Financial Independence / Retire Early (FI/RE)
- Thread starter dark_magic
- Start date
Gotta admit, I've been slacking :franchit:
OfTheCross
Veteran
2019 bump
Jimmy Two-Times™
Coli Mods Catch Me If U Can Forgive Me Imma Ridah™
What did you just say?
Where am i gonna get 3 millz tho?
If anyone has been following my ramblings in Random Thoughts over the past few months, (I think) you'll know I snagged a new role at my company. New title and a few extra bucks in my pocket. I'll be able to easily save 10% of my gross income (already doing that), comfortably save 20% of gross, and if I do it right, save 25%. At this rate I could probably grab my own house by 2023/4. I'd been looking into multi family residences but nothing good has popped up. I have time.
I may blow all that out of the water if I try and buy this car next month :franchit:. Being reality, if I eased up on the 10% gross monthly savings, I could do it with really no issue. But that's hustling backwards twice - once on cutting down on my base saving, and again on a really high car payment. I'm going to let the universe have its say, though, and wait until midway through next month to get more serious about it. If it's still on the lot I'ma shoot my shot. If I can't get the financing I want then it just wasn't meant to be.
dark_magic
Pro
What did you just say?
Where am i gonna get 3 millz tho?
The 3 million is already there for you.
It may takes years to earn up $1 million dollars. It only takes minutes to borrow $1 million dollars.
If you can make your money more efficient as it circulates within your personal economy, you can get to $3 million dollars.
Strategies such as becoming your own bank, minimizing taxes, recapturing insurance costs, increasing cash flow, plus many others can help you reach that $3 million.
Aight I been slacking myself but the goal is still to be "retired" from full time work by 45. I just turned 29 so that gives me 15 years to get shyt done. My 20s were basically about making mistakes and soaking up a lot of business knowledge. I've read and studied enough, it's time to apply what I already know.
By "retired" that means I'll still be checking in on my businesses and studying whatever new skills that interest me but I won't be working for money anymore like I am right now. I really would like to free up time so I can be there more for family and friends in the future.
I like what Wiz Khalifa and Joe Rogan said on a recent podcast about what they do because it's not really work since they love it. And they can quit at any moment and be good for life. I'd say they are working on their craft, not a job or career.
Everyone in this thread can get to a 2-3 million net worth before 50 and live off the interest, you seriously don't need to be special or a genius. It just depends on how bad you want it, will you do the work, bounce back from failures and make sacrifices.
That means not letting family, friends or women distract you or discourage you
I got 2 other homies on the same path as me, everyone else is on the path to 9-5, family life and there's nothing wrong with that. But I love talking to cats with the same goals as me.
Let's keep this thread going and drop game in it to keep each other focused fellas.
By "retired" that means I'll still be checking in on my businesses and studying whatever new skills that interest me but I won't be working for money anymore like I am right now. I really would like to free up time so I can be there more for family and friends in the future.
I like what Wiz Khalifa and Joe Rogan said on a recent podcast about what they do because it's not really work since they love it. And they can quit at any moment and be good for life. I'd say they are working on their craft, not a job or career.
Everyone in this thread can get to a 2-3 million net worth before 50 and live off the interest
, you seriously don't need to be special or a genius. It just depends on how bad you want it, will you do the work, bounce back from failures and make sacrifices. That means not letting family, friends or women distract you or discourage you
I got 2 other homies on the same path as me, everyone else is on the path to 9-5, family life and there's nothing wrong with that. But I love talking to cats with the same goals as me.
Let's keep this thread going and drop game in it to keep each other focused fellas.
You can make it happen b. My homie just got a triplex he's gonna rent out. Took him a while to finally get it but he never gave up. He's just 29 and plans to keep investing in real estate and get more units. It's all about how bad you want it. That last line you wrote is the wrong mentality, you already failed.
If anyone has been following my ramblings in Random Thoughts over the past few months, (I think) you'll know I snagged a new role at my company. New title and a few extra bucks in my pocket. I'll be able to easily save 10% of my gross income (already doing that), comfortably save 20% of gross, and if I do it right, save 25%. At this rate I could probably grab my own house by 2023/4. I'd been looking into multi family residences but nothing good has popped up. I have time.
I may blow all that out of the water if I try and buy this car next month :franchit:. Being reality, if I eased up on the 10% gross monthly savings, I could do it with really no issue. But that's hustling backwards twice - once on cutting down on my base saving, and again on a really high car payment. I'm going to let the universe have its say, though, and wait until midway through next month to get more serious about it. If it's still on the lot I'ma shoot my shot. If I can't get the financing I want then it just wasn't meant to be.
I would agree if it was in regards to buying property, but it was about buying a car. I don't need it, it's only going to cost me money. If I can't get the terms I want I'm not going to lose out on anything by not buying it.
Didn't get what I wanted and walked away. Now that I've seen the actual number from my new salary hit, I'm able to do some more accurate forecasting. Keeping the numbers constant, I can comfortably afford 800-1000 worth of car payment, 1000-1200 with insurance, monthly while still saving 10% of my gross and putting 6% pre and post tax into my 401k. If I stick to a tight budget I could have that paid off and have a pretty decent down payment for some real estate in 5 years. Without the car payment, I could have that down payment inside of 3 years. In 5 I could fukk around and buy some shyt outright in cash in a cheaper market. Seeing the numbers in this spreadsheet makes me that much more upset that my company lowballed me when I took the new position.
I need to run some new numbers where I allocate some of my left over money into market investments. Right now it looks like I could put in about 300 a month with the car, obviously more without, but then that has a knock on effect on the down payment.
OfTheCross
Veteran
2020 bump.
I just crunched the numbers best case scenario I can be mortgage-free in 4 years.
Since I'm house-hacking, I'll only need to make up about $700 a month to maintain my current lifestyle.
So my next property will cover that and I'll be a free man by 40, lord willin
I just crunched the numbers best case scenario I can be mortgage-free in 4 years.
Since I'm house-hacking, I'll only need to make up about $700 a month to maintain my current lifestyle.
So my next property will cover that and I'll be a free man by 40, lord willin
If you’re paying 800-1000 a month for a car you’re dumb as hell
First off, you don't need to be disrespectful. Second, my finances are in order. I bought what I wanted at a reasonable price, comfortably within budget.
OfTheCross
Veteran
smh. i did the math wrong. it's gonna take 8 years unless I get a new job...then it'll be 4 again.
so yeah...time to grind