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Old 01-05-2013, 11:41 PM   #1
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Where to start

Just curious. There have to be many of you here with a (self-made)net worth of over 500k. I'm 35, working of 60k a year full time job, married, no kids. I Got a late start on my 401k and am concerned for my family's well being down the road.
I'm wondering, how did you guys get where you are. What kind of strategies and mind sets did you have to get where you are. Did you invest in a particular product or avenue!
I've had a hankering for a few years now to do something other than save but i don't know what to do or where to start other than at the local BAM!
I Thought about looking around for local investment clubs but I don't trust anyone. With such a bad economy, scammers seem to be in high supply. Just looking for advice and experiences.
I own (financing) a home that I'm renting out due to job relocation. I thought about continuing this but I've been thinking lately about multi family units like 10-20 unit apt buildings. The nickel and dime and daily grind of renting individual homes for a couple hundred bucks monthly profit doesn't appeal to me.

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Old 01-05-2013, 11:52 PM   #2
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Wife put money into buying company stock with a matching from the company, plus bought a few IRA's. Found out last month that, due to the sale of the company, we have to move the large stock one to another broker before the 15th of Jan. Guess it's easy and cheap to do but the wife has been very sick and off work since very late Sept. Three trips to the ER and ICU since then. No end in sight either. Insurance has paid over $60,000 for just the first two! So good health insurance is part of the plan too!
I worked a state job and have my retirement income too, been collecting it since 1998. Wife has a retirement from the old company too, that's all been going into the savings account since she started collecting it. My wife is a great money manager too!

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Old 01-06-2013, 01:04 AM   #3
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Good questions. Work. Save. Invest. Stay out of debt except where the debt is for investment sake, or you wife says you need to buy a house. And always get value for your money. Underspend on your own housing & cars. Most millionaires don't live like it, they keep their money working for them.

After you've worked hard to earn money, and you've worked hard to save it, you'll get astute at not putting it where it disappears. Don't expect never to make mistakes, just accept they'll happen. Work to make mistakes small by due diligence. But ACT. Nothing happens if all you do is sit on money. Be certain to learn all you can from mistakes, yours for sure but especially those of others (where it costs you nothing). Every now & then a deal will come along that is so ridiculously cheap you won't believe it; if you put your money into marginal stuff you won't have any for that great deal.

Real estate is a good bet going forward. Lots of folks have been burned, prices are low and its a good time to get in. But you will still face a sea of possibilities and need to do a lot of homework. Remember that the quality of of property you get into will reflect the intended quality of renter, so if you go low on quality get ready to have interesting issues w/tenants; you'll probably make better money if you are fast on dealing w/problems & strict, but most folks get tired of that pretty fast. High quality in a generally low rent town may be a good way to find a better return w/less hassle.

I see by your Profile you are in Alabama. Presumably that's where you would invest. Get to know the landlord laws intimately all the way thru eviction. Nolo Press has good books for learning the ropes & laws. Never, ever, ever, ever, ever, ever, ever, ever sign a tenant w/out credit & reference checks, and don't settle for so-so tenants. Keep your properties up with full bore proper maintenance, and charge full bore rent or maybe a bit less. Never ever, ever miss a rent increase, and don't apologize. Make sure to know the market & don't get cocky either.

Commercial real estate is a better game long term IMO, for all the reasons that make it tough in hard times; it scares the timid away. In good times its a breeze, but when vacancy hits you better have the financial strength to weather thru.
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Old 01-06-2013, 04:03 AM   #4
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Learn to expect less and live below your means!
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Old 01-06-2013, 04:24 AM   #5
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There are so many ways to invest for your future. I prefer dividend paying stocks and low cost mutual funds. I've always tried to max out my 401K every year. Here's a great site to start your research. It's kind of like IRV2 for investors and early retirement planners.
Early Retirement & Financial Independence Community
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Old 01-06-2013, 08:12 PM   #6
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We buy, we rent, we pay cash. We knock on doors when the deposit don't show up,in the statements. We travel, we grow old, we go online to work our investments on a daily basis. We loose some we win some. We live as if we're dying which we all are. BUT MOST IMPORTANTLY, we play, we love, we contribute to the community, and we have worked for over forty five years and still counting. Don't take life too seriously it's a game!
Clay & Pebble.. Miss Butter our sweet Goldie (Jan. 2005-Jan. 2015) Sissy our Border Collie
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Old 01-06-2013, 08:23 PM   #7
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1. Get an oil well
2. Inherit a fortune
3. Marry a rich spouse

