Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: RAZA-BLADE on May 18, 2010, 01:32:59 PM
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For those millionaires out there, I need advice. I am currently married and living in a moderate apartment paying rent. We have no plans to have children, and feel no need to purchase a large home and are considering renting as long as possible as we can save and invest much more this way. Our focus up to this point has been to invest agressively in my 401K, but now that we have no debt at all, I want to invest outside of the 401k. I am a Canadian living in the US, so I don't know a whole lot about investing here. Our goal is to reach retirement as young as possible, but I know its not smart to have all your eggs in one basket. I have read about a roth IRA, and am familiar with mutual funds. Is there anything you could suggest as to the best way to invest.
Bodybuilding related in that, when I retire I will be focusing on entering the masters Olympia. lol
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Why are you renting instead of buying? Also, have you ever considered moving back to Canada to set a good example for all the Beaners who we want to get the fuk out of here?
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For those millionaires out there, I need advice. I am currently married and living in a moderate apartment paying rent. We have no plans to have children, and feel no need to purchase a large home and are considering renting as long as possible as we can save and invest much more this way. Our focus up to this point has been to invest agressively in my 401K, but now that we have no debt at all, I want to invest outside of the 401k. I am a Canadian living in the US, so I don't know a whole lot about investing here. Our goal is to reach retirement as young as possible, but I know its not smart to have all your eggs in one basket. I have read about a roth IRA, and am familiar with mutual funds. Is there anything you could suggest as to the best way to invest.
Bodybuilding related in that, when I retire I will be focusing on entering the masters Olympia. lol
401k is/was designed to be a supplemental retirement plan that most people ended up using 100% for retirement. It is like eating only multivitamins and no food.
Trusting some high school graduate to manage you money is a shame. Put a small percentage of your money into a 401k and invest the rest on your own.
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401k is/was designed to be a supplemental retirement plan that most people ended up using 100% for retirement. It is like eating only multivitamins and no food.
Trusting some high school graduate to manage you money is a shame. Put a small percentage of your money into a 401k and invest the rest on your own.
Ok. Where do I invest on my own?
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Why are you renting instead of buying? Also, have you ever considered moving back to Canada to set a good example for all the Beaners who we want to get the fuk out of here?
Renting instead of buying can pay off. I pay in rent less than one would pay for a moderate home in disposibles per month (ie. interest, insurance, maintenance, gas bills, electric bills, taxes, etc.) The amount that home owner actually puts on the house principle per month, I will be investing and growing at a better rate then the house will be gaining value per year.
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Renting instead of buying can pay off. I pay in rent less than one would pay for a moderate home in disposibles per month (ie. interest, insurance, maintenance, gas bills, electric bills, taxes, etc.) The amount that home owner actually puts on the house principle per month, I will be investing and growing at a better rate then the house will be gaining value per year.
You listen here you cowardly Canadian. You are a guest in our country and we don't need anymore renters, leave that to the Beaners who live 15 in an apartment. Now is a good time to buy a house.
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You listen here you cowardly Canadian. You are a guest in our country and we don't need anymore renters, leave that to the Beaners who live 15 in an apartment. Now is a good time to buy a house.
haha you are right, it is a good time to buy a house. However, I don't feel like it is a need for me right now. I'd rather live moderately and retire early to your beautiful beaches!!! haha
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Renting instead of buying can pay off. I pay in rent less than one would pay for a moderate home in disposibles per month (ie. interest, insurance, maintenance, gas bills, electric bills, taxes, etc.) The amount that home owner actually puts on the house principle per month, I will be investing and growing at a better rate then the house will be gaining value per year.
Historically housing will return about 8% long term without factoring in tax credits. As the economy stabilizes and the foreclosure/short sale "renters" move back into the housing market you're going to see homes appreciate quite significantly in certain areas of the country (not back to 2005/2006 levels, but certainly gain back a good chunk of the 50% or more they've lost). Banks will see the shift and want a piece of the action, so don't be surprised if mortgage rates don't head back closer to 8-9%, with much tougher lending criteria and higher down payments. The banks will hold a large home inventory and will attempt to steer market forces to create an artificial "buyers frenzy" to increase profit.
House values have stopped dropping and have essentially stabilized in most markets. More than 75% of American homeowners believe the value of their home will increase over the next year. These indicators apparently show that the housing market has hit bottom and the slow climb out has begun. The recovery won't be "V" shaped but will be a gradual "U".
