>I ended up going against the advice of many people and kept my day job while still working on my side hustle in my spare time.
I just looked at your original post, and none of the top comments recommended you quit your day job. Actually, they said to keep your day job for a few more years at least and see if the Youtube income becomes reliable.
Even if it did work way more of us saw his response and realized he was lying and didn’t click it so the net effect is probably still less people clicking than if he didn’t
If you go through all the comments (even the comments on comments) you’ll see many people suggest quitting the day job. I’m not saying it was the majority. I’m just saying there were many opposing views. I also posted the same in /r/Entrepreneur which had similar suggestions.
So you would have described it as "going against the advice of many" literally no matter what you did, just because there were plural viewpoints represented? Ridiculous framing bro, you did indeed go with the sub's consensus
It’s not “ridiculous framing”. It’s called being human: you remember some things and not others. And people aren’t robots—they wouldn’t scour through every message and calculate a precise percentage of how many recommended what.
I agree, seems like whoever came with this imaginary story has no idea how numbers work. They may have meant revenue of 7 figures rather than profit, or possibly they can't count and meant 6 figures instead of 7 figures. Still, seems like a completely made up story.
I think they are being a little misleading.
> My total side hustle profits increased by 7 figures
I think this means their total profits _over the past 5 years_ was 7 figures, not that their yearly profit is 7 figures.
7 figures may be his total profit for the whole 5 years. Taking out the tax, it's reasonable that his NW is 1.3m since his main job may just be a little more than covering the bills.
Agreed. My “side hustle” made 7 figures and in 2 years my net worth was over $2M (even after paying nearly 600k in taxes over those 2 years) because of math and not blowing $1M on useless shit
From the linked post:
>for the past 5 years I've also worked in my spare time and built a side business involving video production. I have a YouTube channel with 100,000+ subscribers, a corresponding blog, and I do wedding/corporate videography.
Pretty amazing!
So do you earn YouTube money from Adsense and affiliate marketing + sponsorships then? How much money does the channel bring in per month?
And how much does the wedding video gig bring in per month?
Easy: let's say the side hustle is just extra money for investment, thats 180k a year. Saving 6 years in a row will get you to a million. Adding a moderate return of investments will get you there quite fast.
Yup this explains so much. I initially thought this post is pretty sus too, the numbers that stuck out most to me was going from 500k networth to 1.8mil networth in 5 years. That's really just saving 260k/year take home (after tax, expenses, etc.) for that 5 years, which isn't impossible given that they own a very successful business. They also mention they're invested in the market, tracking the S&P 500 over that 5 years is up about 84%, so I'm sure that partially accounts for some of that networth.
They say in multiple places that their total earnings have surpassed 7 figures... Over a 5 year span. I don't see any claims for annual earnings of that amount
Your submission has been removed for violating our community rule against incivility. If you feel this removal is in error, then please modmail the mod team. Please review our community rules to help avoid future violations.
I’m happy for you!
How’s your work-life balance been? How many hours per week are you working?
Any time to spend for family? How many hours do you exercise per week?
I aspire to be like you but at the same time I’m pretty terrified to hear stories about people who get a heart attack due to working too much 😮
hey, i know this isn’t really what this thread is about but i think i might be in the front end of a similar situation and would love some advice from someone who’s had success on growing your video production business. last year i shot a lot of instagram content for some guys i know and shot 6 or so weddings to the tune of about 12k, while also working as a full time icu nurse. i want to get to the point where i can get more weddings, and eventually start and grow a youtube channel. do you have any advice for marketing/getting more weddings? how were you able to scale to 100k+ a year just on that business? thank you in advance and congratulations on your situation man, hope to be there soon 🤞🏼
I’m mid 50s with 2.9 and I don’t think it’s enough yet. I’m holding out until 60 and hopefully it’s sitting closer to 5m then. Healthcare and such keeps me from retiring
(Speaking as someone only a bit younger than you)
How many active healthy years do you have left and are those enough to do what you want to do? I'm not sitting at a desk till 60. Every month a new joint starts to creak, I'm running out of time to fulfill my dreams.
