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Good post.. and add that you need money to make money, more like you need money to go to school to make money. Wait. now you just put your self in more debt to pay for school. Now you need more money to pay for school debt and housing and to do better. Rinse and repeat.
The idea you need money to make money keeps a lot of people back .
It’s another myth .
Many have made money by having time and energy and ideas and partnering with someone that had the money .
It takes money but that doesn’t mean it has to be your money .
It’s a mindset change though and many will never get it .
The idea you need money to make money keeps a lot of people back .
It’s another myth .
Many have made money by having time and energy and ideas and partnering with someone that had the money . It takes money but that doesn’t mean it has to be your money .
It’s a mindset change though and many will never get it .
How is it a myth? u just said it your self. it takes money to make money, even its not mine, still have to pay it back.
That partner got his money with other money somewhere, so no myth about it. cant get ahead in life with out, but can go in more debt with it.
Why not rely on one income when your single or 2 income when your married. Yes if you want to make more money and not have a social life then go work 2-3 full time jobs. Keep doing that till your body breaks down or realize how much of your life your wasting away by making the rich men richer.
Work and life balance is so out of focus because were all trying to keep up with the Jones, becoming greedy people, now then we was 50 years ago.
Simple life = If you work 40 hour full time, then here is your basic bare bones house. No mortgage, rents or anything other then maintenance for the house. Your check pays for the utilities, and other wants such as a car, boat. Is this possible, yes, but will it ever happen No. .Reason is greed.
I don’t think keep up with the Joneses lifestyle is smart.
The goal in my opinion should be to create wealth and buy assets rather than liabilities like fancy cars as soon as possible . Easier said than done but worth it .
I dont agree with everything Dave Ramsey says but says a lot of smart things .
Most people spend everything they earn even if they earn more money . They get a higher salary and upgrade the lifestyle .
Retiring at 50 or 40 or 30 isn’t impossible with the right plan and one doesn’t have to be a CEO .
People have the mindset of “I have to work until I’m 65 or 70” or whatever . That’s setting up a self fulfilling prophecy.
Why not work to achieve financial independence as early as possible then choose if you want to work or only chose the work you want to do .
It’s much much easier to work within the game versus trying to change it or hope a politician will change it .
Warren Buffett Quote: “If you don't find a way to make money while you sleep, you will work until you die.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,356 posts, read 8,588,422 times
Reputation: 16698
Quote:
Originally Posted by hitpausebutton2
Didnt one person try living with family and got kicked out and taken to court? Times has changed since it was introduce and honestly needs to be freshen to todays standards of living. If they kill the min wage laws, you will see a huge, HUGE drop in unemployment and huge jump in profits in the already monopolies companies we have now. You can profit so much then you got to invest it in your people, because sitting on 12 billion a year after all your bills are paid doesnt do anything to the economy. If every major fortune 500 company would cut the CEO/COO salary in half, they would have enough money to pay each of their employers a dollar more per hour and not hurt their bottom line. Heck, could even give them a 2$ increase and not sweat it with the shareholders. Why is they vote and always approve increase in their(CEO.COO,directors) salary, but will sht on those that need it the most ( employees)
Yes and did you see what a loser he was. Maybe he could move in with you, he seems like a really nice guy standup guy
The idea you need money to make money keeps a lot of people back .
It’s another myth .
Many have made money by having time and energy and ideas and partnering with someone that had the money .
It takes money but that doesn’t mean it has to be your money .
It’s a mindset change though and many will never get it .
It helps and it doesn't help.
My parents are more old-school. Both came from blue collar backgrounds and worked through school. I had more privilege than some and less than others. Financially, however, I effectively got less than none as most aid is need-based. The financial assistance I got from my parents was a lot less than the need-based grants I didn't get because I didn't qualify for them. Back when I was in school, both Pell and Cal Grant were paying out around $10,000 combined. Tuition and mandatory fees ranged from $6,000 to $11,000 in the UC system while I was in school. That means UC is free to attend for anyone with financial need that is eligible for Pell and Cal Grants. No money, no problem. Cal Grant especially is way more generous now, paying up to $15,000 for UCs. Pell hasn't much changed.