The stock market is seeing decent gains, but is still quite volatile. Since you're young you can buy in cheap now and ride out the storm the next few years. Since the 401K is pre-tax, maximize your contributions if you can.
First off...get a good Financial Planner (not your local H&R Block dweeb). I've been with mine almost 20 years and he has helped with my investing tremendously.
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go back to canada a buy a small apartment building across the way from detroit, michigan and rent apartments to beaners
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Historically housing will return about 8% long term without factoring in tax credits. As the economy stabilizes and the foreclosure/short sale "renters" move back into the housing market you're going to see homes appreciate quite significantly in certain areas of the country (not back to 2005/2006 levels, but certainly gain back a good chunk of the 50% or more they've lost). Banks will see the shift and want a piece of the action, so don't be surprised if mortgage rates don't head back closer to 8-9%, with much tougher lending criteria and higher down payments. The banks will hold a large home inventory and will attempt to steer market forces to create an artificial "buyers frenzy" to increase profit.
House values have stopped dropping and have essentially stabilized in most markets. More than 75% of American homeowners believe the value of their home will increase over the next year. These indicators apparently show that the housing market has hit bottom and the slow climb out has begun. The recovery won't be "V" shaped but will be a gradual "U".
The stock market is seeing decent gains, but is still quite volatile. Since you're young you can buy in cheap now and ride out the storm the next few years. Since the 401K is pre-tax, maximize your contributions if you can.
First off...get a good Financial Planner (not your local H&R Block dweeb). I've been with mine almost 20 years and he has helped with my investing tremendously.
Good advice. Thank you. Now its just trying to find a good finacial planner that will be the tall task. Seems like so many of them are being busted constantly for stealing money.
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I would buy a modest house if I were you first. I only put enough money into my 401k and Roth to get the maximum company match and then invest the rest myself. The stock market is unstable presently but I still like investing in mutual funds/stocks. Just diversify and invest in quality companies if you're going to hold them for years. Another hint- Don't learn to trade penny stocks, it's one of my hobbies and I take alot of time I should be working to trade them ;).
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Good advice. Thank you. Now its just trying to find a good finacial planner that will be the tall task. Seems like so many of them are being busted constantly for stealing money.
Start reading books about investing,the economy and stock market.
Talk to people who invest regulary in the stock market, its not a secret world you d be surprised investors
are very open and I ll bet are willing to pass on decent advise.When you feel comfortable find out how to open an etrade account
and start buying up some quality blue chip stock like walmart.
The problem with financial planners most of the time they dont have your best interests (work on commission) also stay away from mutual funds
they charge too much in fees and charges and often underperfom the market anyway.
Start getting involved in your own finances and using your most important asset - your brain
Good luck
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Start reading books about investing,the economy and stock market.
Talk to people who invest regulary in the stock market, its not a secret world you d be surprised investors
are very open and I ll bet are willing to pass on decent advise.When you feel comfortable find out how to open an etrade account
and start buying up some quality blue chip stock like walmart.
The problem with financial planners most of the time they dont have your best interests (work on commission) also stay away from mutual funds
they charge too much in fees and charges and often underperfom the market anyway.
Start getting involved in your own finances and using your most important asset - your brain
Good luck
Good advice. I actually have an etrade account already, and it has performed quite well. I've just been hesitant at putting large amounts of money in. I'll do some more reading and consider going that route.
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Good advice. I actually have an etrade account already, and it has performed quite well. I've just been hesitant at putting large amounts of money in. I'll do some more reading and consider going that route.
Now is the time to be buying quality blue chip stock why? Because you get it at a discount.
Instead of thinking "shit im losing money and my portfolio is shrinking" turn it to your advantage and say
thats a good price im buying this company for today.
I know exactly where your coming from when you say your hesitant at putting large amounts of money in, im in the same boat
myself although I invest in the asx (australian stock exchange) that market has also be taking a hammering lately especially the mining and
energy sector but try to look through these short term fluctuations because if their quality companies thats all the really are "short term"
and the end result will be a good one.It depends on your time frame.I might be a bit biased because im more of a value investor (buying a good company
at a cheap price and holding it for a long time)
Anyway food for thought....
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Now is the time to be buying quality blue chip stock why? Because you get it at a discount.
