What should I do with my current life situation?

[7thLetter]

@Key Elements Definitely something to think about. And definitely something to work on rather than focusing on just one. Although it would be best to focus on one and master it at first then look to explore other ways of making income.

And I think a better way to look at it is that there's three types of income: Active, Portfolio, and Passive.

I guess life purpose would be a part of an active source of income since you are working for it. But at the same time I think it can be passive as well if you set up some kind of monthly payment for some content. Really depends.

And yes currently working on my portfolio at the moment with Forex trading. I do scalping which is trading the lower-time frames so its a lot more active than other types of trading since you have to sit at the computer and take profits on small price movements. Got a bit of a cryptocurrency portfolio that I'm going to hold onto. And looking to get into stocks as well, but possibly not at the moment as there is a possible crash happening soon. Maybe its happening at the moment but not too sure. Then hopefully get into a bit of real estate once I have the capital.

 

[Key Elements]

@7thLetter On LP, yes, you could go from active to passive income. That's the desired transition. That's what I'm currently working on now, going from self-employment to passive income in my startup LP if I can. The self-employment part is active if you are doing service for your clients. It becomes passive if customers start buying your products by the masses. Most ppl are not familiar with this. That's why I listed four categories. 

There is also a difference between just having a startup and actually having a LP. A startup could just be for the $. A LP is a startup with profound meaning. It's what you're meant to do in this life. It's up to the individual to discover this for himself / herself. Maybe, perhaps, not all ppl are meant to do this. Maybe they only stop at career or whatever. Maybe they never discover theirs.

Are you planning to do e-trade in the future?

You do know that a startup can exit when it becomes a corporation, right?

[7thLetter]

@Key Elements  What is e-trade? Is that the online broker? And what do you mean a startup can exit when it becomes a corporation?

 

[Key Elements]

35 minutes ago, 7thLetter said:

@Key Elements  What is e-trade? Is that the online broker? 

It's online. Check it out.

35 minutes ago, 7thLetter said:

 And what do you mean a startup can exit when it becomes a corporation?

I have a link to a book in this thread. Check it out. It takes time to explain.

Best of Journey 

[7thLetter]

@Key Elements Most likely going to use something called Q-Trade for my stock investing. I don't believe I can use anything based in the states since I'm in Canada.

I will possibly check out that book. Personally in my own opinion, I didn't really like Robert's Rich Dad Poor Dad book. BUT, that's me making a quick judgement on the book maybe 2 years back, and I also only read a few pages and never picked it up since.

Honestly I have way too many books though that I've bought and I don't read enough to get through all of them. With so many distractions it takes me a couple months to get through a single book. I have about 10+ books just sitting in my room that I bought last year that I still need to read lol.

[Key Elements]

@7thLetter Rich Dad Poor Dad is his first book. Remember, I'm referring to his 3rd book: Guide to Investing. 

I think his first book is a baby step toward changing one's mindset. Like I said, the vast majority of ppl in the world are only looking for jobs; that's it. I read several of his books to change my mindset.

[7thLetter]

@Key Elements Oh yeah that's what I meant. Just have a feeling if I didn't have much of an interest his first book then I wouldn't like any of his other books. But I mean I'm not completely closed off to checking them out, that's why I said its a possibility I would check it out. At the moment I've just got way too many good books I need to catch up on. Plus too many Leo videos to catch up on and re-watch. Waay too much information out there

[Key Elements]

@7thLetter yes, I totally agree. Too much info out there. That's why I like that one book. I will move on and read more and research more if I have taken enough action. From my experience, that book had key points, but I had to think about it and translate it into action. It takes trail and error and learning from it to succeed and understand better. Then, the meaning becomes clear.

Also, if you can, go to networking events in your area once you have your LP. That book explains briefly. In life, the meaning doesn’t become clear unless you have an actual experience of it.

Best of Journey. 

[Key Elements]

@7thLetter Wait, I just thought of something. Why can't you do e-trade from Canada? Why would a company like e-trade not want $$$? I read somewhere in one of Robert's book that he flew to Canada to invest in Canadian stocks from the inside because they were cheaper. The point is, it doesn't matter where you invest or what's your decision. Is what you're thinking correct? You got to investigate on that.

[7thLetter]

@Key Elements In Canada we're only allowed to trade with online brokers that are regulated by the IIROC. I mean that's the case if you want to trade Forex, but I'm pretty sure its the same idea if you want to trade stocks as well. I tried to sign up for the US version of TD Amertrade for stock investing and it didn't work. So I might as well sign up with a Canadian based online broker that is regulated by the IIROC, and which is also partnered with my local bank so that adds more trust. Plus its so much easier to fund my account if you can do it all through online banking. Plus we still can trade the US stocks so I don't see the need to switch to a US-based broker

[Key Elements]

@7thLetter I see. I guess in the future, if you open up a bank account in the US that might work. Another thing is, Robert created a successful company and sold the stock in Canada because it's cheaper than doing the same thing in Wall Street. That's called "investing on the inside." You got to check that out sometime--the meaning of it. It's also called "exit."