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post #61 of 1152
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"I'm broke baby."
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post #62 of 1152

6K a month pre tax income, saving 3K a month right now. Stacking for a house, living really basic right now and rent free :hat

 

Once I buy the house I will be saving 1.5K a month.

 

@copped Alot of people don't understand that in retirement it is all about your cash flow and a good amount of money saved up that is continuously being invested. I plan on retiring from the corporate world in about 15 years when I'm around 37-40 years old.


Edited by BeezyGotSole - 5/22/15 at 12:08pm
post #63 of 1152
Quote:
Originally Posted by BeezyGotSole View Post

6K a month pre tax income, saving 3K a month right now. Stacking for a house, living really basic right now and rent free pimp.gif

Once I buy the house I will be saving 1.5K a month.

@copped
Alot of people don't understand that in retirement it is all about your cash flow and a good amount of money saved up that is continuously being invested. I plan on retiring from the corporate world in about 15 years when I'm around 37-40 years old.

I was like damn eek.gif 6k a month for a sec but I'm probably not too far away from there before taxes. Props to you on your success though.

I was on the same tip for a good while. I moved home to Wisconsin in July, been staying with mom to stack bread. Closed on my crib last month tho and I def feel GREAT about it.

KEEP Grinding.
post #64 of 1152
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Originally Posted by copped View Post

damn some of you dudes working too hard man..

2-3 jobs...and all that to save for some future that is not guaranteed?


retire by 55? i'm trying to retire by 35....

retirement doesn't mean a few mill in the bank, house paid off, kids colleges paid...

nah...

retirement to me is at least 2-300k accessible cash...and maybe 2-3 investments bringing me at least 3-4k a month without me working (manage and maybe go in a few hours a week)...and thats all


no dreams of grandeur...live easy, live relaxed, and not over work myself...

i'll probably never buy a house as well....i'll rent and live off of my money rather than throw it in a house and break my back trying to support it...


interest is the biggest scam on earth... also against my beliefs...
laugh.giflaugh.gif

How you gonna get there famb? To your 3k of cash flow passive income... what's the plan...?

And the 300k... where would it be sitting at?
post #65 of 1152
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Originally Posted by Fontaine View Post


laugh.giflaugh.gif

How you gonna get there famb? To your 3k of cash flow passive income... what's the plan...?

And the 300k... where would it be sitting at?


LMAO I didn't notice that. If your money isnt growing that 300K means nothing lol. 300K invested into an IRA will go far if you have a good cash flow outside of that money.

 

@SneakerPrince probably not far, its 4000/mo after tax. Thank man props to you too all we can do is keep grinding.

I can't wait to close on my house. You are living the good life in that duplex great investment :hat

I'm looking to purchase a 2-8 unit property in 2017 for my first real estate investment.


Edited by BeezyGotSole - 5/22/15 at 12:37pm
post #66 of 1152
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Originally Posted by Fontaine View Post

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Originally Posted by copped View Post

damn some of you dudes working too hard man..

2-3 jobs...and all that to save for some future that is not guaranteed?


retire by 55? i'm trying to retire by 35....

retirement doesn't mean a few mill in the bank, house paid off, kids colleges paid...

nah...

retirement to me is at least 2-300k accessible cash...and maybe 2-3 investments bringing me at least 3-4k a month without me working (manage and maybe go in a few hours a week)...and thats all


no dreams of grandeur...live easy, live relaxed, and not over work myself...

i'll probably never buy a house as well....i'll rent and live off of my money rather than throw it in a house and break my back trying to support it...


interest is the biggest scam on earth... also against my beliefs...
laugh.giflaugh.gif

How you gonna get there famb? To your 3k of cash flow passive income... what's the plan...?

And the 300k... where would it be sitting at?

Not to mention you use other people's money to invest and damn the interest. Get a crib pay it off live in it while you pay it off for the tax break then rent it out and profit. The cop another and another and another.

laugh.gif @ houses being a money pit. Try and buy anything big with that 300k in a box and no one will touch it either. People don't want your cash. They want money that's clean and they know where you got it.
post #67 of 1152
houses are a money pit though
post #68 of 1152
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Originally Posted by Based Mod View Post

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Originally Posted by zapatohead408 View Post

I probably save like 1,500-2k a month mean.gif but then I spend it. laugh.gif


That's not how saving works.

laugh.gif, I save it then spend it on whatever I've been saving for. my 401K should be kicking in in October and I'm gonna put $6 an hour into that.
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post #69 of 1152

@millenial How are houses money pits? Almost all wealthy/rich people have real estate in their portfolio.

post #70 of 1152
real estate is a tremendous investment if you can afford it.
post #71 of 1152
Quote:
Originally Posted by BeezyGotSole View Post
 

@millenial How are houses money pits? Almost all wealthy/rich people have real estate in their portfolio.

