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LMAO. So wrong on so many levels.
Getting some more Bitcoin if it goes to 15k
LMAO. So wrong on so many levels.
let them eat cake
Just reading this thread now.
hater can’t win at anything. ANYTHING
Man...now that Larry is gone, I'm thinking about starting the "Cosmic Cowboy Chronicles".
CC is a trust fund baby
LMAO. No ing way. He's too uneducated.
i knew cows fart when we took a field trip to a farm in like the 4th grade
Dude said he ran several hundred head of cattle or something like that. Now he's categorically saying that anyone who doesn't have a $1,000,000 net worth by age 65 has made poor life choices.
He'll never respond to me is my guess.
Nope. I wish. I wouldnt work 65 hours a week if that was true.
Assuming one starts working at around 20 years old that gives you 45 years to save, invest and benefit from the time value of money. Its just a matter of not spending everything you earn. Starting with a house you can afford is a good start.
I admit I had an engineering degree so had a decent job out of college but immediately bought a house that cost almost 4 times my annual income and got roommates to help me make the note until I made more money. It was actually fun. I was 23 and it was a party house. Build equity, flip that into another house etc. Paying rent is just stupid. As you build equity make sure you keep your credit score as near 850 as you can. Then banks will loan you money against your equity for more investments. I've never been afraid of debt if it builds net worth. I currently carry well over a million in debt but the ac ulated assets pay for it easily.
good thing you had the epiphany that in the long run, owning property is better than renting it. if only poor people thought of that
The time value of money for the last 20 years or so has been punishing to savers, and wages have been stagnant for about 50 years. Also, millions of homeowners got creamed from 2009-2012. Almost like real estate is cyclical, and doesn't always go up in value.
Is save money and buy a house really your advice for 20-30 year olds today? I know it still sounds sensible, but does that work for young people who can barely afford to save?
Maybe you just like to keep busy. You're the boss, man. You're not really putting in work like that anymore and plus you're married. "Going to work" is your excuse to get out the house lol. Once I make it your level financially I'd be doing the same thing.
Someone told me you got your business handed down to you...which I don't think is a bad thing. I plan on doing the same thing for my kids.
Lol. Yeah…I’m on ignore.
”Had” an engineering degree. Until that damn Brad Pitt ed the train up.
Someone told you wrong. I bought the business and the property. First with a partner and I then bought the partner out. I will probably hand the business down free and clear but keep the property/rent for retirement income.
Last edited by CosmicCowboy; 12-22-2022 at 06:28 AM.
S&P 500 is up more than 400% since 2000. Home values have tripled. Most of the homeowners that got creamed in 2009-2012 were flippers and speculators who bit off more than they could chew. You only lost if you sold. And yes, buying a home instead of renting (even if it is an old house or a manufactured home on property) is better than renting.
Last edited by CosmicCowboy; 12-22-2022 at 06:24 AM.
Sometimes life makes bad decisions for you. No one has the option to be born in a different country, under different cir stances.
Since 2009, Freddie Mac's home price index has increased by 5.85% per year or 70.2% total (https://www.statista.com/statistics/...dex-from-2009/). Since 2010, the average sold price of sold homes has increased every year. (https://www.statista.com/statistics/...old-in-the-us/). These stats don't even account for what the pandemic did for property values. US Census data shows that the median sales price of US homes more than tripled between 1992 and 2021 (https://www.bloomberg.com/news/featu...g-the-pandemic). Every submarket is different, but the suggestion that home values don't "always go up in value" is just wrong.
Everything you're saying is true except for the fact that it is harder to buy a home now as a young adult just starting out with no savings. Home prices are now astronomical compared to income, and rent is following suit making it difficult to save up the down payment for a mortgage.
I got my first mortgage with $0 down, no credit history, and about two months of employment history at my job at the time. You can't do that any more, and for good reason. Housing expense is probably the number one reason so many more 18-30 year-olds are staying at home longer, it's the only way to make any traction with savings.
They should have not made the bad life decision to be poor
Listen buddy...all you have to do is buy a house and save money.
That's broker training 101. Uh...sorry...I mean, "financial advisor" training.
We bought our first house in 2006 and sold it in 2012 for almost the same amount we bought it for. The housing crash and gradual downturn of the neighborhood impacted the value. When you factor in the foundation and other repairs, we probably would have been better off renting all those years.
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