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Forum ยป How much have you accumulated in savings and retirement accounts?
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Thread: How much have you accumulated in savings and retirement accounts?

post 1522381451 10-12-2017, 12:41 PM
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#241
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Originally Posted By nn586⏩
You salty brah?
Sceptical, certainly
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post 1522381711 10-12-2017, 12:43 PM
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#242
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Originally Posted By nosirrahx⏩
Always gets me stoked to hear that

I was poor at one point, even slept in my car for a time. It feels good being able to live without fear and to be able to help others. All in all I think we (my family) have donated upwards of 500k in just the last few years.
You've got more than 100 mill and have donated.. 500k?? Wow. Humanitarian of the year..
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post 1522382191 10-12-2017, 12:46 PM
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#243
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Originally Posted By nosirrahx⏩
The S8 is amazing, virtually the same car mechanicaly but just a touch less cool looking and a bit too big for my tastes. I am currently looking to be one of the first to own the 2019 RS7 hybrid. 700 HP stock, cant wait to modify it

The one thing I always ask people about rental properties is the question "how for back in time do you need to go to find a time without apartments?". This asset class has always been here and there is no reason for it to ever go away.
Weren't people saying this in 2007/8? You know so much, what's so different now that you should get into the landlord business? Srs question. (I am a landlord btw)
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post 1522382221 10-12-2017, 12:47 PM
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I am worth more dead than alive lol
post 1522382421 10-12-2017, 12:48 PM
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#245
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Originally Posted By samsbolton⏩
You've got more than 100 mill and have donated.. 500k?? Wow. Humanitarian of the year..
Meanwhile at samsbolton's house (NSFW):

Spoiler!


post 1522383371 10-12-2017, 12:55 PM
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#246
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Originally Posted By Luc1fer⏩
Looks like I'm on R/C with you, but would also be interested in which software it is.
Going to PM you.

EDIT:

sent
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522383471 10-12-2017, 12:55 PM
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#247
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Originally Posted By nn586⏩
Meanwhile at samsbolton's house (NSFW):

Spoiler!


LOL

My statement of UK = World's Largest Salt Dispensary stands.
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post 1522384051 10-12-2017, 01:00 PM
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Originally Posted By Gashbell4595⏩
LOL

My statement of UK = World's Largest Salt Dispensary stands.
Maybe so

But gullible, I am not. Seriously, the only proof he offers you is two photos and the name of some software, and that's enough proof for you? Really?

Anyhoo, my question still stands about rental property. What's so different now to 2007?
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post 1522384801 10-12-2017, 01:06 PM
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#249
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Originally Posted By samsbolton⏩
Weren't people saying this in 2007/8? You know so much, what's so different now that you should get into the landlord business? Srs question. (I am a landlord btw)
Its not different, don't think I said things have changed. I did say that I have been looking into how a lot of my rich friends made their fortune and there are some pretty consistent answers.

Its not the landlord business BTW, that is bloody terrible, I will be paying someone to manage that part. There is a barrier to entry though, you need setup capital to avoid spending all of your rent income servicing a mountain of debt.

The basic idea is to get a duplex with 2 paying tenants and the building paid off. Once there you take out a loan against this asset and buy a 2nd duplex. Use the 4 streams of rent to pay off the loan quickly. Once done, buy a 3rd building, and so on.

Once you are able to financially swig it start buying 2 or 3 buildings at a time.

Eventually you will be setup to sell off half of your assets and move into commercial real estate. The expenses are much higher but the rent you will be collecting is more than makes up for it.

You just have be in a place to break in and get the ball rolling.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522385171 10-12-2017, 01:08 PM
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#250
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Originally Posted By samsbolton⏩
the only proof he offers you is two photos and the name of some software, and that's enough proof for you? Really?
Just a FYI, a few people figured out who I was without even needing help. I left behind a pretty huge clue.

EDIT:

check your messages and stop crapping up this thread please

its rare that a serious thread happens bro
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522386381 10-12-2017, 01:17 PM
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#251
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I am off to a car show and cruise, ill get back to anyone that messages me when I get back, it will be quite late.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522391421 10-12-2017, 01:55 PM
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#252
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Originally Posted By Gashbell4595⏩
Bringing the real inspiration to the thread! I don't see how anyone can look at someone who is very successful and say "Damn, I'll never get there".

