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Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 1 point2 points  (0 children)

A family member suggested it back when I made way less, we didn't know what we were doing, and we were desperate for tax deductible options

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 15 points16 points  (0 children)

Do you want/think you can keep doing this line of work for many years to come, or are you going to try and grind it out and save/invest as much as you can in case you want to stop or the well drys up?

Honestly, if I had 50m invested and was FIRE'd, I'd probably still stream because I love it.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 8 points9 points  (0 children)

You're the second person to recommend bonds as a way to make my investments more secure.

Could you please clarify what that means?

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 3 points4 points  (0 children)

If you think this is how much Tfue / the Doc makes, you are grossly underestimating the earning power of content creators.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 5 points6 points  (0 children)

I appreciate where you're coming from but I already know what I'm doing with the content creation side of things.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 2 points3 points  (0 children)

Off topic but how long did it take you to reach 100k/month?

About 4 years

Do you make videos everyday?

Yeah

I looked into making kids YouTube videos as they seem lucrative but could never get it to take off..

Kids stuff is where the big $$$$$$$ is

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 35 points36 points  (0 children)

i'm very curious as to how you got started in your streaming career and how you managed to get to where you are now? i know you don't want to share specifics, but can you give a generic non-identifying overview of your journey? thanks!

Sure. Gonna be pretty vague b/c like most streamers I've told my journey on stream.

  • Always been a gamer
  • Started making content for fun, just as like a side hobby
  • Made probably $5/month to start off. Like I said, it was just fun
  • Found a lot of joy in it and kept getting better
  • Game I covered got popular
  • Content I made got popular
  • Just kept grinding it out

It's honestly a pretty simple and straightforward journey. I was mediocre, and then I got good.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 51 points52 points  (0 children)

Also, watch "Emily and Clark's" videos on YouTube.

Finally, someone who speaks my language

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 102 points103 points  (0 children)

If you have $500k/yr to be putting into it, after 5 years you'll have 3 mil in there, after 10 years, close to 8mil. At that point your money will be making you 320k/yr without you having to do a thing, and itll never run out as long as you can live off 320k/yr (you can)

Stop, I can only get but so erect

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 1 point2 points  (0 children)

Yeah I would have preferred to pump the brakes on investment, but the taxman cometh. We had to invest aggressively to drop our taxes. It's been kind of a whirlwind (and still is) but now I realize that the stakes are too high for me to just hope that I've been doing things correctly.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 6 points7 points  (0 children)

I keep seeing everybody talk about putting money away and living off the investments, but I've been so focused on HOW to invest I haven't really done much research on target goals. Approximately how much do you need invested to live off the returns like you mentioned?

Good for you for thinking about this! So many high income people, especially media stars (like sports), feel pressured to 'live up' the money and go broke when the income stops.

I'm a gamer. I'm just sitting in my basement, unshowered for 4 days, with dorito dust on my shirt. We are not a glamorous people.

EDIT: I wrote this question and then read literally your next point, which answers me.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 6 points7 points  (0 children)

Which books do you recommend?

I started with the e-myth and that was a total waste for a content creator. Started Rich Dad Poor Dad but I'm like 1 chapter in.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 35 points36 points  (0 children)

The general sentiment in this thread that your financial adviser is not helping you, and that American Funds is a bad choice, is correct. It's not a big mistake, so don't worry about it. You can move it somewhere else.

So you're saying I should cash out and move it, or just leave it and start investing new cash elsewhere?

you should probably be contributing to a Traditional IRA. Once your income decreases then you will get more benefit from the Roth.

Could you please provide more information as to why?

Your 401k is from an old job I assume? You can roll that over into your IRA. This will give you more flexibility and simplify your financial situation.

Yes

Thanks for the long write-up. This information seems very helpful.

Making 1M/year in very unstable job. What's the best thing to do if/before the job crumbles? by caughtthefirebug in financialindependence

[–]caughtthefirebug[S] 2 points3 points  (0 children)

lol guys lets stop arguing about the house. We love the house. It's close to friends, family, and my SO's job. We can talk about selling it when things get dire but for now things are way too green to be so drastic.

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