Cancan
@Cancan26
9 Years5,000+ Posts
Comments: 605 · Posts: 5516 · Topics: 158
How to be rich! (Page 2)
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Posted by Impulsv
Sell ur soul
I gave that away to the guy at krispe kreme ...for a hot and ready donuts 😆
Posted by Deadpooplemme in!!!! the password is TACOS!
I wanna build a pillow fort
Posted by bawlikestogomoomoney outside your 401k— ...like an IRA? or just savings? how much money would I need to put away ...to have a million by the time I retire?Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
click to expand
Posted by sultrykittythank you!!! whats the difference between the roth IRA and the other one? which one is better?Posted by bawlikestogomoo@Cancan26Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Roth IRA's are great for that. I had one once upon a time.
http://www.bankrate.com/finance/retirement/advantages-of-roth-iras-1.aspxclick to expand
Posted by bawlikestogomoowow ...a low taxed/ETF/Bond portfolio ...I have never heard of that ...how do I get one? could I get one at fidelity? the bank?Posted by sultrykittyRoth IRAs are still penalized if you withdraw it early. I'm referring to a low taxed/ETF/Bond portfolio that is taken out before your retirement.Posted by bawlikestogomooRoth IRA's are great for that. I had one once upon a time.Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
click to expand
what's your work now, cancan?? that you want to get wealthier? maybe that might give us a clue. 🙂
Posted by Rommyany advice is helpful advice ...I try to be open and hopeful learn something that I didn't know before ... 🙂
I guess I do have a lot of advice to give from what I've been taught.
I live my life slightly different than my parents do. I still live by the same principles and dedication they've taught me to save for the future.
What exactly did you want to know OP?
Rules or ?
I'm not wealthy. Not yet anyway. I'm doing very well for myself. My parents are wayyyy better off than I think I can entertain being. They were educated and born into an age where their generation prospered greatly which is sadly not the same for our current generation. We have a different battle than our parents. It's all in perspective.
Posted by Cancan26Read the link, it goes into a lot of detail.Posted by sultrykittythank you!!! whats the difference between the roth IRA and the other one? which one is better?Posted by bawlikestogomoo@Cancan26Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Roth IRA's are great for that. I had one once upon a time.
http://www.bankrate.com/finance/retirement/advantages-of-roth-iras-1.aspxclick to expand
After tax money, so it isn't taxed if you withdraw before 57-1/2 as long as you don't withdraw more than the yearly contribution. You're not taxed on the interest, and you can give the balance to heirs if there's money left after you die.
Posted by Impulsvno...lol you certainly have to have actions behind your way of thinking ...
Just think according to the thread
the point of the thread is change your thinking from short term to long term ...and to learn about something that you don't know about which I have ...
instead of spending your money on short term fun ..movies, going out, trivial things
think about saving, education, taking harder jobs ...
but if you don't know about things like passive income, savings, this or that you can't put those things into actions
Posted by Cancan26Typically you need 10% cash as a down payment and depending on salary and credit you get approved for a loan through a bank.Posted by LadyNeptuneomg yes this ^^^^^
I struggle with impulsively spending, Aries moon 2nd house. But financial freedom has always been my main goal.
Short term I would like to have rental properties that I flip and sell or have as long term investments. Passive income.
Long term I want to build a customized pre-fab house with a killer view and lap pool and space for an ample garden. A space I could work in and bring clients to. My outdoor landscape would feature different zones, style s of plantings, and materials to help them imagine their own outdoor paradise.
I'm on track to purchasing my first rental property in the next year to 18months.
when you say your on track to purchasing your first rental property? how ...—? I also would love to own property but the prospect of owning property seems overwhelming...whats the step by step plan ?click to expand
I want to have 20-30% cash down payment saved plus an additional 10-15gs for repairs/upgrades. I want a fixer that I can build equity in. Good area, but the shittiest house on the block.
Price range I'm looking is 600-800 for a single family residence in the areas I'm interested in.
Posted by LadyNeptunethis is pretty impressive ....lol you got me over taking notes 😄Posted by Cancan26Typically you need 10% cash as a down payment and depending on salary and credit you get approved for a loan through a bank.Posted by LadyNeptuneomg yes this ^^^^^
I struggle with impulsively spending, Aries moon 2nd house. But financial freedom has always been my main goal.
Short term I would like to have rental properties that I flip and sell or have as long term investments. Passive income.
