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Financial independence. Early Retirement.
The goal for everyone who even hears that it's possible.
"Man I wanna quit my job and do the things that I love while not going broke."
Don't we all.
But how is it possible?
To put it simply, you must clone yourself.
The goal for everyone who even hears that it's possible.
"Man I wanna quit my job and do the things that I love while not going broke."
Don't we all.
But how is it possible?
To put it simply, you must clone yourself.
"Has @GetPaidMore lost his mind again?"
No dear friends, this is just an analogy.
You must find a way to clone yourself though, if you wish to be free from the daily grind of making money.
Let's look at a few examples of everyday cloning.
No dear friends, this is just an analogy.
You must find a way to clone yourself though, if you wish to be free from the daily grind of making money.
Let's look at a few examples of everyday cloning.
Obviously no one can make a genetic copy of themselves to send to work in their own stead.
That'd lunacy. Or Hollywood.
Either way, it's not a feasible solution for early retirement.
The closest thing is childbirth, but kids tend to want their own wages once they're earning.
That'd lunacy. Or Hollywood.
Either way, it's not a feasible solution for early retirement.
The closest thing is childbirth, but kids tend to want their own wages once they're earning.
The simplest (worst) method is just to have A LOT OF MONEY.
Current interest rates are garbage, but humor me for a moment.
Today, if you're lucky you can get 0.5% per year interest on a term deposit.
For $10m you get $50k passive.
Ignore the fact that this is a terrible deal.
Current interest rates are garbage, but humor me for a moment.
Today, if you're lucky you can get 0.5% per year interest on a term deposit.
For $10m you get $50k passive.
Ignore the fact that this is a terrible deal.
If you work a basic job and use this method of putting money into a bank account for interest,
the price to clone yourself is ten million dollars.
Your clone is the fridgeload of cash, throwing off its terrible yield of .05% per year.
This is expensive and inefficient though.
the price to clone yourself is ten million dollars.
Your clone is the fridgeload of cash, throwing off its terrible yield of .05% per year.
This is expensive and inefficient though.
A better version of this clone would be to buy up large amounts of dividend stocks.
These will pay you a regular percentage of your holding, which forms an income.
Dividends are controversial though - as @creation247
Some young people pursue dividends above all else - dumb.
These will pay you a regular percentage of your holding, which forms an income.
Dividends are controversial though - as @creation247
Some young people pursue dividends above all else - dumb.
This is because dividend stocks are most often not growth stocks, and vice versa.
Want appreciation in your actual stock (and thereby in your account size)?
Buy growth stocks.
These don't provide steady income though, and for the purposes of "cloning" are unsuitable.
Want appreciation in your actual stock (and thereby in your account size)?
Buy growth stocks.
These don't provide steady income though, and for the purposes of "cloning" are unsuitable.
What are other clones you can use then?
How about a business?
Your business becomes an organism that creates income independent of you.
Your customers buy from the business - not you.
So hire staff and a manager. Check in often to see they're working. Ask @Entrepreneurfo3
How about a business?
Your business becomes an organism that creates income independent of you.
Your customers buy from the business - not you.
So hire staff and a manager. Check in often to see they're working. Ask @Entrepreneurfo3
Profit from your business is the difference between your income and your running costs.
When your profit exceeds your living expenses, congratulations.
You've created a clone which will earn for you.
(keep an eye on him though - clones are untrustworthy).
When your profit exceeds your living expenses, congratulations.
You've created a clone which will earn for you.
(keep an eye on him though - clones are untrustworthy).
Business is a very broad term, so estimating costs for this method is impossible.
What other clones are out there?
INTELLECTUAL PROPERTY.
Your IP can be an amazing clone.
Intellectual property usually exists as data.
IP is stored in books and hard drives.
What other clones are out there?
INTELLECTUAL PROPERTY.
Your IP can be an amazing clone.
Intellectual property usually exists as data.
IP is stored in books and hard drives.
Examples of intellectual property include
- books
- songs
- videos
- scripts
- programs
- websites
- subscriptions
- blogs
- designs
- patents
- recipes (think Coke, and KFC's secret herbs&spices)
- even dances can be IP
Your IP can be your clone if you create demand for it.
- books
- songs
- videos
- scripts
- programs
- websites
- subscriptions
- blogs
- designs
- patents
- recipes (think Coke, and KFC's secret herbs&spices)
- even dances can be IP
Your IP can be your clone if you create demand for it.
People wanna read your book, so you sell it.
Sell copies so the income replaces your work.
Or you grow your youtube audience to the point where the ad revenue can replace your job.
Or your blog traffic brings advertisers to your site.
You get the picture. Ask @fromclicktosale
Sell copies so the income replaces your work.
Or you grow your youtube audience to the point where the ad revenue can replace your job.
Or your blog traffic brings advertisers to your site.
You get the picture. Ask @fromclicktosale
Intellectual property is a wonderful clone for these reasons.
- Low creation costs
- Low storage costs
- Low reproduction costs
- Low distribution costs
All of the above are what kill normal businesses.
Not so for you, if all you deal is digital products.
- Low creation costs
- Low storage costs
- Low reproduction costs
- Low distribution costs
All of the above are what kill normal businesses.
Not so for you, if all you deal is digital products.
How about just owning stuff that people need?
Rental property can be a clone for you.
You hold the asset (house/apartment/whatever) and enjoy the price appreciation.
Your tenant pays to use it.
You take the difference between the running costs and the income as profit.
Rental property can be a clone for you.
You hold the asset (house/apartment/whatever) and enjoy the price appreciation.
Your tenant pays to use it.
You take the difference between the running costs and the income as profit.
Again, when your profit exceeds your living costs you have cloned yourself.
Your properties function in your stead, earning for you.
Everyone needs somewhere to live.
You won't run out of customers. Ask @howto_live4free
Your properties function in your stead, earning for you.
Everyone needs somewhere to live.
You won't run out of customers. Ask @howto_live4free
The way you think of money determines what you're able to do with money.
There are many strategies you can apply in order to clone yourself.
Being educated, flexible, and creative are the keys.
No one who knows how to use money needs to work forever. Ask @FI_imagineer
There are many strategies you can apply in order to clone yourself.
Being educated, flexible, and creative are the keys.
No one who knows how to use money needs to work forever. Ask @FI_imagineer
So there are some ideas about cloning that don't require the use of a genetics laboratory.
What's your plan for cloning yourself?
What's your plan for cloning yourself?
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