Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: IroNat on May 15, 2021, 04:51:11 AM
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Chump change for Getbiggers. You can't even buy a decent helicopter for that.
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https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html
"Here’s the net worth each generation says you need to be considered wealthy in 2021:
Millennials (ages 24 to 39): $1.4 million
Gen X (ages 44 to 55): $1.9 million
Baby boomers (ages 56 to 74): $2.5 million"
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Chump change for Getbiggers. You can't even buy a decent helicopter for that.
>
https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html
"Here’s the net worth each generation says you need to be considered wealthy in 2021:
Millennials (ages 24 to 39): $1.4 million
Gen X (ages 44 to 55): $1.9 million
Baby boomers (ages 56 to 74): $2.5 million"
Biggest question that comes to mind when discussing net worth is whether the house you own and live in is part of it or not. The Federal Reserve says yes. Most investment advisors, who are only interested in getting hold of your cash, say no. If included, people in California would therefore say you need 3 or 4 million to be rich, where in West Virginia it might be 1 to 2 million. Although the Californians do end up actually quite rich when they sell their houses and move to Texas (which argues for including home value in net worth).
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Biggest question that comes to mind when discussing net worth is whether the house you own and live in is part of it or not. The Federal Reserve says yes. Most investment advisors, who are only interested in getting hold of your cash, say no. If included, people in California would therefore say you need 3 or 4 million to be rich, where in West Virginia it might be 1 to 2 million. Although the Californians do end up pretty rich when they sell their houses and move to Texas, for example (which argues for including home value in net worth).
Because almost everybody buys as much house as the bank will allow them...has a 30 year mcmansion mortgage up to their necks and taxes and maintenance - most housing situations are not that positive as far as being an investment.
If you are in a paid off position obviously that is different.
I have seen rural acreage double in the last 10 years, that has been a wealth builder.
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Because almost everybody buys as much house as the bank will allow them...has a 30 year mcmansion mortgage up to their necks and taxes and maintenance - most housing situations are not that positive as far as being an investment.
If you are in a paid off position obviously that is different.
I have seen rural acreage double in the last 10 years, that has been a wealth builder.
Rural land up 100% in 10 years but the S&P is up 271% in the same time with the dividends reinvested. Also, I don't know who they surveyed. A couple million bucks doesn't make you wealthy imo. I'd say 10 and above.
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Biggest question that comes to mind when discussing net worth is whether the house you own and live in is part of it or not. The Federal Reserve says yes. Most investment advisors, who are only interested in getting hold of your cash, say no. If included, people in California would therefore say you need 3 or 4 million to be rich, where in West Virginia it might be 1 to 2 million. Although the Californians do end up actually quite rich when they sell their houses and move to Texas (which argues for including home value in net worth).
A paid off house is the 1st step to wealth along with no credit card debt. When those along with a solid gold star health insurance plan are had you are in good shape.
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One more rep made a great post about wealth and what it really is in another thread I forget which but well worth a read
There are many people stuck in a job they hate getting spoken too like absolute shit by some useless cunt who they would batter half to death outside of work but have to nod and smile politely and do exactly as he says or the whole house of cards falls, the massive mortgaged house, cars on tick ect all gone. Get to a point in life when you can tell anyone you like to go fuck themselves without losing everything you “have” then you can be wealthy with little money as you can feel truly free in life
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Rural land up 100% in 10 years but the S&P is up 271% in the same time with the dividends reinvested. Also, I don't know who they surveyed. A couple million bucks doesn't make you wealthy imo. I'd say 10 and above.
$10,000,000 is a ridiculous number. If you put $10,000,000 into the Net Worth Calculator (even including your primary residence), it comes out to 1 person in every 200. There are tons more rich people walking around in America than just that. And the US is WAY wealthier than all but a very few countries in the world. The survey range quoted above may be on the low side but I would say 3 or 4 million on the Coasts and maybe around 3 or a bit lower elsewhere in US.
https://dqydj.com/net-worth-percentile-calculator-united-states/
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Rural land up 100% in 10 years but the S&P is up 271% in the same time with the dividends reinvested. Also, I don't know who they surveyed. A couple million bucks doesn't make you wealthy imo. I'd say 10 and above.
Being independent makes you wealthy- and it doesn't have to be money.
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Being independent makes you wealthy- and it doesn't have to be money.
Agree, a female friend is quite wealthy and working into her 70s. “I need my huge salary to keep up my elaborate lifestyle” (my spin on her words). I call that a trap. Also, do 2 person couples really need to wander around in Mega Mansions (I know several of those people)? Also a trap. A two bedroom condo would do just fine.
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One more rep made a great post about wealth and what it really is in another thread I forget which but well worth a read
There are many people stuck in a job they hate getting spoken too like absolute shit by some useless cunt who they would batter half to death outside of work but have to nod and smile politely and do exactly as he says or the whole house of cards falls, the massive mortgaged house, cars on tick ect all gone. Get to a point in life when you can tell anyone you like to go fuck themselves without losing everything you “have” then you can be wealthy with little money as you can feel truly free in life
Truth brother.
I call it "walk away money".
As in " F*ck you, I quit!".
Having WAM allows you to ignore work a**holes too because you don't have worry about getting fired.
