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ITT Poast ideas on how to grow rich
Poast new message in this thread
Date: November 26th, 2022 8:06 AM Author: Khaki Sick Cuck My goals are: 1. To buy a nice single family home for my children 2. To furnish it with a little less fast furniture and a little more things to last 3. College educations for the kids 4. Weddings for the kids 5. Vacation trips in the summer to Florida and California and Hawaii and Alaska and Wyoming and Montana and Maine and France and Greece and Italy. |
Date: November 26th, 2022 8:10 AM Author: Red Electric Genital Piercing Age? # kids? Spouse occupation/income? Your current income? Skills? Education? Approximate IQ? Spatial abilities? Published patents? Family wealth, current assets, etc.?
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Date: November 26th, 2022 8:17 AM Author: Khaki Sick Cuck Age 41 Kids 4 Spouse Occupation - Teacher, $70k Current Income - $200k Skills - Lawyer, so no skills Education - BA (TTT) + JD (TTT) Approximate IQ = 132 Spatial Abilities - Dreaming of space? How about starting by cleaning this space right here? Published Patents - None Family Wealth - None Family Current Assets - None Family Current Liabilities - Many |
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Date: November 26th, 2022 8:20 AM Author: Red Electric Genital Piercing Rent or mortgage?
Kids' approx ages? |
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Date: November 26th, 2022 8:20 AM Author: Khaki Sick Cuck One SFH, we have a mortgage. About $173k left on it. Kids are 7, 5, 3, 0 |
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Date: November 26th, 2022 8:34 AM Author: Red Electric Genital Piercing Tough situation. You're in the cage — too much going on to make a truly risky bet, but not enough coming in relative to expenses to save your way to what you want.
Try to excel at your law practice. If you want to gamble, maybe get in on some early stage biotech cos or whatever. Have your wife learn to do YouTubes and sell private tutoring online for extra money. And give your daughters beauty and poise and classical instruction on homemaking and congeniality so they can marry money.
Otherwise standard household budget and investment advice applies. |
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Date: November 26th, 2022 8:49 AM Author: Khaki Sick Cuck Thank you brother. It is the cage. Also, the cage is submerged at the bottom of a large vessel and the water tap is on. We can see the water rising at the bottom of the cage, but the taps to the water is just out of reach, so I can't turn it off. I think we all know where this leads. |
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Date: November 26th, 2022 9:00 AM Author: Red Electric Genital Piercing You never know when you'll get some weird opportunity. You should be reaching out most when you feel at your lowest ebb. Try to find some way to add value to people with lots of connections, and keep pressing the flesh.
And, be grateful: fortune has blessed you with a family and four children. That's a lot to be grateful for. |
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Date: November 26th, 2022 9:22 AM Author: demanding big theatre (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545976) |
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Date: November 26th, 2022 10:22 AM Author: Copper stead how do you have a 132 IQ and such terrible credentials otherwise? (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546162) |
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Date: November 26th, 2022 10:31 AM Author: Khaki Sick Cuck I didn't come from a family of means, so I went to college in locations that made sense at the time and I was self-funded. Keeping the overall cost relatively low was much more important than "going to the best school that I could get into." (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546184) |
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Date: November 26th, 2022 8:19 AM Author: talented boltzmann home Haha wow holy shit (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545868) |
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Date: November 26th, 2022 8:20 AM Author: navy spectacular parlour Do you literally have no assets? Savings, retirement accounts, cash on hand? A car, a house, etc.?
Also, what kind of area do you live in? Approximate COL? |
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Date: November 26th, 2022 8:26 AM Author: Khaki Sick Cuck Here's a breakdown Investment/Retirement - $700k 529 Plans - $101k Cash/EF - $30k Home Equity - $221k Other (Cars, artworks, gold, silver, watches, guns) - $64k Total NW = $1.116m Live in a complete shithold part of the United States. A place with no redeeming value. A place that just makes you hate yourself and want to die. Cost of Living is extremely high here. |
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Date: November 26th, 2022 8:41 AM Author: navy spectacular parlour So your original answer was a gross exaggeration of your "poverty." Got it.
You are right in the sweet spot of the ShitUMC. Job title, income and net worth that will impress proles, but lacking meaningful financial freedom. Especially with four kids. Many poasters are in the same situation.
Aside from something obvious like trying to get a raise or more clients, the first thing that comes to mind is to move to a cheaper part of the country. I'm guessing you live in New Jersey or somewhere similar. One of the defining features of life there is high taxes. You could move to somewhere like Florida, probably preserve most of that income, and increase your take home pay by a solid chunk, maybe a quarter or more, from lower bills for state income and property taxes. Possibly more opportunities for career growth.