 

We're talking about the vast majority of people that own 1 property and not real estate moguls.  One girl I went to school with bought a house and already been spending tons on doing kitchen and flooring and chandeliers etc.   She's probably going to look at the $6,000 front doors etc. as well.  It's a money pit for the vast majority of americans

post #72 of 1152
300k sitting in the bank or under my pillow + 4k coming in clean every month? (mind you the 4k is bare minimum, not going to sit around and watch my money go to zero)...

If I can get to that point where i have that much money on hand and can make 4k + without working from my investments, then why in the world would I want more?

Sorry, some of you guys have been sold the american dream and you fell for it....working like a robot for 30+ years and saving a few millions, and you croak and die... lol if thats you idea of smart money management then good for you guys...me? I want to get to a comfortable place as fast as possible (35 years old), make less but live my life without having to be up for a 9-5 (which I am doing now..)..

best way to achieve success and wealth is to be making money when you are not working...some people just don't have the capacity to do that or the balls to pull the trigger on a venture...

finally the only reason why I wouldn't buy a house is because I wouldn't be dumb enough to drop 5-600k on a house cash...I don't do interest/usury, because I am muslim and its against our faith.


if it wasn't against my faith or my personal beliefs I'd be in it as well...but you have to draw the line somewhere when it comes to personal value/integrity and money..
post #73 of 1152
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Originally Posted by MPLSdunk View Post

Not to mention you use other people's money to invest and damn the interest. Get a crib pay it off live in it while you pay it off for the tax break then rent it out and profit. The cop another and another and another.

laugh.gif @ houses being a money pit. Try and buy anything big with that 300k in a box and no one will touch it either. People don't want your cash. They want money that's clean and they know where you got it.

never took money from the bank nor did I take interest to start my business...

i fronted all 30k, no loans, no credit cards, no line of credits, nothing...

do you know how easy it is to clean 300k? plus its not all in cash anyways...i write myself a check...but lets say it was 300k in a box in bundles of 5s...it will only take a few grand to clean that money....why would I buy anything with 300k? at that point id have 3-4 investments bring me money in...that 300k is to live my life...travel, buy my kids what they want and my wife...as long as the money doesn't dip below 150-200k at all times, from the money coming in...i don't see how my plan is not feasible.
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Originally Posted by Fontaine View Post

laugh.giflaugh.gif

How you gonna get there famb? To your 3k of cash flow passive income... what's the plan...?

And the 300k... where would it be sitting at?


already have 1 business that is bringing me in cash 8k or so a month...i can easily (when I am ready) plug someone in my chair and work in my position, and instead of that 8k i'd bring home 4-5k...i.e. wouldn't get paid for my work hours...

second investment going to be a fast food restaurant...and third might be a taxi plate rented out...

i'm 27 right now, so 35 seems like a good enough goal for me to no longer work 9-5 hours...
Edited by copped - 5/22/15 at 1:50pm
post #74 of 1152
For dudes saying they make 5-6 k a month and saving 2-3k of that. How?

After taxes, 401k, insurance, money in stock. I bring home around 4k or a little more. If I put 2k of that up, I would need to be living at home rent free. I just want to figure out how to put up at least an extra $500 up a month in savings. Can't afford 2k a month.
post #75 of 1152
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Originally Posted by letsgetit22 View Post

For dudes saying they make 5-6 k a month and saving 2-3k of that. How?