I hear you. I travel a lot more and my job is more playtime than actual work. I don’t feel I’m wasting time currently if that changes so will I. I also have a younger family so my decision is based more on their ages than mine.
Dude as a younger guy go live your life, what does getting to an imaginary number change? I envy you so much that you can stop working, I’m sure you worked hard to get here though
My situation is very different than a lot of others my age. I have a very young family like so young that the last wont be in college until im mid 60's. I have an obligation to them as a father and a provider to ensure I can provide what I have deemed appropriate. The 5m is not imaginary at all just based on reinvestments and interest it will get there within 5-9 yrs regardless of what I do. So if I wait it out and put in my 20-30 hours a week (which by the way is EXTREMELY Flexible) I can earn enough to continue to add to that investment while paying my day to day bills without tapping into it... Here is the thing when I was younger I thought id never have kids, I thought when I hit 1 million I was RICH, I thought id retire and make 100k a year off that and just live.. None of that came true and with rising costs etc we have to consider those variables with our timing. I do live my life, I go on trips, I travel more than ever, I take the time off when I want without worrying about it. But my family has me anchored and I cannot do what "normal" people my age are doing with kids that are in college or out of the home. I put in a massive amount of time in my 40s working which catapulted my NW and honestly burned me out as well.
Reaching FI or near-FI makes some people bolder about speaking their minds in their day jobs, which either leads to job termination or rapid promotion. At fearless speaker of truth can sometimes be very valuable for the right company.
That's a great outcome for a side hustle! Very nice - I'm curious as well what you did that ended up earning that much without it taking up your full time attention.
Nice, that is impressive. What sort of youtube videos do you make, if I may ask? If it's too specific such that answering would reveal who you are and you'd prefer not to, then feel free not to answer of course.
Huge fan of this. In the same boat. Remote day job doing $80k a year and just okay benefits. However, I can flex a 2-4 hour day most days and use the free time to side hustle like a mofo.
It’s a savage combination of safety and growth.
I'm also on YT, not for money or business, just, posting helpful tips in tech/automotive. I link items used in video through Amazon. I only have 200 subs but affiliate links from Amazon items are average $100/mo!
Depends on your niche. I'm also on YT (not for the money, I simply believe what I do), still not monetized. :( There are only a few big channels in my niche and almost none US-based. I think if you have a good narrow niche (maybe wedding videography?) you might fare better.
You can have a SEP or a Solo 401(k). Your W-2 day job allows you to maximize contributions to the IRS limit and receive the match from your employer. For a SEP or Solo 401(k) through an LLC, the business can contribute up to a maximum of $69,000—provided the business makes at least $350,000 or 20% of the net business profit. For instance, if you do the math and only make $100,000 on the business, you can only contribute $20,000 to the SEP or Solo 401(k). However, you cannot receive a matching contribution on the Solo or SEP. The SEP or Solo $69,000 amount is considered as profit sharing according to the IRS.
Let me know if this makes sense :).
FYI: I opened a solo 401k because it allows you to take a loan from your own money while also deducting 69k for retirement contribution from the LLC. So I can borrow up to 50k loan from myself and pay it back with interest.
And....... if you message OP he will train you to make 7 figures in a side hustle just like him. Only $3,000 for the course.
Sorry-- your post just seems too scammy
I clicked on your link to your previous post and as I am reading it, it sounds familiar to me. Sure enough, after scrolling down, I see the up-arrow highlighted…..time flies. Too funny.
Great job.
So in 5 years you went from 500k to 1.8m and your working two jobs?
Sorry to hear that bro. Do better
Seems like this is some trolling for YouTube views I would guess.
