How many getbiggers are financially secure?

[el numero uno]

So many of the people I know my age have the appearance of money due to inheritance. Guys that were in the same profession as me are sending two kids to 40K a year colleges bragging how their kids won't have a penny of debt. I often wondered how they saved up 320K for college? Then the truth revelation came. When people get into their 50's it's not uncommon for parents to die and to leave a paid off house to their kids and often other sources of income like savings/life insurance. I didn't have that luxury or my wife.  I have often seen 50 something guys buying really nice cars and paying for 100k weddings like it was nothing but the source of their income is obvious. You do not make 120k a year and have 300 k or more in the bank for college and another 100K plus for weddings while paying your own mortgage.  Regarding me the zero inheritance guy, lol, I can live okay till I die which could be tomorrow without working if need be. I might have to sell my big house and down size at some point but that's okay.

Morale to the story. Invest in a deferred compensation type account early invested in a safe diverse manner. Have two sets of elderly parents meaning yours and your wife that have mortgage free houses.

The book adresses something rather similar. The Economic Outpatient Care, aka people getting benefits from their wealthy parents.

I'm in my late 20's, so I haven't experienced what you mention about inheritance. Instead, I see all the time people of my age trying to live as the upper class with their parent's money. The problem is that the parents are not financially secure, but high income earners. As soon as they retire they will stop making that much money, and who's gonna pay for the luxury items of their adult children?

My dad offered to pay my rent. No thanks dad. That's not how I roll.

[OlympiaGym]

I spend it as soon as I make it. Delayed gratification is no way to go through life. If things get bad the government will just take it from the savers and redistribute it to me.

[Mr Anabolic]

I spend it as soon as I make it. Delayed gratification is no way to go through life. If things get bad the government will just take it from the savers and redistribute it to me.

Eventually, this is what will happen.  I do not have a 401k or an IRA.  Doesn't make any sense to me to let the government have 100% control of your money.

[Conker]

aside from my main employment i have an income of around £1250($1600) after mortgage payments per month in rental income on 2 apartments i own. plus quite a healthy amount of equity in these as well.

kick myself for selling 2 other properties for a smallish cash gain around 7 or 8 years ago which if I had have had held onto would now have way more than double the rental income and a ton more equity. wouldn't say i was financially secure going on the definition set out in the OP. but hopefully on the way to being.

[BIG AL MCKECHNIE]

What I don't understand is that if the people that write these get rich books are making so much money then why are they needing to write books to sell to people who are mainly lazy folk in order to make income ?

It's like these guys on the infomercials who ask for folk to buy their real estate books to make themselves rich. If these c.unts are so rich why don't they go and have fun with their money instead of spending their lives selling shit to the gullible ?

Or the c.unts who phone you up and tell you about investments which guarantee you a 20% return ?   Well why don't you borrow at 7% from a bank and buy the fuckin investment yourself and make 13% for nothing instead of phoning me to talk shit ?  Yet gullible fools will take them up on it every day.
Stupid+lazy+greedy = victim and there's a thousand born every minute.

[BIG AL MCKECHNIE]

aside from my main employment i have an income of around £1250($1600) after mortgage payments per month in rental income on 2 apartments i own. plus quite a healthy amount of equity in these as well.

What tax rate do you pay on your rental income ?   Is the new stamp duty second property tax affecting you?   It's a c.unt up here in Scotland thanks to the wee whore Nicola Sturgeon making it double the rate for England. Cost me over £100k tax to buy my house in November. Fortunately I already owned my flats or I would be paying 12.5% of the purchase price of each one over to Nicola cuntface.

[CalvinH]

As a three board mod on GB I am very well off financially

[Conker]

What tax rate do you pay on your rental income ?   Is the new stamp duty second property tax affecting you?   It's a c.unt up here in Scotland thanks to the wee whore Nicola Sturgeon making it double the rate for England. Cost me over £100k tax to buy my house in November. Fortunately I already owned my flats or I would be paying 12.5% of the purchase price of each one over to Nicola cuntface.

not really sure what tax band. i leave it all to my accountant and just pay whatever the bill comes out at each year, my personal tax bill includes income from a business too . he is pretty good TBF if i tried to do my own tax returns pretty certain i would be paying considerably more.

both the rental properties i own have had for 10 yrs + so not affected by new stamp duty rates on BTLs. as i said previously really pssed out off i sold a couple properties years ago. one was a one bed flat in london n7 which is probably worth around 450k (maybe more) now and only had around a 145k mortgage on it . rental would prob be around £1300-1400 pcm now.
hindsight is a wonderful thing though i suppose.

