If you don't know anything about status or how to attain it, stop giving advice.

[Trainwreck]

No offense, but if we had status we would probably not be on this site.

 

[RichardTheFrog]

My dad did pay for my undergraduate degrees (I earned both a BS & a BA in 4 years) and my senior year in college he bought me my first car, a beater, (after somebody hit me on my bicycle...-fortunately I was not seriously hurt-). Looking back that was good because when I got out of college I didn't have any student loan debt and I had functional transportation. But beyond that? No help. Not even spending money. For that I had part time jobs on or near campus.

I went to graduate school on my dime (and made a 4.0 because less than that was disrespectful of my own money). I went straight to work full time after college graduation, as in the Monday after graduation. I made peanuts for a number of years (as in less than 20K annually...academia does not pay well!)

As far as what I do I'm a consultant in healthcare. Like Neil I earn about $85 hour per client per contract. I also have 45 rental units. The annual rents are about 140K to 160K depending on the vacancy rate. In a full earning year consulting I earn roughly 200K. So 200K consulting plus 150K-ish gives 350K, of which the rental income portion is passive.

I first made 150K+ at age 32. I have consistently done that ever since. By age 35 I was supporting my family solely on my income alone. This with a bachelor level education. Also at 35 I got serious about real estate investing.

So that is just the income side. Equity is about 1.2M on a portfolio worth 1.8M or so in the current markets (I'm regionally diversified). So I do still have debt service on about 600K, but the portfolio carries that easily. Many of my units are free and clear. My net worth is over 1M. So I'm a millionaire, but not a multimillionaire, not yet.

I could quit tomorrow and live on the passive income, but I'm saving for college costs and optimizing the portfolio (accelerating debt service). Once I pay off a handful more houses (this year and next) I'll drop out of the workforce for a while to be home with my kids full time as they get ready to leave the nest. And I'll do it with a 100K passive income. I will likely take the occasional part time consulting client while I put them through college. Once you have children your priorities change.

My story and more details are in the Wealth and Success forum. See http://www.sosuave.net/forum/threads/success-starts-between-your-ears.237089/

So if your portfolio is $1,800,000 and you have 45 units, that's $40,000/unit?

What part of the country do you live in? Those seem like cheap units. What type of properties are they?

Is your usual purchasing strategy to purchase with 20% down?

 

[RichardTheFrog]

No offense, but if we had status we would probably not be on this site.

Didn't you read my post about European feudalism? There's no such thing as status.

Please don't tell me I'm supposed to respect the local disc jockey or the bottle girls downtown.

I know guys that make $20 million/year. Is that status? Well... they're just normal guys. They're not above the law.... and even the law isn't above the law.

I don't respect LeBron James or Stephen Curry, either. Not impressed by people that play a game no matter how many millions of people watch them play. Nor do I respect famous actors/actresses. And I especially don't respect female singers like Katy Perry, Britney Spears, or whoever the kids like these days. Absolutely can't stand them. They have no status in my eyes.

 

[bigneil]

No offense, but if we had status we would probably not be on this site.

If we had status?

Just plain status?

Here's an idea: have a point.

 

[Urbanyst]

Money trumps everything for the reasons you mentioned. Because if you have money you could never get laid again and still have an enjoyable life.

Currently at the tail end of a near 3 week vacation to the East Coast of the states. Luxury apartment in NYC, hot dimes and fun days.

Can't wait until I'm making enough money / hold enough income generating assets to pursue a "4 hour work week" and spend more time on my actual passions like travelling, football, music, health and fitness, etc.

Anyone who says money doesn't buy happiness isn't using it properly. I'm having a great time.

Another thing people forget about is MONEY buys TIME.

It is said that the most expensive thing a person can buy is themselves. That means your own TIME to spend the way you want. When you're struggling to pay rend and bills most of your time is lost on trying to get by.

Everyone understands the importance of MONEY. A lot of people just live in denial. Which is why they will stay broke.

 

[BeTheChange]

Another thing people forget about is MONEY buys TIME.

It is said that the most expensive thing a person can buy is themselves. That means your own TIME to spend the way you want. When you're struggling to pay rend and bills most of your time is lost on trying to get by.