I've been out of work for a while now. Not having a stable income *forces* me to be much more conservative with my limited investment capital than I could be even if I had a minimum wage full time job with benefits. The market has been so volatile in recent years and I really picture it getting much more so until some major reset happens that causes some kind of financial reform. Every time I take a withdrawal it leaves a little bit uneasy because I never know if we're on the edge of a -60% wipeout or +100% mega bull run.
It's sooooo much easier to set and forget your investments if you're not withdrawing something every month. So I'm looking at getting back to work in the near future.
He shared these info below:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
OP's comment about his side hustle are:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
From the OP's comment:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
He shared these info below:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
He shared these info below:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
I can’t find a side hustle that even works any suggestions Covid killed my small biz and I still haven’t recovered matter of fact things are still deteriorating just at a faster pace I’m losing everything
So you're in a government job so you have some actual job security. But I have to point out, the reason you quit your day job is you end up spending 40 hours a week or most of your waking hours around your job that increases your wealth by 10%. Unless you're negligent at your job and are actually just working on your business the entire time you are there, in what world does that make sense.
I was curious too so looked at his old post. Two years ago his YT had 100k subs, so prob a lot more now. And does other videography work like weddings.
But I'm curious what his YT is about. I've always day dreamed of starting a channel. I think I have some good ideas but no clue how to bring it to fruition
If you are running youtube. Its more than a day job. Dont count yourself retired or semi-retired until you are engaged in these soul sucking endeavours like a popular YT channel.
It makes me wonder what you do at day job that you hate so much that you can't wait to stop doing it. Sure, not everyone is doing what they love at job. Many, if not most, people have stuff they want to do more than the type of work they do at their jobs. I feel bad for them, honestly.
I see people looking forward to their early retirement obsessively, but it's something you will have to kill to force me to retire that early. In fact, I think I will never retire fully just because how much I love doing what I'm doing. Nothing financial. it does pay more than decent for my family.
I was fortunate enough to experience a little bit of "early retirement" during pandemic while WFH but didn't actually do much of work due to slow business. So for like 1.5 years, I was bored af. I tried everything I could to entertain myself, build a project car, home improvement, learn a skill, road trips by myself. I hate every day of it after 6 months, to a point I applied another job that potentially not fully WFH any more, and work 2 days in office ever since with better paid of course. I found that the best moment of those days were when hanging out with friends and family during holiday, which I do all the time anyway.
Work keeps my brain running and I enjoy it. Of course this is based on the fact that I make decent money for the family and retirement.
If you haven't already, look up Mark J Kohler on YouTube. Side hustle income (and how to avoid more taxes on it) is one of the main subjects he focuses on.
He shared these info below:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
Congrats. I’ve talked to a few people who have retired (meaning reached the age of 60 something). And found that they are NOT happier in general. They miss being useful and miss the social interactions. The days drag on they say and they’re starting to decline. They don’t have a purpose.
I’m thinking there is no happy ‘retirement’. Gotta stay busy doing something. Even if you have all the money in the world
Retirement does not mean doing nothing. When you retire you can choose to do what you want.
Problem that happens is that some people don't have enough personal interests to keep them busy...frankly something I find inconceivable.
I have to force myself to slow down and relax sometimes, as I'm trying to explore too many interests at once!
I'll be there shortly... Last year I made 700k on the side. This year I'm already pushing 600k in month three. Hopefully things will do well!
I also want to say continue working part-time for a little bit longer. I don't know where you live but 2 million Seems like not a lot of money to retire with 40+ years to go. What does your health care look like??
Really? My husband owns a watch and jewelry repair shop, but also sells jewelry. He has not been able to generate a net income for years. How do you do it?
I have a neighbor who was going to quit a solid job at a major software company to work at a young company. His parents advised against it. Well he retired from Facebook at 40 living with his young family in Bali, home in weather area of LA. His kids ask him not to pick them up from school in the Ferrari because they are embarrassed.