The fact that they did it, means you can do it, and the only thing that's stopping you from achieving that level is yourself.
Inspiring, perhaps, but I'm definitely one who doesn't think they'll ever "get there" (IE be worth 9 figures)

Not only do you have to spend most of your time working, you also have to have a fair bit of luck go your way as well (most extremely wealthy self made people freely admit this) in addition to working hard and smart. Plenty of people who worked just as hard and ended up with nothing.
post 1522392221 10-12-2017, 02:02 PM
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#253
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Originally Posted By nosirrahx⏩
Its not different, don't think I said things have changed. I did say that I have been looking into how a lot of my rich friends made their fortune and there are some pretty consistent answers.

Its not the landlord business BTW, that is bloody terrible, I will be paying someone to manage that part. There is a barrier to entry though, you need setup capital to avoid spending all of your rent income servicing a mountain of debt.

The basic idea is to get a duplex with 2 paying tenants and the building paid off. Once there you take out a loan against this asset and buy a 2nd duplex. Use the 4 streams of rent to pay off the loan quickly. Once done, buy a 3rd building, and so on.

Once you are able to financially swig it start buying 2 or 3 buildings at a time.

Eventually you will be setup to sell off half of your assets and move into commercial real estate. The expenses are much higher but the rent you will be collecting is more than makes up for it.

You just have be in a place to break in and get the ball rolling.
I pay a property manager, that's not what I'm getting at.

Honestly, those paragraphs are a waste of ink. I specifically asked you to compare today to 2007. (I assumed you knew something about the sub prime crisis, apparently not).

Property then turned out to be historically over valued, and was increasingly afforded by people taking out mortgages beyond what they could afford. When prices corrected and people could no longer borrow against the increased value of the equity in their home, they went bankrupt.

Now, you tell me specifically why you feel that isn't likely to play out again, given that we have seen the same sharply increasing property values since the sub prime crisis. Don't just copy and paste some generic bs from an idiot website. You are IMO giving horrible advice to younger miscers who think huh duh property is where it's at, whereas any investor who really knows their stuff knows it's just one asset class that you be should be no more or less exposed in than stocks, bonds, gilts, cryptos, cash, gold etc etc.
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post 1522392801 10-12-2017, 02:08 PM
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#254
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Originally Posted By TheCreature55⏩
Inspiring, perhaps, but I'm definitely one who doesn't think they'll ever "get there" (IE be worth 9 figures)

Not only do you have to spend most of your time working, you also have to have a fair bit of luck go your way as well (most extremely wealthy self made people freely admit this) in addition to working hard and smart. Plenty of people who worked just as hard and ended up with nothing.
Luck goes a very long way, I completely agree with you on that, however you can still be worth 7-8 figures np with working your ass off and being smart.

Believe me I'd be happy to be worth that amount, but nothing is still stopping you from getting to that point except yourself. Otherwise anything is possible, if its only luck, well than there's still a chance.
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post 1522393071 10-12-2017, 02:10 PM
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#255
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Using a 6% average return the wife and I are looking at about 80k/yr pension @55. Keep in mind this is in CAD and it doesn't go as far as USD.
post 1522393101 10-12-2017, 02:11 PM
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Originally Posted By Gashbell4595⏩
Luck goes a very long way, I completely agree with you on that, however you can still be worth 7-8 figures np with working your ass off and being smart.

Believe me I'd be happy to be worth that amount, but nothing is still stopping you from getting to that point except yourself. Otherwise anything is possible, if its only luck, well than there's still a chance.
Hey brah, I fully agree with you on 7 or maybe even 8 figures. Completely achievable for a lot of people.
post 1522395811 10-12-2017, 02:32 PM
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#257
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Originally Posted By TheCreature55⏩
Hey brah, I fully agree with you on 7 or maybe even 8 figures. Completely achievable for a lot of people.
9 figures is some serious chit, otherwise I'll be just fine with 8 figures hahaha.
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post 1522396671 10-12-2017, 02:40 PM
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Saving? What the fuk it that?
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post 1522412701 10-12-2017, 05:17 PM
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Originally Posted By nosirrahx⏩
Its not different, don't think I said things have changed. I did say that I have been looking into how a lot of my rich friends made their fortune and there are some pretty consistent answers.

Its not the landlord business BTW, that is bloody terrible, I will be paying someone to manage that part. There is a barrier to entry though, you need setup capital to avoid spending all of your rent income servicing a mountain of debt.