Instead of thinking "shit im losing money and my portfolio is shrinking" turn it to your advantage and say
thats a good price im buying this company for today.
I know exactly where your coming from when you say your hesitant at putting large amounts of money in, im in the same boat
myself although I invest in the asx (australian stock exchange) that market has also be taking a hammering lately especially the mining and
energy sector but try to look through these short term fluctuations because if their quality companies thats all the really are "short term"
and the end result will be a good one.It depends on your time frame.I might be a bit biased because im more of a value investor (buying a good company
at a cheap price and holding it for a long time)
Anyway food for thought....
You're right. I am looking at investing long term. I'm only 27 years old, so this is not something I'm looking to just get in and out to make a quick buck. I've began looking into what you are suggesting, and I will give it a shot shortly. Thanks.
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I haven't read all of the thread so this might be redundant. I would advise you to buy property. It's a great time to buy...
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simple....... real estate or Goodrum's new personalized Magic Stick dipped in Bee Pollen
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You're right. I am looking at investing long term. I'm only 27 years old, so this is not something I'm looking to just get in and out to make a quick buck. I've began looking into what you are suggesting, and I will give it a shot shortly. Thanks.
Sounds like you have a good head for investing.
People think if they have a good education that they ll automatically be good at investing/trading, this is not true.
Intelligent investors have 3 important character traits
1. Willingness to learn
2. Discipline
3. Patience
If you can develop these then your well on your way to financial independence.
If you get a chance I would recommend buying a book called "The Intelligent investor" by Benjamin Graham.
Ben Graham is the father of value investing and a man truly ahead of his time, he also was the professor and idol
of warren buffett (most famous and wealthiest investor in history)
Anyway best of luck..
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silver will be hundreds of dollars per ounce in a couple years.
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I haven't had a chance to read all of the above yet, but my advice is somewhat simple.
INVEST IN NECESSITIES! Your own first! And then the necessities of others.
Your main necessity throughout your lifetime is a home of your own.
Renting is somewhat like the old serf days when you paid the king for your right to live on his property and that king alone decided how much you had to pay for that right each year. And sometimes you had to move because he demanded to many sheep or too many bushels of wheat.
I used to rent a beachfront house for $600 a month, but I decided to buy a small place one block from the beach with a 30 year mortgage of $300 a month.
Over the next few years those beach front houses were renting for $3,000+ a month and all my old renting surfing friends realized that they could now only afford to rent places that were 20+ miles from the beach.
And those houses/apartments that were 20+ miles from their beloved beach now cost them $1,200 to $1,800 a month to rent and were now priced so high that they couldn't afford to buy one of their own
But I lived most of my life in my own mortgaged abode less than 50 yards from one of the world's best beaches for $300 a month. (No sheep! No wheat!)
And then almost for free when that damn mortgage was paid off.
There's gotta be a lesson here someplace.
I suggest that you initially invest in what you decide are your personal necessities and then (and only when you can afford it) the necessities of the remaining world's population such as the basics of life ... food and fuel and living space.
The above is based on actual experience and is definitely not earth shattering advice .... but it is advice that is seldom taken.
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Take my advices- investing is cyclical- spotting trends and getting in and out at the right times are the name of the game. As a 25-35 y.o. male, you're in a prime position to identify the cool, new trends that are sure to be money makers down the line. More than those 40+, who lack any idea of what's cool...
For examples:
Netflix is a genius idea- a whole new model for renting movies- that is now snowballing into a way to stream next to anything, for next to nothing, for the consumer AND for the company. Stock is up HUGE in the last 24 months, far outpacing the industry and index, and will likely double again by the end of the year... Get in now.
Ford is a company that I made a 338% return on in less than 12 months last year. Bought around $2.30 a share and sold just shy of $8.00 around when GM went bankrupt and everybody got "iffy" on them making it. Thought I'd wait till the stock hit $10, when it will enter the stock screeners of a wider array of investors, then get back into it- but positive sales hadn't occurred, and that was a priority for my "risk threshold". Now, sales ARE positive, the products are much more competitive (or "way cooler"), and the top competitor Toyota is down due to the whole recall thing... Good time to buy.
A couple more recent buys:
Sirius Radio (Stern is staying, car sales are going up, there is NO competition)
Live Nation (merged with ticketmaster, no competition)
Get a Scottrade account and for a $500 minimum investment you can get $7. trades and all the investment info, analysis, and screeners that you'll ever need.
