ITT Poast ideas on how to grow rich
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Poast new message in this thread
Date: November 26th, 2022 8:06 AM Author: doobsian community account
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545858) |
Date: November 26th, 2022 8:10 AM Author: stimulating gas station jewess
Age? # kids? Spouse occupation/income? Your current income? Skills? Education? Approximate IQ? Spatial abilities? Published patents? Family wealth, current assets, etc.?
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545861)
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Date: November 26th, 2022 8:17 AM Author: doobsian community account
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
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545865) |
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Date: November 26th, 2022 8:34 AM Author: stimulating gas station jewess
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545887) |
Date: November 26th, 2022 8:20 AM Author: Autistic arousing property persian
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?
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545870) |
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Date: November 26th, 2022 8:26 AM Author: doobsian community account
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545878) |
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Date: November 26th, 2022 8:41 AM Author: Autistic arousing property persian
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545901) |
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Date: November 26th, 2022 8:48 AM Author: doobsian community account
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545908) |
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Date: November 26th, 2022 8:59 AM Author: Passionate national corn cake
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
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545928) |
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Date: November 26th, 2022 4:54 PM Author: Passionate national corn cake
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
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45547725) |
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Date: November 26th, 2022 4:45 PM Author: Passionate national corn cake
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45547695) |
Date: November 26th, 2022 9:45 AM Author: Jade flirting therapy
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
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546033) |
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Date: November 26th, 2022 9:52 AM Author: doobsian community account
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.
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546057) |
Date: November 26th, 2022 11:19 AM Author: poppy cumskin death wish
Put everything you possibly can into crypto, especially SOL, right now
/thread
(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546333) |
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