The basic idea is to get a duplex with 2 paying tenants and the building paid off. Once there you take out a loan against this asset and buy a 2nd duplex. Use the 4 streams of rent to pay off the loan quickly. Once done, buy a 3rd building, and so on.

Once you are able to financially swig it start buying 2 or 3 buildings at a time.

Eventually you will be setup to sell off half of your assets and move into commercial real estate. The expenses are much higher but the rent you will be collecting is more than makes up for it.

You just have be in a place to break in and get the ball rolling.
holy ****, time for me to save my capital for some commercial real estate.

this is where having a high income is perfect(sorry sambolton), save a good chunk buy commercial RE and profit....

TFW gonna need at least 100k in cash.

I have 75K in a Tax sheltered account, and about 20k in cash, very tempting...

been riffing with some doctors that own commerical RE in south africa, they are crushing it to say the least
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post 1522446811 10-12-2017, 11:23 PM
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#260
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Originally Posted By samsbolton⏩
Now, you tell me specifically why you feel that isn't likely to play out again
A. I am not buying and selling, I am buying and renting.
B. I am not trying to get in and out, I am building passive income.

Why do you keep asking questions like I am suggesting house flipping? I do not advocate that at all, too risky and a big PITA.

Half of the rich guys I know are in real estate. You might not be in that club but that isn't the career path's fault.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522447841 10-12-2017, 11:39 PM
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#261
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Originally Posted By nosirrahx⏩
A. I am not buying and selling, I am buying and renting.
B. I am not trying to get in and out, I am building passive income.

Why do you keep asking questions like I am suggesting house flipping? I do not advocate that at all, too risky and a big PITA.

Half of the rich guys I know are in real estate. You might not be in that club but that isn't the career path's fault.
So what's the difference between buying property and renting it, vs. investing in equities w/ REITs (if you want to weight towards real estate)?

I would consider my investment portfolio gains as "passive income" too.
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post 1522449141 10-12-2017, 11:56 PM
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#262
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Originally Posted By Luc1fer⏩
So what's the difference between buying property and renting it, vs. investing in equities w/ REITs (if you want to weight towards real estate)?

I would consider my investment portfolio gains as "passive income" too.
Owning and renting allows you to retain an asset and be paid to retain it.

There are other ways to make your $ work for you for sure but it is really hard to exceed the return you get from renting a home you own.

I do dabble in other things like PMs but I don't actually plan on selling them ever (although I am tempted to sell my Pd right about now, I am nearly triple on that one).

Once we get a handful of buildings fully renovated and rented we will likely diversify a bit more but at the moment between my ownership stake in our company, PMs, retirement account and 4 homes fully paid off its not super critical.

As far as allocating by asset type that is likely far more determined by a combination of how liquid you are and what your goals are. There is no one size fits all template.

We are way too liquid and do not have enough passive income setup. More or less we want to turn a lake into several rivers.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522455151 10-13-2017, 02:16 AM
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#263
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Originally Posted By nosirrahx⏩
A. I am not buying and selling, I am buying and renting.
B. I am not trying to get in and out, I am building passive income.

Why do you keep asking questions like I am suggesting house flipping? I do not advocate that at all, too risky and a big PITA.

Half of the rich guys I know are in real estate. You might not be in that club but that isn't the career path's fault.
I never said buying and selling or flipping. People went bust in 2007 when they bought a rental, or several, with a mortgage, and when house prices fell the reduced rental income no longer covered the cost of what they borrowed. The property was foreclosed, the bank was still owed the money, and they had to sell their own property as well.

You are advising miscers, who are mostly in their twenties with very limited capital, that somehow this can't happen again. You haven't given a single justification for that.

Of course rich guys are in real estate. They are in a dozen other types of investment as well. They aren't overexposed to any one asset class, such as housing.

My own borrowing is less than 25% of my net worth. That's incredibly conservative, but in a worse case scenario such as 2007, or worse, I should be fine. Your average miscer trying to get into the rental market isn't going to have anything like that capital.

You are trying to make it sound like a magic money tree, when the truth is it has the potential to royally screw your life up for decades.
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post 1522455271 10-13-2017, 02:19 AM
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#264
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Originally Posted By Luc1fer⏩
So what's the difference between buying property and renting it, vs. investing in equities w/ REITs (if you want to weight towards real estate)?

