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Forum » About 3 years away from reaching Financial Independence (passive income ideas AMA)
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Thread: About 3 years away from reaching Financial Independence (passive income ideas AMA)

post 1567608181 12-01-2018, 08:10 PM
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Originally Posted By jiujitsubro⏩
I'm good friends with a 94 year old real estate developer who is worth around 125million. His son is a friend I'm real good friends with. He always preaching "Get a base income and do what you want with your excess."

Well the way you want to do it. Be real good friends with your current boss and employees whenever you leave to go full-time so you can have something to fall back up on. Keep your licenses, etc current incase it goes south and have an escape plan.

That 9k was hard work and it still is. I made a lot of mistakes and this wasn't my first venture I had several before this that failed. One broke even but not enough to make it worthwhile and that was in Skin care. I'm trying to scale as fast as I can on this one.
10/10 resilience. You'll catch your break as long as you don' give up, sounds like you are on the right path!

bolded for truth
Originally Posted By inb4everything⏩
These kind of threads are helpful but it becomes a frkn dick mesauring contest many times unfortunately.

Anyways, what do you think of construction loans for flipping vs doing it myself (I think a good learning proccess first time but scared af I'll spend too much). I have a garage in LA that I want to extend to a legal living unit then someday refinance cash out for 2nd property. Sounds reasonable right?
Just gotta know how to handle the misc in a mature(but lulzy) way lol.

Depends on how much money you making, and whether or not you really actually need to fund this project or not. Have you figured out how much things are going to cost? have you got quotes? what kind of home work have you done so you will be prepared?

this is your first time doing something right? so make sure you are well versed in what you are doing and research as much as possible.
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post 1567609661 12-01-2018, 08:33 PM
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Originally Posted By ashin1⏩
not sure why you are trying so hard to rustle me, this calculator is gassing me and getting me all fukked up hehehehe



Yo keep trying to prove to me how impressive you are, I don't give a chit I gots me a snowball rolling on autopilot for the last 2 years.

Spoiler!
in 20 years i won't even be 50
In 20 years I won't be 50 either, but I'll still have more money than you. That sheet you have there is a little too optimistic, but let's hope it works for you.
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 1567610011 12-01-2018, 08:37 PM
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Originally Posted By Godfrd824⏩
In 20 years I won't be 50either, but I'll still have more money than you. That sheet you have there is a little too optimistic, but let's hope it works for you.
didn't know you were under 30 years old.

again, you keep working, it obviously makes you happy srs. and again I enjoy a life of leisure, so ill pursue that.

namaste
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post 1567611801 12-01-2018, 09:04 PM
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Originally Posted By Godfrd824⏩
In 20 years I won't be 50 either, but I'll still have more money than you. That sheet you have there is a little too optimistic, but let's hope it works for you.
Originally Posted By ashin1⏩
didn't know you were under 30 years old.

again, you keep working, it obviously makes you happy srs. and again I enjoy a life of leisure, so ill pursue that.

namaste
you both are peasants
post 1567634711 12-02-2018, 07:37 AM
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Originally Posted By Godfrd824⏩
You know what the funny thing is, I can raise $160k, like you have, except it's taken you7 years.
lol cope
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post 1567635131 12-02-2018, 07:47 AM
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Originally Posted By Dorich⏩
Well, I pulled it out, now I'm thinking whether to put it back in.

Should I put it back in?
That depends; is she on any kind of birth control?
post 1567635411 12-02-2018, 07:55 AM
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Originally Posted By ashin1⏩
lol cope
You started at 22, you're 28, you have $160k.
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 1567635701 12-02-2018, 07:59 AM
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Originally Posted By Godfrd824⏩
You started at 22, you're 28, you have $160k.
The dude just post these threads to subtle brag about himself; and we give him the satisfaction by responding to it.

If he was posting this to discuss; he would post on forum which is solely designed to discuss money and finance; not some immature Misc forum of some bodybuilding website which is mainly frequented by young college aged dudes (who are probably the only ones who he can impress).


So in summary

post 1567636011 12-02-2018, 08:08 AM
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Originally Posted By Godfrd824⏩
You started at 22, you're 28, you have $160k.
I mean that number could be higher had I not buy 3 properties.

But total value of assets I’ve amassed in 6 years would be >$400k

Lol try again
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post 1567636501 12-02-2018, 08:17 AM
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Originally Posted By Issobolic28⏩
The dude just post these threads to subtle brag about himself; and we give him the satisfaction by responding to it.