After taxes, 401k, insurance, money in stock. I bring home around 4k or a little more. If I put 2k of that up, I would need to be living at home rent free. I just want to figure out how to put up at least an extra $500 up a month in savings. Can't afford 2k a month.
I was thinking the same thing, but I live in a pretty expensive area. Watching HGTV I see these people buying nice houses for less than you could even get a half acre lot around here, damn that would be nice.
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post #76 of 1152
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Originally Posted by millenial View Post


No, no they aren't. Renting is a money pit. Buy a duplex and live for free. That's just one example of how they aren't.
post #77 of 1152
Quote:
Originally Posted by copped View Post

never took money from the bank nor did I take interest to start my business...

i fronted all 30k, no loans, no credit cards, no line of credits, nothing...

do you know how easy it is to clean 300k? plus its not all in cash anyways...i write myself a check...but lets say it was 300k in a box in bundles of 5s...it will only take a few grand to clean that money....why would I buy anything with 300k? at that point id have 3-4 investments bring me money in...that 300k is to live my life...travel, buy my kids what they want and my wife...as long as the money doesn't dip below 150-200k at all times, from the money coming in...i don't see how my plan is not feasible.
already have 1 business that is bringing me in cash 8k or so a month...i can easily (when I am ready) plug someone in my chair and work in my position, and instead of that 8k i'd bring home 4-5k...i.e. wouldn't get paid for my work hours...

second investment going to be a fast food restaurant...and third might be a taxi plate rented out...

i'm 27 right now, so 35 seems like a good enough goal for me to no longer work 9-5 hours...

While I applaud you for your business habits and having a plan...

Interest covers a broad spectrum so don't be too quick to bad mouth it.

Interest isn't just what the bank charges you on debt, or what credit cards charge you for a LINE of credit, or what Sallie Mae charges you for school loans

It's essentially what YOU charge investors who work on behalf of you...

So, with your 300k sitting under a pillow... it loses value BECAUSE inflation...

But if you were to have it on something that generates a certain return rate, you will be a fan of interest then, my friend...



Also, millineal is not TOTALLY off when he is talking about a home being a money pit.

The thing most people don't get is a home is a consumption good that's very illiquid depending on the market, location, the buyer's preference, etc...

If you have 300k in a REIT vs 300k in a home... You're REIT investment is more liquid and less likely to be hit hard by a dip in the market because it's more diversified...

300k across multiple homes, apartments, buildings, etc vs 300k in 1 home... that's diversification...


Of course, you may not be able to cash in as strong if you have a diversified 300k as opposed to 300k home as the price shoots up...




Money pit is strong because it does serve utility that can't be quite measured in excel.
post #78 of 1152
Quote:
Originally Posted by millenial View Post

We're talking about the vast majority of people that own 1 property and not real estate moguls.  One girl I went to school with bought a house and already been spending tons on doing kitchen and flooring and chandeliers etc.   She's probably going to look at the $6,000 front doors etc. as well.  It's a money pit for the vast majority of americans

You are basing homeownership cost off of a kitchen renovation project one of the most expensive renovation jobs outside of bathrooms. You do know that you can buy a house with a good kitchen right?

You don't have to be a RE mogul to own investment properties laugh.gif .

Renting is a money pit you can't control rent prices and they will continue to rise over the next decade I can't wait to rent to people like that think owning a home is a money pit. I will be residing in my home for free thanks to you all pimp.gif

It's funny because right now it is actually cheaper to buy a house than rent.

@letsgetit22 No car payment, rent free until November (mortgage payments start), minimal bills.

I set an amount of money I want to save and I base my spending habits off of my savings rate.
Edited by BeezyGotSole - 5/22/15 at 2:32pm
post #79 of 1152
Quote:
Originally Posted by MPLSdunk View Post


No, no they aren't. Renting is a money pit. Buy a duplex and live for free. That's just one example of how they aren't.

Eh, yes and no....I see what you are saying but you have to buy the duplex which is what? 300k+?

 

If you rent it minimizes your overhead while enabling you to invest in things with much greater return than 0$

 

Owning a home is not what it's built up to be, anything the government wants you to do you should approach with caution. :lol

You mention live for free, but even if you own a home you best believe the government getting some action.....you'll be paying property taxes in the 4k-8k range and that is on average...It can get relatively higher than that in other states....Add in insurance and maintanence and the word free goes out the door.


Edited by BlackIntellect - 5/22/15 at 2:28pm
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in·tel·lect
ˈin(t)lˌekt/
noun
 
the faculty of reasoning and understanding objectively, especially with regard to abstract 
 
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in·tel·lect
ˈin(t)lˌekt/
noun
 
the faculty of reasoning and understanding objectively, especially with regard to abstract 
 
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post #80 of 1152
More than one thousand ways to skin a cat. I know a dude making 50k a month off renting houses. I hate the government as much as the next man. But after the taxes you're still killing it with some nice rentals under your belt.
post #81 of 1152
Quote:
Originally Posted by MPLSdunk View Post

More than one thousand ways to skin a cat. I know a dude making 50k a month off renting houses. I hate the government as much as the next man. But after the taxes you're still killing it with some nice rentals under your belt.
50 k profit or revenue?

