For anyone with free time, interest in a new hobby, or a gap in their income, flipping is a great side hustle to consider. There is no limitation on what you can make and no advanced skills are needed — you only need some time, and a Facebook account.
If you don’t know what flipping is, flipping is when you buy something that costs a certain amount and sell it for more than your cost in order to make a profit.
Did you know that the higher your savings rate is, the less time you have to work? Assuming you’re investing the money you don’t spend, of course.
Mr. Money Mustache who popularized the FI/RE movement broke down the math behind this concept of saving more to work less in his article, The Shockingly Simple Math Behind Early Retirement.
For example, if you have a 10% savings rate, you have to work for 51 years. If you save 25% of your income, then that’s 32 years of working. What about 50%? 17 years of working. 75%? Just 7 years of working…
I am aware that the title sounds like clickbait and I am not surprised if my article gets dismissed for that reason, but in reality, it’s just math. When I crunched these numbers, I couldn’t believe how much money I could realistically make from $0.00.
This article is about my story that involves my experience with an accessible side hustle and compound interest. This story lives at the intersection of the reselling and long-term investing worlds. This article is written for people who are curious to know what process I am using to become a millionaire from $0.00.
Money is laying all around us, and with some time and effort, you can turn $0 into a surprising amount of money. On August 7th, I started a 0–1k challenge where my goal was to turn $0 to $1,000.
To take it one step further, I then opened a Roth IRA account, and assuming I do not add anything, my $1,050 will grow to over $80,000 in 40 years assuming an 11.5% return.
I accomplished my 0–1k challenge goal in less than two months and netted $1,050 in 51 days. This is an article about how I did that.
If you’ve heard of FIRE, you may know that FI = financial independence and RE = retire early. What exactly is financial independence, though? Imagine living a life where your wants and necessities are obtained without having to rely on your current job for a paycheck, or any job for that matter. That is what a financially independent life would be like. In a nutshell. . .
financial independence grants you a work optional life.
Ask your self this question: How long could you live without a paycheck? People who are financially independent could live without a paycheck for decades!
A millennial en route to financial independence and early retirement.