Long term I want to build a customized pre-fab house with a killer view and lap pool and space for an ample garden. A space I could work in and bring clients to. My outdoor landscape would feature different zones, style s of plantings, and materials to help them imagine their own outdoor paradise.
I'm on track to purchasing my first rental property in the next year to 18months.
when you say your on track to purchasing your first rental property? how ...—? I also would love to own property but the prospect of owning property seems overwhelming...whats the step by step plan ?
I want to have 20-30% cash down payment saved plus an additional 10-15gs for repairs/upgrades. I want a fixer that I can build equity in. Good area, but the shittiest house on the block.
Price range I'm looking is 600-800 for a single family residence in the areas I'm interested in.
click to expand
Posted by Cancan26Investments.Posted by LadyNeptunesooo how can I generate passive income? can you give some examples?
Poor people think about what they can buy with their 9-5 paycheck. They work so that they can spend.
Rich people think about how they can make their money work for them. They spend so that they don't have to work.
Passive income is the way to financial freedom imo.click to expand
Businesses that run themselves.
Rental properties.
Basically you want to go to sleep at night and your money is still hard at work.
Posted by Cancan26Don't put all your eggs in one basket. People sell their homes and retire and live off of that lump sum without thinking about inflation, health complications, etc.Posted by LadyNeptuneI just want to relax at home 😄 ...and as far as inflation and potential health cost...—? I dunno ... 😢 like anything about how to even begin to calculate that?Posted by Cancan26Depends how you plan to spend your retirement.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Are you going to relax at home or do you want to globetrot? Factor in inflation and potential health costs.
click to expand
My sister has rental properties and I've learned a lot from her.
Typically a mortgage will be lower than rent if you are purchasing in a high demand area. Think large cities, college town, suburbia with good school districts.
If your mortgage is $ 1800 per month and you net $ 2600 monthly on rent you have a monthly profit of $ 800. That's a yearly profit of $ 9,600.
Now you can take that profit and pay it towards the mortgage...make repairs and upgrades and ask for more rent...or purchase the next property.
Not to mention you own this asset that you can sell if needed.
Typically a mortgage will be lower than rent if you are purchasing in a high demand area. Think large cities, college town, suburbia with good school districts.
If your mortgage is $ 1800 per month and you net $ 2600 monthly on rent you have a monthly profit of $ 800. That's a yearly profit of $ 9,600.
Now you can take that profit and pay it towards the mortgage...make repairs and upgrades and ask for more rent...or purchase the next property.
Not to mention you own this asset that you can sell if needed.
Just here to say fantastic thread Cancan 😘 ??
And the input from members makes interesting reading!
And the input from members makes interesting reading!
Posted by Cancan26You shouldn't be thinking about this until you're making enough to max out your 401k (18k) + ROTH (5.5k).Posted by bawlikestogomoomoney outside your 401k— ...like an IRA? or just savings? how much money would I need to put away ...to have a million by the time I retire?Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
click to expand
Posted by sultrykittyYou're right. I should have been more clear.Posted by bawlikestogomooNo they're not, if you withdraw less than your annual contribution every year.Posted by sultrykittyRoth IRAs are still penalized if you withdraw it early. I'm referring to a low taxed/ETF/Bond portfolio that is taken out before your retirement.Posted by bawlikestogomooRoth IRA's are great for that. I had one once upon a time.Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Much better than a traditional IRA. What you're taking about is just a passive income generator that you can do regardless of retirement planning, like a MMA. Still, those are better tools than just a checking/savings account.
click to expand
Posted by LadyNeptune800/mo in profit isn't much. You're not including property tax, insurance, then an emergency fund for repairs.
My sister has rental properties and I've learned a lot from her.
Typically a mortgage will be lower than rent if you are purchasing in a high demand area. Think large cities, college town, suburbia with good school districts.
If your mortgage is $ 1800 per month and you net $ 2600 monthly on rent you have a monthly profit of $ 800. That's a yearly profit of $ 9,600.
Now you can take that profit and pay it towards the mortgage...make repairs and upgrades and ask for more rent...or purchase the next property.
Not to mention you own this asset that you can sell if needed.
Posted by LadyNeptunewow this is amazing ....I"m trying to learn how to think this ...😏 and now you have me looking and researching on properties and investments ...
My sister has rental properties and I've learned a lot from her.
Typically a mortgage will be lower than rent if you are purchasing in a high demand area. Think large cities, college town, suburbia with good school districts.
