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Forum » Wht would you do if you made 25k a month?
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Thread: Wht would you do if you made 25k a month?

post 1441191891 05-09-2016, 08:20 PM
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Originally Posted By AhDo⏩
300k pretax isn't that much. It's 110k - 130k saved a year while living frugally.

You would still need to work 12-15 years to retire frugally.


There's no room for luxury purchases unless you want to retire a few years late
and no one at that level lives frugally. These are the classic sheep that get slaughtered and get foreclosed on in a downturn
post 1441192051 05-09-2016, 08:21 PM
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I would fit my lifestyle around it.

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post 1441192701 05-09-2016, 08:24 PM
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Not if, but when. When I make that much I'll basically do what I do now... But better.

Decked out home gym vs **** commercial one

Porsche vs ford

Rolex vs Nixon watch
post 1441192901 05-09-2016, 08:25 PM
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Originally Posted By ivanporkinurwif⏩
you should rent. The home you live in is never an investment. I'm talking real properties. Rentals, commercial or future land to develop. All the old degos I know got rich off of land and development.
You're probably right. I'm a compulsive saver, and I have a phobia of debt and loans though :\ I should probably just get over it and buy some cheap houses to rent in vegas or texas or something.
Originally Posted By donblaximus⏩
Why not a SEP IRA?
I'm not familiar with it but I'll check it out. Isn't that for business owners with employees? I'm a sole proprietor with no employees. I avoid the government like a plague any chance I can. Minimum wage is seattle is going to be 15 an hour soon = no thanks to hiring. I've got one guy that knows how to code and I've been working on moving my business as far as away from needing employees as possible.
1k+
watchout ur comments bro^
post 1441193851 05-09-2016, 08:30 PM
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Originally Posted By matt3989⏩
You're probably right. I'm a compulsive saver, and I have a phobia of debt and loans though :\ I should probably just get over it and buy some cheap houses to rent in vegas or texas or something.



I'm not familiar with it but I'll check it out. Isn't that for business owners with employees? I'm a sole proprietor with no employees. I avoid the government like a plague any chance I can. Minimum wage is seattle is going to be 15 an hour soon = no thanks to hiring. I've got one guy that knows how to code and I've been working on moving my business as far as away from needing employees as possible.
Should become a corporation. S Corp or LLC . You're less liable yet still get most of the benefits of sole proprietorship
post 1441193881 05-09-2016, 08:30 PM
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post 1441194701 05-09-2016, 08:34 PM
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Originally Posted By ivanporkinurwif⏩
that's what I'm talking about. Smartest kid I know got to 60 rentals by age 40. 250k a year without getting out of bed. But that's not the most important part. When you have that kind of portfolio the bank will lend to you below prime. So now you have a 2 million line of credit below prime. Just think of how you can put that to work. I wish someone would have given me this advice when I was in my early 20's
I hear stories like this all the time. Hoping to get to this level.
post 1441195931 05-09-2016, 08:40 PM
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Originally Posted By XXLAFLAME⏩
lol you miscers that are acting like 300-400k a year isnt impressive you realize that is the top 1% right? that is literally better off than 99% of the worlds population
Nobody said it was not impressive. But there is a huge gap when you look at someone making $400k and a true 1%'er as society understands it.
All I was saying is there is no 12 BR house in the hamptons, no yacht, no private planes, etc
Still a very nice earning....just not making it rain F you money, not even close
post 1441196241 05-09-2016, 08:42 PM
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Originally Posted By ivanporkinurwif⏩
that's what I'm talking about. Smartest kid I know got to 60 rentals by age 40. 250k a year without getting out of bed. But that's not the most important part. When you have that kind of portfolio the bank will lend to you below prime. So now you have a 2 million line of credit below prime. Just think of how you can put that to work. I wish someone would have given me this advice when I was in my early 20's
I do think however Fade is exaggerating a bit on the amount of time he puts in. I use a property management firm. From what I recall he is a slum lord. Im sure there are more than a few hours / month invested in fixing odds and ends around the 11 properties he manages.
post 1441196451 05-09-2016, 08:43 PM
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Originally Posted By matt3989⏩
You're probably right. I'm a compulsive saver, and I have a phobia of debt and loans though :\ I should probably just get over it and buy some cheap houses to rent in vegas or texas or something.