And that's wassup. He must have a legit management company going
post #82 of 1152
Profit. He has like 35 nice houses. Does it all through a management company.
post #83 of 1152
fyi...

i live in Toronto, one of the hottest markets in north america...

to get into a 3-4 bedroom house you are looking at 600-800k...depending on location and condition....

prices are over inflated by 25% most expert say (artificially due to low interest rates as a result of a ****** economy)....so i think i'll pass on a house as an 'investment'....

you can't run away from all the crap in this world...i.e. paper currency...but i rather have that than a house on which i have to pay out of my pocket every year without any return...

i'm not looking to leave my kids with a house and fancy cars...i'll take care of their life and their education and give them some start up money....the rest is up to them...

so that 300k available to me...plus monthly income coming in will have me comfortable....plus at ease...

that 300k is just to live and enjoy my life...the investments in theory would have already been made...not looking to make more investments unless its something concrete after a certain age...
post #84 of 1152
Quote:
Originally Posted by MPLSdunk View Post

Profit. He has like 35 nice houses. Does it all through a management company.
well of course that makes sense, that's not a duplex situation, nor a common one.
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in·tel·lect
ˈin(t)lˌekt/
noun
 
the faculty of reasoning and understanding objectively, especially with regard to abstract 
 
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in·tel·lect
ˈin(t)lˌekt/
noun
 
the faculty of reasoning and understanding objectively, especially with regard to abstract 
 
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post #85 of 1152
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Originally Posted by BlackIntellect View Post

Quote:
Originally Posted by MPLSdunk View Post

Profit. He has like 35 nice houses. Does it all through a management company.
well of course that makes sense, that's not a duplex situation, nor a common one.
What I'm saying is he started with one house. Anyone can do it. Just be smart. He didn't just cop 35 cribs one day.
post #86 of 1152
I'm trying to make money with my money, b. Invest,stock, whatever. I Need this paper. Someone school me nerd.gif
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post #87 of 1152
@copped - you seem like you got good business sense and that hustlers mentality which is hard to teach. looks like youre on the right track. i know you mentioned that interest is against your faith and i can appreciate someone sticking to their guns for their faith, but objectively speaking interest isnt a bad thing. you never want to put your money up. put other peoples money up. its about mitigating risk. if you have to pay a few points to use someone elses money, so be it. as long as you can still clear a profit, the points you pay are worth more than worth it.

the path to wealth is not stacking cash. the path to wealth is leveraging debt.
post #88 of 1152
You ain't a boss unless you put up your own money.  You wanna call the people putting up the money your daddy?  Put your own money up and invest in yourself and keep flipping until you get to a billion then you buy a nfl team

 

Quote:
Originally Posted by Mojodmonky1 View Post

@copped - you seem like you got good business sense and that hustlers mentality which is hard to teach. looks like youre on the right track. i know you mentioned that interest is against your faith and i can appreciate someone sticking to their guns for their faith, but objectively speaking interest isnt a bad thing. you never want to put your money up. put other peoples money up. its about mitigating risk. if you have to pay a few points to use someone elses money, so be it. as long as you can still clear a profit, the points you pay are worth more than worth it.

the path to wealth is not stacking cash. the path to wealth is leveraging debt.
post #89 of 1152
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Originally Posted by AdobeCS4 View Post

I'm trying to make money with my money, b. Invest,stock, whatever. I Need this paper. Someone school me nerd.gif
You need mentors. I hang with dudes that are doing it and teaching me. I'd always be asking my old land lords how they do it. They are filthy too. That stuff starts to rub off on your and before you know it they are asking you to work with them.
post #90 of 1152
Quote:
Originally Posted by millenial View Post


Quote:
Originally Posted by Mojodmonky1 View Post

@copped - you seem like you got good business sense and that hustlers mentality which is hard to teach. looks like youre on the right track. i know you mentioned that interest is against your faith and i can appreciate someone sticking to their guns for their faith, but objectively speaking interest isnt a bad thing. you never want to put your money up. put other peoples money up. its about mitigating risk. if you have to pay a few points to use someone elses money, so be it. as long as you can still clear a profit, the points you pay are worth more than worth it.


the path to wealth is not stacking cash. the path to wealth is leveraging debt.

Uhhhhh
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