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08-11-2024, 07:30 PM
#31
Originally Posted By superfunk⏩
You forgot to mention
Starting early in a good career is the answer, impossible to do in hindsight obv. I grew up being told everyone had to go to university if you wanted to get ahead. Turned out to be a bunch of bs that just gave everyone student debts and no practical skills.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
1) the massive tax advantages they get (income splitting, vehicle write off, fuel etc) for running their own business and employing themselves
2) they probably teamed up with their mates in electrical, plumbing, carpentry etc to build their house for a fraction of retail
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08-11-2024, 07:47 PM
#32
Originally Posted By JackyChin⏩
There are two other options
You can't
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
1. Sales
2. High end corporate gigs with share options and large bonuses
08-11-2024, 07:53 PM
#33
Originally Posted By MeSoHawny⏩
Nope
There are two other options
1. Sales
2. High end corporate gigs with share options and large bonuses
1. Sales
2. High end corporate gigs with share options and large bonuses
Those two things require labour, and therefore the income potential is limited by the number of hours of labour you can contribute
Wealth requires exploitation of capital
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08-11-2024, 07:53 PM
#34
You don’t. You either upgrade to a super high paying wagie job, you start your own business and actually become successful or you invest and save and scrap for 40 years til you can finally retire
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08-11-2024, 08:04 PM
#35
Originally Posted By JackyChin⏩
Crime it is
You can't
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
08-11-2024, 08:05 PM
#36
Based on the wealthiest people I know, and I know a few moggers, they all have 1 thing in common. They own their own business. Several of them are family businesses that are continuations that keep growing.
The problem with wagie jobs is that the tax system considers you like a leech almost. A consumer. You have little write offs, you get taxed on your labor, earning potential is capped. However, it is much more comfortable because you have less risk/responsibility. The company is responsible for feeding mouths and keeping jobs. You just do your job and run out.
Owning your own business is much more stressful and is a lot more responsibility. The tradeoff though is that you are seen as a provider in the tax system. Your business serves your community by bringing a service or creating jobs, bringing more business for local businesses, and so on. That's why you get tax cuts and can take full advantage of a tax system set up for businesses. Your earning is basically uncapped depending on your sector and how much you can or want to scale it. If you bust your balls it will usually work out in due time. Also you can reinvest into your company and avoid a lot of taxes while also either scaling a lot or buying up tons of assets for your business.
That's my goal. No idea what my business would be, but ultimately I'd rather have that responsibility than only be a cagie wagie unitl I'm 67.
The problem with wagie jobs is that the tax system considers you like a leech almost. A consumer. You have little write offs, you get taxed on your labor, earning potential is capped. However, it is much more comfortable because you have less risk/responsibility. The company is responsible for feeding mouths and keeping jobs. You just do your job and run out.
Owning your own business is much more stressful and is a lot more responsibility. The tradeoff though is that you are seen as a provider in the tax system. Your business serves your community by bringing a service or creating jobs, bringing more business for local businesses, and so on. That's why you get tax cuts and can take full advantage of a tax system set up for businesses. Your earning is basically uncapped depending on your sector and how much you can or want to scale it. If you bust your balls it will usually work out in due time. Also you can reinvest into your company and avoid a lot of taxes while also either scaling a lot or buying up tons of assets for your business.
That's my goal. No idea what my business would be, but ultimately I'd rather have that responsibility than only be a cagie wagie unitl I'm 67.
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08-11-2024, 09:28 PM
#37
Originally Posted By swoleyo⏩
don't rental properties require a minimum of 20% down? unless you're buying homes worth $150k I don't see how $30k is enough to buy
That's not true. Section 8 rental properties can get you to 10mil in about twenty years once you start scaling.
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
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08-11-2024, 09:28 PM
#38
Originally Posted By r32gojirra⏩
Nope
Those two things require labour, and therefore the income potential is limited by the number of hours of labour you can contribute
Wealth requires exploitation of capital
Those two things require labour, and therefore the income potential is limited by the number of hours of labour you can contribute
Wealth requires exploitation of capital
But arent those relatively good gateways to wealth? Are there not people who started off with labour to eventually become wealthy? You can't get wealth without capital.
If you're making $200k as a salesman and only live on half that, that's $100k gross leftover. You can literally buy 1 house every year. In 10 years you'll own 10 houses. If you made a profit of $400 each, that's another 48,000 gross.