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Agree, a female friend is quite wealthy and working into her 70s. “I need my huge salary to keep up my elaborate lifestyle” (my spin on her words). I call that a trap. Also, do 2 person couples really need to wander around in Mega Mansions (I know several of those people)? Also a trap. A two bedroom condo would do just fine.
Exactly! I quite working for others and started my own business some years ago. It was never about the money. I was sick and tired of having a "boss". I scaled things down, paid off my mortgage and pay cash whenever I can. It's amazing how little you actually need to be happy.
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"I make myself wealthy by making my wants few." - Wise Man
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$10,000,000 is a ridiculous number. If you put $10,000,000 into the Net Worth Calculator (even including your primary residence), it comes out to 1 person in every 200. There are tons more rich people walking around in America than just that. And the US is WAY wealthier than all but a very few countries in the world. The survey range quoted above may be on the low side but I would say 3 or 4 million on the Coasts and maybe around 3 or a bit lower elsewhere in US.
https://dqydj.com/net-worth-percentile-calculator-united-states/
You said rich, I said wealthy. IMO there's a difference. Using your supplied calculator, $10,000,000 net worth comes out to the top 1.5% of people which would be 3 people per 200. I'm 38 and my net worth is near 4 million. I don't consider myself wealthy at all. Wealthy to me is being able to not work and live a great life off the interest. I live in Boca Raton, FL. Maybe If I lived in some small town somewhere I would be considered wealthy but not here.
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You said rich, I said wealthy. IMO there's a difference. Using your supplied calculator, $10,000,000 net worth comes out to the top 1.5% of people which would be 3 people per 200. I'm 38 and my net worth is near 4 million. I don't consider myself wealthy at all. Wealthy to me is being able to not work and live a great life off the interest. I live in Boca Raton, FL. Maybe If I lived in some small town somewhere I would be considered wealthy but not here.
Well, to each his own perspective. You have obviously worked hard or been clever or lucky at your age. A hard working thirty something person with student debt hanging over their head and difficulty scrambling up their first down payment for a home of their own would obviously agree with the survey results more than with you (so would just about anybody else living outside the USA other than in Zurich or Geneva). Your arithmetic on the calculator seems wrong. I have put in $10,000,000 a couple of times now to re-test and I get 99.5 percentile which is one in 200.
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"I make myself wealthy by making my wants few." - Wise Man
In the end, this is the truth. To be happy with what you have is very important.
You absolutely should work extremely hard at some point in your life to meet what your expectations are for standard of living. There are going to be some wins and losses in all that. BUT...at some point you get tired of pulling the cart - and it shouldn't take until you are 70 to figure it out.
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Even wealthy people will tell you they aren't wealthy.
They have $5 million but they look at the guy with $20 million and compare.
Even someone with $50 million compares himself to the guy with $100 million who has a bigger house, etc.
A couple makes $500k a year and they live paycheck to paycheck. Idiots.
It's a futile way to value yourself.
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Even wealthy people will tell you they aren't wealthy.
They have $5 million but they look at the guy with $20 million and compare.
Even someone with $50 million compares himself to the guy with $100 million who has a bigger house, etc.
A couple makes $500k a year and they live paycheck to paycheck. Idiots.
It's a futile way to value yourself.
Wonder if Bill Gates, Jeff Bezos, Elon Musk, Goodrum C.E.O, MSN, H.I.P.P.O or Soul Crusher ever compare themselves with other billionaires?
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Wonder if Bill Gates, Jeff Bezos, Elon Musk, Goodrum C.E.O, MSN, H.I.P.P.O or Soul Crusher ever compare themselves with other billionaires?
Absolutely they do.
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Wonder if Bill Gates, Jeff Bezos, Elon Musk, Goodrum C.E.O, MSN, H.I.P.P.O or Soul Crusher ever compare themselves with other billionaires?
They all know they are inferior to Goodrum.
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Guess I’m gtg. That’s right :)
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Guess I’m gtg. That’s right :)
Pay off everything, debt sucks. Glad I have zero...
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Well, to each his own perspective. You have obviously worked hard or been clever or lucky at your age. A hard working thirty something person with student debt hanging over their head and difficulty scrambling up their first down payment for a home of their own would obviously agree with the survey results more than with you (so would just about anybody else living outside the USA other than in Zurich or Geneva). Your arithmetic on the calculator seems wrong. I have put in $10,000,000 a couple of times now to re-test and I get 99.5 percentile which is one in 200.
I did $10,000,000 net worth with home equity and it gave me 98.5%. Anyways, I'd say hard work, being clever and luck all factored into my success so far. Things that helped:
No student debt: Went to a state school for free. I qualified for a 100% scholarship through FL's bright futures program. Also, my mom, when I was a kid had purchased FL Prepaid program which locks you in for 120 credit hours at a low rate. She paid something like $3500 for the plan. Which ended up being a steal. So basically I had college paid for twice which allowed me to use the extra scholarship money for living expenses and food. I also finished in 4 years. Didn't fuck around like other people in my family who spend 6-7 years earning a bachelors.
Delayed gratification: I didn't do a whole lot my first 5 or so years out of college. Didn't travel. Didn't go out to eat often. I had moved away from friends for a job, so i didn't have a lot of options. Literally just saved every dime I could and put it in equities. I also didn't have any real serious girlfriends for probably 4 years after college. So i wasn't spending money on a significant other.