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Take my advices- investing is cyclical- spotting trends and getting in and out at the right times are the name of the game. As a 25-35 y.o. male, you're in a prime position to identify the cool, new trends that are sure to be money makers down the line. More than those 40+, who lack any idea of what's cool...
For examples:
Netflix is a genius idea- a whole new model for renting movies- that is now snowballing into a way to stream next to anything, for next to nothing, for the consumer AND for the company. Stock is up HUGE in the last 24 months, far outpacing the industry and index, and will likely double again by the end of the year... Get in now.
Ford is a company that I made a 338% return on in less than 12 months last year. Bought around $2.30 a share and sold just shy of $8.00 around when GM went bankrupt and everybody got "iffy" on them making it. Thought I'd wait till the stock hit $10, when it will enter the stock screeners of a wider array of investors, then get back into it- but positive sales hadn't occurred, and that was a priority for my "risk threshold". Now, sales ARE positive, the products are much more competitive (or "way cooler"), and the top competitor Toyota is down due to the whole recall thing... Good time to buy.
A couple more recent buys:
Sirius Radio (Stern is staying, car sales are going up, there is NO competition)
Live Nation (merged with ticketmaster, no competition)
Get a Scottrade account and for a $500 minimum investment you can get $7. trades and all the investment info, analysis, and screeners that you'll ever need.
Great advices...Thanks
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For those millionaires out there, I need advice. I am currently married and living in a moderate apartment paying rent. We have no plans to have children, and feel no need to purchase a large home and are considering renting as long as possible as we can save and invest much more this way. Our focus up to this point has been to invest agressively in my 401K, but now that we have no debt at all, I want to invest outside of the 401k. I am a Canadian living in the US, so I don't know a whole lot about investing here. Our goal is to reach retirement as young as possible, but I know its not smart to have all your eggs in one basket. I have read about a roth IRA, and am familiar with mutual funds. Is there anything you could suggest as to the best way to invest.
Bodybuilding related in that, when I retire I will be focusing on entering the masters Olympia. lol
after the divorce she'll get half your shit.
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I haven't read all of the thread so this might be redundant. I would advise you to buy property. It's a great time to buy...
qft baltimore, detroit, dearborn lol
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do the opposite of whatever they're telling you on CNBC.
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unless youve got some inside information on stocks.. then you should just ivest your money into valuable items like original paintings, classic furniture, pieces of art and history and all types of things that will always increase in value, not just relative but quantitatve as well...
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buy brick slums slap a roof on it; install a few hot water heaters....update windows, fixtures appliances good to go
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401k is/was designed to be a supplemental retirement plan that most people ended up using 100% for retirement. It is like eating only multivitamins and no food.
Trusting some high school graduate to manage you money is a shame. Put a small percentage of your money into a 401k and invest the rest on your own.
No offense chief but you're far off.. everyone should max their 401k contribution if they can before "investing" on their own with aftertax monies.. 101 stuff... unless they can beat the tax break it gives you (unlikely) and also get the match that most big employers provide..
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If you don't know much about the market the best advice you'll ever get is: stay the fuck away from it. Long term investments in commodities is about the only thing I'd consider along with a solid maxed out 401k and IRA of your choice.
Speak to several (i.e. not one) financial advisers and get their opinions.
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all you really need is one good big drug deal
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emmortal and alex both right about 401k.. diversify your bonds, ni gg a!! investments 101.. make sure to keep your money even with inflation and the growth of the economy... but thats just it.. it is still attached to the ecnopmy... buy aNormal rockwell original painting and that bitch will always be worth what you paid, and more, no matter what happens to the economy
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emmortal and alex both right about 401k.. diversify your bonds, ni gg a!! investments 101.. make sure to keep your money even with inflation and the growth of the economy... but thats just it.. it is still attached to the ecnopmy... buy aNormal rockwell original painting and that bitch will always be worth what you paid, and more, no matter what happens to the economy
LOL Wu tang 101 ;D
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emmortal and alex both right about 401k.. diversify your bonds, ni gg a!! investments 101.. make sure to keep your money even with inflation and the growth of the economy... but thats just it.. it is still attached to the ecnopmy... buy aNormal rockwell original painting and that bitch will always be worth what you paid, and more, no matter what happens to the economy
or an early Grandma Moses
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Ok next question. What is the best vehicle for saving for a large purchase (ie home later on down the road)?