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08-11-2024, 09:30 PM
#39
Originally Posted By TugOfPeace⏩
Not if you live in them for a year first.
don't rental properties require a minimum of 20% down? unless you're buying homes worth $150k I don't see how $30k is enough to buy
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08-11-2024, 09:31 PM
#40
Originally Posted By Godfrd824⏩
true. I'm not willing to do that though lol
Not if you live in them for a year first.
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08-11-2024, 09:36 PM
#41
Originally Posted By TugOfPeace⏩
You gotta start somewhere. You can also say you live in it, but if you don't, that's fraud.
true. I'm not willing to do that though lol
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
08-11-2024, 09:40 PM
#42
Originally Posted By TugOfPeace⏩
I think he's just using that as an example. I'd say $40k is a more realistic number.
don't rental properties require a minimum of 20% down? unless you're buying homes worth $150k I don't see how $30k is enough to buy
The downside is you need very high 6 figures to buy rental properties. Someone making $80k/yr won't be able save in a timely manner to keep buying properties. Even if you saved $1000/month, that's still 4 years.
Heres an idea, maybe buy a multifamily unit? Buildings with 4 apartments are still classified as residential and you're making 4x the income than just a single family home. The initial down-payment would be higher, but you're already ahead of someone just buying single family homes.
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08-11-2024, 09:44 PM
#43
Originally Posted By TugOfPeace⏩
Lmao what
don't rental properties require a minimum of 20% down? unless you're buying homes worth $150k I don't see how $30k is enough to buy
You get one property, the value of that goes up, you use that equity to acquire the next and so on
Then when your risk profile changes and the market is right you can start selling them down and using the capital more aggressively eg new development
Originally Posted By MikeLowrrrey⏩
Lol
I think he's just using that as an example. I'd say $40k is a more realistic number.
The downside is you need very high 6 figures to buy rental properties. Someone making $80k/yr won't be able save in a timely manner to keep buying properties. Even if you saved $1000/month, that's still 4 years.
Heres an idea, maybe buy a multifamily unit? Buildings with 4 apartments are still classified as residential and you're making 4x the income than just a single family home. The initial down-payment would be higher, but you're already ahead of someone just buying single family homes.
The downside is you need very high 6 figures to buy rental properties. Someone making $80k/yr won't be able save in a timely manner to keep buying properties. Even if you saved $1000/month, that's still 4 years.
Heres an idea, maybe buy a multifamily unit? Buildings with 4 apartments are still classified as residential and you're making 4x the income than just a single family home. The initial down-payment would be higher, but you're already ahead of someone just buying single family homes.
If you start off with nothing, like I did, then you have to leverage up
Da fuq you think new money is using their wages to finance their projects? Gtfo
These threads are actually enlightening because we get an understanding of why people stay poor
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08-11-2024, 09:56 PM
#44
Originally Posted By r32gojirra⏩
What do you mean by leverage up?
Lmao what
You get one property, the value of that goes up, you use that equity to acquire the next and so on
Then when your risk profile changes and the market is right you can start selling them down and using the capital more aggressively eg new development
Lol
If you start off with nothing, like I did, then you have to leverage up
Da fuq you think new money is using their wages to finance their projects? Gtfo
These threads are actually enlightening because we get an understanding of why people stay poor
You get one property, the value of that goes up, you use that equity to acquire the next and so on
Then when your risk profile changes and the market is right you can start selling them down and using the capital more aggressively eg new development
Lol
If you start off with nothing, like I did, then you have to leverage up
Da fuq you think new money is using their wages to finance their projects? Gtfo
These threads are actually enlightening because we get an understanding of why people stay poor
Where would someone who makes $80k/yr start? You need cash down to get started. Even if you did manage to get a property with zero down, assuming it's a $400k multifamily unit, you can't make that mortgage on a $80k salary. It'd be a race to fill all units and keep them full
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08-11-2024, 09:58 PM
#45
Originally Posted By r32gojirra⏩
it takes time for property to appreciate. here in the USA you can not buy an investment property unless you put 20% down or otherwise live in your property for a year and put 5% down.
