|
|
|
|
#1
05-04-2006, 11:11 AM
|
|||
|
|||
Re: how hard is it to become wealthy?
[ QUOTE ]
This thread has been very interesting and I have learned some things from it. Speaking from the point of a 27 year old who has been living out side the finacial shelter of his parents for 10 years. Yes my GF and I have a 150k combined income but seriously some of you are in for a rude awakining. I dont see how an 18 or 19 yr old can comment on any finacial conversations or living within your means. I am sorry you have no and I mean NO life experiances, as of yet. Be prepaired. I apologize in advance if your offended. [/ QUOTE ] How about someone (me) who has been living on his own for 8 years and has 150k in the bank? Last year I made 30k in salary and my savings went up 25k (mostly because of gains on stocks). The early you start saving, the more your savings build upon themselves. 
|
|
#2
05-04-2006, 11:20 AM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
[ QUOTE ]
[ QUOTE ] This thread has been very interesting and I have learned some things from it. Speaking from the point of a 27 year old who has been living out side the finacial shelter of his parents for 10 years. Yes my GF and I have a 150k combined income but seriously some of you are in for a rude awakining. I dont see how an 18 or 19 yr old can comment on any finacial conversations or living within your means. I am sorry you have no and I mean NO life experiances, as of yet. Be prepaired. I apologize in advance if your offended. [/ QUOTE ] How about someone (me) who has been living on his own for 8 years and has 150k in the bank? Last year I made 30k in salary and my savings went up 25k (mostly because of gains on stocks). The early you start saving, the more your savings build upon themselves. [/ QUOTE ] That is very impressive, good for you.
|
|
#3
05-04-2006, 12:42 PM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
[ QUOTE ]
How about someone (me) who has been living on his own for 8 years and has 150k in the bank? Last year I made 30k in salary and my savings went up 25k (mostly because of gains on stocks). The early you start saving, the more your savings build upon themselves. [/ QUOTE ] very well done 
|
|
#4
05-04-2006, 11:22 AM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
was this direct at me? I'm not really offended.
As for not really knowing anything about investment, i dunno. I think i know more than most adults, but that doesn't neccessarily mean i know a lot. I'm 21 i pay for most of my own expenses and have a down payment on a rental property, so I do know about not blowing excess money. The fact is with poker, people can get a feel for this younger. I make a bunch of money from cards, but still pay no rent (i pay for food and most living expenses). I know pleanty of poker players who go to my school who buy big ass TVs and bottle service at clubs, but i bought a house, so I completely accept that i really don't understand the pressure of supporting yourself, but i do understand the value of saving money. edit: I still spend a bunch more than most kids my age and i'm in college so i don't have the pressure to be like everybody else that a Wall st. guy has. I dunno I live in nyc right now, and could live in a pretty nice apartment in lower manhattan party 2 nights a week and not spend more than 40k. If you forget tuition and include NYU housing (which is overpriced) i've spent maybe 20-25k a year on rent/food/other living expenses. This does not include [censored] that i don't think about like health insurance, and other variables but i can't imagine that's more than another 20k. edit part 2: If you are willing to live with roomates you can get your own bedroom for less that 1000 a month in manhattan, and a fairly nice place for 1-1.5k.
|
|
#5
05-04-2006, 03:40 PM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
I'd hate living in NYC because unless you're making a ton of bank then you have to rent, and renting is just pissing money down the drain to me. I'd rather continue to live in Florida where I can have a good mortgage and build equity.
|
|
#6
05-04-2006, 04:02 PM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
it is possible that owning real estate is not going to be the pot of gold that it has been for the last few years. it is essential for long term wealth to fix your housing cost, and that is what owning really does. it allows you to have enough to re-enter the housing market after prices have gone up, and either buy a larger home than you owned previously, or keep your monthly costs low.
however, there have been many times in the past when owning a home didn't pay for the cost of having to resell it if you needed to move. IMO, we might be entering one of those phases. Consider that 6% of $500,000 is $30,000 and you will realize that real estate sales are not cheap. I know i sold lots of homes for $50,000 in AZ and that was $3000 and it seemed like a lot. Look for lots of cheaper alternatives to MLS sales.
|
|
#8
05-12-2006, 10:53 AM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
Getting wealthy is really [censored] hard when I'm losing a grand a day in the [censored] Vanguard midcap fund. What the hell is going on with this stock market?
Indy
|
|
#10
05-13-2006, 12:13 PM
|
|||
|
|||
|
Re: how hard is it to become wealthy?
I agree with you Desertcat.
Moreover, I wasn't trying to imply spending a VERY LARGE difference in amounts on stuff, ie Ferrari over tricked out VW. I was thinking along the lines of that $25k sports car that one own's being far more enjoyable than the $15k camry over the course of ten years or so (I'm a hobbyist who will keep a good car for a LONG time). A $75k sports car over the camry is over the top. Obviously, the key is finding the middle ground between spendthrift and hermit, and staying there for a long time.
|
 |
|
|
Hybrid Mode
