I want to go from struggling financially to at least 50k a year but not sure how.

[LifeTwoPointZero]

Hey guys!

This is inspired by @AGFs path to £1,000,000 progress log.

I know there are opportunities out there but I don't know which are solid and what areas to look into. I do something called matched betting in the UK, it's a very easy way to make tax-free income, you can generate money from nothing. I only discovered it back in 2018 and the income from that has changed my life and now I'm in a much better place as a result.

I've managed to set aside about 3k from that and I'm looking for any ideas on good opportunities like AGF discusses in his thread. I want to take their 3k and turn that into 10k, that into 50k etc. The overall goal is to make that money work for me. I'll put the effort in and take courses or whatever, but my main passion is music (side note: I've recently been taking some business start-up training and it's made me realize I need to be able to support and sustain myself in the short to mid-term and it's making me reevaluate a lot of things) which itself can be a very expensive.

So yeah, I'm looking for ways I can take the profits from mbing and compound them into more profit. I know there are long-term investments, stocks, and shares, but I'm looking for ways to leverage the 80/20 principle here. That's not me looking for hacks and shortcuts, music takes up a lot of my time and I'm currently also looking for roles in the industry to bring more income in.

"My investment strategy is to invest 10% of my monthly income into projects that I think are solid and then from time to time I bet on riskier things that have the potential to do 3-5x in a short period." - AGF

^^^This is it in a nutshell, it's just identifying the niches that are solid opportunities these days, if you guys can educate me and open my eyes to potential opportunities I'd be extremely grateful. The bottom line is I want some of the lifestyle AGF talks about, which has always been the dream via music, but it's a very competitive industry as I'm sure you guys will know!

Thanks.

 

[Antonio44]

Hey guys!

This is inspired by @AGFs path to £1,000,000 progress log.

I know there are opportunities out there but I don't know which are solid and what areas to look into. I do something called matched betting in the UK, it's a very easy way to make tax-free income, you can generate money from nothing. I only discovered it back in 2018 and the income from that has changed my life and now I'm in a much better place as a result.

I've managed to set aside about 3k from that and I'm looking for any ideas on good opportunities like AGF discusses in his thread. I want to take their 3k and turn that into 10k, that into 50k etc. The overall goal is to make that money work for me. I'll put the effort in and take courses or whatever, but my main passion is music (side note: I've recently been taking some business start-up training and it's made me realize I need to be able to support and sustain myself in the short to mid-term and it's making me reevaluate a lot of things) which itself can be a very expensive.

So yeah, I'm looking for ways I can take the profits from mbing and compound them into more profit. I know there are long-term investments, stocks, and shares, but I'm looking for ways to leverage the 80/20 principle here. That's not me looking for hacks and shortcuts, music takes up a lot of my time and I'm currently also looking for roles in the industry to bring more income in.

"My investment strategy is to invest 10% of my monthly income into projects that I think are solid and then from time to time I bet on riskier things that have the potential to do 3-5x in a short period." - AGF

^^^This is it in a nutshell, it's just identifying the niches that are solid opportunities these days, if you guys can educate me and open my eyes to potential opportunities I'd be extremely grateful. The bottom line is I want some of the lifestyle AGF talks about, which has always been the dream via music, but it's a very competitive industry as I'm sure you guys will know!

Thanks.

When I was at uni I made a decent bit for a student doing matched betting. Then I did the same for all my friends and split it 50/50 until I exhausted all the offers I could find. You have a reasonable skillset, this is what I would do first. Of course follow the T&C's etc/be smart about it. First people to try would be any family members etc.

 

[AGF]

My man,

glad that I could inspire you.

However, I would advise you to think it through more "holistically". Your posting sounds like you're a hustler. You are talking about turning 3k into 10k into 50k:

I'm looking for any ideas on good opportunities like AGF discusses in his thread. I want to take their 3k and turn that into 10k, that into 50k etc. The overall goal is to make that money work for me.

(...)

So yeah, I'm looking for ways I can take the profits from mbing and compound them into more profit. I know there are long-term investments, stocks, and shares, but I'm looking for ways to leverage the 80/20 principle here.

That is not how business works. You should instead think about how you can invest that 3k to get a monthly cashflow of 1-2k and then turn that into monthly 10k and so on.

And then you an start gambling with 10% of your monthly profits. Don't think about making money work for you until you are mid- to high 6 figures net worth.

A good annual ROI of your money is 15%. An outstanding ROI is 25% (that can be stocks, real estate, most cash intensive business models).

For reference: if you can consistently hit 30% return per year, you would be considered one of the best stock traders in the world.