I lived cheap and worked to cover living costs. I had actually roommates, as in one I shared a room with, for three years. Yes, it's tougher to get laid when you have a roommate. It's also cheaper. I was more interested in cheaper at the time. Two bedroom apartment with four guys was pretty cheap. We paid around $1,600 a month for the rent and utilities, 400 a pop. I earned enough to fully cover a fairly minimalist lifestyle. I had enough to go out for beer and pizza, but I wasn't in Tahoe on the slopes every weekend. One of my roommates was. He kept his living low to afford that. Student loans covered the other half of the books/tuition.
How is it a myth? u just said it your self. it takes money to make money, even its not mine, still have to pay it back.
That partner got his money with other money somewhere, so no myth about it. cant get ahead in life with out, but can go in more debt with it.
Ok so if you have zero money but you do a deal with someone to put up the money for the deal and you do the work and split profit 50/50 you wouldn’t do it ?
If someone loaned you $1,000,000 and charged you 12 percent interest per year and you took that $1 million and made 50% return with it in real estate .. So your profit would be $300,000 for the year would you be better taking the loan or not taking the loan ?
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,356 posts, read 8,588,422 times
Reputation: 16698
Quote:
Originally Posted by hitpausebutton2
How is it a myth? u just said it your self. it takes money to make money, even its not mine, still have to pay it back.
That partner got his money with other money somewhere, so no myth about it. cant get ahead in life with out, but can go in more debt with it.
Still have the "woe is me" outlook I see.
I know someone who retired at age 33 because he worked 2 jobs (something you have refused to do to get ahead)
His first job was a full time job. On the side he did real estate investing weekends and evenings. That took money he didn't have so he did all the legwork and partnered with people who put up the money because he did all the work in exchange for them loaning him money for his share. His net worth is about 1.5 million now.
He also hustled to put together an Airbnb business and grosses about $350K a year off of that.
Sure he has to pay back the loans, but his real estate less his loan balances leaves him with 1.5 million.
The difference between him and others with your outlook is drive and desire. It can be done, but you have to put in the time.
If taxes remain the same. Ha Well guess what - they don't.
And while you hate the idea of it, the reason you raise rents IS supply and demand. Even if taxes don't raise.
California property taxes, even those on investment property remain virtually the same over time, at most they go up a small amount every year but in some areas rent has been going up 10 or 15% a year, yet you feel compelled to defend landlords? Yes it's supply and demand, and landlords have a right to suck every last penny from their tenants but it is pure greed. But, in the long run it doesn't really matter because they aren't breaking the law..but the consequences will have a long term impact on society.
I'm not talking about a 19 year old who can rent a room, but this is resulting in large numbers of homeless families. In East Palo Alto 1/3 of the kids in the local school district are homeless. https://www.theguardian.com/society/...fornia-schools
This will not turn out well, and I see nothing being done to turn things around. Every year fewer jobs are full time with benefits and more are hourly part time or contracted positions.
Still have the "woe is me" outlook I see.
I know someone who retired at age 33 because he worked 2 jobs (something you have refused to do to get ahead)
His first job was a full time job. On the side he did real estate investing weekends and evenings. That took money he didn't have so he did all the legwork and partnered with people who put up the money because he did all the work in exchange for them loaning him money for his share. His net worth is about 1.5 million now.
He also hustled to put together an Airbnb business and grosses about $350K a year off of that.
Sure he has to pay back the loans, but his real estate less his loan balances leaves him with 1.5 million.
The difference between him and others with your outlook is drive and desire. It can be done, but you have to put in the time.
Awesome I really like to hear stories like that . Just more evidence it’s possible but of course not easy .
With the wrong mindset though he would of never even tried .
$1.5 million invested in pretty secure passive investments should return 8-10% at least .
$120,000-150,000 .
Of course it’s possible to do a lot better than that
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