Although a 40-hour work week is considered fairly standard for many Americans, most people prefer to earn more money while working fewer hours. Retiring early with a lot of money to spare is a common financial goal and some people seem to have discovered the secret to building their savings account without spending decades. job a salaried employment with a significant time commitment.
Here are a few people who cracked the code to make profits outside of the standard salary system.
After working in finance for 13 years, Sam Dogen wrote that he retired at 34 and now lives entirely on passive income.
In a 2018 article he wrote for CNBCSam Dogen said that at the start of his career he worked 70 or more hours a week, but that he “definitely escaped full-time work” 13 years later at the age of 34. wrote that one of his steps to success is that he’s been saving and investing since getting his first job.
According to the CNBC article, he started setting aside at least 50% of his after-tax income as soon as he got his first post-graduate job in an investment bank. He wrote that he used these funds to buy rental properties, stocks, bonds and CD (cash certificates with fixed maturity and interest rates) in order to build up passive income streams. “Start your passive income journey ASAP because it takes a long time to build something big, ”he wrote.
In 2009, Dogen launched a personal finance site called the Financial Samurai where he educates others on maximizing their income and productivity. And as his blog and the profits from his investments and rental properties increased, Dogen wrote that he found himself earning enough money to retire at 34.
According to his CNBC article, Dogen and his wife don’t have day jobs and live entirely on passive income. According to his blog, in 2017 he made about $ 211,000 in passive income only. He also wrote that he and his family continue to save money by drive a car worth less than 1 / 10th of their gross income, never buying new clothes and enjoying the city’s free weekday activities.
He later wrote that he only works about 25 hours per week on his blog from 2018.
Timothy Kim said he immigrated to the United States on just $ 500 and by the age of 31 he had become a self-made millionaire.
When he was a teenager Timothy Kim and his parents immigrated to the United States from Hungary. At the time, the Korean-born author said he only had $ 500 in his pocket. According to CNBC, he made his first successful investment On the stock market at 19 and 31, Kim was a self-made millionaire.
In 2018, Kim told CNBC that he attributes his success listening to the advice of high performing people. He said a former college professor who got rich after making successful investments in the stock market told Kim and his classmates to invest, which he did.
Kim said even though he was earning only minimum wage at the time, he invested $ 1,000 in the stock market. And as he started to make a profit, he continued to invest. “Every time I had extra money I kept throwing it away [the stock market]”he told CNBC.
In a 2017 article for Budgets Are Sexy, he wrote that he doesn’t see the point of “being the richest man in the cemetery“, and that he sees money as a kind of transient happiness. Rather than focusing on accumulating more wealth, what he really cares about is building a legacy. “I want to create an impact on the world, an impact on society, in our communities, all over the world! I want to create businesses that employ tens of thousands of people,” he wrote. He currently runs the personal finance blog Money pot.
“Efficiency is the name of the game,” Kim wrote on his blog earlier this year. “Work does not correlate with success … Don’t listen to the “24/7 hustle” nonsense you see everywhere. ”He also wrote that the time you spend working is not a measure of wealth.
Entrepreneur Timothy Ferriss said he made more money working four hours a week than working 80
Timothy Ferriss is an author, podcaster, and caring guru who rose to prominence for his New York Times bestselling book “The 4-Hour Workweek”.
After Graduated from Princeton University With a degree in East Asian Studies in 2000, Ferris began working in the sales department of a tech start-up in San Jose. In an interview with ABC News, Ferriss explained how he used his spare time at work to start an online business selling a performance enhancing supplement called BrainQuicken. As his online business grew, Ferriss said he found himself working up to 90 hours a week.
Frustrated and exhausted after three years of what he called “overload”, Ferriss said he decided to cut his workload significantly by outsourcing much of his daily work and not checking his emails. once a week. In his book, Ferriss wrote that he was able to go from $ 40,000 a year to 80 hours a week. earn $ 40,000 a month and work four hours a week.
Today, according to his Linkedin page, Ferriss is an author, investor and advisor for companies like Uber and Evernote. Ferriss told ABC his secret for maximize income while minimizing working hours reduces email checks and employs virtual assistants to take care of the daily tasks and responsibilities that consume precious time.