If he was posting this to discuss; he would post on forum which is solely designed to discuss money and finance; not some immature Misc forum of some bodybuilding website which is mainly frequented by young college aged dudes (who are probably the only ones who he can impress).


So in summary

Originally Posted By ashin1⏩
misc needs more positive threads, and I know for a fact its threads like these that make lurkers(i was only a misc lurker when i stumbled on a passive income thread that permanently burned the desire for passive income in my head at a young age) like myself make to make moves and act quick.
even if I affected one person to take action I've done my job. It's threads like theses that bring more awareness to a taboo topic that shouldn't even by taboo. it should be taught in schools

Spoiler!
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post 1567636531 12-02-2018, 08:17 AM
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Originally Posted By ashin1⏩
If I can pull $3k month passively while also being debt free I’d live a very comfortable life.




I’ve been making 6 figures since I was 22, the reason I got into investing is because I was making more money than I knew what to do with.




Been saving/investing for 6 years

I have about $160k worth of income producing stocks, and I have several properties in Canada and one in Central America.

Planning on building one more home for myself and then unplug from the rat race and work casually (love my job)
(‘Several in Canada’ = 2 trailers
‘Six figures’ = Canadian dollars
‘Own’ = money came free from mommy and daddy
‘Own’ = in spite of free money from mummy and daddy still mortgaged to the hilt
Lifetime Natty

Veteran Warrior of the Iron Game
post 1567636761 12-02-2018, 08:20 AM
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Originally Posted By ashin1⏩
even if I affected one person to take action I've done my job. It's threads like theses that bring more awareness to a taboo topic that shouldn't even by taboo. it should be taught in schools
There are millions of websites on this topic; MoneySense in Canada if people are that interested. Who in their right comes here for financial advice?
post 1567636811 12-02-2018, 08:21 AM
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Originally Posted By Hammersia⏩
(‘Several in Canada’ = 2 trailers
‘Six figures’ = Canadian dollars
‘Own’ = money came free from mommy and daddy
‘Own’ = in spite of free money from mummy and daddy still mortgaged to the hilt
I think you forgot to mention I am building a condo here


Originally Posted By Issobolic28⏩
There are millions of websites on this topic; MoneySense in Canada if people are that interested. Who in their right comes here for financial advice?
common question i get is what book/links should I read....because of all the millions of resources how do you know where to start? I don't mind answering those questions, as they are pretty easy to answer. But had it not been for misc, I would have never been obsessed with passive income, maybe just knowing another miscer cracked the code makes it seem all that much more obtainable.


you just choose to act cynical, rather than input any useful ideas ITT
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post 1567637231 12-02-2018, 08:28 AM
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Originally Posted By ashin1⏩
I don't mind answering those questions, as they are pretty easy to answer
Ok; but make sure you understand you're laboratory technician for a hospital; not a financial adviser.
post 1567637421 12-02-2018, 08:30 AM
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Originally Posted By Anachron⏩
Total value of your "properties" are $240K?

I remember two of them are sub $50K ( and I am being generous, as I really don't remember )...

Did they suddenly appreciate overnight?
i dunno did you check with any realtors in my area for how much they would be worth?
I bought these 2 properties under the table, sold cheap for cash because the old owner has health issues so we both did each other a favor.

my numbers are very conservative, my beach condo is suppose to be worth 300K USD after its built. And that's just one of my 3 properties
Originally Posted By Issobolic28⏩
Ok; but make sure you understand you're laboratory technician for a hospital; not a financial adviser.
I don't identify myself with my job title. Sorry to hear you associate yourself that much with your wage slave job.

you live a glass box mentality if that's how you truly feel.
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post 1567637691 12-02-2018, 08:36 AM
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Originally Posted By ashin1⏩
I don't identify myself with my job title. Sorry to hear you associate yourself that much with your wage slave job.

you live a glass box mentality if that's how you truly feel.
No need to be condescending; I'm simply pointing out 2 things

1. You're not qualified to give financial planning advice. All you're doing is giving vague advice based on common sense

2. No one cares.

And I'm salaried; not paid by the hour; hence your "wage slave" comment.
post 1567637931 12-02-2018, 08:39 AM
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Originally Posted By Podunks⏩
Yup, it's a combination of need for attention and an attempt to cover up deep insecurities.
Originally Posted By Issobolic28⏩
No need to be condescending; I'm simply pointing out 2 things

1. You're not qualified to give financial planning advice. All you're doing is giving vague advice based on common sense

2. No one cares.

And I'm salaried; not paid by the hour



why you guys so mad I am giving the youngsters a heads up on how to live an easy life?
I wish i had someone looking out for me like that
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post 1567638101 12-02-2018, 08:42 AM
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Originally Posted By ashin1⏩
why you guys so mad I am giving the youngsters a heads up on how to live an easy life?
I wish i had someone looking out for me like that
You do know that most banks have actual certified experts on this sort of stuff right? You can meet with someone who will go through all your stuff and give you a customized plan; leading to financial freedom.