You can also get into investing in stuff. Don't mess around with gambling on stocks, you won't beat the market, just use index funds. But with your level of finances, you could potentially invest in real estate, flipping cars, something outside the box. Start small, learn, and grow what you're doing. The basic thing to keep in mind is that, if you're going to tie up your precious capital in some deal, there has to be a realistic chance of that deal producing a big return. A realistic, non-lottery chance of making multiples on your money in a short time. Not some 10% return. That's what index funds are for. |
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Date: November 26th, 2022 8:48 AM Author: Khaki Sick Cuck Wow, that's pretty stark, but very truthful. I don't think that I am ShitUMC though. I'm just barely middle class. We scrimp and save at everything. For example, at thanksgiving we had Turkey, a green beans dish, mashed potatoes, dinner rolls and a couple pies for dessert. That's it. No fancy dishes. No cornucopia spilling out over the dining room buffet table. Just keeping it simple. Pinching pennies. But it all drains away very, very quickly. We have the kids in daycare but we pay for no after school clubs, no sports teams, no gymnastics or dance. We don't even have any time for that. My wife goes from school and picks everyone up and gets home at like 7pm every day. I get home at 730pm. We get kids to bed and then collapse from exhaustion. |
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Date: November 26th, 2022 10:22 AM Author: Copper stead how did you save so much on such a small salary? something is not adding up. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546164) |
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Date: November 26th, 2022 10:27 AM Author: Khaki Sick Cuck fast furniture, dinners at home, one year we took a 4 day family vacation to Oklahoma City and I paid for the hotel at a Fairfield Inn with points from my Chase Sapphire Reserve card. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546172) |
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Date: November 26th, 2022 10:33 AM Author: Khaki Sick Cuck I just checked and 2019 was the worst year of our lives. We only paid $7,631 in income tax that year. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546187) |
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Date: November 26th, 2022 8:23 AM Author: naked dingle berry if u are a girl just spread ur legs (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545873) |
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Date: November 26th, 2022 8:27 AM Author: Khaki Sick Cuck I am not, but I do have a garage, perhaps I could by some cage warmers and grow monitor lizards? (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545881) |
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Date: November 26th, 2022 9:52 AM Author: Arrogant Razzmatazz Whorehouse You could still just spread your legs. For men. For money. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546061) |
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Date: November 26th, 2022 8:50 AM Author: Poppy vigorous telephone Flip houses in your spare time. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545910) |
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Date: November 26th, 2022 8:52 AM Author: Khaki Sick Cuck I don't really have spare time (lawyer + 4 kids) and trying to "flip houses" seems like a surefire way to lose your shirt. Maybe you can handle a flip or two if you know how to do everything yourself, have ample time in which to do that work by yourself, have a long time horizon to take advantage of the best market to time your sale, can source and obtain possession of the SFH pre-flip in some kind of off market sale with cash, and have a lot of luck like a rapidly rising market. Otherwise, house flipping seems incredibly risky and just downright stupid. |
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Date: November 26th, 2022 8:59 AM Author: Poppy vigorous telephone You have weekends and 4 slaves
You don't really need to know what you're doing. There's a premium for ready-made houses. Take a piece of shit thats being marketed poorly, put 200k of new kitchen/bathroom, new paint/floors. It can all be cheap as shit. Stage it properly.
You do risk the market turning. Plenty of flippers are under water this year, but plenty of them made more than enough in 2020 and 2021 to offset it. Last year, i saw people flipping places in 6 months, getting $2m on places they were all-inn $1.2m |
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Date: November 26th, 2022 9:01 AM Author: Khaki Sick Cuck No, I a am a slave to the children. Also, the weekends are given up to billing and working on the majestic intricacies of the law. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545932) |
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Date: November 26th, 2022 9:04 AM Author: Poppy vigorous telephone I edited to help entice you more (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545939) |
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Date: November 26th, 2022 9:22 AM Author: Khaki Sick Cuck Perhaps you knew some people that were successful, but I find it hard to believe that anyone could get a return like that. Also, you are forgetting that to be successful at flipping you really need to have a lot o fmoney to play with because a lot of flips go south and the folks don't make anything on them. There's one of these down the street from me. The family lived in an RV in the driveway while they renoed this house. Lived there like 2 years and 1 day. The damn thing has sat on the market for 6 months already and they've dropped the price from $600k to $425k. Also, they did the whole new kitchen, whole new appliances in the laundry room, built a covered outdoor area. They put some money in. |
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Date: November 26th, 2022 4:54 PM Author: Poppy vigorous telephone It's a risky business, but it's risky to the upside and downside. If you choose property values that are appropriate for your level of risk tolerance, you can have powergoy command over it.
I think a fair "worst case" is market crashing 25% from here. I think, for a brand new flipper, your first house would be learning lessons, but hopefully you can go into it with enough knowledge to break even, then learn from mistakes to start making money on the next one.
