Share your get rich slow schemes

[Woodznutz]

Too late, lol. I'm a little too much like my avatar Ric Flair. Well, I used to be anyway. Not nearly as much booze or women, but I tried.



Contrary to popular advice, real estate is a good investment -- if you know what you're doing and don't over-leverage. It's cash flow. Everyone needs a place to sleep. Just buy in a place that's not prone to crime. People who buy a home because they think they're gonna turn a profit because the market's going up? No different than buying equities really. May as well be an index fund investor. You can't time the market.

I bought and self-managed an 8-unit apartment building for the sole purpose of building a retirement nest egg. I enjoyed it, and it worked out well.

 

[Woodznutz]

I hate to say it but it's looking like there will be a lot of IRS foreclosures coming up soon.... unless they hired 87,000 new armed agents to go around checking lemonade stands and puppy stores.View attachment 704279

I hope so. I'm in the market for a house.

 

[the other mike]

I hope so. I'm in the market for a house.

You could try that town outside of Pittsburgh where you can buy a three bedroom two-story house for $3,000 or something because it's a shithole town now.

 

[the other mike]

Braddock Pa

 

[Blues Man]

Start at age 16 put 250 a month into ROTH IRA in a high growth portfolio for 35 years then move to a balanced portfolio until retirement. and you'll have over 9million dollars

 

[the other mike]

Start at age 16 put 250 a month into ROTH IRA in a high growth portfolio for 35 years then move to a balanced portfolio until retirement. and you'll have over 9million dollars

So even if you put away 50 a month you'd end up with almost 2 million. Not bad considering most people don't even start thinking about saving money until they're 50.

 

[presonorek]

You could try that town outside of Pittsburgh where you can buy a three bedroom two-story house for $3,000 or something because it's a shithole town now.

Oh wow. I have been telling people to consider buying in Montgomery Alabama or Fort Smith Arkansas. Those are the cheapest places I have found in the last year or so.

 

[Woodznutz]

So even if you put away 50 a month you'd end up with almost 2 million. Not bad considering most people don't even start thinking about saving money until they're 50.

Shit happens in life, and many can't save anything at all. If one can't save for some reason, they should take very good care of their health so they can continue working.

 

[Blues Man]

Shit happens in life, and many can't save anything at all. If one can't save for some reason, they should take very good care of their health so they can continue working.

Excuses.

I have never met anyone that didn't waste at least 50 bucks a month on some kind of crap

 

[Woodznutz]

You could try that town outside of Pittsburgh where you can buy a three bedroom two-story house for $3,000 or something because it's a shithole town now.

I need to be close to a good metro area, for the culture and the services.

 

[Blues Man]

I need to be close to a good metro area, for the culture and the services.

And the crime and high prices

 

[Woodznutz]

Excuses.

I have never met anyone that didn't waste at least 50 bucks a month on some kind of crap

Tell that to people who have lost everything through sickness, divorce, business failure, or natural disasters like we see in Florida.

 

[presonorek]

So even if you put away 50 a month you'd end up with almost 2 million. Not bad considering most people don't even start thinking about saving money until they're 50.

Assuming a 12% return for 34 years at $50 a month I came up with $284,794.

Can you do the calculation again? or tell me the interest rate you were using.

 

[Woodznutz]

And the crime and high prices

Both can be mitigated or avoided.

 

[presonorek]

Start at age 16 put 250 a month into ROTH IRA in a high growth portfolio for 35 years then move to a balanced portfolio until retirement. and you'll have over 9million dollars

I came up with $1.6 million. What is the interest rate you are assuming? I used 12 and I thought that was optimistic.

 

[Blues Man]

Tell that to people who have lost everything through sickness, divorce, business failure, or natural disasters like we see in Florida.

Oh so natural disasters are now an everyday occurrence in your world?

People who lose a job always find another. There has never been a month since I was 16 and had a job that I couldn't save at least 50 bucks

 

[the other mike]

Oh wow. I have been telling people to consider buying in Montgomery Alabama or Fort Smith Arkansas. Those are the cheapest places I have found in the last year or so.

My wife and her two sisters here in Southern Arkansas owned 38 acres of timberland between them with awesome well water.....

Until 2 years ago one of her sisters who lives in Utah lost her 15 Acres because she neglected to pay her property taxes and we only found out about it when it was too late to do anything and some guy swooped in and bought all 15 Acres for $9,000 at auction.

And they just finished building about an $800,000 brick house over there.

It's almost like invasion of privacy because we used to have basically 38 acres of our own here because no one else lives down here and now these people live in the middle 15 Acres so her other sister is on the other side of their property now and if she ever moved down here we would have to basically drive around them .

I'm happy with the 8 acres in the house we have here but it still sucks having strangers 100 yards away. They finally just moved in this summer because of having to wait on materials during the pandemic and they're nice enough people.... the guys an electrician and she's a nurse. I've already started a hard wood privacy fence with the old barn I tore down.

So maybe you could go that route and find a good deal.

 

[Blues Man]

I came up with $1.6 million. What is the interest rate you are assuming? I used 12 and I thought that was optimistic.

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I used 250 a month not 50

 

[Seymour Flops]

I helped put my kid through med school. I call her my little retirement program.

LoL!

When my first son grew up, I was reading a lot of "how to succeed in business" type books and I passed that onto him. Never worked for me, I just became a teacher, but he absorbed it all. He would quote them back to me, "Dad, that 'be the go to guy' you talked about really works." He had jobs lined up will before he finished putting himself through college and was making six figures before he was thirty.

He asked me if I would be offended if he helped with retirement by buying a house more his mom and me to live rent free, and it would be an investment for him. I said, "Son, that was my plan."

 

[Blues Man]

Both can be mitigated or avoided.

Not really but keep telling yourself that