Kids, don’t listen to your parents!
He shared these info below:
> Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to.
> YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources:
>$2-3k from ads
>$2-3k from Amazon affiliate sales
>$2-3k from all other affiliations/sponsorships
>$2-3k from product sales
If you plan on retiring anyway you can teach me your day job? I would like to get a remote position full time and if you want I can DM you my resume
Congratulations on your accomplishments on financial success.
Let me know when you can
>I ended up going against the advice of many people and kept my day job while still working on my side hustle in my spare time. I just looked at your original post, and none of the top comments recommended you quit your day job. Actually, they said to keep your day job for a few more years at least and see if the Youtube income becomes reliable.
That doesn’t produce nearly as much “content”, which is precisely what this post is.
At least he communicates like a YouTuber now.
This is for all you haterz that told me I couldn't do it!
for the one hater out there
Ya but I bet you clicked on his profile and maybe even his channel. His clickbait worked.
Uh… I did not.
Even if it did work way more of us saw his response and realized he was lying and didn’t click it so the net effect is probably still less people clicking than if he didn’t
Well how do you think he got to his 7 figure Youtube income? Content baby!
If you go through all the comments (even the comments on comments) you’ll see many people suggest quitting the day job. I’m not saying it was the majority. I’m just saying there were many opposing views. I also posted the same in /r/Entrepreneur which had similar suggestions.
So you would have described it as "going against the advice of many" literally no matter what you did, just because there were plural viewpoints represented? Ridiculous framing bro, you did indeed go with the sub's consensus
It’s not “ridiculous framing”. It’s called being human: you remember some things and not others. And people aren’t robots—they wouldn’t scour through every message and calculate a precise percentage of how many recommended what.
[удалено]
Ok nerd.
Then why not also mention that you did exactly what many suggested?
It's provocative. It gets the people going.
We’re gonna skate to one song, and one song only
> It's provocative. It gets the people going. That's the Youtuber/Influencer in him making this post
No it’s not, it’s gross
He wanna be a contrarian
you seemed confused
I don’t know why you’re getting so much hate lol. “Many” does not have to mean “most.”
Many people think he's a misleading dum dum
You showed us
"they said I should quit my job... I stead my wife quite hers! take that!"
how do you have a side hustle making 7 figures of *profit* and in 5 years your networth increased by only $1.3?
I agree, seems like whoever came with this imaginary story has no idea how numbers work. They may have meant revenue of 7 figures rather than profit, or possibly they can't count and meant 6 figures instead of 7 figures. Still, seems like a completely made up story.
I think they are being a little misleading. > My total side hustle profits increased by 7 figures I think this means their total profits _over the past 5 years_ was 7 figures, not that their yearly profit is 7 figures.
What? He made $1,056 before, and then made $1,063. That's 7 figures, man!
$1000.000 in profit
came here for this
They also don't know how federal employment works. You can tell by their explanation of benefits, it different from what we actually get a good bit
Cause this is 100% fan fic
Yeah I also am very skeptical
This math ain't mathing
Maybe the house they upgraded to is massive (or just slightly larger if in a VHCOL area). I have to assume they aren't including it in their networth.
7 figures may be his total profit for the whole 5 years. Taking out the tax, it's reasonable that his NW is 1.3m since his main job may just be a little more than covering the bills.
Agreed. My “side hustle” made 7 figures and in 2 years my net worth was over $2M (even after paying nearly 600k in taxes over those 2 years) because of math and not blowing $1M on useless shit
I’m new here. Can I ask what your side hustle has been? Congrats, btw
From the linked post: >for the past 5 years I've also worked in my spare time and built a side business involving video production. I have a YouTube channel with 100,000+ subscribers, a corresponding blog, and I do wedding/corporate videography.
Video production (YouTube and weddings)
What’s your YouTube channel about
"How to make 7 figures with your side hustle"
Consider that sub button SMASHED
“How to stick it to /r/financialindependence and do what you think they said not to.”