So, buy a $400k place. Put $100k into the high value upgrades. Worst case, this drops to $375k (you lose $125k) from market volatility. Best case, prices skyrocket like last year, and you make $100k. Then you learn from you mistakes, and eventually you can start making 100% in alpha on the renovation part. Maybe even you learn how to find a deal, and then market downturns start to be small lumps instead of big hits to your net worth |
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Date: November 26th, 2022 9:45 AM Author: clear fat ankles Doesn't the failure of iBuying prove house flipping is all just individual home selection and luck and timing (in security terms "alpha"). You might as well be daytrading then (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546031) |
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Date: November 26th, 2022 9:54 AM Author: Khaki Sick Cuck That's true. If there was any systematic way to do it successfully you would be able to build in algorithms that would help you appropriately price homes, appropriately price what it costs to get them ready to list, and appropriately price all your other transaction and carry costs and still come out with a profit. SFHs are traps for the unwary. |
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Date: November 26th, 2022 11:12 AM Author: Offensive floppy hospital interesting q. for me the key part is how much is individual home selection: all real estate is hyperlocal, etc. i tend to agree that there are a lot of sharks in this market and not a lot of easy money to be had if you don't know how to do renovations (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546290) |
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Date: November 26th, 2022 4:45 PM Author: Poppy vigorous telephone So far as i can tell, anyone good at remodeling can get a 100% return on it. So, buy a $1mm place, put $200k into it, and you have a $1.4mm place less carry costs. Make sure you buy at good prices, choose the most dollar effective renos to make. Missing these marks can eat away from that $200k profit easily. That's the alpha. A lot of people think they have alpha, when in reality they are just spec buying homes with leverage. Pull up any city right now, and it's not hard to find flippers who clearly suck at it, and rode the bull market until this year.
On frustrating part of the business is how volatile the asset is. Like in my example, even if you are good and you know what you're doing. You bought a house for 1mm in March, put 6months and $200k into it, but you'd be lucky to sell it for $1.2mm today, since the market crashing wiped out all the alpha. You just risk manage it. If you cannot stomach a potential $200k loss in a market crash, share equity in the deal with investors. |
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Date: November 26th, 2022 9:41 AM Author: stirring spot STFU disco (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546020) |
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Date: November 26th, 2022 10:11 AM Author: Red Electric Genital Piercing Oh, it's DF? Shouldn't have tried. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546141) |
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Date: November 26th, 2022 10:25 AM Author: Khaki Sick Cuck wtf - that’s not true at all. Thank you for your beautifully crafted poast. I have already transcribed it to an index card and taped it above my sink so I can read it while I brush my teeth. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546169) |
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Date: November 26th, 2022 10:57 AM Author: Red Electric Genital Piercing Truly an honor. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546239) |
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Date: November 26th, 2022 9:45 AM Author: flushed shivering market Lmao do you have any idea what goes on in “colleges” now?
If you push your kids toward attending one or facilitate it in any way you are a child abuser |
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Date: November 26th, 2022 9:52 AM Author: Khaki Sick Cuck I read on bogleheads that you should consider 529s for their tax-advantaged benefits. The strategy I read about was, stop contributing when the balance reaches $150k and/or the kid reaches age 10. I mean if you're under that balance, I guess you can still use it as a college savings account, but it's probably not worth the tradeoff. As it stands now, I'm just going to keep my 3 529 accounts. I don't see any need for a 4th. It's likely that one or more of my kids will opt out of college for something else, and if the first three go and the fourth one wants to go, by that time, I'll be able to cash flow college for the 4th becasue 1-3 will be out of the house. That's the thinking at least. Also, it's kind of crazy having so little cash and income that tax considerations aren't really even a big deal for me. I have such limited opitions and my taxes are relatively low at the moment anyway. Because I am a poor. |
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Date: November 26th, 2022 9:58 AM Author: flushed shivering market You’re completely missing the point (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546080) |
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Date: November 26th, 2022 11:07 AM Author: deep bistre cruise ship cumskin Of course a slow-witted chump like you would read “Bogleheads” (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546273) |
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Date: November 26th, 2022 11:07 AM Author: Khaki Sick Cuck What is wrong with bogleheads? There are some kernals in there. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546274) |
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Date: November 26th, 2022 11:40 AM Author: Offensive floppy hospital nothing wrong with bogleheads imo (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546438) |
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Date: November 26th, 2022 9:56 AM Author: lake razzle-dazzle dilemma sweet tailpipe CSLG is right that being a lawyer is a license to print money. Start your own firm, learn how to run a business, hire to grow, profit. (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546071) |
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Date: November 26th, 2022 9:56 AM Author: primrose state EPAH will let u crash on his couch np (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546074) |
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Date: November 26th, 2022 11:04 AM Author: stimulating iridescent church building PI firm in LA, relentless self promotion, network of medical referrals (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546263) |
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Date: November 26th, 2022 11:19 AM Author: Purple garrison Put everything you possibly can into crypto, especially SOL, right now
/thread |
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Date: November 26th, 2022 11:23 AM Author: curious stag film pistol think rich (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546353) |
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Date: November 26th, 2022 6:08 PM Author: Khaki Sick Cuck (http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45547956) |