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Ok next question. What is the best vehicle for saving for a large purchase (ie home later on down the road)?
A dependable one that you don't owe anything on...
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Renting instead of buying can pay off. I pay in rent less than one would pay for a moderate home in disposibles per month (ie. interest, insurance, maintenance, gas bills, electric bills, taxes, etc.) The amount that home owner actually puts on the house principle per month, I will be investing and growing at a better rate then the house will be gaining value per year.
Not really about saving a buck or two a month. What about quality of life in owning a home? Making it look the way you want, live in it how you want to live etc....
Investing is important, quality of life is more important
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If you want to learn a bit, but not invest a ton at this point, I suggest doing some online buying/trading. Tons of good ones and you can get an education. I have used options express.....probably better ones out there, but it meets my needs. I got in when the market tanked around election time and have did fairly well....really just wanted to learn more and it's been great in that respect.
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Not really about saving a buck or two a month. What about quality of life in owning a home? Making it look the way you want, live in it how you want to live etc....
Investing is important, quality of life is more important
Opinion of one white man. I already expressed I'm happy with where I am. My apartment is great. My wife is happy, I travel 50 percent of the time and don't want to be doing yard work on my weekends when I could be deadlifting and bench pressing. My quality of life in owning a home wouldn't change for my situation.
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Opinion of one white man. I already expressed I'm happy with where I am. My apartment is great. My wife is happy, I travel 50 percent of the time and don't want to be doing yard work on my weekends when I could be deadlifting and bench pressing. My quality of life in owning a home wouldn't change for my situation.
Dude nothing wrong with renting. I have never owned a house in my life. I have always rented and I have done pretty good for myself. The main reason why I never bought before when I had money was because I traveled so much and moved. I just never really thought it was priority. My quality of life was great and was everything else. Now I kind of think if I did own a house where would I be. I think because of the past several years not being to make the money like I used to I probably would have lost it. renting has it's advantages as does owning. Owning is far better on the long run because sooner or later the market will go up. It is just the time like now that it is hard. Rent is so cheap everywhere right now as is property prices. I was paying $1800 a month rent for my two bedroom condo in Honolulu. 34th floor overlooking the water and a view from Diamond Head to Waianae with every luxury amenities you can think of including bowling alleys, 5,000 sq ft. gym, racquetball, spa, dry and steam saunas, tennis courts, huge pool and jacuzzi........EVERYTHIN G. To own a house with that kind of stuff would cost in millions in Hawaii. So renting was fine with me.
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invest in yourself/your vocation/a business.
most people who are self made and worth 5-15mill earn around 700k per year and it's either from being a smart doctor/lawyer who doesn't blow through their cash or a smart business owner.
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For those millionaires out there, I need advice. I am currently married and living in a moderate apartment paying rent. We have no plans to have children, and feel no need to purchase a large home and are considering renting as long as possible as we can save and invest much more this way. Our focus up to this point has been to invest agressively in my 401K, but now that we have no debt at all, I want to invest outside of the 401k. I am a Canadian living in the US, so I don't know a whole lot about investing here. Our goal is to reach retirement as young as possible, but I know its not smart to have all your eggs in one basket. I have read about a roth IRA, and am familiar with mutual funds. Is there anything you could suggest as to the best way to invest.
Bodybuilding related in that, when I retire I will be focusing on entering the masters Olympia. lol
401ks= getting taxed like hell by the gov...
DIVERSIFICATION
Whole life insurance..tax free annuities..mutual funds....
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401ks= getting taxed like hell by the gov...
DIVERSIFICATION
Whole life insurance..tax free annuities..mutual funds....
I guess you sell whole life policies....
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Best investment for the young guys. Invest in your health while you are young. i know for a fact I would be way worse than I am if I did not take care of myself growing up. All the shit that is wrong with me my organs are fine. This last stay in the hospital they gave me so many tests to see if they could find anything wrong and I passsed with flying colors. As fat and out of shape as I am my heart, liver, kidneys and every other major organ is is excellent condition. I have spent the better part of the last 10 years looking like shit but I spent the majority of 40+ years of living healthy. If not then the things that have happened to me over the past several years would have done alot worse to my body than it has. Hell I have no joint pain except a little in my right ankle. No shoulder or knee problems whatsoever. No, muscle pains except my lower back from an injury I had in 1983. So invest in your body and when you get older you will be able to enjoy your life better. How is that for fatherly advice :D
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If you want to learn a bit, but not invest a ton at this point, I suggest doing some online buying/trading. Tons of good ones and you can get an education. I have used options express.....probably better ones out there, but it meets my needs. I got in when the market tanked around election time and have did fairly well....really just wanted to learn more and it's been great in that respect.