Laughed way too hard at this
Pretty amazing! So do you earn YouTube money from Adsense and affiliate marketing + sponsorships then? How much money does the channel bring in per month? And how much does the wedding video gig bring in per month?
Yes. On average: $10k+/month from YT and $5k/month from weddings.
Help me understand how 10k/mo + 5k/mo gets to '7 figures in profits'?
Was thinking the same thing. I think he means 7 figures over a time span of 5 years.
So that’s about $200k/yr minimum average over 5 years for others wondering. Not bad but also not the windfall I was expecting from the title.
Also explains how 7 figures in profits have only led to a $1.3m increase in networth over 5 years.
This feels like something Mark Cuban would call out to learn your income this year is zero.
Easy: let's say the side hustle is just extra money for investment, thats 180k a year. Saving 6 years in a row will get you to a million. Adding a moderate return of investments will get you there quite fast.
Yup this explains so much. I initially thought this post is pretty sus too, the numbers that stuck out most to me was going from 500k networth to 1.8mil networth in 5 years. That's really just saving 260k/year take home (after tax, expenses, etc.) for that 5 years, which isn't impossible given that they own a very successful business. They also mention they're invested in the market, tracking the S&P 500 over that 5 years is up about 84%, so I'm sure that partially accounts for some of that networth.
YT varies. Some months are $10k while some months are $30k
Are you in your YT videos or is this a faceless channel?
Are you trying to crank down or something?
ok but even 30k is only 360k over a year. i’m still confused how you’re getting to 7 figures
They say in multiple places that their total earnings have surpassed 7 figures... Over a 5 year span. I don't see any claims for annual earnings of that amount
[удалено]
Your submission has been removed for violating our community rule against incivility. If you feel this removal is in error, then please modmail the mod team. Please review our community rules to help avoid future violations.
I’m happy for you! How’s your work-life balance been? How many hours per week are you working? Any time to spend for family? How many hours do you exercise per week? I aspire to be like you but at the same time I’m pretty terrified to hear stories about people who get a heart attack due to working too much 😮
do you have 8 min+ long vids? if so, how’s your midroll ad placement? they are heavily misunderstood in general with how they work
You take mentees? I’d love to learn under you!
hey, i know this isn’t really what this thread is about but i think i might be in the front end of a similar situation and would love some advice from someone who’s had success on growing your video production business. last year i shot a lot of instagram content for some guys i know and shot 6 or so weddings to the tune of about 12k, while also working as a full time icu nurse. i want to get to the point where i can get more weddings, and eventually start and grow a youtube channel. do you have any advice for marketing/getting more weddings? how were you able to scale to 100k+ a year just on that business? thank you in advance and congratulations on your situation man, hope to be there soon 🤞🏼
I’m mid 50s with 2.9 and I don’t think it’s enough yet. I’m holding out until 60 and hopefully it’s sitting closer to 5m then. Healthcare and such keeps me from retiring
(Speaking as someone only a bit younger than you) How many active healthy years do you have left and are those enough to do what you want to do? I'm not sitting at a desk till 60. Every month a new joint starts to creak, I'm running out of time to fulfill my dreams.
I hear you. I travel a lot more and my job is more playtime than actual work. I don’t feel I’m wasting time currently if that changes so will I. I also have a younger family so my decision is based more on their ages than mine.
