streams of income. Like client seo None make as much as my 9-5, but I could probably live off them if absolutely necessary.

That's awesome dude. Thanks for sharing. That's where I want to be. I'm researching things right now so hopefully something will 'click'. Like to brush up on Math and maybe take an Trigonometry course or something. I'd like to get into advanced programming. Yeah I want to have at least 3-5 sources that match my current 9-5.

Good to hear that it's possible

[pinballlooking]

I have my own business but I am the only employee. We also 3D print some things we sell. I make a cell phone adapter to put Samsung galaxy phones in download mode. I make some pinball mods that we ship all over the world. For a while I bought used pinball machines fixed them up and sold them. My wife will buy old retired Lego sets complete them and sell them.
So yes it all helps.

[Daox]

In today's internet age, making money has never been easier IMO. The more I learn about business and stuff (read lots of books), the more you see opportunity everywhere. The biggest limiting factor is time IMO. And, that is exactly why I'm working half a dozen income streams, so that they will build and I'll be able to start trading my money for time vs trading my time for money.

[natethebrown]

Originally Posted by greenmachin

So I was watching this show recently and it kind of made sense.

The guy said that treat your money like your oxygen supply. You don't have one specific plant that gives you that sweet H2O right? That's how you have to think about your money because both are that important.

Now I don't know how good you guys are doing but like most ppl, I'm a one job dude at the moment (Though I'm doing some Adult Education at night as well to upgrade).

Do you guys have anything else coming in besides your job? Like a side business on ebay, Amazon, Thinkific or a brick and mortar venture? Heck even an investment perhaps thats giving a nice return or what not.

Cuz if you think about it, if my one source (Job) disappears, I'm going to be in trouble. Yeah I'm sure I'll find something but it's just annoying.

To be honest, I think you are looking at things a bit wrong. I will use your analogy a bit and expand to what I mean.

First, you have to maximize your oxygen production. The easiest and quickest way to do that is decrease your O2 consumption. The Average person living in the USA (which I would assume also applies to you as well) will make $1.4-$2 million in their entire lifetime. If you are living paycheck to paycheck, you are likely NOT on a written budget and do not track where all your money goes. Small decreases in ones lifestyle (limiting eating out, cutting cable off, decreasing thermostat, etc) can pay big dividends and you can then put your money in places where it will work for you.

Second, you need to have oxygen storage. Cover that momentary blip in increased O2 consumption. Murphy's Law will always strike, so if you have $1000 saved up in an Emergency Fund you won't be as worried about an emergency.

Third, again, reduce your oxygen consumption. Pay off all your consumer debt. Debt is stupid. Car loans are stupid. No one gives a rats behind on what car you drive, except for you. A $3000 2002 Toyota Corolla will get you to work and back just as well as a $15000 2017 Chevy Tahoe. Debt does not get anyone ahead in life.

"Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it." -Albert Einstein

Fourth, again, increase your oxygen storage. Save 3-6 months of living expenses in a Emergency Fund. The average American family should save around $10,000-$20,000, and NEVER TOUCH IT AGAIN EXCEPT FOR AN EMERGENCY! Put it in a money market account or a savings account and leave it. The point of the emergency fund is not to make money. It is there only to stave off Murphy's Law.

If you do those four things, you will be ahead of about 75% of ALL North Americans. I guarantee you the potential stresses that come with the thought of loosing a job will be nearly zero.

I am a huge Dave Ramsey fan and these are his principals. If you are, indeed, worried about a potential job loss, I would highly recommend reading his "Total Money Makeover." There is nothing wrong with bettering yourself, and making more money. I say, go for it, but also learn to manage your money as well. Unfortunately, so often, most will adjust their lifestyle with pay increases and never really get ahead in life.

[jeff5may]

Another of the most massive things that can be done to provide for the family is to own where you live. Regardless of what happens to the market value of real estate this month, it is less expensive than it will ever be, long term. If you are daring, find a "distressed" property and fix it. If you are vain, find something snazzy and pay more. If you are a nomad, buy an RV. The earlier in life that you can do this the better. This is one excellent way to put your money somewhere that it will without a doubt increase in value over time.

There are so many benefits to owning your home, it's difficult to choose where to begin describing them. I believe that the best benefit home ownership provides is psychological. When you have this fixed point in the world that you own and manage, it builds confidence, shelter and strong defenses against many sources of chaos that can come your way. Plus, the while home equity subject. If the world starts crumbling down around you, or drastic life changes strike, the real property provides options that would otherwise not exist.

When you rent or live on someone else's property, all the money paid to live there goes towards someone else's struggle in life. There is very little responsibility or commitment involved. You can "bug out" or be evicted in short order. It is much more difficult to manage personal finances and plan strategically in this situation. Having a regular recurring mortgage payment and a deed of ownership changes all of that. During hard times, there is no choice involved: the mortgage must be paid OR ELSE. During good times, inflation is now your friend, as it will increase your net worth as a direct result of the increase in property value. This is indeed the money you can't lose, because you have to live in it.

The whole process of buying a house is a big eye opener into the arena of bank financing, business dealings, law, and government regulations in itself. The sheer amount of paperwork, the hoops these people have to jump through, the inspection and appraisal, the approvals that must be earned , just to close the deal, is staggering. This is further proof of how important owning real property is in the world. It is a life-changing event, a rite of passage that builds your reputation.

Even if you don't feel it at first, the reality of the event will manifest itself the next time you attempt another purchase of something expensive. Salesmen and bankers have a completely different attitude towards clients or customers that are homeowners. The debt they can attach to your property is extremely low hanging fruit, a greased chute that virtually assures a successful transaction. Without this leverage, your negotiating ability is severely limited, even if you have cash in hand. If you are a sucker, the added expense of removing the attached debt will teach you how to live within your means, and encourage you not to make the same mistake again.

[shellbark]

The cost of living is pretty much high nowadays. I am fortunate to have a stable job as an IT consultant to support my family.