Real estate: This is part luck bc of the timing. By the time I had saved enough money to afford a down payment for a house, it was 2010. The bubble had popped and properties were cheap. I bought the most expensive place i could afford. It was 227K townhouse short sale that had sold for 575k 26 months earlier. I was so proud to buy that place. Since then, I've been able to pay it off. It's now worth around 475K and i've got in rented for 3k a month. With that income, I was able to buy my primary residence. Which is now conservatively worth 400k more than I paid for it. Sometimes you just get lucky.
Multiple streams of income: I make decent money at my primary job. 175-200k a year. It's solid not spectacular. So I've got the rental property, I've also got my real estate license in 2011 when everyone was saying the market was dead and wouldn't recover for years. I only do 2-3 deals a year but that usually nets me another 20-50k a year in extra income. Early on I also helped people with training and diet plans for money, valeted cars for extra money etc. Just anything extra I could sock away. I also invested in a friends business that has since taken off. That pays me a nice piece of cash every year. Again, maybe that was lucky. Born earlier, I could ahve been one of those people getting foreclosed on.
Stock market: I've been through the high and the lows of the stock market. I'm a conservative, steady investor. I basically just buy the market every month or when I see a crazy dip, like what happened during the pandemic. I didn't have a lot of money to invest in 2009-10 when the market tanked but I had gotten myself to position where I could take advantage of the corona sell off. I had already moved a bunch of money to cash before it struck and I was able to buy stocks for numbers I never thought possible. That was significant to my net worth.
Now this is all great now. If the market sells off and real estate crashes, my net worth could be cut in half but i have no debt, outside of my primary mortgage which is fairly small in comparison to most people. Oh, I also drive a ford explorer. No flashy cars for me yet. My goal was to save, sacrifice and invest early. Make my money work for me and then enjoy those fruits as I enter my 40's. Hoping Biden doesn't ruin that shit with his moronic policies.
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Pay off everything, debt sucks. Glad I have zero...
In the rational world this makes sense. In bizarro lala land where loans magically disappear if you vote woke maybe you don't pay them off and invest in the market instead. Who knows.
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I would say 10 million, srs
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One more rep made a great post about wealth and what it really is in another thread I forget which but well worth a read
There are many people stuck in a job they hate getting spoken too like absolute shit by some useless cunt who they would batter half to death outside of work but have to nod and smile politely and do exactly as he says or the whole house of cards falls, the massive mortgaged house, cars on tick ect all gone. Get to a point in life when you can tell anyone you like to go fuck themselves without losing everything you “have” then you can be wealthy with little money as you can feel truly free in life
this is a well used version of what real worth means now, seen in used many many places.Because its true."things" you get used to very quickly and they just end up weighing you down, no matter if its a collection of watches or a multi million dollar home.True wealth is being able to do what you want, when you want, go where you want, without being tied down to a ton of thing that just become baggage you dont even appreciate anymore.Freedom from being a slave to someone or something.
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It’s perspective on how you measure quality of life.
Where we just sold a place is around the 4M mark to be pretty nice. You then have nice cars and nice stuff so call it 5M.
Where we moved the house we are building is 2M and we are ballin up here. I see mountains. I see paddocks and farm animals. Insaw my first ever eagle. I fed a horse an apple lol. Life is much slower and less stressful. I feel 10x more wealthy here than where I was.
I never want to go back to the city.
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Lots of wealthy getbiggers
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I did $10,000,000 net worth with home equity and it gave me 98.5%. Anyways, I'd say hard work, being clever and luck all factored into my success so far. Things that helped:
No student debt: Went to a state school for free. I qualified for a 100% scholarship through FL's bright futures program. Also, my mom, when I was a kid had purchased FL Prepaid program which locks you in for 120 credit hours at a low rate. She paid something like $3500 for the plan. Which ended up being a steal. So basically I had college paid for twice which allowed me to use the extra scholarship money for living expenses and food. I also finished in 4 years. Didn't fuck around like other people in my family who spend 6-7 years earning a bachelors.
Delayed gratification: I didn't do a whole lot my first 5 or so years out of college. Didn't travel. Didn't go out to eat often. I had moved away from friends for a job, so i didn't have a lot of options. Literally just saved every dime I could and put it in equities. I also didn't have any real serious girlfriends for probably 4 years after college. So i wasn't spending money on a significant other.
Real estate: This is part luck bc of the timing. By the time I had saved enough money to afford a down payment for a house, it was 2010. The bubble had popped and properties were cheap. I bought the most expensive place i could afford. It was 227K townhouse short sale that had sold for 575k 26 months earlier. I was so proud to buy that place. Since then, I've been able to pay it off. It's now worth around 475K and i've got in rented for 3k a month. With that income, I was able to buy my primary residence. Which is now conservatively worth 400k more than I paid for it. Sometimes you just get lucky.