X2. That's how I got my protege started. OptionsExpress is very complete and easy... if you're chicken or don't have the funds, www.investopedia.com is another idea... just become a waste time and very frustrating if u do real well :)
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Take my advices- investing is cyclical- spotting trends and getting in and out at the right times are the name of the game. As a 25-35 y.o. male, you're in a prime position to identify the cool, new trends that are sure to be money makers down the line. More than those 40+, who lack any idea of what's cool...
For examples:
Netflix is a genius idea- a whole new model for renting movies- that is now snowballing into a way to stream next to anything, for next to nothing, for the consumer AND for the company. Stock is up HUGE in the last 24 months, far outpacing the industry and index, and will likely double again by the end of the year... Get in now.
Ford is a company that I made a 338% return on in less than 12 months last year. Bought around $2.30 a share and sold just shy of $8.00 around when GM went bankrupt and everybody got "iffy" on them making it. Thought I'd wait till the stock hit $10, when it will enter the stock screeners of a wider array of investors, then get back into it- but positive sales hadn't occurred, and that was a priority for my "risk threshold". Now, sales ARE positive, the products are much more competitive (or "way cooler"), and the top competitor Toyota is down due to the whole recall thing... Good time to buy.
A couple more recent buys:
Sirius Radio (Stern is staying, car sales are going up, there is NO competition)
Live Nation (merged with ticketmaster, no competition)
Get a Scottrade account and for a $500 minimum investment you can get $7. trades and all the investment info, analysis, and screeners that you'll ever need.
Personally not a big stock picker - indexing is easier and has better returns for the most part - but given the recent resurgence in the Bitcoin thread and price (congrats to those who have done well with it) its interesting to take a look back at some previous threads and comments, for eg:
Wherever 'Trav' is now after his short-lived getbig career, he was on the money with his Netflix headline pick back in 2010:
NETFLIX
Closing Price:
May 19, 2010: 14.37
March 6, 2024: 597.69
4,059% increase
Live Nation wasnt a bad one either (12.80 to 99.19) albeit ballpark NASDAQ % gains
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Renting is throwing your money away unless you live in a shit hole apartment complex. Look at a graph of houses for 30 years. They have dips in value but they all go up high. Then when the house is paid off you have a ton of money if you sell. Paying a mortgage if you do it right is the same as paying rent. My house has tripled in value in 20 years. I will have it paid off in a year. I considered downsizing but why would I spend boat load of money on a smaller house when I can live in this big house for free?
Consider paying off the principle in advance. To understand the concept for those out of the loop I will explain. Let's say you have a 30 year fixed mortgage. That's 360 payments. For sake of explanation let's say your monthly bank mortgage payment is $1000 a month. On payment one $950 will be an interest payment to the bank and just $50 will be paying off the loan. Every month the ratio will change slightly so less will go to interest and more will go to paying off the loan. On payment 360 it will look something like this. $950 of your monthly payment will go toward paying off the loan and $50 will be for interest payment. As you can see you will pay back a sick amount over what you borrowed and that's how the banks make money. How can you change that? First make sure there is no prepayment penalty. You will make a check toward your monthly payment for the amount required. Then a second check marked for to be used to pay off the principal. So say you give the bank an extra $500 a month. This will cheat the bank out of their profit by advancing you down the amortization schedule so more and more of your payments will be directed toward paying off the loan. The first thing you should do with a mortgage is to get an amortization schedule. I know those that think they are investment wizards will say I can make more money investing in stocks and such with that extra payment. Just realize it's a gamble. Stocks can be sky high for 15 years then crash. They go up and down. They are really high now but that can change. You have a guaranteed investment with paying off your mortgage in advance. You can actually make a 30 year mortgage into a 17 year mortgage with the right planning. You can also make a 15 year mortgage a 12 year mortgage with the right planning.
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Fuck renting. Making someone else rich, paying off their properties.
I bought this place 19 years ago, I paid it off in 9 (a decade ago). Value doubled.