[el numero uno]

aside from my main employment i have an income of around £1250($1600) after mortgage payments per month in rental income on 2 apartments i own. plus quite a healthy amount of equity in these as well.

kick myself for selling 2 other properties for a smallish cash gain around 7 or 8 years ago which if I had have had held onto would now have way more than double the rental income and a ton more equity. wouldn't say i was financially secure going on the definition set out in the OP. but hopefully on the way to being.

Hey that sounds great! Congratulations.

Being financially secure means you can live off your investments, no need to worry if you lose your job. $1600 a month as a side income is awesome, if you can live off that I'd say you are already financially secure.

[el numero uno]

What I don't understand is that if the people that write these get rich books are making so much money then why are they needing to write books to sell to people who are mainly lazy folk in order to make income ?

It's like these guys on the infomercials who ask for folk to buy their real estate books to make themselves rich. If these c.unts are so rich why don't they go and have fun with their money instead of spending their lives selling shit to the gullible ?

Or the c.unts who phone you up and tell you about investments which guarantee you a 20% return ?   Well why don't you borrow at 7% from a bank and buy the fuckin investment yourself and make 13% for nothing instead of phoning me to talk shit ?  Yet gullible fools will take them up on it every day.
Stupid+lazy+greedy = victim and there's a thousand born every minute.

There are a lot of scammers out there, that's for sure. But the book "The millionaire next door" was written by people who "studied" the rich for 20 years.

They basically tell you the habits of the rich. They're not trying to sell you a get rich fast scheme.

[Conker]

Hey that sounds great! Congratulations.

Being financially secure means you can live off your investments, no need to worry if you lose your job. $1600 a month as a side income is awesome, if you can live off that I'd say you are already financially secure.

Nah no way I could live off that currently. Have a family of four to support and we tend to spend quite a lot yearly on holidays. Cost of living is also pretty high in London.

[Twaddle]

I basically live month to month.   

I keep playing the lottery though.  Hopefully one day, my luck will take a turn for the better.   

[OLKE_TEXAS]

I am dead poor but next week I am getting my new shiny Skoda Octavia 1.4 tsi company car. So eat that you 401k bitches!!

[BBSSchlemiel]

The only way to be financially secure is to earn a shot ton of money and not spend it all. That whole "tuna sandwich for lunch" and "hot dogs for dinner" man turned millionaire at 80 is for the birds! Good luck with that shit if you don't want to be completely socially ostracized! The whole thing is a damn cope/jealous mechanism. We've heard it all before: "I know a rich lawyer; he's got all the toys and a McMansion but he's in debt up to his ears!" and "it's not how much you earn but how how much you save." Yeah, good luck trying to save on five or low six figures in any major city with kids and a home. All ya gotta do is live with one light bulb and skimp on that Starbucks or bodega coffee or bagel with cream cheese every morning and you'll retire a millionaire! Lmao!

Coach has made similar cope posts about Rich Panini in which he states Rich's brand will one day die out because he caters to a low-class, young niche, as if Rich likely doesn't have enough money or various sources of income.

All copes to make middle class little guys feel good about being Ebenezer Scrooge!

[el numero uno]

The only way to be financially secure is to earn a shot ton of money and not spend it all. That whole "tuna sandwich for lunch" and "hot dogs for dinner" man turned millionaire at 80 is for the birds! Good luck with that shit if you don't want to be completely socially ostracized! The whole thing is a damn cope/jealous mechanism. We've heard it all before: "I know a rich lawyer; he's got all the toys and a McMansion but he's in debt up to his ears!" and "it's not how much you earn but how how much you save." Yeah, good luck trying to save on five or low six figures in any major city with kids and a home. All ya gotta do is live with one light bulb and skimp on that Starbucks or bodega coffee or bagel with cream cheese every morning and you'll retire a millionaire! Lmao!

Coach has made similar cope posts about Rich Panini in which he states Rich's brand will one day die out because he caters to a low-class, young niche, as if Rich likely doesn't have enough money or various sources of income.

All copes to make middle class little guys feel good about being Ebenezer Scrooge!

BS. It's not about envy, it's about not having to worry about money.

You're right about something thou. Not everyone can do it. You need an above average income, and you need to live frugally.

You also need to be smart enough to invest your money wisely. I've known several people who take loans and don't use the money, it's like saving they say. Wtf, they pay 11% of interests a year on that loan haha.

[bigmc]

i recommend investing in property abroad if you are in the UK

it can be a pain in the ass if you don't have decent local management over there

but the bang for your buck in holiday rentals in the right areas is worth the hassle 

[Twaddle]

Everyone in this thread is saying, "Invest and get 10% return."  How, does one accomplish this if you don't have any money left each month to invest?  How are we supposed to ever get ahead?   