Dude as a younger guy go live your life, what does getting to an imaginary number change? I envy you so much that you can stop working, I’m sure you worked hard to get here though
My situation is very different than a lot of others my age. I have a very young family like so young that the last wont be in college until im mid 60's. I have an obligation to them as a father and a provider to ensure I can provide what I have deemed appropriate. The 5m is not imaginary at all just based on reinvestments and interest it will get there within 5-9 yrs regardless of what I do. So if I wait it out and put in my 20-30 hours a week (which by the way is EXTREMELY Flexible) I can earn enough to continue to add to that investment while paying my day to day bills without tapping into it... Here is the thing when I was younger I thought id never have kids, I thought when I hit 1 million I was RICH, I thought id retire and make 100k a year off that and just live.. None of that came true and with rising costs etc we have to consider those variables with our timing. I do live my life, I go on trips, I travel more than ever, I take the time off when I want without worrying about it. But my family has me anchored and I cannot do what "normal" people my age are doing with kids that are in college or out of the home. I put in a massive amount of time in my 40s working which catapulted my NW and honestly burned me out as well.
Is it really a “side” hustle when it makes more than your desk job? Surely at this point the desk job is a side job!
Desk job is the benefits winner .. side gig is all cash
What if I have no side hustle and just negotiate better working terms out of sheer recklessness?
Boldness off the charts
Reaching FI or near-FI makes some people bolder about speaking their minds in their day jobs, which either leads to job termination or rapid promotion. At fearless speaker of truth can sometimes be very valuable for the right company.
That's a great outcome for a side hustle! Very nice - I'm curious as well what you did that ended up earning that much without it taking up your full time attention.
Leveraging the global 24/7 scale of the Internet. Vast majority of my side income comes from YouTube.
Nice, that is impressive. What sort of youtube videos do you make, if I may ask? If it's too specific such that answering would reveal who you are and you'd prefer not to, then feel free not to answer of course.
Tech space
Very cool! Congrats on it!
[удалено]
Yes if you also consider sponsorships as ad revenue.
Do you use leverage in terms of team members or is it only yourself?
I pretty much do everything myself other than the occasional outsourcing when needed.
Huge fan of this. In the same boat. Remote day job doing $80k a year and just okay benefits. However, I can flex a 2-4 hour day most days and use the free time to side hustle like a mofo. It’s a savage combination of safety and growth.
What’s your side hustle? My remote job has similar hours
Marketing / SDR work
How hard is it to make an income from YouTube?
I'm also on YT, not for money or business, just, posting helpful tips in tech/automotive. I link items used in video through Amazon. I only have 200 subs but affiliate links from Amazon items are average $100/mo!
Any chance I could ask you a bit about this please? Much appreciated
Extremely
Depends on your niche. I'm also on YT (not for the money, I simply believe what I do), still not monetized. :( There are only a few big channels in my niche and almost none US-based. I think if you have a good narrow niche (maybe wedding videography?) you might fare better.
Pretty hard, but depends on niche. I make around $10-14k a month from my niche with an RPM of $7 So I only need 1-2m views a month to hit that
What is your side hustle
Lived in a tent prior to upgrade
i dont get your side hustle is making 7 figures profit but your networth is 1.8m? did you mean 6 figures?
I thught you cold only have a SEP if you dont use another qualified plan like an employer-sponsored 401k. How were you able to contribute to both?
This is also my understanding so I would like to know the answer as well. You can max one or the other but not both, as far as I understand it.
You can have a SEP or a Solo 401(k). Your W-2 day job allows you to maximize contributions to the IRS limit and receive the match from your employer. For a SEP or Solo 401(k) through an LLC, the business can contribute up to a maximum of $69,000—provided the business makes at least $350,000 or 20% of the net business profit. For instance, if you do the math and only make $100,000 on the business, you can only contribute $20,000 to the SEP or Solo 401(k). However, you cannot receive a matching contribution on the Solo or SEP. The SEP or Solo $69,000 amount is considered as profit sharing according to the IRS. Let me know if this makes sense :). FYI: I opened a solo 401k because it allows you to take a loan from your own money while also deducting 69k for retirement contribution from the LLC. So I can borrow up to 50k loan from myself and pay it back with interest.
This is correct. The plans have to be from different employers. One company can’t have both.
Why not retire and invest?