Multiple streams of income: I make decent money at my primary job. 175-200k a year. It's solid not spectacular. So I've got the rental property, I've also got my real estate license in 2011 when everyone was saying the market was dead and wouldn't recover for years. I only do 2-3 deals a year but that usually nets me another 20-50k a year in extra income. Early on I also helped people with training and diet plans for money, valeted cars for extra money etc. Just anything extra I could sock away. I also invested in a friends business that has since taken off. That pays me a nice piece of cash every year. Again, maybe that was lucky. Born earlier, I could ahve been one of those people getting foreclosed on.
Stock market: I've been through the high and the lows of the stock market. I'm a conservative, steady investor. I basically just buy the market every month or when I see a crazy dip, like what happened during the pandemic. I didn't have a lot of money to invest in 2009-10 when the market tanked but I had gotten myself to position where I could take advantage of the corona sell off. I had already moved a bunch of money to cash before it struck and I was able to buy stocks for numbers I never thought possible. That was significant to my net worth.
Now this is all great now. If the market sells off and real estate crashes, my net worth could be cut in half but i have no debt, outside of my primary mortgage which is fairly small in comparison to most people. Oh, I also drive a ford explorer. No flashy cars for me yet. My goal was to save, sacrifice and invest early. Make my money work for me and then enjoy those fruits as I enter my 40's. Hoping Biden doesn't ruin that shit with his moronic policies.
Well done, sir.
You may become "Getbigger-rich" if you stay on track.
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Lots of wealthy getbiggers
That's why we have so much time to post. ;D
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I did $10,000,000 net worth with home equity and it gave me 98.5%. Anyways, I'd say hard work, being clever and luck all factored into my success so far. Things that helped:
No student debt: Went to a state school for free. I qualified for a 100% scholarship through FL's bright futures program. Also, my mom, when I was a kid had purchased FL Prepaid program which locks you in for 120 credit hours at a low rate. She paid something like $3500 for the plan. Which ended up being a steal. So basically I had college paid for twice which allowed me to use the extra scholarship money for living expenses and food. I also finished in 4 years. Didn't fuck around like other people in my family who spend 6-7 years earning a bachelors.
Delayed gratification: I didn't do a whole lot my first 5 or so years out of college. Didn't travel. Didn't go out to eat often. I had moved away from friends for a job, so i didn't have a lot of options. Literally just saved every dime I could and put it in equities. I also didn't have any real serious girlfriends for probably 4 years after college. So i wasn't spending money on a significant other.
Real estate: This is part luck bc of the timing. By the time I had saved enough money to afford a down payment for a house, it was 2010. The bubble had popped and properties were cheap. I bought the most expensive place i could afford. It was 227K townhouse short sale that had sold for 575k 26 months earlier. I was so proud to buy that place. Since then, I've been able to pay it off. It's now worth around 475K and i've got in rented for 3k a month. With that income, I was able to buy my primary residence. Which is now conservatively worth 400k more than I paid for it. Sometimes you just get lucky.
Multiple streams of income: I make decent money at my primary job. 175-200k a year. It's solid not spectacular. So I've got the rental property, I've also got my real estate license in 2011 when everyone was saying the market was dead and wouldn't recover for years. I only do 2-3 deals a year but that usually nets me another 20-50k a year in extra income. Early on I also helped people with training and diet plans for money, valeted cars for extra money etc. Just anything extra I could sock away. I also invested in a friends business that has since taken off. That pays me a nice piece of cash every year. Again, maybe that was lucky. Born earlier, I could ahve been one of those people getting foreclosed on.
Stock market: I've been through the high and the lows of the stock market. I'm a conservative, steady investor. I basically just buy the market every month or when I see a crazy dip, like what happened during the pandemic. I didn't have a lot of money to invest in 2009-10 when the market tanked but I had gotten myself to position where I could take advantage of the corona sell off. I had already moved a bunch of money to cash before it struck and I was able to buy stocks for numbers I never thought possible. That was significant to my net worth.
Now this is all great now. If the market sells off and real estate crashes, my net worth could be cut in half but i have no debt, outside of my primary mortgage which is fairly small in comparison to most people. Oh, I also drive a ford explorer. No flashy cars for me yet. My goal was to save, sacrifice and invest early. Make my money work for me and then enjoy those fruits as I enter my 40's. Hoping Biden doesn't ruin that shit with his moronic policies.
All very sensible with hard work and good salary as a base. Stock market and real estate are a big component for me as well. Staying in common stocks when age says I should be switching into bonds. There is risk on that front, but I have found hanging on to good stocks with good dividends to be a viable strategy for me. Real estate becomes a problem when you get older for the very reasons pointed out above by other posters (just enjoying life in freedom without being dragged down). It has been the right thing for me over the years because, unlike you I tend to live more high on the hog, so real estate more or less forces you to accumulate wealth by having to pay the mortgages down over time. But now it is time to free up from it from an overall life standpoint. Real estate also involves risk as you point out, but once the mortgage pays off you don’t really care about that factor that much. The real risk factor at that later point in time is capital gains taxes. You almost want to hang on to the properties for your heirs, but then again, all the factors pointed out above related to being able to not be saddled by “things” and enjoy life come into play, so the more balanced strategy tells you to unload at that point.
Oh and, if you haven’t already, get 10 or 15 year mortgages as soon as you can. That approach seems way more sensible to me (as long as you are not a flipper) than chasing the lowest interest rates like everybody does.
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Funny.....
Most americans have negative networth
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Well done, sir.
