Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was going to bring this up as he had that long thread but would never divulge where he got the cash to buy the house that has gone up or the cash to make investments that have made money.
Yep, some of us have been around here long enough not to just accept he made smart investments then retired.
Start saving at 10 or 11 yrs old...even if it’s just $150 in birthday cards (delaying gratification is the principal that matters) from parents/aunts, etc. Now mix in a real job/a few decent investments and bam...buying a $50k house ain’t so difficult.
I’d say from 10-21 yrs old most kids blow through $50k spent on trinkets. A few pairs of Jordan’s cost what $500? A lot of teens and 20 somethings probably spend thousands per year on clothing/shoes/perfumes, etc. Cell phones including the price of the phones might average what $100+/month (didn’t have one until about 23). How much were iPads 5 years ago...$600-700? What’s a good laptop cost...$1000+? Expensive vacations? You can have them. Spending a lot of money at bars? You’ve got to be kidding. Wining and dining the ladies? If she wants to blow money it definitely won’t work. Loaning money and not getting it back? Not a day in my life. Not getting the best deal on anything I buy? I’d rather get deals where people accuse me of buying from a crackhead.
Now most people would say - well that’s $50 here and $200 there...not real money. But that’s where they’re wrong. Heck, $1000 free and clear money with no debt at 17 probably has a potential value equivalent to $10,000 at 50 yrs old. The earlier in life you get things moving toward building wealth (instead of debt) the better.
Set a financial goal and let the rest revolve around it. My parents weren’t especially savvy investors, but they definitely did right by me when it comes to learning the value of a dollar. From the time I could understand everything was set up like a business transaction...yeah, we will buy you those $80 Nikes for basketball or we will give you $80 dollars and you can get a cheaper pair while saving the rest for something big. The something big was typically a game system or something, but when it came down to handing over the money I just couldn’t do it. I didn’t really know the “something big” I was saving for a 11 would end up being a house which would be the cornerstone for building wealth/retiring the rest of my life.
Last edited by eddiehaskell; 12-14-2018 at 01:39 PM..
I was going to bring this up as he had that long thread but would never divulge where he got the cash to buy the house that has gone up or the cash to make investments that have made money.
Yep, some of us have been around here long enough not to just accept he made smart investments then retired.
I agree . There is more to this story then he wants us to know. Whatever.....
Start saving at 10 or 11 yrs old...even if it’s just $150 in birthday cards (delaying gratification is the principal that matters) from parents/aunts, etc. Now mix in a real job/a few decent investments and bam...buying a $50k house ain’t so difficult.
I’d say from 10-21 yrs old most kids blow through $50k spent on trinkets. A few pairs of Jordan’s cost what $500? A lot of teens and 20 somethings probably spend thousands per year on clothing/shoes/perfumes, etc. Cell phones including the price of the phones might average what $100+/month (didn’t have one until about 23). How much were iPads 5 years ago...$600-700? What’s a good laptop cost...$1000+? Expensive vacations? You can have them. Spending a lot of money at bars? You’ve got to be kidding. Wining and dining the ladies? If she wants to blow money it definitely won’t work. Loaning money and not getting it back? Not a day in my life. Not getting the best deal on anything I buy? I’d rather get deals where people accuse me of buying from a crackhead.
Now most people would say - well that’s $50 here and $200 there...not real money. But that’s where they’re wrong. Heck, $1000 free and clear money with no debt at 17 probably has a potential value equivalent to $10,000 at 50 yrs old. The earlier in life you get things moving toward building wealth (instead of debt) the better.
Set a financial goal and let the rest revolve around it. My parents weren’t especially savvy investors, but they definitely did right by me when it comes to learning the value of a dollar. From the time I could understand everything was set up like a business transaction...yeah, we will buy you those $80 Nikes for basketball or we will give you $80 dollars and you can get a cheaper pair while saving the rest for something big. The something big was typically a game system or something, but when it came down to handing over the money I just couldn’t do it. I didn’t really know the “something big” I was saving for a 11 would end up being a house which would be the cornerstone for building wealth/retiring the rest of my life.
So your parents gave you 50k instead of ever spending money on stuff and that’s how you paid cash for your house?
So your parents gave you 50k instead of ever spending money on stuff and that’s how you paid cash for your house?
My parents gave me about $40k for my undergrad education, it's not completely unreasonable. Why are you guys so concerned about how he got the money he has? The real concern should be is what he talking about mathematically possible or not. I don't think I could do $8k, but theoretically if you lived with a partner and only counted your specific spending $8-12k is very doable with a paid for house and no kids.
My parents gave me about $40k for my undergrad education, it's not completely unreasonable. Why are you guys so concerned about how he got the money he has?
When you tell a story as to what you’ve accomplished and in the manner he did asking “who wants to join me?” and it makes no sense I’m going to continue to question it
Quote:
The real concern should be is what he talking about mathematically possible or not. I don't think I could do $8k, but theoretically if you lived with a partner and only counted your specific spending $8-12k is very doable with a paid for house and no kids.
It’s not a matter of being able to live off of 8-12k a year but rather what is really feasible to save enough by 20-30 years old to retire. His story as it’s been told does not make sense. I can get a spreadsheet to draw out the math but that’s a separate issue
When you tell a story as to what you’ve accomplished and in the manner he did asking “who wants to join me?” and it makes no sense I’m going to continue to question it
Eddie is a minimalist that lives in an area where housing can be bought for cheap. I think he bought his for 30K or maybe less. Even at 50K that's damned cheap.
Eddie is a minimalist that lives in an area where housing can be bought for cheap. I think he bought his for 30K or maybe less. Even at 50K that's damned cheap.
Never trust a Spartan's lifestyle.
I thought it was 50k but if you had a paid off house, car and enough to live off of indefinitely in your 20s it should be easy to explain how you did it.
Eddie is a minimalist that lives in an area where housing can be bought for cheap. I think he bought his for 30K or maybe less. Even at 50K that's damned cheap.
Never trust a Spartan's lifestyle.
I can't imagine buying a house for 30K-50K in today's world. It has to be a house that needs a lot of work and not in a very good area. Could be a mobile home a few years old is what he is talking about.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16698
Quote:
Originally Posted by mizzourah2006
My parents gave me about $40k for my undergrad education, it's not completely unreasonable. Why are you guys so concerned about how he got the money he has? The real concern should be is what he talking about mathematically possible or not. I don't think I could do $8k, but theoretically if you lived with a partner and only counted your specific spending $8-12k is very doable with a paid for house and no kids.
Did you ever read his original thread?
He was asked repeatedly how he got the base money to buy a house and invest and for what..50 pages it seems he wouldn't answer. All of a sudden he comes up with a plausible answer now?
A few people were unhappy that he used things like free medical care (that you as a taxpayer pay for) without putting into the system when others are struggling to get medical care who did pay into the system.
So yes his numbers can theoretically work, but some people who want to repeat this want to know how he got there because no one is giving them a base to star off with.
If his parents gifted him the money it explains a lot and that's that. But people were led to believe he earned his way into it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
