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Old 07-07-2018, 11:56 PM
 
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blue chip dividend stocks,oil/gas wells,oil and gas lease flips,mineral rights,real estate,gold and silver.you can get huge big tax breaks with oil and real estate.also IRA/401ks/life settlements.tax lien certificates.I would invest in low-cost index funds if you cant buy stock with your retirement plans.
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Old 07-08-2018, 07:33 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,112 posts, read 3,404,360 times
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Quote:
Originally Posted by kgpremed13 View Post
Lets say hypothetically, you were a young man that has no kids, will most likely never get married, and you make a salary of 210k a year in a job that has full benefits. I'm sure I can live off about 25k a year my biggest other expense would be about 18k a year so I should easily be able to save about 100k a year. The first thing I would do is buy a place to live in with cash. There are some really nice 2 bed / 2 bath condos I can get in the city for 160k. Other than that I am content just putting 100k a year in a bank savings account until I reach 3 mill, retire ,and die. I have no need for extra nice stuff, I have no desire to keep up with the Joneses, I probably will never have a family, would just putting all my money in the baking system be a stupid Idea? I'd be into investing if it is low effort and low risk. Maybe even medium effort and medium risk.
Based on your screen name I think I might knock out those stundent loans asap. Then just do the usual mutual fund investing like most people if you want low effort. There is still some risk as the market may slow down for a bit.
Or if you want to do more effort you can learn how to invest in real estate. I have 2 friends that retired in their 30s doing that on the side for about 3 to 4 years with 6 figure incomes and are just traveling now. I did it in 3 years but already had some home equity to tap into to get a jump start, but also didn't have an income to get loans. Doubled my money and got a 6 figure cash flow in about 3 years.
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Old 07-08-2018, 08:44 AM
 
8,288 posts, read 3,456,454 times
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Quote:
Originally Posted by aslowdodge View Post
Based on your screen name I think I might knock out those stundent loans asap. Then just do the usual mutual fund investing like most people if you want low effort. There is still some risk as the market may slow down for a bit.
Or if you want to do more effort you can learn how to invest in real estate. I have 2 friends that retired in their 30s doing that on the side for about 3 to 4 years with 6 figure incomes and are just traveling now. I did it in 3 years but already had some home equity to tap into to get a jump start, but also didn't have an income to get loans. Doubled my money and got a 6 figure cash flow in about 3 years.
If like my daughter, med school loans can be at zero or very low interest. And in many cases there are ways to forgive or pay off the loan. Either through public service or by joining with a hospital that will pay the loan off as a bonus.

So paying the school loans off may not be the best/first thing to do. Depending on your best guess on other future investment returns.

RE is very local, so you will need intimate knowledge and proper timing. A group of diversified no/low load mutual funds would probably make the most sense for young docs. Especially as they have their brains and time seriously locked on and into medicine.
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Old 07-08-2018, 04:04 PM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,428,655 times
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Originally Posted by JonathanLB View Post
This is the most solid advice Iíve seen here, really canít go wrong with this strategy! Also Iíll add a bit to it because itís brilliant. Find a no limit table for black jack. Start with the minimum bet, say $20. If you win, stick with $20. Every time you lose double the bet until you win. So if you lose 5 times in a row itís $20-40-80-160-320 ($620 total) but if you win the 6th time where you bet $640 it covers all of the losses. Just repeat this process and youíre unstoppable. Itís just math
Just math? No, I suck at math but even *I* know better than this...and so do you, but there are a lot of other dumb-bunnies out here that might think it makes sense, even though it's about the worst gambling 'strategy' ever...not that that's stopped idiots from continuing to attempt to employ it...
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Old 07-08-2018, 07:07 PM
 
Location: Myrtle Creek, Oregon
11,049 posts, read 11,460,740 times
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Quote:
Originally Posted by JrzDefector View Post
Yep. Add in some equity funds!
Add in a bunch of stuff. I have cousins who bought an 8-plex a year for 20 years. That gave them 160 units all paid for, though only about 140 of them are rented at any given time. A couple buildings are being renovated every year. Stocks are good. So are bonds, particularly the funds with a good churn rate. Offshore funds are a good buy as long as the dollar is high.

Don't forget that in 30 years, 3 million will not be much money. At 3% inflation, it won't be enough to retire on. You have to do better than inflation with your investments. In my area, the CPI went up 4.7% in 2017. That's a big bite out of cash.
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Old 07-09-2018, 09:06 AM
 
Location: Oceanside, CA
1,738 posts, read 828,725 times
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Quote:
Originally Posted by kgpremed13 View Post
There are some really nice 2 bed / 2 bath condos I can get in the city for 160k.
How much can they rent for vs. the mortgage payment? Accumulating some rentals could be a great thing to do.

Quote:
Other than that I am content just putting 100k a year in a bank savings account until I reach 3 mill, retire ,and die. I have no need for extra nice stuff, I have no desire to keep up with the Joneses, I probably will never have a family, would just putting all my money in the baking system be a stupid Idea? I'd be into investing if it is low effort and low risk. Maybe even medium effort and medium risk.
You absolutely should be looking at mutual funds / ETFs. Why "low risk", unless you only have a few years to retirement? Putting all of your money in the bank is extremely high risk... you're guaranteed to lose more value to inflation every year than the paltry returns on deposit accounts. You need equities and bonds.
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Old 07-09-2018, 09:10 AM
 
8,288 posts, read 3,456,454 times
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Quote:
Originally Posted by jnojr View Post
How much can they rent for vs. the mortgage payment? Accumulating some rentals could be a great thing to do.



You absolutely should be looking at mutual funds / ETFs. Why "low risk", unless you only have a few years to retirement? Putting all of your money in the bank is extremely high risk... you're guaranteed to lose more value to inflation every year than the paltry returns on deposit accounts. You need equities and bonds.
Putting $250K or less in any bank acct is very low risk. Placing all your money in bank accounts might not be smart long term.
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Old 07-09-2018, 09:24 AM
 
Location: NJ
22,674 posts, read 28,568,174 times
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Tecl
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Old 07-09-2018, 10:46 AM
 
Location: Oceanside, CA
1,738 posts, read 828,725 times
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Quote:
Originally Posted by Hoonose View Post
Putting $250K or less in any bank acct is very low risk.
No, it's guaranteed risk. What does a deposit account pay in interest? Far less than a percent. What is the rate of inflation? Two percent and change. You're guaranteed a loss of 2% of your purchasing power every year you keep cash in a deposit account.

I'm definitely not saying never do it... you need liquid cash for emergencies or to take advantage of opportunities. But there is a very real cost to that liquidity, and that cost and risk needs to be managed as part of a truly diversified portfolio.
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Old 07-09-2018, 10:49 AM
 
8,288 posts, read 3,456,454 times
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Originally Posted by jnojr View Post
No, it's guaranteed risk. What does a deposit account pay in interest? Far less than a percent. What is the rate of inflation? Two percent and change. You're guaranteed a loss of 2% of your purchasing power every year you keep cash in a deposit account.

I'm definitely not saying never do it... you need liquid cash for emergencies or to take advantage of opportunities. But there is a very real cost to that liquidity, and that cost and risk needs to be managed as part of a truly diversified portfolio.
Say you have a $250K tax bill due in 3 months. Where is the safest place to store that money? Barring any late payment interest or penalty, taxes owed are not exposed to inflation.
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