Everyone understands the importance of MONEY. A lot of people just live in denial. Which is why they will stay broke.

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars buddy. A player, or nothing."

Watched Wall Street at 21. Changed my life. But by then I had already flunked college and had to spend another 5 years getting to where I could have already been in my first year out of school had I applied myself.

Rich enough not to waste time. Those words still resonate. If I had watched that film at 15 years old I would be a millionaire now.

 

[Urbanyst]

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars buddy. A player, or nothing."

Watched Wall Street at 21. Changed my life. But by then I had already flunked college and had to spend another 5 years getting to where I could have already been in my first year out of school had I applied myself.

Rich enough not to waste time. Those words still resonate. If I had watched that film at 15 years old I would be a millionaire now.

I hear ya.

I watched that movie too late in life too. I was already 25 and the economy had just tanked.

 

[bigneil]

@BeExcellent I think you are making more than me.

So I want to complain about the wage gap and cry Matriarchy.

 

[BeExcellent]

So if your portfolio is $1,800,000 and you have 45 units, that's $40,000/unit?

What part of the country do you live in? Those seem like cheap units. What type of properties are they?

Is your usual purchasing strategy to purchase with 20% down?

My cheapest property was 5K, improved to 8K, my most expensive is a small apartment building. My most recent purchase was a 9.5K house (yes, $9500.00) with a reliably paying tenant already in it. So yes, your average is about right. I buy things that have issues other people are afraid of, I solve the issues and I hold for income. People know I'm a potential buyer so they call me if they need to unload something. I have banks that do this. I specifically own in markets where I can buy decent property cheap (everything I own is well maintained and I'd live in any of my own units). I own in smaller markets and I do not care about appreciation. I end up with some forced appreciation however, because I buy at discounts (if a property needs a roof for example) but everything I have is structurally sound, and in good areas. I pay cash outright whenever I can, which is often. The last few I bought have all been cash so free & clear from the get-go. Some of my stuff is loaned at 100% purchase price with private money and interest only. But then I improve it with cash and create equity that way. Obviously my investor lends for the return he gets and hopes I never pay him off. This is a niche I am adept at. You will not get these kinds of returns in 100K and up properties by holding.

 

[BeExcellent]

@BeExcellent I think you are making more than me.

So I want to complain about the wage gap and cry Matriarchy.

Yeah well you are actually coming out ahead of me Neil, if it makes you feel any better. You don't have children. They are horrendously expensive. So are ex spouse's, lol

 

[BeExcellent]

Time is everyone's most valuable commodity. Period. The value of money PALES when compared to the value of time. You buy back your time and you have bought your freedom. That is what I most treasure and why I work as hard as I do to create wealth. I want my time fully in my own possession before I am too old to enjoy it.

The day we are too old to enjoy our time is coming for each of us my friends. Harness your youth to get there faster. You'll be pleased you did. I wish I started 10 or 15 years earlier than I did, but I'm doing it now. No sense worrying. Once time is gone, its gone for good.

 

[Good Gao]

No offense, but if we had status we would probably not be on this site.

This is the best post I have ever seen from you.

 

[Julian]

You're not rich until your worth around 5 million, minimal. I do well enough, but I'm certainly no "rich bastard".

This is just a base statement from last year. It says it includes everything but it doesn't reflect true earning potential. This is what I earn with the minimal effort possible in my position.

What this statement doesn't include is the following:

1) I only work 3-4 days/week. Anything beyond 3 and 1/2 days is overtime, which can be time and a half, double or triple time.

2) OT is virtually unlimited and I can work 7 days if I really wanted to.

3) I have a scheduled, paid week off every month, plus 3 weeks vaca. I can work my paid week off and collect a 80-100 hour paycheck, even if I still only work 3-4 days that week.

4) I collect travel and meal pay working out of district, which is frequent with OT. That can be an additional $150-200 per day.

5) I did none of the above in 2016 because I'd much rather be doing sh*t like this:

If I wasn't a single dad with FT custody, I really wanted to be ambitious and didn't care about actually enjoying my life right now, I could probably earn about $250K+/yr.

So what exactly do you do? What does your job consist of?