Capt.Jack Sparrow
Master Don Juan
Building credit?!?! Man Im already in debt and I'm 16
****ing credit cards
****ing credit cards
For those of you wishing to build CREDIT
- Thread starter STR8UP
- Start date
Too much going on right now to do much writing! Always taking notes so one day maybe I will take a month vacation in some faraway exotic place and polish something up. That would be nice....Originally posted by Oxide
How's the book coming along by the way? I'd want a signed copy
I would like to know whether or not the group that they studied is an accurate representation of the wealthy. I can't imagine living frugally for the rest of my life. It's ok when you are just getting started but who wants to spend the rest of their life counting the zeroes on their bank statement as a form of recreation?
There is something to be said for both schools of thought. On the one hand you need to make sure you aren't overextending yourself to the point that it takes away from your ability to move forward. On the other hand, you need to live your life and be happy. I know I wouldn't be very happy if I didn't enjoy myself along the way.
That's great advice. Cars can be a HUGE expense but if you plan a little you can minimize the downside.
Being me has it's perksHow are you doing STR8UP, i dont remember how old you must be now, probably pushing early 30's? With a GF in college, that would be nice
Don't let anyone scare you into thinking that your life is over when you hit your 30's. If you play it smart while you are in your 20's this will be the best time of your life!
ryan killa
Don Juan
Str8up:
I realize this is the wrong place to ask this, but may as well not make a new thread.
I turn 18 in about a week, and plan on getting a CC. However, I plan to move out in about 4 months, and I wish to purchase a small duplex(this is just rough planning) or something along those lines. I have, altogether, around 20000 canadian saved up. Should I be good to go along and purchase(hopefully) my first property?
P.S. I have like 5 books on order( R.K., etc. ) and I cannot wait to ask this question.
Thanks
I realize this is the wrong place to ask this, but may as well not make a new thread.
I turn 18 in about a week, and plan on getting a CC. However, I plan to move out in about 4 months, and I wish to purchase a small duplex(this is just rough planning) or something along those lines. I have, altogether, around 20000 canadian saved up. Should I be good to go along and purchase(hopefully) my first property?
P.S. I have like 5 books on order( R.K., etc. ) and I cannot wait to ask this question.
Thanks
This is one of those questions that has no right or wrong answer. Usually time is on your side when buying real estate, so the sooner the better. On the other hand there are MANY factors such as the condition of the local market and YOUR situation (financial/work/free time/living) that make this a question only you can answer.
I will say that the duplex idea is usually a great starting point since most of the time it will provide a better cash flow than a single family residence and it gives you the option of moving into one side if you need a place to stay.
I will also say that 18 is mighty young. If you can pull off purchasing your first property at that age I have a lot of respect for you! Just make sure you have your ducks in a row so you don't overextend yourself.
I would figure out how you would make the payments. Rule number one is "Your payments come from tenants". Do you have someone in mind? How long will it take for you to find a tenant? How much will you have to charge?
There are a lot of questions there that must be answered.
I am not saying dont do it, just be SURE you know what you are about to do. There is nothing cool about buying a ****ty place in a ****ty neighborhood at 18 and then claim "You are on your way to millonare land!"
There are a lot of questions there that must be answered.
I am not saying dont do it, just be SURE you know what you are about to do. There is nothing cool about buying a ****ty place in a ****ty neighborhood at 18 and then claim "You are on your way to millonare land!"
I certainly agree that you need to do your research before jumping into anything. HOWEVER....after you get started you will learn that a) It isn't as risky or complicated or expensive to maintain as you initially thought it might be, and b) Even if you do screw up sometimes it's the best thing that ever happened to you.
Almost all of my biggest successes have followed big failures.
Bottom line- Think it through but don't let that little voice in the back of your head stop you from taking action. There is NEVER a perfect time. Give it your best shot and see where it takes you!
Page
Master Don Juan
hey, all of that is easily resolved.
1. to find out what you have to charge, do some research first. Find out the average rent in the area (You could ask people in the area how much they pay for rent---, as far as they know, you are just another potential renter) Then, take what you learned and see how it stacks up against the mortgage payments and other expenses. If you break even or fall short, don't get the property unless you have another way to turn a profit on it. Plus, rent tends to go up over time (tenants expect this, so don't hesitate to do it) , so even if you aren't getting that big of a slice when you start, you can get more in subsequent years when you raise the rent.
2. Vacancies are easily resolved. One idea I had is to talk to people you know that are planning on renting someplace. You already would know these people, so there is less need (notice how i said "less need", not "no need") to dig deep into their background and screen them, plus you would not be taking as big a risk on carrying them. If they are your friends, they would also be less likey to gut the place and would be more respectful of your property.
another idea is to place an ad in the paper or put a sign out in front of the place, complete with flyers for people to take.
yet another idea I just came up with: If you run a nice place and take good care of it, people will notice and you will not have vacancies for long b/c people want to live in a good place. When oyu have vacancies, just go to Home Depot, target, or any place that has a garden store. Buy a few packs of cheap flowering plants, and plant them on your property. It makes a huge difference and for not much money. My parents always have flowers in front of their house, and the whole neighbourhood compliments them on it. You can get a similar result with your property. Like I said, it makes a huge difference to have colorful flowers everywhere, and it doesn't cost too much, either. The only downside is having to water them, but you can easily pay someone in your building to water them.
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Abbott
Master Don Juan
I've heard that the average NET financial assets for Americans is less than $1,500.
I think that's:
ASSETS (not real estate) - LIABILITIES = NET FINANCIAL ASSETS.
That's pretty damn scary. That means that I'm better off than the average American, and I haven't even finished college yet.
Ben
I think that's:
ASSETS (not real estate) - LIABILITIES = NET FINANCIAL ASSETS.