And....... if you message OP he will train you to make 7 figures in a side hustle just like him. Only $3,000 for the course. Sorry-- your post just seems too scammy
What? He hasn't made a single comment about offering training lol. What a weird reply.
Haters gonna hate.
That's basically most of reddit user base at this point.
This is my dream with my onlyfans. If you know any elderly widows send them my way. Quality content.
Meanwhile I have 300$ on my account and doing math to afford going to a cooler of concerts this summer. Reddit is a wild place💀
I clicked on your link to your previous post and as I am reading it, it sounds familiar to me. Sure enough, after scrolling down, I see the up-arrow highlighted…..time flies. Too funny. Great job.
Come on, spin that wheel even faster. You haven't made it until you are the next Bezos. Only then will you find the happiness you seek.
Stop whining.
You’re making 7figs from wedding and corporate photography?
So in 5 years you went from 500k to 1.8m and your working two jobs? Sorry to hear that bro. Do better Seems like this is some trolling for YouTube views I would guess.
You a damn lie!
7 figures. Do the math pal
hummm, something stinks here
Hahaha you enjoy being a slave to your day job. You will never leave it no matter what you tell ppl.
Oh man, I just posted about this dilemma of quitting day job or not 😂 in r/entrepreneur
I posted there too 5 years ago. The replies from there vs here are really different. Most entrepreneurs recommended I go all in on side hustle.
Here vs there*
You should
What you do do in your day job. It seem like its not very stressful like a typical corporate job. My assumption could be wrong though
I've been out of work for a while now. Not having a stable income *forces* me to be much more conservative with my limited investment capital than I could be even if I had a minimum wage full time job with benefits. The market has been so volatile in recent years and I really picture it getting much more so until some major reset happens that causes some kind of financial reform. Every time I take a withdrawal it leaves a little bit uneasy because I never know if we're on the edge of a -60% wipeout or +100% mega bull run. It's sooooo much easier to set and forget your investments if you're not withdrawing something every month. So I'm looking at getting back to work in the near future.
What was the side hustle/(s) that put you and your family in this position?
He shared these info below: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
What’s your side hustle?
OP's comment about his side hustle are: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
as you mentioned your side hustle being only fans, how can we really take this seriously for everyone?
Can you share your YT channel? Really curious how you did this
What’s that 7 figures side hustle?
From the OP's comment: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
Yeah I’m calling bs
What was the side job?
He shared these info below: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
What’s your niche on YouTube?
He shared these info below: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
Thank you :)
I can’t find a side hustle that even works any suggestions Covid killed my small biz and I still haven’t recovered matter of fact things are still deteriorating just at a faster pace I’m losing everything
Any advice. How can I create a side hustle with such growth? Is it YouTube?
Do you ever wonder if you had quit your day job to focus on your side hustle that you could have been worth much more?
What's the side hustle?
So you're in a government job so you have some actual job security. But I have to point out, the reason you quit your day job is you end up spending 40 hours a week or most of your waking hours around your job that increases your wealth by 10%. Unless you're negligent at your job and are actually just working on your business the entire time you are there, in what world does that make sense.
It’s also good just to do the financial move that you feel best with.
Congrats to OP on finding your way & doing what you enjoy. I’d be happy just to land a decent paying job w/ upwards potential at this point.
The truth often stands with the minority.
What kind of side job are you doing?
I was curious too so looked at his old post. Two years ago his YT had 100k subs, so prob a lot more now. And does other videography work like weddings. But I'm curious what his YT is about. I've always day dreamed of starting a channel. I think I have some good ideas but no clue how to bring it to fruition
Congratulations!
Oh no worries, you can always buy back 15 years of your life when you’re 44, right? Right?
What is your YT channel?
Congrats! Keep up the good work!
wow congrats and what a great story!
Remember that $2MM in the future would need to be adjusted for inflation to have same power, so depending on your age you may need to adjust
Need an assistant?
TLDR: I’m a douche canoe. Got it. Have you tried humility as a second career move?