You may become "Getbigger-rich" if you stay on track.
Thank you! I hope to hit X-Factor levels of wealth in the future. His perceived wealth not his actual wealth.
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Thank you! I hope to hit X-Factor levels of wealth in the future. His perceived wealth not his actual wealth.
Don't spend it all on watches.
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Even wealthy people will tell you they aren't wealthy.
They have $5 million but they look at the guy with $20 million and compare.
Even someone with $50 million compares himself to the guy with $100 million who has a bigger house, etc.
A couple makes $500k a year and they live paycheck to paycheck. Idiots.
It's a futile way to value yourself.
I think wealth acquisition is an absolute addiction, people are just addicted to having more and more
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Chump change for Getbiggers. You can't even buy a decent helicopter for that.
>
https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html
"Here’s the net worth each generation says you need to be considered wealthy in 2021:
Millennials (ages 24 to 39): $1.4 million
Gen X (ages 44 to 55): $1.9 million
Baby boomers (ages 56 to 74): $2.5 million"
Slightly too old to be a baby boomer and have a net worth nowhere close to $2.5 mil. :'(
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Slightly too old to be a baby boomer and have a net worth nowhere close to $2.5 mil. :'(
Include the value of your pension in your calculation.
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Include the value of your pension in your calculation.
My 'pension' is primarily a guaranteed annuity paid monthly. When I die, it ends. It has no residual value.
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My 'pension' is primarily a guaranteed annuity paid monthly. When I die, it ends. It has no residual value.
If your pension throws off $40,000 a year that's approx. the income generated by at least $1,000,000 at 4%.
You could have accumulated $1,000,000 in cash and bought life annuity with it.
That income stream has value.
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My 'pension' is primarily a guaranteed annuity paid monthly. When I die, it ends. It has no residual value.
Mail carrier pension, lol!
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What do Jeff Bezos and Jay Culter (BB) have in common?
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If your pension throws off $40,000 a year that's approx. the income generated by at least $1,000,000 at 4%.
You could have accumulated $1,000,000 in cash and bought life annuity with it.
That income stream has value.
True, but it is not counted in any of the official statistics for comparison, or how the people in the survey are responding to the question so it is not “apples to apples”. For example, just about everyone over 65 gets Social Security so it would approach everybody in the direction of being a millionaire.
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I did $10,000,000 net worth with home equity and it gave me 98.5%. Anyways, I'd say hard work, being clever and luck all factored into my success so far. Things that helped:
No student debt: Went to a state school for free. I qualified for a 100% scholarship through FL's bright futures program. Also, my mom, when I was a kid had purchased FL Prepaid program which locks you in for 120 credit hours at a low rate. She paid something like $3500 for the plan. Which ended up being a steal. So basically I had college paid for twice which allowed me to use the extra scholarship money for living expenses and food. I also finished in 4 years. Didn't fuck around like other people in my family who spend 6-7 years earning a bachelors.
Delayed gratification: I didn't do a whole lot my first 5 or so years out of college. Didn't travel. Didn't go out to eat often. I had moved away from friends for a job, so i didn't have a lot of options. Literally just saved every dime I could and put it in equities. I also didn't have any real serious girlfriends for probably 4 years after college. So i wasn't spending money on a significant other.
Real estate: This is part luck bc of the timing. By the time I had saved enough money to afford a down payment for a house, it was 2010. The bubble had popped and properties were cheap. I bought the most expensive place i could afford. It was 227K townhouse short sale that had sold for 575k 26 months earlier. I was so proud to buy that place. Since then, I've been able to pay it off. It's now worth around 475K and i've got in rented for 3k a month. With that income, I was able to buy my primary residence. Which is now conservatively worth 400k more than I paid for it. Sometimes you just get lucky.
Multiple streams of income: I make decent money at my primary job. 175-200k a year. It's solid not spectacular. So I've got the rental property, I've also got my real estate license in 2011 when everyone was saying the market was dead and wouldn't recover for years. I only do 2-3 deals a year but that usually nets me another 20-50k a year in extra income. Early on I also helped people with training and diet plans for money, valeted cars for extra money etc. Just anything extra I could sock away. I also invested in a friends business that has since taken off. That pays me a nice piece of cash every year. Again, maybe that was lucky. Born earlier, I could ahve been one of those people getting foreclosed on.
Stock market: I've been through the high and the lows of the stock market. I'm a conservative, steady investor. I basically just buy the market every month or when I see a crazy dip, like what happened during the pandemic. I didn't have a lot of money to invest in 2009-10 when the market tanked but I had gotten myself to position where I could take advantage of the corona sell off. I had already moved a bunch of money to cash before it struck and I was able to buy stocks for numbers I never thought possible. That was significant to my net worth.
Now this is all great now. If the market sells off and real estate crashes, my net worth could be cut in half but i have no debt, outside of my primary mortgage which is fairly small in comparison to most people. Oh, I also drive a ford explorer. No flashy cars for me yet. My goal was to save, sacrifice and invest early. Make my money work for me and then enjoy those fruits as I enter my 40's. Hoping Biden doesn't ruin that shit with his moronic policies.
(https://pbs.twimg.com/media/DTzhQA4W4AELOBj.jpg)
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It’s perspective on how you measure quality of life.
