I am a 23 yr old engineer in the US, I’ve been working ever since I graduated college trying to save up as much money as I can. I make about $4k per month and have saved around $50k (willing to invest a large portion of this). Something that scares me the most is working a 9-5 till I’m 60+, which is why I’m here. There are so many ideas on this thread it’s quite overwhelming to try and sift through them. I wanted to share the ideas I’ve been playing with and see if I can get any other ideas. And no, I am not someone who wants to try and make a quick buck starting next week without doing any work. I am ready to put in a lot of work up front, I just need to figure out what to focus on with the money I have. Of course I’m not expecting to quit my day job any time soon, I would mainly like to just get started in some serious ways of making side income in things that are scalable.
Real estate – Obviously this one is everywhere and is probably a no brainer to some. An idea that attracts me the most is “house hacking”. For me this would be buying a duplex and renting out all other bedrooms to cover mortgage, repairs, etc. This would be ideal for me since I’m currently not really bound to where I live and would like to keep my living expenses low. My main concerns for this are the currently very inflated house prices (which seem to be finally dropping) and potential looming recession (if we aren’t already in one). Seems like the best way to mitigate risk here is to ensure I have a couple months of mortgage payments in the bank and big emergency cash reserve in case of vacancies or if shit hits the fan and I lose my job. Clearly this is what I’ve thought about and researched the most!
Trading/options/crypto – I started trading back when the marked started slumping after the GME stuff. Never had that much success. More recently I’ve been selling option contracts, which I’m still learning. The main problem with it thus far has been trying to balance it with my job since I’m working while the market is open, which makes things very difficult. I also used to mine Ethereum with my PC last year, but that obviously gave me pretty lackluster results.
Investing – Lots of suggests I see here are investing on stocks, dividend stocks, low cost index funds, Ibonds. I invest in a 401k but obviously that is a retirement fund, to me that is not passive income that I can actually use in my day to day life. Would love suggestions and experiences on this. Q for people who do a lot in this category, do you truly use these investments as passive income or is it basically a retirement fund that you’ll never touch unless there’s an emergency or something?
Amazon FBA/Drop shipping/Affiliate Marketing – These are all things that I’ve known about for a long time, but only started researching recently. I only really know the basics on these so I’d love to hear everyone’s experiences with these.
All ideas and thoughts are greatly appreciated!