That's pretty damn scary. That means that I'm better off than the average American, and I haven't even finished college yet.
Ben
Page
Master Don Juan
It is shocking, isn't it? Most people wouldn't know what a real asset was if it walked up and kicked them right in the nutsack.
It's what comes from living beyond your means and buying things that depreciate and cost money instead of appreciate and generate money. Granted, we all have to buy small things that are liabilities, but I'm talking about big purchases.
the closest the average person gets to an asset is owning a house. While it does tend to appreciate, it still isn't a true asset b/c they aren't getting any money from it in a form they can directly use, like from rent. People brag to me about their home equity, but I end up shaking my head b/c with what I want to do, equity isn't useful like cash is. I want high equity, but I also want high cash, and lots of it. Cash is totally liquid, equity is not. (You can't rip off a piece of your house and redeem it for cash, but I'm betting you already knew that.) While you can turn equity into cash, what you actually get is far from a 1:1 equity-to-cash ratio.
This is EXACTLY why even if you guys don't start investing anytime soon you STILL need to know the basics of smart money management. Then if you choose to retire early you can also learn the magic of leverage and creativity. When you are fresh out of school (unless you have huge student loans outstanding) you are a blank slate. Not too much in the way of bad debt, and not beyond the point of losing the negative conditioning you have received during your youth.
Do not be too easy. If you are too easy to get, she will not want you. If you are too easy to keep, she will lose interest in you. If you are too easy to control, she will not respect you.
Quote taken from The SoSuave Guide to Women and Dating, which you can read for FREE.
Did you know that 70% of americans are eligable to file bankrupcy. The rule is if Liabilities > Assets, you can apply. and this is while they count things like your cars as assets!
I got lucky, my econ teacher is a millonare. You would never be able to tell. Jeans and a button up shirt looks like walmart quality. I talk to him becuase he is a really interesting guy. He got 2 harleys (they keep their value) and drives an 88 chevy pickup he got for $200. I asked him what he is planning to do with the money he earned and he replied:
"I dont just sit on it. I got a beautiful house i just built. Plus i love playing with stock. Its great when you have money to just play with. You invest it in stock you like (he made his money from stocks) and then at the end of the year go "Oh ****, that sucked!" or "Holy cow, look how much that went up!"
the guy is great. wears aviator shades inside, swears left and right, and doesnt take sh1t from anyone.
one of his favourite students transfered from my school to georgetown. He is only a junior, and Morgan Stanley is already fighting to get him when he graduates. That guy came to talk in my class about investements.
He mentioned 3 books
Rich dad
Intelligent investor
Random walk down wall street.
I got a Q. How do i figure out what a morgage payment will be based on the price of the house. Say a house costs $189000 in mankato, mn. 56001 zip code.
I got lucky, my econ teacher is a millonare. You would never be able to tell. Jeans and a button up shirt looks like walmart quality. I talk to him becuase he is a really interesting guy. He got 2 harleys (they keep their value) and drives an 88 chevy pickup he got for $200. I asked him what he is planning to do with the money he earned and he replied:
"I dont just sit on it. I got a beautiful house i just built. Plus i love playing with stock. Its great when you have money to just play with. You invest it in stock you like (he made his money from stocks) and then at the end of the year go "Oh ****, that sucked!" or "Holy cow, look how much that went up!"
the guy is great. wears aviator shades inside, swears left and right, and doesnt take sh1t from anyone.
one of his favourite students transfered from my school to georgetown. He is only a junior, and Morgan Stanley is already fighting to get him when he graduates. That guy came to talk in my class about investements.
He mentioned 3 books
Rich dad
Intelligent investor
Random walk down wall street.
I got a Q. How do i figure out what a morgage payment will be based on the price of the house. Say a house costs $189000 in mankato, mn. 56001 zip code.
Abbott
Master Don Juan
I don't know what your monthly payment will be, or what the formula is, but I do know that if you go to this link you will find some online calculators that can figure this stuff for you.Originally posted by Oxide
Did you know that 70% of americans are eligable to file bankrupcy. The rule is if Liabilities > Assets, you can apply. and this is while they count things like your cars as assets!
I got lucky, my econ teacher is a millonare. You would never be able to tell. Jeans and a button up shirt looks like walmart quality. I talk to him becuase he is a really interesting guy. He got 2 harleys (they keep their value) and drives an 88 chevy pickup he got for $200. I asked him what he is planning to do with the money he earned and he replied:
"I dont just sit on it. I got a beautiful house i just built. Plus i love playing with stock. Its great when you have money to just play with. You invest it in stock you like (he made his money from stocks) and then at the end of the year go "Oh ****, that sucked!" or "Holy cow, look how much that went up!"
the guy is great. wears aviator shades inside, swears left and right, and doesnt take sh1t from anyone.
one of his favourite students transfered from my school to georgetown. He is only a junior, and Morgan Stanley is already fighting to get him when he graduates. That guy came to talk in my class about investements.
He mentioned 3 books
Rich dad
Intelligent investor
Random walk down wall street.
I got a Q. How do i figure out what a morgage payment will be based on the price of the house. Say a house costs $189000 in mankato, mn. 56001 zip code.
http://www.netmovein.com/info/landscape?jpid=MortgageTools
Keep in mind though, that you also need to consider house insurance and repairs, as well as the time to keep it up (cleaning, mowing lawns, landscaping, etc.).
And don't forget real estate tax. You can probably find out at your County Clerk's office, but I'm not positive on that.
Just keep that other stuff in mind, because if you have a mortgage on a house, you better have insurance unless either A) you're made of money, or B) you're a damn fool. If you don't, then if a hurricane comes to smash your house, you still have a big old debt.
Ben