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post #121 of 159
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Originally Posted by gdl203 View Post
Did you type this post in October 2007 ?

Channnnnge? Spare some channnnge?
post #122 of 159
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Originally Posted by TheDarkKnight View Post
But one month is just the average - if you go several months, you need that $2000 a month of your own cash. I don't know many people with $2000 per month of truly disposable income!

I plan on maintaining an emergency fund which would cover 3-6 months of vacancy. I already have such a fund that covers that duration of my personal expenses so I'm confident I can be responsible enough to maintain a vacancy fund.

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There is no diversification, and managing a property is like running a small business if you do it yourself.

I'm also regularly contributing to a balanced 401k portfolio which should provide diversification. Agree with the small business part (regarding above, any well run small business will carry a cash buffer), I don't expect it to be a passive investment but should be manageable part-time.

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Would you take out a $360k debt to buy a portfolio of shares, if those shares paid you "a rent" back? Very few people would, all things being equal as it's not something they can see and touch, despite (again assuming a fictional rent was paid to you) equities giving a great deal of diversification and being very liquid.

It's not a question of whether someone would, but if they are able to... not many places will lend you 80% of your capital to invest in the stock market (at least not at a rate that would make it easy to return a profit), but an 80% loan to invest in real estate is easily available at a good rate as it is secured against an asset the bank can sell if you default.

Good points. It's making me think and consider if my plan is realistic, or preferable to just sticking it in a 401k.
post #123 of 159
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Originally Posted by Piobaire View Post
His statement concerned tax free distributions. Trad IRA doesn't fit the bill.

Oh, here's a tidbit too: Trad IRA are not always tax exempt on contribution. Depending on our AGI, you don't get to contribute to a ROTH and if you contribute to an IRA, it's post-tax dollars. Nice, huh?

The nice thing is that the income limit for conversion of IRAs to ROTH IRAs goes away this year, so everyone can now, in effect, have access to ROTH IRAs by funding an IRA and then converting it. If you were eligible for the deduction you have to pay the tax, but if you weren't, then it ends up being exactly the same as if you had funded a ROTH. Since I don't anticipate taxes to go down in the future, I'm converting all of mine before the tax cuts expire.
post #124 of 159
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Originally Posted by summej2 View Post
The nice thing is that the income limit for conversion of IRAs to ROTH IRAs goes away this year, so everyone can now, in effect, have access to ROTH IRAs by funding an IRA and then converting it. If you were eligible for the deduction you have to pay the tax, but if you weren't, then it ends up being exactly the same as if you had funded a ROTH. Since I don't anticipate taxes to go down in the future, I'm converting all of mine before the tax cuts expire.

Wow, did not know that. Thanks for this information.
post #125 of 159
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Originally Posted by SField View Post
Not so fast. I think that there are more millionaires who were frugal and didn't set out to hit some sort of predetermined number than money crazed people (who can never have enough) who made their lives about money. I know quite a few people who made money (not necessarily huge money but who would qualify as having 1 million in assets) who did so by pursuing their passions and spending judiciously. You strike me as the kind of person who will save their money and regardless of income (which may one day be quite decent as a big FOH person), will be selective with how you spend it. I'm sure in the end you'll be better off than a lot of the douche bags here who think their glorified cubicle jobs are going to get them onto MTV cribs.
Well thanks, and I certainly hope that is the case. As of yet, spending judiciously is not exactly synonymous with my name, but I tend to be pretty responsible with money, especially for someone my age I think.
post #126 of 159
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Originally Posted by kwilkinson View Post
Well thanks, and I certainly hope that is the case. As of yet, spending judiciously is not exactly synonymous with my name, but I tend to be pretty responsible with money, especially for someone my age I think.
Since you're not shelling out money on women any longer I suspect you'll be banking that million before you know it. Wimmenz is spensive.
post #127 of 159
I know exactly when it will happen, but I wouldn't hope for it nor do I know at what age I'll be.
post #128 of 159
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Originally Posted by Rambo View Post
Since you're not shelling out money on women any longer I suspect you'll be banking that million before you know it. Wimmenz is spensive.
YES BUT THE FAT FUCK STILL LOVES FANCY FOOD
post #129 of 159
Wake up, will ya, pal? If you're not inside, you're outside, okay? And I'm not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable, 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.
post #130 of 159
What I find humorous is the hubris of some of these young banker-types counting and anticipating their bonuses when in fact they're just glorified clerks slaving away in some tower.
post #131 of 159
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Originally Posted by Contingency Plan View Post
Wake up, will ya, pal? If you're not inside, you're outside, okay? And I'm not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable, 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.

So does Blue horseshoe still love Anacott Steel?
post #132 of 159
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Originally Posted by Eason View Post
I know exactly when it will happen, but I wouldn't hope for it nor do I know at what age I'll be.

If there's reincarnation, I hope to belong to the lucky sperm club next time.
post #133 of 159
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Originally Posted by Piobaire View Post
If there's reincarnation, I hope to belong to the lucky sperm club next time.
I think you pretty much did this time around. I know I did. Don't have any deformities, have Canadian citizenship and live in an age with running water, electricity and law. Doin' pretty ok by that standard. edit: and you're not a francophone, so there could always have been that alternative
post #134 of 159
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Originally Posted by CBrown85 View Post
I think you pretty much did this time around. I know I did. Don't have any deformities, have Canadian citizenship and live in an age with running water, electricity and law. Doin' pretty ok by that standard.

edit: and you're not a francophone, so there could always have been that alternative

I want a bit luckier, as in heir to a fortune.

Btw, running water and electricity? I wish you could see some of the reservations I've done public health work on.
post #135 of 159
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Originally Posted by Piobaire View Post
If there's reincarnation, I hope to belong to the lucky sperm club next time.

It is human nature to be unsatisfied with one's relative circumstances. You could be born into a $5 billion fortune, and you'd still be stark-raving jealous of the kid who was born into $6 billion. It doesn't seem like it from where we stand, but trust me. That's how it works.

To give you an example: I was born into an $XX million fortune. My cousins were born into an $XXX million fortune. Do you think I spend my days counting my blessings relative to 99% of the country, or do you think I spend my days freaking out about not having been born into the higher 1%? It's definitely the latter. Call me spoiled if you must, but that's human psychology 101.

Only problem? I haven't figured out how to change my attitude. Acknowledging that it's a flaw in my psychology unfortunately doesn't correct the flaw. I wish it did. But we all know it doesn't.
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