When I sell it will be a nice piece of retirement change...
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You listen here you cowardly Canadian. You are a guest in our country and we don't need anymore renters, leave that to the Beaners who live 15 in an apartment. Now is a good time to buy a house.
Advice the cowardly Canadian should’ve heeded
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Go back to Canada and be ruled over by that king of the cucks
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Getbig millionaires?
Try billionaires.
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Low cost index funds
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Investing can help, but I don’t think that it will make you rich like you want unless you take trading very very seriously for the longterm.
That would mean studying like you are in college for quite awhile and understanding at first you may lose.
A better idea for you is to get a better higher paying career or build on that right now.
Once you have the better job is when investing would put you in a position to make the big money you are looking for.
The future looks good for actual traders, but I think retail traders are going to be in a world of hurt eventually.
Even if it is just a bullish correction on a high time frame chart the % decrease we can see for awhile would not feel like a bullish correction. It will feel like the end of the world..
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Invest in gold….this kind of gold
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unless youve got some inside information on stocks.. then you should just ivest your money into valuable items like original paintings, classic furniture, pieces of art and history and all types of things that will always increase in value, not just relative but quantitatve as well...
;D
One of the greatest minds that getbig ever produced
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;D
One of the greatest minds that getbig ever produced
Hahaha!
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Wonder if OP managed to retire.
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1. Max out 401k every year
2. Work for a publicly traded company that offers stocks at a discount, invest 10% if you believe the company will prosper, reinvest dividends
2a. Work for a company that has an income deferral program, defer another 10% of your salary into mutual funds or other accounts they offer
3. Flip a few houses with cash money
4. Never borrow money from a bank or pay interest
5. Study land use plans, learn permitting and land development
6. Buy land in strategic locations based near good school/college locations
7. Develop your land with cash (and/or partner with other developers) and sell pads/lots to builders who focus on housing or retail
8. Buy new land, develop more lots/pads and turn your money at least twice a year
Repeat steps 6 through 8
I made a small fortune flipping houses in college towns and renting to rich kid's parents. It's a lot of work with very little risk. Worst case they cause a few thousand dollars in damage but you require 2 months up front and a downpayment, have a good lawyer write your lease contracts. Rich people pay silly money so their kids stay in houses on campus instead of dorms/apartments.
I've worked in land development for 25+ years, seen a lot of average joes get rich. Just have to watch your exposure to risk and know the right people. Go to development events and learn who the big dogs are, become their friend.
You're welcome.
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Lottery tickets. It's such a great retirement investment that it is the #1 investment strategy for people in West Virginia.
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1. Max out 401k every year
2. Work for a publicly traded company that offers stocks at a discount, invest 10% if you believe the company will prosper, reinvest dividends
2a. Work for a company that has an income deferral program, defer another 10% of your salary into mutual funds or other accounts they offer
3. Flip a few houses with cash money
4. Never borrow money from a bank or pay interest
5. Study land use plans, learn permitting and land development
6. Buy land in strategic locations based near good school/college locations
7. Develop your land with cash (and/or partner with other developers) and sell pads/lots to builders who focus on housing or retail
8. Buy new land, develop more lots/pads and turn your money at least twice a year
Repeat steps 6 through 8
I made a small fortune flipping houses in college towns and renting to rich kid's parents. It's a lot of work with very little risk. Worst case they cause a few thousand dollars in damage but you require 2 months up front and a downpayment, have a good lawyer write your lease contracts. Rich people pay silly money so their kids stay in houses on campus instead of dorms/apartments.
I've worked in land development for 25+ years, seen a lot of average joes get rich. Just have to watch your exposure to risk and know the right people. Go to development events and learn who the big dogs are, become their friend.
You're welcome.
This would be very cool. I’ve done some outside storage/contractor storage lots that make a bit of money for nothing. It’s peanuts though in the grand scheme like you are talking. My wife has suggested the partner up thing to be able to do larger deals on a shorter timetable, I just am worried about the quality of partner I’d get on something like that. I had a partner at one time and it didn’t end amicably.
I actually thought about building a spec house this year. I could explain how I’m already involved in this process on a smaller level, which is what gave me the idea. I could realistically shit the money to do a build for a small $325k new build and see how much money there is in it. I haven’t really thought about the flipping thing, but maybe that’s the best place to start when it comes to the residential development side?