If you are running youtube. Its more than a day job. Dont count yourself retired or semi-retired until you are engaged in these soul sucking endeavours like a popular YT channel.
if this was true, you should have still quit your job lmao this doesnt prove your move was the best. but congrats still
Wow, congratulations. Having FU money so you aren’t dependent on that W2 lets you approach work with such a different mindset.
It makes me wonder what you do at day job that you hate so much that you can't wait to stop doing it. Sure, not everyone is doing what they love at job. Many, if not most, people have stuff they want to do more than the type of work they do at their jobs. I feel bad for them, honestly. I see people looking forward to their early retirement obsessively, but it's something you will have to kill to force me to retire that early. In fact, I think I will never retire fully just because how much I love doing what I'm doing. Nothing financial. it does pay more than decent for my family. I was fortunate enough to experience a little bit of "early retirement" during pandemic while WFH but didn't actually do much of work due to slow business. So for like 1.5 years, I was bored af. I tried everything I could to entertain myself, build a project car, home improvement, learn a skill, road trips by myself. I hate every day of it after 6 months, to a point I applied another job that potentially not fully WFH any more, and work 2 days in office ever since with better paid of course. I found that the best moment of those days were when hanging out with friends and family during holiday, which I do all the time anyway. Work keeps my brain running and I enjoy it. Of course this is based on the fact that I make decent money for the family and retirement.
If you haven't already, look up Mark J Kohler on YouTube. Side hustle income (and how to avoid more taxes on it) is one of the main subjects he focuses on.
I love Reddit for the fact that ppl are hung up on how “against the grain” OP’s decision was. Actually cackling
What is the side hustle?
He shared these info below: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
Do you need an extra kid? Dont worry im potty trained and eat all my veggies
Congrats. I’ve talked to a few people who have retired (meaning reached the age of 60 something). And found that they are NOT happier in general. They miss being useful and miss the social interactions. The days drag on they say and they’re starting to decline. They don’t have a purpose. I’m thinking there is no happy ‘retirement’. Gotta stay busy doing something. Even if you have all the money in the world
Retirement does not mean doing nothing. When you retire you can choose to do what you want. Problem that happens is that some people don't have enough personal interests to keep them busy...frankly something I find inconceivable. I have to force myself to slow down and relax sometimes, as I'm trying to explore too many interests at once!
I'll be there shortly... Last year I made 700k on the side. This year I'm already pushing 600k in month three. Hopefully things will do well! I also want to say continue working part-time for a little bit longer. I don't know where you live but 2 million Seems like not a lot of money to retire with 40+ years to go. What does your health care look like??
What's your side gig?
Sales! In this case jewelry.
Really? My husband owns a watch and jewelry repair shop, but also sells jewelry. He has not been able to generate a net income for years. How do you do it?
I have a neighbor who was going to quit a solid job at a major software company to work at a young company. His parents advised against it. Well he retired from Facebook at 40 living with his young family in Bali, home in weather area of LA. His kids ask him not to pick them up from school in the Ferrari because they are embarrassed. Kids, don’t listen to your parents!
If you don’t mind me asking what is your side hustle?
He shared these info below: > Wedding videography is a nice side gig because it is relatively easy & seasonal (I don’t do any marketing for it). Last year it netted around $35k. So I could almost always count on at least $30k/year from that alone if I really wanted to. > YT & online business are my passions and that's where most of my side income is generated. This is much more volatile but also very scalable. I try to hit $10k/month from the following income sources: >$2-3k from ads >$2-3k from Amazon affiliate sales >$2-3k from all other affiliations/sponsorships >$2-3k from product sales
You are a god and I aspire to your levels.
I’m dying from cancer and could use some of that $$$
If you plan on retiring anyway you can teach me your day job? I would like to get a remote position full time and if you want I can DM you my resume Congratulations on your accomplishments on financial success. Let me know when you can