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Chat Thread: biff brings board balance

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tigerswood said:
I'd invest it in the market, probably.

Seems like it would be pretty easy to keep it rented, as it's a relatively new (built in 2008) brick 3 BR, 2.5 bath in between Uptown and South Park, about a mile from the light rail. Doesn't have the same level of appreciation as a SFR, but don't think it has near the bubble-risk either. I don't have the time or energy right now to buy a fixer-upper in a gentrifying neighborhood, or I might try that along with thousands of other Charlotteans.

Main thing I need to figure out is tax benefits of keeping it, if any, under the Trump IRS.
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Trump IRS really did make some changes to the situation. But generally speaking with real estate, the depreciation should keep you from recognizing significant taxable income regardless.
 
Even after 2008, I maintain the majority of my holdings in real estate. Shit's cash, yo. Especially if you're willing to fix some things DIY.

Make money however it floats your boat.
 
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Makes perfect sense that one of the outcomes of a housing crisis is that people coming of age during the housing crisis wait longer to buy a house. God forbid we learn something. Millennial wisdom may be keeping us from another housing crisis.

Housing shouldn’t be an asset but it is so you shouldn’t buy a home unless you’re prepared to manage it as an asset. And that part is expensive.
 
Grabs Turds Bare said:
Credit to the FiRE movement for bucking this trend, btw. Credit where it's due.
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Now, here’s the first big barrier to following the F.I.R.E. movement: You need to have a large enough income. Many proponents of F.I.R.E. agree that no matter how much you cut down your lifestyle, it’s going to take a large income—probably somewhere in the six-figure range—to have the ability to save enough to retire before your 40th birthday.
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lol
 
it's actually pretty simple:

1. make a shit ton of income
2. marry someone else who makes a shit ton of income
3. start out with no debt
4. hope things time right with your market of choice
 
I Was A Millionaire at 24, Here’s How:

Go to class
Grind every day (Instagram post saying “let’s get this bread”)
Inherit $1 million dollars from my aunt
 
10,000 Millionaires studied.

Top five careers engineer, accountant, teacher, management and attorney.

79% of millionaires did not receive ANY inheritance at all from their parents or other family members.

https://www.daveramsey.com/research/the-national-study-of-millionaires

Only 31% averaged $100,000 a year over the course of their career, and one-third never made six figures in any single working year of their career.

I drank the coolaid on Dave Ramsey when I was around 30. I was a millionaire before I turned 40. Zero dollars inherited (my parents are still alive, thank God!).
 
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Chat Thread: biff's bulldogs blunder

LOL at “inheritance.” I’m sure way more of them were given (or provided) money and opportunities they didn’t earn. I wonder how many have ever worked for a relative.
 
Ok fine I’ll share my winning strategy

1) eat sparingly, but when you do eat, stick to the porridge family (oats are your FRIEND)
2) exercising is free and gives you a clear head to grind, just do push-ups with a nerd on your back!
3) buy 3500 bitcoin from neighbor when his dog needed surgery
 
PhDeac said:
LOL at “inheritance.” I’m sure way more of them were given (or provided) money and opportunities they didn’t earn. I wonder how many have ever worked for a relative.
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Is this aimed at Turds data on millionaires? If so it is misguided. Most ordinary, everyday millionaires got there very simply, over time - living below their means, saving steadily, watching their money grow over decades - typically in a 401k or similar retirement vehicle. They also typically buy their home and live in it for years - paying it down or off. This type of millionaire is not sexy or exciting. This type of plan for becoming a millionaire is probably not interesting to your typical millenial - and maybe it doesn't work as well today, I don't know.
 
Chat Thread: biff's bulldogs blunder

scooter, how is it “misguided” to say a stat claiming 79% of millionaires didn’t get inheritance from a family member is misleading? That stat doesn’t account for inheritance from non-family members. It doesn’t account for assistance, jobs, and opportunities from living family members or others. It doesn’t account for the benefits of growing up with wealth.

Don’t be so eager to push the “blame the poors” nonsense that you miss an obvious point. You’re so condescending. I don’t know why you think you’re better than me. It’s like you can’t read the simple words I say. Instead you imagine I said something stupid.

We live in a world in which wealthy people make those around the wealthy whether those people deserve it or not and that undeserved wealth and opportunity is destroying our society from within. People who don’t have to work to earn their way have too much power.
 
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some of y'all have some weird understandings of the world and money
 
PhDeac said:
scooter, how is it “misguided” to say a stat claiming 79% of millionaires didn’t get inheritance from a family member is misleading? That stat doesn’t account for inheritance from non-family members. It doesn’t account for assistance, jobs, and opportunities from living family members or others. It doesn’t account for the benefits of growing up with wealth.

Don’t be so eager to push the “blame the poors” nonsense that you miss an obvious point. You’re so condescending. I don’t know why you think you’re better than me. It’s like you can’t read the simple words I say. Instead you imagine I said something stupid.

We live in a world in which wealthy people make those around the wealthy whether those people deserve it or not and that undeserved wealth and opportunity is destroying our society from within. People who don’t have to work to earn their way have too much power.
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You're an angry and bitter poster, my friend
 
OldGoldBeard said:
You're an angry and bitter poster, my friend
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I get angry when people post nonsensical myths about money to perpetuate the idea that people who don’t have money did something wrong.

And scooter in particular has a history of purposefully misunderstanding my posts in a condescending way.
 
PhDeac said:
scooter, how is it “misguided” to say a stat claiming 79% of millionaires didn’t get inheritance from a family member is misleading? That stat doesn’t account for inheritance from non-family members. It doesn’t account for assistance, jobs, and opportunities from living family members or others. It doesn’t account for the benefits of growing up with wealth.

Don’t be so eager to push the “blame the poors” nonsense that you miss an obvious point. You’re so condescending. I don’t know why you think you’re better than me. It’s like you can’t read the simple words I say. Instead you imagine I said something stupid.

We live in a world in which wealthy people make those around the wealthy whether those people deserve it or not and that undeserved wealth and opportunity is destroying our society from within. People who don’t have to work to earn their way have too much power.
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Wow. You have completely missed the point here. There is no "blame the poors" message here. The point was simply that most "millionaires" did it the old-fashioned way - working, living simply, saving, etc., over decades. These are not people you would consider "wealthy" - the great majority of them you would never suspect were worth million(s). Think of the middle-aged couple who live in a $350k house that is paid for and have $800k in retirement savings. Those are the people these stats are talking about. These people specifically did not grow up with wealth and had to work for whatever they have accumulated.

If you consider me condescending you must be projecting. I don't know why you bring up people who grew up wealthy, or around people that were wealthy or people who don't have to work - those are specifically not the people Turd was talking about. Sure there are wealthy families and people who inherit and people who don't have to work - and those families probably account for most wealth in the country by dollar amount. But, most millionaires - that is, the majority of individuals who have a net worth of >$1M - accumulated that money through hard work and simply saving.
 
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