Lmao what
You get one property, the value of that goes up, you use that equity to acquire the next and so on
Then when your risk profile changes and the market is right you can start selling them down and using the capital more aggressively eg new development
Lol
If you start off with nothing, like I did, then you have to leverage up
Da fuq you think new money is using their wages to finance their projects? Gtfo
These threads are actually enlightening because we get an understanding of why people stay poor
You get one property, the value of that goes up, you use that equity to acquire the next and so on
Then when your risk profile changes and the market is right you can start selling them down and using the capital more aggressively eg new development
Lol
If you start off with nothing, like I did, then you have to leverage up
Da fuq you think new money is using their wages to finance their projects? Gtfo
These threads are actually enlightening because we get an understanding of why people stay poor
I'm not willing to live in a rental property for a year to be able to put down 5%.
yes, you can scale up as you gain equity but with interest rates the way they are right now, you're not gaining anything in equity for a long time unless your chosen market sees significant appreciation in the short term.
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08-11-2024, 10:02 PM
#46
Originally Posted By MikeLowrrrey⏩
What do you mean by leverage up?
Where would someone who makes $80k/yr start? You need cash down to get started. Even if you did manage to get a property with zero down, assuming it's a $400k multifamily unit, you can't make that mortgage on a $80k salary. It'd be a race to fill all units and keep them full
Where would someone who makes $80k/yr start? You need cash down to get started. Even if you did manage to get a property with zero down, assuming it's a $400k multifamily unit, you can't make that mortgage on a $80k salary. It'd be a race to fill all units and keep them full
Originally Posted By TugOfPeace⏩
I legit don’t know where to begin with you guys
it takes time for property to appreciate. here in the USA you can not buy an investment property unless you put 20% down or otherwise live in your property for a year and put 5% down.
I'm not willing to live in a rental property for a year to be able to put down 5%.
yes, you can scale up as you gain equity but with interest rates the way they are right now, you're not gaining anything in equity for a long time unless your chosen market sees significant appreciation in the short term.
I'm not willing to live in a rental property for a year to be able to put down 5%.
yes, you can scale up as you gain equity but with interest rates the way they are right now, you're not gaining anything in equity for a long time unless your chosen market sees significant appreciation in the short term.
Dfs
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08-11-2024, 10:08 PM
#47
Originally Posted By r32gojirra⏩
I'm financially retarded.
I legit don’t know where to begin with you guys
Dfs
Dfs
You make it seem like a wageslave making $80k can jump up and buy a property. Is it that easy? From my understanding you need 20% down or as stated 5% if you stay in the unit for a year
I still dont know how someone who makes $80k is supposed to buy a property without cash. And what happens if that rental unit is ever empty?
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08-11-2024, 10:12 PM
#48
Originally Posted By MikeLowrrrey⏩
You only need to down payment for the first property. From then on you use the equity as the down payment for subsequent properties.
I'm financially retarded.
You make it seem like a wageslave making $80k can jump up and buy a property. Is it that easy? From my understanding you need 20% down or as stated 5% if you stay in the unit for a year
I still dont know how someone who makes $80k is supposed to buy a property without cash. And what happens if that rental unit is ever empty?
You make it seem like a wageslave making $80k can jump up and buy a property. Is it that easy? From my understanding you need 20% down or as stated 5% if you stay in the unit for a year
I still dont know how someone who makes $80k is supposed to buy a property without cash. And what happens if that rental unit is ever empty?
And of course you never pay more for an asset than the net present value of the income it produces.
That’s a get-comfortable-slowly strategy though. Ok if you’re very risk averse.
To achieve anything meaningful you need capital. Not YOUR capital, but capital.
From a bank, from investors, whatever.
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08-11-2024, 10:19 PM
#49
Originally Posted By r32gojirra⏩
Your first point makes sense. Your second point I don't understand what you mean by getting capital. If you get capital from a bank for a down-payment aren't you effectivity paying for 2 loans, the bank loan and the rental mortgage? Whereas if you used your own cash, you're just covering the mortgage. Unless you use the equity to pay the bank back??
You only need to down payment for the first property. From then on you use the equity as the down payment for subsequent properties.
And of course you never pay more for an asset than the net present value of the income it produces.
That’s a get-comfortable-slowly strategy though. Ok if you’re very risk averse.
To achieve anything meaningful you need capital. Not YOUR capital, but capital.
From a bank, from investors, whatever.
And of course you never pay more for an asset than the net present value of the income it produces.
That’s a get-comfortable-slowly strategy though. Ok if you’re very risk averse.
To achieve anything meaningful you need capital. Not YOUR capital, but capital.
From a bank, from investors, whatever.
How would you go about getting $120k?
