Financial Freedom Thread

[Hayes21890]

Haha I know national speed very well! Small world.

Small world indeed. Jordan and his crew are awesome folks.

[SwimProWILM]

Any of you brah looking for financial independence? What routes do you take? There is nothing Id want more in life than to travel the world, and coach soccer on the side.

Steps Im taking to get there:
-I am 27 and live a frugal lifestyle. A very want vs need type of way.
-Any excess money goes in a Vanguard account with the Total US Stock (VTSAX) and Total International Stock Market (VTIAX). I have around 40k in those. My goal is to let it ride until im 40, then start withdrawing.
-I also have a Roth IRA through Vanguard with about 20k in there. I maxed it out the last 3 years and will probably max out for another 5 before putting less in.
-Through work I have a Simple IRA which is matched. Although the fees are high so I just put the minimum match in it.
-My next venture is Real Estate. Ive spent countless hours on podcasts and videos. I have an external Goldman Sachs account that yields 1.5% interest (not bad for a savings). Have around 30k in it. My goal is to buy my frist rental by the end of the year.
-Side businesses. Have one producing a measley $200 per month. Not bad hoping to scale it.

I dont even make much, which sucks. Im only bringing in 3k a month.

Were all gonna make it brahs.

Here are some books and podcasts ive enjoyed reading/listening to

Books:
Rich Dad Poor Dad. Such simple yet amazing advice
ABCs of Real Estate Investing.
The Millionaire Booklet. 45 pages or straightforward information on the thought process you need to have

Podcasts:
Gary Vee Show
Grant Cardone
Bigger Pockets
Pillars of Wealth Creation
The Side Hustle Show

Brahs, start listening to podcasts instead of music. Life Changing.

I wish I would have found this when I was only 27, You've already got a head start on most people.

[tunafish01]

I wish I would have found this when I was only 27, You've already got a head start on most people.

Never too early to start

[SpeedCheeser]

Never too early to start

So now, 2 years later, how have thing worked out for you? Did you get your first rental house?

[tunafish01]

So now, 2 years later, how have thing worked out for you? Did you get your first rental house?

Yup!

Have a 3 bed 2 bath SFH I got in 2018. I rent out the other rooms and live there.

Portfolio has ~155k in it. Still invest weekly.

Hoping to get another place by 2021/2022.

[SpeedCheeser]

Yup!

Have a 3 bed 2 bath SFH I got in 2018. I rent out the other rooms and live there.

Portfolio has ~155k in it. Still invest weekly.

Hoping to get another place by 2021/2022.

That's awesome. Congrats. Are the renters friends or just randos?

I eventually want to start getting into rental property, but I have no interest in house hacking.

[tunafish01]

That's awesome. Congrats. Are the renters friends or just randos?

I eventually want to start getting into rental property, but I have no interest in house hacking.

They are friends of mine luckily. I agree. House hacking a single family is tough. Id want to get a duplex next and house hack it. Way more privacy haha

[Gronnie]

They are friends of mine luckily. I agree. House hacking a single family is tough. Id want to get a duplex next and house hack it. Way more privacy haha

Keep the first house as a rental, buy another one on owner occupied financing and move into it. Repeat every 2-3 years.

I wish I had done this but with a wife and kid and a big fancy house it's not really feasible anymore.

[TrollDattHoe]

Keep the first house as a rental, buy another one on owner occupied financing and move into it. Repeat every 2-3 years.

I wish I had done this but with a wife and kid and a big fancy house it's not really feasible anymore.

Can’t banks find out if you don’t live at the first property?

[tunafish01]

Can’t banks find out if you don’t live at the first property?

You have to live there at least 2 of the first 5 years im fairly certain.

But realsitically, they wouldnt know.

[tunafish01]

how can I learn financial freedom

Podcasts, books.

[Baylorballs]

Posted a thread in the main misc but no replies, wondering if any of you guys have experienced post accomplishment depression? The wife and I have focused basically for the past decade on paying off the mortgage, and I've accomplished a couple medium term (2-3 year) career goals in the meantime.

Now that these goals are achieved I expected a sense of elation and satisfaction, yet I feel more empty and unfulfilled than before.

I think the journey is more fun than the destination. I might have to teach myself how to lose money in the stock market for fun.

IN on verryyyy slow and steady Thread that's 2 years old with just 3 pages LOL

Mr. Frank Drebin of Police squad, just give me a holla if you need help to lose money in the stock market! bought GoPro at like $40 / share ( it WAS at 70....) whoopssss now at like $3.50 a share.

Im working on getting my 3rd house though. Real Estate ain't easy ( ie ppl are crazy monther FU### when it comes to contracts) but i'll be happy I have these properties in 2030, 2040 etc.

[game1990]

how much has your finances grown since 2018 if you dont mind sharing? the original post stated 40k.

[Gronnie]

Can’t banks find out if you don’t live at the first property?

You have to live there at least 2 of the first 5 years im fairly certain.

But realsitically, they wouldnt know.

You only have to intend to live there when you get the mortgage. It's generally accepted that 12-24 months is adequate, and you would be fine with less if extenuating circumstances came up like a job transfer.

[tunafish01]

how much has your finances grown since 2018 if you dont mind sharing? the original post stated 40k.

No worries.

As of today my Vanguard portfolio is ~155k fluctuating a lot with everything going on. Goldman Sachs savings has ~10k in it, Wells Fargo with ~1.5k in it, 401k from work (new job) with ~2k in it.

Biggest thing would be the equity in my house now. I have been lucky to pay very minimal in terms of PITI (principle, interest, taxes, insurance) to live here since August 2018. I have maybe myself paid ~1k since I have always had roommates that paid it off. I still owe 164k on it, however similar houses near me have sold for 210k.

[Drinman]

-Get out of debt.
-Get raises at work.
-Save as much money as possible.
-Start a business (preferably online) that you can build in addition to your job. Something that could eventually become automated and passive.
-Get a great accountant & financial planner.

[cazzo1]

Bump, couldnt remember my original username password, but currently at 208k in my Vanguard, and 4.7k in my 401k. Still adding non stop weekly

[Harry362]

Im looking at buying a 3/2 home in Davenport, FL (20 min from Disney) and decorating it Disney themed. Want to make it an AirBNB but not sure if I should manage it myself. There is a company near me that does all the work for 20%

The home is around 240k so need to put a little over 50k for down payment. This would also be a place for my parents to come stay at when they visit me

[_zman]

Im looking at buying a 3/2 home in Davenport, FL (20 min from Disney) and decorating it Disney themed. Want to make it an AirBNB but not sure if I should manage it myself. There is a company near me that does all the work for 20%

The home is around 240k so need to put a little over 50k for down payment. This would also be a place for my parents to come stay at when they visit me

Look into local regulation before hand. Some states or municipalities are not allowing 2nd homes at Airbnb. A friend of mine was using his home as an Airbnb because he travels a lot but he ran into issues of people partying in such, so also do your homework on the management company and how they would deal with tenants trashing the place or partying...after the fact, how would they handle that.