tuttibs wrote:Hi guys, I'm a noob.
Just finished medical training. Got a great sign on bonus and live in small size city with decent cost of living. I DO NOT want to work for the rest of my life. I think I will burn out soon and need to start investing in passive income streams now so I can retire in 10-15 years. Medicine is going down the tubes and I won't be making this money for much longer.
What are your guys ideas for good passive income streams that does not require me to quit my current job.
I was thinking about franchising (have family members that will manage store for me)
What about rental properties?
I have $150K right now and will have $300K total in a year.
Have about $120K in student loans, but currently at 3% interest. Should I pay that off first and forget about anything else? We also don't even have a house yet, just renting (about $1500 a month).
Should I stop dreaming and just buy a house, pay off my loans and invest the rest in the bank, stocks?
Thanks for the advice!
Well...you could read "Rich Dad, Poor Dad" by Kiyosaki. He provides very few specifics (other than to sign up for expensive seminars such as those he offers), but his book is all about dreaming and taking huge risks to escape wage slavery.
Of course, you will find very few on this board who espouse his views. You have serious human capital as a physician, positive net worth, and could probably retire early without huge risks as long as you don't need a fancy standard of living.
One thing about real estate (landlord) income streams - they are not passive. Don't buy an apartment building thinking you can just sit back and sign the checks; real work is required.
Retirement investing is a marathon.