I'm not familiar with it but I'll check it out. Isn't that for business owners with employees? I'm a sole proprietor with no employees. I avoid the government like a plague any chance I can. Minimum wage is seattle is going to be 15 an hour soon = no thanks to hiring. I've got one guy that knows how to code and I've been working on moving my business as far as away from needing employees as possible.
Its actually the opposite. Its an IRA with less than 2 employees.
post 1441196671 05-09-2016, 08:44 PM
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Besides hookers and white candy


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post 1441196741 05-09-2016, 08:44 PM
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Originally Posted By donblaximus⏩
Agreed. Its important to stay grounded else you will piss it all away or your children will learn from your behavior and piss it all away for you later.
If your money is working for you there are also expenses. I pay over $100k in property taxes alone so there always has to be a plan B and a bit of conservatism to weather the storm if the economy takes a down turn.
How much money do you have tied up in real estate? What's your yearly net profit?
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.
post 1441196991 05-09-2016, 08:46 PM
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Continue working out, get the best nutrition, live minimally, invest, and find someway to help other less fortunate people out
post 1441197191 05-09-2016, 08:47 PM
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Originally Posted By donblaximus⏩
I do think however Fade is exaggerating a bit on the amount of time he puts in. I use a property management firm. From what I recall he is a slum lord. Im sure there are more than a few hours / month invested in fixing odds and ends around the 11 properties he manages.
I have a buddy who can fix anything. He works from home fixing cars, always looking to make a few bucks. When someone calls and their toilet won't work , I text him their info . He calls and sets up a time to fix it . I pay him $40-80 per fix. With 10 rentals right now I only get about 3 calls a month.

Turnover is what kills you. Gotta clean the unit out and find a new tenant. But lately I don't mind, every time someone moves out I raise the rent. Crazy what people are paying for low income housing these days.
post 1441198041 05-09-2016, 08:52 PM
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25k is decent, few trips to countries, courtside games, baller cribs/cars. it's a lot but it's not 100k per month. That's a entirely different story.
:/
post 1441198241 05-09-2016, 08:54 PM
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Wonder why I willingly took a $285k pay-cut.
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post 1441198971 05-09-2016, 08:57 PM
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I don't know but aiming to make a lot more than that (srs).

But I know plenty of people who make 300-500k+ a year, it's not the massive change that everyone thinks.
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post 1441199201 05-09-2016, 08:58 PM
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post 1441199771 05-09-2016, 09:02 PM
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Originally Posted By Godfrd824⏩
How much money do you have tied up in real estate? What's your yearly net profit?
Its not gonna add up since that includes my home I live in. What information are you trying to get at?
post 1441199951 05-09-2016, 09:03 PM
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Originally Posted By fadetoblack1⏩
I have a buddy who can fix anything. He works from home fixing cars, always looking to make a few bucks. When someone calls and their toilet won't work , I text him their info . He calls and sets up a time to fix it . I pay him $40-80 per fix. With 10 rentals right now I only get about 3 calls a month.

Turnover is what kills you. Gotta clean the unit out and find a new tenant. But lately I don't mind, every time someone moves out I raise the rent. Crazy what people are paying for low income housing these days.
So if you need him to put up a new fence he will do it for $80?
Just had to put one up at one of my properties is why I use that scenario.