The point is: A lot of younger people get brainwashed from social media because the guys who post there blow their profits out of proportion, never show the losses or failed investments and make ludicrous claims like 20% return per month. As a result, people don't even know any more what a realistic, good ROI is.

Let's say a realistic, outstanding ROI on your money invested (if you want to make money work for you) is 25%.

That means: even if you have 100k invested to make "money work for you", that would still only yield you 25k per year or 2k per month.

And to get that 25k per year you literally have to risk your entire net worth.

And you are far away from having 100k to invest in.

Wouldn't it be much faster, to figure out how to sell a service to an audience that allows you to charge 2k per month? Instead of thinking of opportunities to flip 3k into 10k and then into 50k?

"My investment strategy is to invest 10% of my monthly income into projects that I think are solid and then from time to time I bet on riskier things that have the potential to do 3-5x in a short period."

This quote you pulled from me needs to be explained. That was during the early stages of crypto bullrun. Can you try doing that now? For sure (and I even think that we will have another bullrun in the next years). But that would put all the power into external hands. What if the market doesn't move for the next 3 years?

Are there other opportunities to 3-5x your money in a few months? Not that I know of. If there are, then they will probably require a lot of time.

I'll put the effort in and take courses or whatever, but my main passion is music

This came across to me as a big red flag when I was reading your post.

First: buying courses will not solve your problems. You will end up like many other guys, having spent thousands on courses that teach you some outdated business models. They prey on guys like you. Guys who think in terms of "opportunities" and are not aware of the risks and the realistic chances of success.

Second: "but my main passion is music". You have to make a decision. Do you want to make money or do you want to enjoy your passion? If you are serious about making money and if you want that lifestyle bad enough, you need to spend at least 6-8 hours every day on it. For many years. And then, after those 8 hours per day you can spend a bit of time on your passion. That is the first decision you have to make. Do you want it bad enough or no?

 

[SIGMA_1234]

How much are you making every year, in a specific amount?

Reason I'm asking is because at a certain income level, it's pretty useless to think about long-term investments at all.

Years ago, I'd obsess over stock investing strategies like dollar cost averaging, read about blue chip companies, read about hot up & coming property investments, & look into other hot investment vehicles.

These days? I don't give a fuck about any of them at all when I'm making under $100k/yr. Before that level, the best investment you can always make is in yourself & your business. Self-investment compounds much faster than any investment vehicle because it puts the onus on something you control: yourself.

Only exception is if you're working a job, in which case yes invest your money. But if you're a business & making under $100k/yr, I'd forget even thinking about investing.

 

[Zug]

I'll probably get chewed out for saying this, but normal investing is a complete waste of time when your income is below a certain level. You can argue what that level is, but I'd say anything short of 90k I'd be completely focused on making more income, not growing investments.

Most (but not all) paid courses are wasteful when you're low income. You can learn so much through Youtube videos and JUST DOING. Virtually no courses can compete with that. There are some technical courses that are worth it, but they are rarely very expensive, they are typically lower cost and provide pre-recorded training and labs to guide you with some sort of forum access. Anything with live instructors is usually wasteful when you're struggling.

You don't have any sort of plan other than making money though, which is not where you want to be. You say you're passionate about music, which is cool, but you need to be passionate about 'your business' too, even if that's cleaning toilets. You don't need to be passionate about cleaning toilets itself, but if its your business you better be passionate about growing it and developing it. You need a direction, but I can't help you pick one. With the looming inevitability of AI, I would strongly consider a blue collar trade with the goal of starting your own business.

 

[hush]

I'm baffled by what I just read
First, OP, you do realize that the way you currently earn money requires 0 skill and doesn't scale?

"I wanna make 50k per year" normal jobs pay 50k a year

I'll probably get chewed out for saying this, but normal investing is a complete waste of time when your income is below a certain level. You can argue what that level is, but I'd say anything short of 90k I'd be completely focused on making more income, not growing investments.

I get where you wanna get here but to me that's forgetting two things:

- this will lead to mental masturbation. This is the same as saying you should not approach women until you've worked out for 5 years + make 100k a year + you have the perfect localization + the perfect outfits + ...
We know the opposite is true: you should start approaching AND working on yourself asap, you'll figure out all that stuff along the way
You should both invest AND keep learning and earning more. The process of starting to invest early will teach you a lot

- this is forgetting how compound interests work. Starting early with little capital beats starting late with bigger capital

I'm so glad I started investing at 23 with 300€

+ investing takes like 10 minutes a month once you've passed the initial phase of learning about it and deciding what to invest in