[el numero uno]

Everyone in this thread is saying, "Invest and get 10% return."  How, does one accomplish this if you don't have any money left each month to invest?  How are we supposed to ever get ahead?   

See my previous post. I don't think everyone can do it.

1. You need an above average income. That alone is hard to get.

2. Then you need to be frugal, this implies being very disciplined, making a budget, writing down all your expenses.

3. Finally, you need a plan. Investing your money is not as easy as some people think.

I follow a guy on social media. He wrote a book about this, he is a very knowledgeable person, and he also holds a PhD in Mathematics. But when he says that anyone can do it... I cringe.  

[el numero uno]

Millionaire next door is an excellent book.

Also Rich Dad Poor Dad. Biggest thing I took away from that book is pay yourself first.

Cool. I needbto read Rich Dad Poor Dad.

I was reading The Cashflow Quadrant until I realized it was  a continuation of Rich Dad Poor Dad lol. I stopped reading it since I want to read them in order.

[BBSSchlemiel]

Cool. I needbto read Rich Dad Poor Dad.

I was reading The Cashflow Quadrant until I realized it was  a continuation of Rich Dad Poor Dad lol. I stopped reading it since I want to read them in order.

The irony: Kiyosaki's dad wasn't poor.

[Taffin]

I am dead poor but next week I am getting being temporarily loaned my someone else's new shiny Skoda Octavia 1.4 tsi company car for as long as I work for my current employer.  Once leaving them I will have to purchase my own car. So eat that you 401k bitches!!

Sorry to put the knife in dude, but keep it real....

Everyone in this thread is saying, "Invest and get 10% return."  How, does one accomplish this if you don't have any money left each month to invest?  How are we supposed to ever get ahead?   

You can't.  Luck and opportunity play a huge part along with ability (the part which is down to you), and I hate it when people pretend otherwise.

Fortunately for me, I sort of accidentally ended up in a lucrative career (selling mil-spec electronics) early on (my 20s) which kind of set me up in life.  This gave me the opportunity to change careers and I now do something so completely different to that - by choice - that it is ludicrous.

Further to this, I am an orphan, so none of this inheritance business counts.  And as I've said elsewhere on the board, I have 6 kids (5 over 16) which of course I have totally funded since birth.  Despite this, at this moment in time I literally owe not one penny to anyone - this can be done if you decide to use bank accounts with no overdrafts and do not use credit cards or loans.  I haven't loaned a penny in over 20 years (apart from mortgage which was settled long ago)

I am no BIG AL MCKECHNIE by any means - he appear to win this 'competition' - but I could possibly scrape by from this point if I had to - but where's the fun in that??? 

[OLKE_TEXAS]

Sorry to put the knife in dude, but keep it real....

You can't.  Luck and opportunity play a huge part along with ability (the part which is down to you), and I hate it when people pretend otherwise.

Fortunately for me, I sort of accidentally ended up in a lucrative career (selling mil-spec electronics) early on (my 20s) which kind of set me up in life.  This gave me the opportunity to change careers and I now do something so completely different to that - by choice - that it is ludicrous.

Further to this, I am an orphan, so none of this inheritance business counts.  And as I've said elsewhere on the board, I have 6 kids (5 over 16) which of course I have totally funded since birth.  Despite this, at this moment in time I literally owe not one penny to anyone - this can be done if you decide to use bank accounts with no overdrafts and do not use credit cards or loans.  I haven't loaned a penny in over 20 years (apart from mortgage which was settled long ago)

I am no BIG AL MCKECHNIE by any means - he appear to win this 'competition' - but I could possibly scrape by from this point if I had to - but where's the fun in that???  

FFS thats why I stated COMPANY CAR so everybody understands it is just supplied by my employer you queen. I knew the Skoda Octavia can bring out the eny in people but wow I quess you are jealous beond repair of this sweet ride.

[El Diablo Blanco]

I'm financially okay for about 5 years, beyond that without any additional income would be hard.  I need to continue investing and saving to get that up to 20 years then retired.  Hopefully I can do that in the next 4-5 years.

[Taffin]

FFS thats why I stated COMPANY CAR so everybody understands it is just supplied by my employer you queen. I knew the Skoda Octavia can bring out the eny in people but wow I quess you are jealous beond repair of this sweet ride.

True dat 

[Twaddle]

See my previous post. I don't think everyone can do it.

1. You need an above average income. That alone is hard to get.

2. Then you need to be frugal, this implies being very disciplined, making a budget, writing down all your expenses.

3. Finally, you need a plan. Investing your money is not as easy as some people think.

I follow a guy on social media. He wrote a book about this, he is a very knowledgeable person, and he also holds a PhD in Mathematics. But when he says that anyone can do it... I cringe.  

 

I guess I'll be poor forever.  Sigh....