I would consider my investment portfolio gains as "passive income" too.
Absolutely no difference. Houses aren't any better or worse an investment than anything else. His advice is horrible, seriously.
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post 1522455361 10-13-2017, 02:20 AM
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Originally Posted By ashin1⏩
holy ****, time for me to save my capital for some commercial real estate.

this is where having a high income is perfect(sorry sambolton), save a good chunk buy commercial RE and profit....

TFW gonna need at least 100k in cash.

I have 75K in a Tax sheltered account, and about 20k in cash, very tempting...

been riffing with some doctors that own commerical RE in south africa, they are crushing it to say the least
Please do it
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post 1522489481 10-13-2017, 10:33 AM
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Originally Posted By samsbolton⏩
Absolutely no difference. Houses aren't any better or worse an investment than anything else. His advice is horrible, seriously.
Do you really think people can't read right through this? You bring up a date (over and over) and crap on one specific asset class.

You gut burned and have salt for days. Whatever YOU did didn't work. BTW, you also live in a country where most of us don't (also not something you are mentioning).

Lets try this a different way. If you are so right why aren't you recommending the readers here to talk to others in real estate? If you are right won't they back you up?

Also why are not posting any math to back up your claims?

Lets leave it at that, an education is always good. I suggest everyone curious about real estate talk to a handful of people that make their $ that way.

Got a problem with that advice?
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522493521 10-13-2017, 11:05 AM
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Originally Posted By nosirrahx⏩
Do you really think people can't read right through this? You bring up a date (over and over) and crap on one specific asset class.

You gut burned and have salt for days. Whatever YOU did didn't work. BTW, you also live in a country where most of us don't (also not something you are mentioning).

Lets try this a different way. If you are so right why aren't you recommending the readers here to talk to others in real estate? If you are right won't they back you up?

Also why are not posting any math to back up your claims?

Lets leave it at that, an education is always good. I suggest everyone curious about real estate talk to a handful of people that make their $ that way.

Got a problem with that advice?
I'd like to see your progression as well, since I know a lot of people that do RE for their wealth and I'm following in their footsteps.
Living a happy life
post 1522495051 10-13-2017, 11:20 AM
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#268
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Originally Posted By nosirrahx⏩
Do you really think people can't read right through this? You bring up a date (over and over) and crap on one specific asset class.

You gut burned and have salt for days. Whatever YOU did didn't work. BTW, you also live in a country where most of us don't (also not something you are mentioning).

Lets try this a different way. If you are so right why aren't you recommending the readers here to talk to others in real estate? If you are right won't they back you up?

Also why are not posting any math to back up your claims?

Lets leave it at that, an education is always good. I suggest everyone curious about real estate talk to a handful of people that make their $ that way.

Got a problem with that advice?
can you PM me what you've been PMing other brahs as well. will not share. thanks
RIP mainsqueeze530 1991-2013
post 1522497401 10-13-2017, 11:36 AM
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#269
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Originally Posted By jwlee7ucla⏩
I'd like to see your progression as well, since I know a lot of people that do RE for their wealth and I'm following in their footsteps.
I can tell you exactly what I am doing and will come back with progress over time.

My brother has a home and a duplex, I paid off his mortgage on the duplex in exchange for him signing on to manage the buildings I buy.

I am transferring 500K into an account dedicated to buying and renovating 2 more duplexes. We have a lot more $ we want to invest but until we have done this for 5 years or so I want to limit the initial seed $

Once we have all 3 building (6 units) renovated and rented we will be taking a loan out against them and buying a 4th duplex.

My brother will keep the rent from his building but the rent from the other 3 will be spent directly on paying down the loan.

The time between the loan and the rent paying it off will be something extremely interesting to see.

Whatever happens I will post about it here. Likely a new thread but I will come here first and link to the new one.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1522552211 10-13-2017, 09:48 PM
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Originally Posted By Theanine⏩
I suggest you do it. I regret not travelling more for long periods of time and wageslaving. I don't really care to live much past 45 at the moment, unless it's in SA with a Brazilian or Colombian HBB
I want to travel, but I honestly just don't like humans in general, at least... I can't tolerate being around them for longer than a few minutes. Aside from the afformentioned sloot demoloshing, I'd do it completely for the scenary/nature/animals tbh. 45-50 is the absolute longest I would ever want to live atm
My skinnyfat transformation: http://forum.obnoxiousbrutes.com/showthread.php?t=165289671

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