Getting rich vs Financial independence
Feb 9 (edited) in General discussion
Getting rich vs Financial independence
Getting rich is not the same as getting Financial independence.
Getting rich relies on investing in a few 10x opportunities in your lifetime.
For example, getting rich would be building a few startups and selling them at a high price. The failure rate for a startup is high and you can't build 100 of them a year.
But if a startup works out, you will have a large lump sum of money when you go IPO.
However, you will also need to be okay with the startup failing (wasting years of effort / getting in debt) as the failure rate for startup is around 90%+.
Financial independence is the opposite.
The goal here is to have sufficient capital (less than $300,000 usually) to replace your income.
It is to generate monthly passive income with as little effort as possible (usually around 2 hours - 3 hours a week - think of collecting rent).
In terms of the monthly passive income strategy, you should aim to place around 50-100 trades a year (2 trades a week).
The rewards should be predictable and high in probability (higher than 90%).
This will give you peace of mind that you will okay and you are no longer dependent on your employer as much (or have a good retirement).
For Investing Accelerator, we place a lot of emphasis on financial independence because we know the odds of a startup working out is small.
Cheers,
Eric
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Eric Seto
Chartered Professional Accountant (CPA)
Chartered Investment Manager (CIM)
Founder of 5MinInvesting.com
Free webinar - how to get 30%: https://5mininvesting.com/free-case-study/
In February, my goal is to help 10 people without a financial background to master investing.
Investing Accelerator is designed for people without a financial background.
The goal is to achieve 30% return per year.
In the first phase, you will learn long term investing and targeting 30% for tax free compound growth. This will help accelerate your overall wealth.
In the second phase, you will learn monthly passive income to provide a more predictable cash flow (target 30% per year) which can cover your expenses. This will help accelerate your retirement goals.
If you are interested, then let's hop on a call to see if you can benefit from the strategies in Investing Accelerator and get 30% per year.
During the call, we will map out exactly how you can achieve 30%, what you are lacking, how you can improve.
If you have any questions about the program, you can ask during the call as well.
Schedule a call here: https://bit.ly/48mJlgR
Remember to go to the Classroom tab for additional investing resources.
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