And besides, your advice isn't mind blowing rocket science.
post 1567638221 12-02-2018, 08:46 AM
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hm, this thread is interesting

saving for later.....
post 1567638321 12-02-2018, 08:47 AM
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Originally Posted By Issobolic28⏩
You do know that most banks have actual certified experts on this sort of stuff right? You can meet with someone who will go through all your stuff and give you a customized plan

And besides, your advice isn't mind blowing rocket science.
what you say doesn't changed the fact this thread does impact miscers in a positive way.

Spoiler!
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post 1567638411 12-02-2018, 08:49 AM
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Originally Posted By ashin1⏩
what you say doesn't changed the fact this thread does impact miscers in a positive way.

Spoiler!
I'd be curious on the ages of those guys who repped you.
post 1567638471 12-02-2018, 08:50 AM
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Originally Posted By Anachron⏩
His own financial advisor is incompetent as we saw in an earlier thread... He needs a mentor, but he is not ready for one.



It was $200K in an earlier thread, as I said, you are just pulling numbers out of thin air.



Nailed it!



Mostly because of how you go about it... Like how you refer to your assets as properties.

Maybe with quotation marks but even that's stretching it.
I think i may have rustled your jimmies(you don't seem to make sense) because you still have lots of working years ahead of you. I come to work with a big smile on my face every day knowing that my full-time days are numbered.
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post 1567638591 12-02-2018, 08:54 AM
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Originally Posted By ashin1⏩
I think i may have rustled your jimmies(you don't seem to make sense) because you still have lots of working years ahead of you. I come to work with a big smile on my face every day knowing that my full-time days are numbered.
And there again goes the condescending comments and subtle bragging.
post 1567638801 12-02-2018, 08:57 AM
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Gtfo OP you don’t have anyone fooled. There are approximately 0 people jealous of your slumlord lifestyle and your plans to try and retire on 30k a year if you can accumulate enough trailers. LMFAO


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post 1567639051 12-02-2018, 09:01 AM
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I would say congrats OP. Seems like you have a plan and you’re following through with it, but you come off as an arrogant little prick, so fuk off.
Ack...Ack
post 1567639291 12-02-2018, 09:05 AM
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Should I buy a used Mercedes for $10k if I'm trying to save $ to buy income producing assets?

Let's say take home income is $31000 after says, monthly expenses of $400. Savings of $20k.

Asking for a friend. He just got a "good" job however he also wants to get into real estate. He can save about $20k/year, but he's driving the same Honda Civic from college which runs. He thinks it ruins his relationship with women. He can afford the car but on the other hand, doesn't like the idea of taking a 50% hit on his money, along with double cost of insurance and 50% increase gas. But he doesnt drive too much.

Sorry if this is the wrong area for this question. Was just on my mind because we were talking about it last night

Can he still be on track if he gets this car with a 8% apr loan and sets his $11k in debt?
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post 1567639811 12-02-2018, 09:13 AM
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Originally Posted By Anachron⏩
Short answer is never take the hit on a depreciating asset ( i.e. car ). The Honda works, so use that?

Long answer is, whatever makes you happy is the best choice.

Correct answer in this specific thread is to make a 50% downpayment on a property ( i.e trailer )
Did not read the thread, but the way the USA is going, trailers or tiny homes might be a good investment, lulz
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post 1567641591 12-02-2018, 09:43 AM
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This thread has taken a turn for the worse. OP states he has more than $400k in assets and investments. Let's see. $160k in investments, two $45k trailer homes, and $80k down on a $300k mortgage for a third world timeshare. 160+45+45+80-300=30. OP has a net worth of $30k.
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 1567642191 12-02-2018, 09:51 AM
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Originally Posted By LeoThedude⏩
One of the biggest mistakes people make in life is settling for one income. I have two places I'm currently getting fixed up to start renting out, one is lake front that I plan on renting as an Airbnb. I still have to get new central heating and air installed though.
and how does a 26 year old own a lakefront house to rent?
post 1567642721 12-02-2018, 09:59 AM
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OP outside his property portfolio....



Freedom 35 baby!

Seriously though if you are legit OP then respect and all the best to you man. Doesn't matter what path you take as long as it takes you to where you want to go.
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