Brownslave688
You want a toe? I can get you a toe.
Which means he's maxing out in like July then buying nothing after that.
Top rate paycheck
- Thread starter nystripe96
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I know that. Get all my savings done by September and then party for the last 3 months on full paychecks.
You will be set for life then.
Brownslave688
You want a toe? I can get you a toe.
But if the market is down those 3 months you just screwed yourself.
Thanks. I'm working pretty hard at it. I paid off my house last year so it's not that hard to give 40%. I gotta look into the Roth IRA come September now.
True. Like I said, dumping a bunch of money in and crossing my fingers!
Honestly with that much money it might be worth it for you to buy an if of a financial advisors time. He could explain what percentages you should have and how you should have it invested.
Brownslave688
You want a toe? I can get you a toe.
You've done the hard part. Now do the research and maximize your savings.
Why would you dump that much money in then just cross your fingers?
Do the research or hire a professional. Could be the difference of 1 million in your pocket or 3 million.
Orion inc.
I like turtles
Pickles
It would be wise to have a financial adviser. If you have a lot of income with your home paid off, it's worth it. Trust me. Also talk to a CPA or tax attorney. They're great too. Look at other investments such as real estate.
Screw partying now. Invest wisely and you'll have plenty to "party" with later
JL 0513
Well-Known Member
Pickles, with no mortgage, I would also say look into something like investment property where you can turn a hard asset into a constant cash flow through renters. That's a lot of money to dump into what amounts to a gamble. As an example, you could buy a 3 family home and collect 3 rents a month while paying a mortgage that's about half of what you collect. There's a little work involved if you were up to it. I imagine the return would be significantly more than a 401k. Plus, you will have an extra property to sell in your retirement when you no longer want to maintain it. That could be at least a few hundred grand right there.
As for the advice above saying screw enjoying your money now, I disagree. Living life in your younger years is more worthwhile IMO than when you're old. The worst scenario is dying early in retirement leaving all that money you killed yourself saving while sacrificing the joy in the prime of your life.
Jkloc420
Do you need an air compressor or tire gauge
Orion inc.
I like turtles
There's a huge difference between enjoying your money now and "partying" with your check.
You can enjoy your money and be smart as well. Investing and saving while building your wealth is easier when you're young because you can compound it.
Plus if you take care of yourself and learn balance in all things, you'll retire securely and healthy. Having financial security relieves stress and anxiety. It gives you more options in life to live it on your terms.
Also the real estate advice you're giving is a little more complex than that. If he is going to look at investment properties, he should start small. Find a foreclosure in an up and coming area. Pay all cash or a huge down payment and small mortgage. If he renovates it nicely and it's in a good neighborhood, he could get double or triple in rent. Basically the renter will pay off your investment and then some.
If that works, progress to another house only a little bigger.
We have two properties that are paid off and nicely renovated. One is our first house that we bought very cheaply starting out. It's now a hot area with young renters. The neighborhood just opened a second microbrewery near it. That seems to be the big thing. I'm getting triple in rent because it's in the new urban hipster area. It's a great revenue stream that we turn around and use in other investment accounts.
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Coldworld
Well-Known Member
5hit man.. There are some places where a basic 2 bedroom apartment is running 1500 a month... No joke ... In Texas that same 1500 will get you a nice house and a pool on 2 acres... The west coast is becoming very expensive to live and everybody seems to be moving out west... Las Vegas, Seattle and Portland Oregon are 3 of the top 5 cities for growth ... Try buying a house on a drivers salary in California...it's not going to happen
Coldworld
Well-Known Member
Oh you 1%ers.... Thinking your better than everybody else...lol
Coldworld
Well-Known Member
At least you know what you are getting with Hillary.... With trump who the hell knows with that dude.... " I love the uneducated", "I live the Hispanics " " I love Idaho potatoes" ... WTF man....
Coldworld
Well-Known Member
Mgt had a pension plan and a 401k match what was their reasoning for this for so many years???
Coldworld
Well-Known Member
Yeah is that what you kids are calling it now .... " little side projects?" Wink wink
Coldworld
Well-Known Member
How old are you pickles ??
38. 12 pt years, 8 ft years.
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