I'm looking at random units like the one below. Would need $120k for the down-payment and closing costs
https://www.realtor.com/realestatean...=srp-list-card
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08-11-2024, 10:19 PM
#50
Originally Posted By monster0ultra⏩
Brutal
Why did you look for the one weird pill (Ozempic) when all you have to do is not eat so much?
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08-11-2024, 10:21 PM
#51
Originally Posted By MikeLowrrrey⏩
Are you fukken serious right now?
Your first point makes sense. Your second point I don't understand what you mean by getting capital. If you get capital from a bank for a down-payment aren't you effectivity paying for 2 loans, the bank loan and the rental mortgage? Whereas if you used your own cash, you're just covering the mortgage. Unless you use the equity to pay the bank back??
How would you go about getting $120k?
I'm looking at random units like the one below. Would need $120k for the down-payment and closing costs
https://www.realtor.com/realestatean...=srp-list-card
How would you go about getting $120k?
I'm looking at random units like the one below. Would need $120k for the down-payment and closing costs
https://www.realtor.com/realestatean...=srp-list-card
The tenants pay back the loan and all other costs for you.
Imma stop responding now cause ya trollin
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08-11-2024, 10:22 PM
#52
You have to stop being a pussy and just give up wageslaving
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08-11-2024, 10:24 PM
#53
Originally Posted By r32gojirra⏩
OK, so you roll the bank loan into the mortgage?
Are you fukken serious right now?
The tenants pay back the loan and all other costs for you.
Imma stop responding now cause ya trollin
The tenants pay back the loan and all other costs for you.
Imma stop responding now cause ya trollin
Building is $500k
Borrow $100k for down-payment.
$600k total
Whatever the monthly payments are for the $100k loan, you roll it all into units so the tenants are paying for everything.
They don't teach you this in highschool.
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08-11-2024, 10:31 PM
#54
Originally Posted By Godfrd824⏩
In 30 years that’ll be middle class
$7,500 a month invested at 8% would get you $11.5m after 30 years.
08-11-2024, 10:34 PM
#55
Originally Posted By MikeLowrrrey⏩
No
OK, so you roll the bank loan into the mortgage?
Building is $500k
Borrow $100k for down-payment.
$600k total
Whatever the monthly payments are for the $100k loan, you roll it all into units so the tenants are paying for everything.
They don't teach you this in highschool.
Building is $500k
Borrow $100k for down-payment.
$600k total
Whatever the monthly payments are for the $100k loan, you roll it all into units so the tenants are paying for everything.
They don't teach you this in highschool.
Buy what you can afford with the down payment you have
Create equity by rehabbing or getting plans approved for redevelopment
Get it revalued or sell it and use the profit to bankroll the next one
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08-11-2024, 10:43 PM
#56
Originally Posted By r32gojirra⏩
lot of canadajeets did that too but it's a house of cards cause when interest rates go up, you lose one thing then everything else follows after. when things are good though, life's really good
Are you fukken serious right now?
The tenants pay back the loan and all other costs for you.
Imma stop responding now cause ya trollin
The tenants pay back the loan and all other costs for you.
Imma stop responding now cause ya trollin
08-11-2024, 10:59 PM
#57
Originally Posted By outfoxxed⏩
Which is why you take your profits when you can and deleverage over time
lot of canadajeets did that too but it's a house of cards cause when interest rates go up, you lose one thing then everything else follows after. when things are good though, life's really good
Main goal is to have your properties earning more money (in rent, capital growth or both) than your wage
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08-12-2024, 04:51 AM
#58
Originally Posted By monster0ultra⏩
I don't take ozempic. So there's that.
Why did you look for the one weird pill (Ozempic) when all you have to do is not eat so much?
Why are you in this thread at all, you're a brokie that wears fake chains and watches.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
08-12-2024, 04:57 AM
#59
Work a 9-5, create your own online business (personal training, coaching etc) gain a bunch of following and have a quality page. Put all your extra 9-5 money towards your coaching business with ads etc
This of course won't work if you have no skill to offer. But then again you don't deserve to be rich then
This of course won't work if you have no skill to offer. But then again you don't deserve to be rich then
08-12-2024, 05:16 AM
#60
Originally Posted By r32gojirra⏩
Most people can't save money. That's their biggest impediment to becoming wealthy. To become wealthy, you need to invest or convince someone with money to invest in you.
Imagine thinking that holding currency has any relevance to wealth creation
This is why you’re homeless
This is why you’re homeless
It ain't happening without money, and when you use someone elses money the terms usually aren't great.
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