4. If 1, 2, or 3, don't work out.......work your a** off, spend almost nothing, save it for a few decades and then you have a hefty nest egg.

Nuff said.........

Don......#4 for me
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Old 01-06-2013, 08:42 PM   #8
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Originally Posted by akadeadeye View Post
1. Get an oil well
2. Inherit a fortune
3. Marry a rich spouse

4. If 1, 2, or 3, don't work out.......work your a** off, spend almost nothing, save it for a few decades and then you have a hefty nest egg.

Nuff said.........

Don......#4 for me
Tried # 1 - it was in the New Mexico swamp and inaccessible.
Tried # 2 - paid for a burial and inherited a dog
Tried # 3 - still no joy

I am at option 4. I work 4 jobs, save where I can, lost my a$$ after 9/11 and continue to try to get ahead.
DW is a teacher and I am in the field of 911(job security).
Still trying.
Good luck.
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Old 01-06-2013, 08:54 PM   #9
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1. No greed
2. Stuff your IRA
3. Eliminate debt
4. Conservative investing
5. Know when to park you money. You can't lose if you aint playin.
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Old 01-06-2013, 09:31 PM   #10
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I have all my money invested in houses and lots, wh--e houses and lots of whiskey. But, I did just waste some of it.
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Old 01-06-2013, 09:46 PM   #11
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Very simple but also hard to stick to. At your age save 10% of you income to an Ira. Invest the money in about 10 good dividend paying stocks. These will be stocks that have paid and increased their dividend over the last 40 years. You will have more money than you ever thought you could before you are 60. Just open up a Etrade account.

If you want to know what the stocks are that you need to invest, pm me. Rental property is like a part time job. If you want to do it, go for it.
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Old 01-06-2013, 11:14 PM   #12
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  • max your 401k/IRA, start with at least wharecer it takes to get any employer matching money
  • invest 10-20% of income
  • investments that are moderate to aggressive risk balanced appropriatly - life stage funds are a good place to start
  • to reach the above two items do what you can now and increase with 50-100% of annual pay raises
  • invest at least 50% of any bonus money
  • build a safety-net fund (6 months income)
  • no debt except for principle residence mortgage (and it's a place to live, not an investment as in years past - to rent is ok if that makes better sence)
  • learn the difference between saving and investing (you save for a perticular thing, like a car - you invest for retirement)
  • buy 2-3 year old cars for cash from savings - drive it for at least five years
  • no credit card debt!! use them, don't abuse them - if you can't pay off the balance in full each month you are doing it wrong
  • find a good wife that understands the above goals
  • don't have a houseful of kids so you can do right by them and yourself both - two is good
  • I'll repeat the no debt -because debt will kill all the above...
  • earn interest - don't pay interest...
  • Rental property only after you have the above figured out the aboveand money net worth of at least $500k. Triplexes andfourplexes are best And be sure you really want to do rental properties...
All above is what I have done and it has served me well.
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Old 01-06-2013, 11:20 PM   #13
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I know of a couple that 'borrowed' $25K to start their own business over twenty years ago. They worked their back side off, did without many things and paid attention to what they were doing. Today they are worth over 10 Million Dollars. It can be done but it takes a lot of team work. No it is NOT us!!!!
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Old 01-06-2013, 11:21 PM   #14
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oh, and get educated on insurance - it's a major expence where a lot of money over your lifetime can be wasted if you don't understand your real needs and the costs...

Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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