Where we just sold a place is around the 4M mark to be pretty nice. You then have nice cars and nice stuff so call it 5M.
Where we moved the house we are building is 2M and we are ballin up here. I see mountains. I see paddocks and farm animals. Insaw my first ever eagle. I fed a horse an apple lol. Life is much slower and less stressful. I feel 10x more wealthy here than where I was.
I never want to go back to the city.
and I'm the complete opposite, that life sounds like slow death to me. I'd much rather pay $3000 a month to rent an apt in NYC. I only have about 50k in my savings and and a little over 200k in my 401k. I do own a rental property in Queens that supplement a lot of my income but I'm certainly not getbig rich
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and I'm the complete opposite, that life sounds like slow death to me. I'd much rather pay $3000 a month to rent an apt in NYC. I only have about 50k in my savings and and a little over 200k in my 401k. I do own a rental property in Queens that supplement a lot of my income but I'm certainly not getbig rich
Not sure if you can still be a member of Getbig.
Have you ever dated women who are less than 11s?
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I did $10,000,000 net worth with home equity and it gave me 98.5%. Anyways, I'd say hard work, being clever and luck all factored into my success so far. Things that helped:
No student debt: Went to a state school for free. I qualified for a 100% scholarship through FL's bright futures program. Also, my mom, when I was a kid had purchased FL Prepaid program which locks you in for 120 credit hours at a low rate. She paid something like $3500 for the plan. Which ended up being a steal. So basically I had college paid for twice which allowed me to use the extra scholarship money for living expenses and food. I also finished in 4 years. Didn't fuck around like other people in my family who spend 6-7 years earning a bachelors.
Delayed gratification: I didn't do a whole lot my first 5 or so years out of college. Didn't travel. Didn't go out to eat often. I had moved away from friends for a job, so i didn't have a lot of options. Literally just saved every dime I could and put it in equities. I also didn't have any real serious girlfriends for probably 4 years after college. So i wasn't spending money on a significant other.
Real estate: This is part luck bc of the timing. By the time I had saved enough money to afford a down payment for a house, it was 2010. The bubble had popped and properties were cheap. I bought the most expensive place i could afford. It was 227K townhouse short sale that had sold for 575k 26 months earlier. I was so proud to buy that place. Since then, I've been able to pay it off. It's now worth around 475K and i've got in rented for 3k a month. With that income, I was able to buy my primary residence. Which is now conservatively worth 400k more than I paid for it. Sometimes you just get lucky.
Multiple streams of income: I make decent money at my primary job. 175-200k a year. It's solid not spectacular. So I've got the rental property, I've also got my real estate license in 2011 when everyone was saying the market was dead and wouldn't recover for years. I only do 2-3 deals a year but that usually nets me another 20-50k a year in extra income. Early on I also helped people with training and diet plans for money, valeted cars for extra money etc. Just anything extra I could sock away. I also invested in a friends business that has since taken off. That pays me a nice piece of cash every year. Again, maybe that was lucky. Born earlier, I could ahve been one of those people getting foreclosed on.
Stock market: I've been through the high and the lows of the stock market. I'm a conservative, steady investor. I basically just buy the market every month or when I see a crazy dip, like what happened during the pandemic. I didn't have a lot of money to invest in 2009-10 when the market tanked but I had gotten myself to position where I could take advantage of the corona sell off. I had already moved a bunch of money to cash before it struck and I was able to buy stocks for numbers I never thought possible. That was significant to my net worth.
Now this is all great now. If the market sells off and real estate crashes, my net worth could be cut in half but i have no debt, outside of my primary mortgage which is fairly small in comparison to most people. Oh, I also drive a ford explorer. No flashy cars for me yet. My goal was to save, sacrifice and invest early. Make my money work for me and then enjoy those fruits as I enter my 40's. Hoping Biden doesn't ruin that shit with his moronic policies.
Some of us do get lucky, that's for sure. But you were probably smart too.
After College my good friend started his own Landscaping business, the large commercial property type. He needed money to buy equipment so i loaned him $25k so he could buy without interest. He agreed to give me 10% of the company, which at the time seemed huge to me, but i'd known him my entire life and he was a good man.
Over the next 5 years his business grew like crazy, he had 10 different crews with some badass equipment. Trucks, trailers, zero turn mowers and even some large tractor style mowers. He had got in well with a few large commercial businesses, two of the largest private schools in Houston and some Ag land. In Houston most businesses mow once a week for 10 months out of the year, easy money. Even in the winter they still did work, just maybe once every other week. My friend would give his entire staff a full month off every year with pay, he was a nice guy and his employees respected him.
I had helped him a lot with the logistics of getting crews to locations efficiently. This was before Google Maps and we only had Mapquest and those Key Map books. I planned out all the weekly routes so that there was less down time, less driving and more mowing. It was a very simple system.
Anyway, after 10 years he decided to sell the company, a large state wide company offered him a ridiculous amount of money and his cunt wife was greedy, so he sold the company for around $3m. Paid me my 10% and he started a new Landscape company in another City where he moved with his wife. He was a very successful guy, made millions off a very easy concept. Today he's worth at least 10m, not really sure. He has a few restaurants now and still does landscaping.