If your mortgage is $ 1800 per month and you net $ 2600 monthly on rent you have a monthly profit of $ 800. That's a yearly profit of $ 9,600.
Now you can take that profit and pay it towards the mortgage...make repairs and upgrades and ask for more rent...or purchase the next property.
Not to mention you own this asset that you can sell if needed.
Posted by Arielle83your first job was at 12! 😱 lol ..what was your first job as?
Ya I'm generation
I've been saving for my adult life and future children's life since my first job at age 12.
Now I'm saving for retirement.
Posted by wagtailright!!! I really feel like I am getting some really interesting leads ..and now I know how to start and what to look into ... 😄
Just here to say fantastic thread Cancan 😘 ??
And the input from members makes interesting reading!
Posted by bawlikestogomooToo true. Which is why it's good to pay less for a dump and have an initial investment to be able to have more profit over time.Posted by LadyNeptune800/mo in profit isn't much. You're not including property tax, insurance, then an emergency fund for repairs.
My sister has rental properties and I've learned a lot from her.
Typically a mortgage will be lower than rent if you are purchasing in a high demand area. Think large cities, college town, suburbia with good school districts.
If your mortgage is $ 1800 per month and you net $ 2600 monthly on rent you have a monthly profit of $ 800. That's a yearly profit of $ 9,600.
Now you can take that profit and pay it towards the mortgage...make repairs and upgrades and ask for more rent...or purchase the next property.
Not to mention you own this asset that you can sell if needed.
click to expand
And I know the property tax laws are different in every state.
However the numbers work out, it's important that you can make them work for you.
My current landlord purchase this house in 2004 for 170. Went on Zillow since I'm noisy like that and it's now worth over 800. That's a tidy turnaround.
I'd say its all in moving towards independece.
GOD is the creator, we are his children. I think he wants us to be creators of our own.
I don't see rich or wealthy happening working for someone else. I don't see many of those that are extremely wealthy, or the top 1% working for other people.
Gosh, I wish I knew what I wanted to do lol. I'm not about to think generation to generation at someone else's job, but I'm sure moving towards your own is part of generation or wealthy thinking.
GOD is the creator, we are his children. I think he wants us to be creators of our own.
I don't see rich or wealthy happening working for someone else. I don't see many of those that are extremely wealthy, or the top 1% working for other people.
Gosh, I wish I knew what I wanted to do lol. I'm not about to think generation to generation at someone else's job, but I'm sure moving towards your own is part of generation or wealthy thinking.
Posted by lisabethur8or its who you knowPosted by Cancan26rich people really are different than poor/middle class.Posted by lisabethur8I believe that personally ...the poor and the middle class do not think the way the rich does ...whether it is because they don't have the education or they weren't taught by their family ..
I think you have to be very very smart in business to be wealthy like that Bill Gates. and the top billionaires in the world.
it's not something you can just "get"....that's why it's only a handful and billions of other people are poor/ middle class.
and it depends, you're right, on what type of rich. they could be inherited, and some people who inherit throw away all their inheritiances. spending like crazy.
it's because, if you have an education, you will get paid HIGHER, salary, for example if you go to school to be a doctor.
it's just fact.
unless you get wealthy by talent, ie, Michael Jackson and many performers ect.
http://www.marketwatch.com/story/why-i-think-the-top-01-are-looting-the-economy-2014-02-21
"A handful of people are getting fabulously wealthy, while hundreds of millions are running as fast as they can just to stand still. Many are falling further behind. Although opportunities to move up the income ladder may not be disappearing as some have feared, there is no evidence that those who are being left behind have greater opportunities than in the past to reach that exalted place at the top of the heap."
this is also interesting:
"Why are the incomes of the very rich so high? Noted Harvard economist Gregory Mankiw gave the conventional answer last week: They earn every penny. The rich are rich because what they do is so valuable. For instance, Robert Downey Jr. makes a lot of money because people pay to see his movies.
However, most of the very rich aren’t actors, or athletes, doctors, or even small businessmen. For the most part, the top 0.1% are executives of financial firms, corporate executives in other sectors, or lawyers in the service of those corporations."
I think you got to go to school, further your education if you want to climb the ladder of success. or go talent.click to expand
im worth more dead than alive. so if i kill myself ill be rich
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when you say your on track to purchasing your first rental property? how ...—? I also would love to own property but the prospect of owning property seems overwhelming...whats the step by step plan ?