Starting to think maybe I should get into low rent housing but it seems like trying to collect would be a major PITA no?
post 1441200671 05-09-2016, 09:07 PM
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That is a lot of money. I didn't read the replies but if anyone genuinely thinks thats just a "meh" amount, you are a certified autist. You are going to be living extremely comfortably. It's clearly not enough to have a private jet and have someone fly you internationally every weekend, but you don't have to be a 1%-er to live an extremely good life. I don't know why opinions here are so radical and taken to the extremes when it comes to money
post 1441201261 05-09-2016, 09:09 PM
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Originally Posted By donblaximus⏩
Its not gonna add up since that includes my home I live in. What information are you trying to get at?
I wanna know what your debt to profit ratio is in terms of your real estate holdings.
Originally Posted By fadetoblack1⏩
buy rentals.

I am about to close on my 11th rental property this month. It will put me at $5k per month of rental income after all expenses/taxes/insurance/mortgages etc. At the rate I am going I should be hitting $100k per year off rental income in the next 3 years. I self manage all my rental property and it takes about 2-3 hours per month. I also have a full time 6 figure job. My biggest expense is my $1700 mortgage on my personal house, I save the rest and buy more rentals when I have the cash. Its like i am constantly going broke. Every time my bank account gets juicy I just buy a house cash, then work my butt off at my 9-5...live frugally and do it again 3-4 months later. Hopefully will pay off one day.
This is what I wanna get into eventually. But $5k per month off 11 properties seems a bit low.
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.
post 1441201961 05-09-2016, 09:12 PM
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Originally Posted By donblaximus⏩
Starting to think maybe I should get into low rent housing but it seems like trying to collect would be a major PITA no?
It is. Ive seen it my whole life as my father owns rental property in a low income area.

Over the course of my life Ive seen my dad rent to some really decent people and some other people that appeared decent, but got themselves into some major trouble. The FBI/DEA have used a battering ram to take the door down more than once for completely different people. Section 8 was also a PITA as well to deal with.

Im about to turn my primary residence into a rental property, but my town is a completely different ball game to where my parents own property and plan on picking up a few homes here.
post 1441202391 05-09-2016, 09:15 PM
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post 1441203761 05-09-2016, 09:23 PM
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Originally Posted By allianc3⏩
25k take home is a hefty salary. 25k pre tax is nice but far more common, so which one are we talking here?
lol at 25K pre tax being far more common


300K a year is rougly top 0.5 to 1% of individual earners. You're talking about like 1 out of 100 people make that much money and vast majority of them are crusty old farts in their 40s, 50s and 60s. Among young and beautiful people (which is all the misc cares about), it's like top 0.00001%


If you're a single guy in your late 20s/early 30s even making 150K pre tax, you're in the top 0.1%. I made 158K last year at the age of 27 and I make at least twice as much as anybody else I know my age
post 1441204721 05-09-2016, 09:29 PM
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Originally Posted By donblaximus⏩
Nobody said it was not impressive. But there is a huge gap when you look at someone making $400k and a true 1%'er as society understands it.
All I was saying is there is no 12 BR house in the hamptons, no yacht, no private planes, etc
Still a very nice earning....just not making it rain F you money, not even close
LMAO @ 400K not being true 1%. I think even 300K is considered top 1%. Like I said in my other post - that mainly consists of old farts in their 50s. For our demographics, 100K is top 1%


the people with a Yacht and 12 BR house in the hamptons aren't top 1%, they're top 0.0001%


You guys are so delusional, it's hilarious
post 1441205551 05-09-2016, 09:33 PM
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post 1441205701 05-09-2016, 09:34 PM
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post 1441206251 05-09-2016, 09:37 PM
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Originally Posted By XXLAFLAME⏩
lol you miscers that are acting like 300-400k a year isnt impressive you realize that is the top 1% right? that is literally better off than 99% of the worlds population
lmao

It's better than 99 to 99.5 of the USA

It's better than 99.999999999999% of the world

This website is so delusional, it's hilarious
post 1441206441 05-09-2016, 09:38 PM
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Originally Posted By Godfrd824⏩
I wanna know what your debt to profit ratio is in terms of your real estate holdings.



This is what I wanna get into eventually. But $5k per month off 11 properties seems a bit low.
Roughly (taking out a few properties that are my own residence and the house I bought for my mom (I make $1 for every $20 tied to real estate)
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