\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

ITT Poast ideas on how to grow rich

My goals are: 1. To buy a nice single family home for my ch...
doobsian community account
  11/26/22
Age? # kids? Spouse occupation/income? Your current income? ...
stimulating gas station jewess
  11/26/22
Age 41 Kids 4 Spouse Occupation - Teacher, $70k Current I...
doobsian community account
  11/26/22
Rent or mortgage? Kids' approx ages?
stimulating gas station jewess
  11/26/22
One SFH, we have a mortgage. About $173k left on it. Kids a...
doobsian community account
  11/26/22
Tough situation. You're in the cage — too much going o...
stimulating gas station jewess
  11/26/22
Thank you brother. It is the cage. Also, the cage is submerg...
doobsian community account
  11/26/22
You never know when you'll get some weird opportunity. You s...
stimulating gas station jewess
  11/26/22
...
sooty gunner love of her life
  11/26/22
how do you have a 132 IQ and such terrible credentials other...
racy bearded stage
  11/26/22
I didn't come from a family of means, so I went to college i...
doobsian community account
  11/26/22
Haha wow holy shit
Wild seedy blood rage
  11/26/22
Do you literally have no assets? Savings, retirement accoun...
Autistic arousing property persian
  11/26/22
Here's a breakdown Investment/Retirement - $700k 529 Plans...
doobsian community account
  11/26/22
So your original answer was a gross exaggeration of your &qu...
Autistic arousing property persian
  11/26/22
Wow, that's pretty stark, but very truthful. I don't think t...
doobsian community account
  11/26/22
how did you save so much on such a small salary? something ...
racy bearded stage
  11/26/22
fast furniture, dinners at home, one year we took a 4 day fa...
doobsian community account
  11/26/22
I just checked and 2019 was the worst year of our lives. We ...
doobsian community account
  11/26/22
if u are a girl just spread ur legs
galvanic fat ankles
  11/26/22
I am not, but I do have a garage, perhaps I could by some ca...
doobsian community account
  11/26/22
You could still just spread your legs. For men. For money.
shaky church
  11/26/22
Flip houses in your spare time.
Passionate national corn cake
  11/26/22
I don't really have spare time (lawyer + 4 kids) and trying ...
doobsian community account
  11/26/22
You have weekends and 4 slaves You don't really need to k...
Passionate national corn cake
  11/26/22
No, I a am a slave to the children. Also, the weekends are g...
doobsian community account
  11/26/22
I edited to help entice you more
Passionate national corn cake
  11/26/22
Perhaps you knew some people that were successful, but I fin...
doobsian community account
  11/26/22
It's a risky business, but it's risky to the upside and down...
Passionate national corn cake
  11/26/22
Doesn't the failure of iBuying prove house flipping is all j...
Heady Violent Private Investor Field
  11/26/22
That's true. If there was any systematic way to do it succes...
doobsian community account
  11/26/22
interesting q. for me the key part is how much is individua...
curious hideous shrine nowag
  11/26/22
So far as i can tell, anyone good at remodeling can get a 10...
Passionate national corn cake
  11/26/22
STFU disco
Balding Hospital Tank
  11/26/22
Oh, it's DF? Shouldn't have tried.
stimulating gas station jewess
  11/26/22
wtf - that’s not true at all. Thank you for your beaut...
doobsian community account
  11/26/22
Truly an honor.
stimulating gas station jewess
  11/26/22
Lmao do you have any idea what goes on in “colleges&rd...
Jade flirting therapy
  11/26/22
I read on bogleheads that you should consider 529s for their...
doobsian community account
  11/26/22
You’re completely missing the point
Jade flirting therapy
  11/26/22
Of course a slow-witted chump like you would read “Bog...
french hot heaven
  11/26/22
What is wrong with bogleheads? There are some kernals in the...
doobsian community account
  11/26/22
nothing wrong with bogleheads imo
curious hideous shrine nowag
  11/26/22
CSLG is right that being a lawyer is a license to print mone...
snowy puppy
  11/26/22
EPAH will let u crash on his couch np
Fighting Vivacious Plaza
  11/26/22
PI firm in LA, relentless self promotion, network of medical...
diverse citrine dilemma friendly grandma
  11/26/22
Put everything you possibly can into crypto, especially SOL,...
poppy cumskin death wish
  11/26/22
think rich
Comical mad cow disease roommate
  11/26/22
...
doobsian community account
  11/26/22


Poast new message in this thread



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 8:20 AM
Author: stimulating gas station jewess

Rent or mortgage?