I took the ~$300k and bought two houses for $200k in College Station, Texas, near Texas A&M. Fixed them up and started renting them out to rich college kids for over $2k a month. Easy money. I still own one of them today because it keeps gaining value. The first one i sold for $350k about 4 years ago, had $160k in it.
Over the last 10 years i've bought and flipped a dozen houses all over Texas and New Mexico. But i gave it up recently because everyone does it now and the profits are not what they used to be. I own two rental houses in NM and that one in College Station, they bring me about $6k a month.
Plus i work as an Engineer and make a decent living. The most import thing i learned is it's not how much money you make, it's how much you spend. Live smart and don't spent money on stupid shit. I'm going to retire at 50-55 and travel the world until i die. I have zero debt, drive old cars and follow a budget.
Also, never get married or have kids. ;D
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Mail carrier pension, lol!
Yup! They also have a guaranteed annuity. The current annual average salary for a postal worker is just under $33 K. A postal worker who retired in 2020 with 25 years of service would make a monthly basic annuity between $1,308-$1,335. I was surprised when I read this because it really seems low...at least compared to what I get. Mine is around 3.5 times that amount. In addition, I am also the beneficiary of my late wife's annuity. Like postal workers, I also have Social Security retirement benefits.
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Some of us do get lucky, that's for sure. But you were probably smart too.
After College my good friend started his own Landscaping business, the large commercial property type. He needed money to buy equipment so i loaned him $25k so he could buy without interest. He agreed to give me 10% of the company, which at the time seemed huge to me, but i'd known him my entire life and he was a good man.
Over the next 5 years his business grew like crazy, he had 10 different crews with some badass equipment. Trucks, trailers, zero turn mowers and even some large tractor style mowers. He had got in well with a few large commercial businesses, two of the largest private schools in Houston and some Ag land. In Houston most businesses mow once a week for 10 months out of the year, easy money. Even in the winter they still did work, just maybe once every other week. My friend would give his entire staff a full month off every year with pay, he was a nice guy and his employees respected him.
I had helped him a lot with the logistics of getting crews to locations efficiently. This was before Google Maps and we only had Mapquest and those Key Map books. I planned out all the weekly routes so that there was less down time, less driving and more mowing. It was a very simple system.
Anyway, after 10 years he decided to sell the company, a large state wide company offered him a ridiculous amount of money and his cunt wife was greedy, so he sold the company for around $3m. Paid me my 10% and he started a new Landscape company in another City where he moved with his wife. He was a very successful guy, made millions off a very easy concept. Today he's worth at least 10m, not really sure. He has a few restaurants now and still does landscaping.
I took the ~$300k and bought two houses for $200k in College Station, Texas, near Texas A&M. Fixed them up and started renting them out to rich college kids for over $2k a month. Easy money. I still own one of them today because it keeps gaining value. The first one i sold for $350k about 4 years ago, had $160k in it.
Over the last 10 years i've bought and flipped a dozen houses all over Texas and New Mexico. But i gave it up recently because everyone does it now and the profits are not what they used to be. I own two rental houses in NM and that one in College Station, they bring me about $6k a month.
Plus i work as an Engineer and make a decent living. The most import thing i learned is it's not how much money you make, it's how much you spend. Live smart and don't spent money on stupid shit. I'm going to retire at 50-55 and travel the world until i die. I have zero debt, drive old cars and follow a budget.
Also, never get married or have kids. ;D
Good move! You could easily retire now in Texas if you wanted to do so. No wife/no kids will save a man at least a million and probably much more.
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Good move! You could easily retire now in Texas if you wanted to do so. No wife/no kids will save a man at least a million and probably much more.
I consider the never married/kids thing the main reason why i can live how i do. I'm by no means wealthy, but i never have to worry about money as long as i'm not an idiot. I also own a lot of raw land in East Texas that i will cash in when i'm 60 or so. I bought it for $15k and acre, it's already worth 4 times that. I've worked in Land Development most of my career, so i understand city/county planning very well. I know where the future hot spots will be based on future planning of schools and commercial industry.
To be honest it's cheaper to live in NM, just depends on where you live. Everything is cheaper here in general because of the economics of the state. It's a very poor state generally and it has the worst public schools in the nation, it's been liberal for so long the government system here has almost collapsed everything, but there is a dim light at the end of the tunnel. Nobody wants to move here unless they are looking to retire, that throws the economics off in my favor.
Property taxes here are almost non-existent. My house in Santa Fe has a tax rate of less than half of what i paid in Houston and i live in the highest taxed area of NM. My rental houses in southern NM have tax rates that are ~30% of my house in Santa Fe. It's wild. For two houses in the same County of southern NM i pay less than $3k a year in property taxes. I pay more in electricity and water than property taxes, it's awesome. Makes the return on my rentals that much better.
By my calculations considering everything from taxes to food, it's about 18-20% cheaper to live here in NM, even in the most expensive City of Santa Fe, compared to Houston or Austin.
I do love Texas and miss living there, but unless you live in the boondocks the property taxes rape you. Even with a state income tax here in NM, i pay far less taxes as a whole compared to Texas. The problem is there is no industry here and it's almost impossible to find a job paying six figures unless you work for NASA.
My plan is to ride this out for another 10 years, sell my rentals and build a small house in the mountains of northern NM, i already own property up there. It's quiet, secluded and only an hour from a decent size town, so i still have options. For a 5 acre tract of undeveloped land in northern NM, i pay $210 a year in property taxes. That will change once it's developed, but not by much.
Plus, my personal opinion is that once the liberals kill the American energy sector, Texas is going to crash and burn badly. Houston will be the new Detroit, Austin will be the new San Francisco; the state is going to be overrun by Cali's and other liberals that are escaping the insane tax rates and prices. Texas is the easiest place to live and make a living right now, but in 10-15 years i think that will change.
I also could be wrong, but that's how i feel today. ;D
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Good to hear your opinions on Texas and NM. Interesting stuff.
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Some of us do get lucky, that's for sure. But you were probably smart too.
After College my good friend started his own Landscaping business, the large commercial property type. He needed money to buy equipment so i loaned him $25k so he could buy without interest. He agreed to give me 10% of the company, which at the time seemed huge to me, but i'd known him my entire life and he was a good man.
Over the next 5 years his business grew like crazy, he had 10 different crews with some badass equipment. Trucks, trailers, zero turn mowers and even some large tractor style mowers. He had got in well with a few large commercial businesses, two of the largest private schools in Houston and some Ag land. In Houston most businesses mow once a week for 10 months out of the year, easy money. Even in the winter they still did work, just maybe once every other week. My friend would give his entire staff a full month off every year with pay, he was a nice guy and his employees respected him.
I had helped him a lot with the logistics of getting crews to locations efficiently. This was before Google Maps and we only had Mapquest and those Key Map books. I planned out all the weekly routes so that there was less down time, less driving and more mowing. It was a very simple system.
Anyway, after 10 years he decided to sell the company, a large state wide company offered him a ridiculous amount of money and his cunt wife was greedy, so he sold the company for around $3m. Paid me my 10% and he started a new Landscape company in another City where he moved with his wife. He was a very successful guy, made millions off a very easy concept. Today he's worth at least 10m, not really sure. He has a few restaurants now and still does landscaping.
I took the ~$300k and bought two houses for $200k in College Station, Texas, near Texas A&M. Fixed them up and started renting them out to rich college kids for over $2k a month. Easy money. I still own one of them today because it keeps gaining value. The first one i sold for $350k about 4 years ago, had $160k in it.
Over the last 10 years i've bought and flipped a dozen houses all over Texas and New Mexico. But i gave it up recently because everyone does it now and the profits are not what they used to be. I own two rental houses in NM and that one in College Station, they bring me about $6k a month.
Plus i work as an Engineer and make a decent living. The most import thing i learned is it's not how much money you make, it's how much you spend. Live smart and don't spent money on stupid shit. I'm going to retire at 50-55 and travel the world until i die. I have zero debt, drive old cars and follow a budget.
Also, never get married or have kids. ;D
Aren't wive's sometimes employed? Don't some women make more money than men? Sometimes, although not frequently, adult children provide for their parents when they get old.
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Aren't wive's sometimes employed? Don't some women make more money than men? Sometimes, although not frequently, adult children provide for their parents when they get old.
I understand your point, but in my experience in life having a wife and kids only slows you down from being who you want to be and doing what you want to do. I've traveled the world and lived in 4 different countries. Never been tied down.
I have a very different outlook on life than most people. Also, i view women in a different light than most men. I will never get married for any reason.
No interest in children and don't need anyone to care for me. When i'm an old fart who's deteriorating rapidly i'll have people to take care of me, i know that already; at least in some form or fashion.
There are people who feel differently and that's fine, but considering how easy my life has been so far, i feel most of that is due to never being tied down to anything.
My GF is a very successful CPA, her salary and mine are very similar, but her aspect of spending money and investing does not exist. She only has maybe $20k. But she is beautiful and we share interests, i could care less what she brings to the table financially.
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Not sure if you can still be a member of Getbig.
Have you ever dated women who are less than 11s?
i like chubby asians so, they're generally around a size 11 if that counts
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I understand your point, but in my experience in life having a wife and kids only slows you down from being who you want to be and doing what you want to do. I've traveled the world and lived in 4 different countries. Never been tied down.
I have a very different outlook on life than most people. Also, i view women in a different light than most men. I will never get married for any reason.
No interest in children and don't need anyone to care for me. When i'm an old fart who's deteriorating rapidly i'll have people to take care of me, i know that already; at least in some form or fashion.
There are people who feel differently and that's fine, but considering how easy my life has been so far, i feel most of that is due to never being tied down to anything.
My GF is a very successful CPA, her salary and mine are very similar, but her aspect of spending money and investing does not exist. She only has maybe $20k. But she is beautiful and we share interests, i could care less what she brings to the table financially.
oh jeez, are you a normal well adjusted rational person?
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You can spend "rich", you cant spend "wealthy"
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My GF is a very successful CPA, her salary and mine are very similar, but her aspect of spending money and investing does not exist. She only has maybe $20k. But she is beautiful and we share interests, i could care less what she brings to the table financially.
Not making it racial, but this was a cultural response, which proves you are caucasian. If a black man had posted this in black space, he would have been called a simp for supporting his women. Make sense of that. Carry on.