Kids' approx ages?

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545869)



Reply Favorite

Date: November 26th, 2022 8:20 AM
Author: doobsian community account

One SFH, we have a mortgage. About $173k left on it.

Kids are 7, 5, 3, 0

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545872)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 8:49 AM
Author: doobsian community account

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.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545909)



Reply Favorite

Date: November 26th, 2022 9:00 AM
Author: stimulating gas station jewess

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.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545931)



Reply Favorite

Date: November 26th, 2022 9:22 AM
Author: sooty gunner love of her life



(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545976)



Reply Favorite

Date: November 26th, 2022 10:22 AM
Author: racy bearded stage

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)



Reply Favorite

Date: November 26th, 2022 10:31 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 8:19 AM
Author: Wild seedy blood rage

Haha wow holy shit

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545868)



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 10:22 AM
Author: racy bearded stage

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)



Reply Favorite

Date: November 26th, 2022 10:27 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 10:33 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 8:23 AM
Author: galvanic fat ankles

if u are a girl just spread ur legs

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545873)



Reply Favorite

Date: November 26th, 2022 8:27 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 9:52 AM
Author: shaky church

You could still just spread your legs. For men. For money.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546061)



Reply Favorite

Date: November 26th, 2022 8:50 AM
Author: Passionate national corn cake

Flip houses in your spare time.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545910)



Reply Favorite

Date: November 26th, 2022 8:52 AM
Author: doobsian community account

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.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545915)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 9:01 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 9:04 AM
Author: Passionate national corn cake

I edited to help entice you more

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545939)



Reply Favorite

Date: November 26th, 2022 9:22 AM
Author: doobsian community account

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.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45545974)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 9:45 AM
Author: Heady Violent Private Investor Field

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)



Reply Favorite

Date: November 26th, 2022 9:54 AM
Author: doobsian community account

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.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546066)



Reply Favorite

Date: November 26th, 2022 11:12 AM
Author: curious hideous shrine nowag

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)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 9:41 AM
Author: Balding Hospital Tank

STFU disco

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546020)



Reply Favorite

Date: November 26th, 2022 10:11 AM
Author: stimulating gas station jewess

Oh, it's DF? Shouldn't have tried.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546141)



Reply Favorite

Date: November 26th, 2022 10:25 AM
Author: doobsian community account

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)



Reply Favorite

Date: November 26th, 2022 10:57 AM
Author: stimulating gas station jewess

Truly an honor.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546239)



Reply Favorite

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)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 9:58 AM
Author: Jade flirting therapy

You’re completely missing the point

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546080)



Reply Favorite

Date: November 26th, 2022 11:07 AM
Author: french hot heaven

Of course a slow-witted chump like you would read “Bogleheads”

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546273)



Reply Favorite

Date: November 26th, 2022 11:07 AM
Author: doobsian community account

What is wrong with bogleheads? There are some kernals in there.

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546274)



Reply Favorite

Date: November 26th, 2022 11:40 AM
Author: curious hideous shrine nowag

nothing wrong with bogleheads imo

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546438)



Reply Favorite

Date: November 26th, 2022 9:56 AM
Author: snowy puppy

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)



Reply Favorite

Date: November 26th, 2022 9:56 AM
Author: Fighting Vivacious Plaza

EPAH will let u crash on his couch np

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546074)



Reply Favorite

Date: November 26th, 2022 11:04 AM
Author: diverse citrine dilemma friendly grandma

PI firm in LA, relentless self promotion, network of medical referrals

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546263)



Reply Favorite

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)



Reply Favorite

Date: November 26th, 2022 11:23 AM
Author: Comical mad cow disease roommate

think rich

(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45546353)



Reply Favorite

Date: November 26th, 2022 6:08 PM
Author: doobsian community account



(http://www.autoadmit.com/thread.php?thread_id=5242261&forum_id=2#45547956)