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re: Investment advice
Posted on 6/1/16 at 4:33 pm to Fat Bastard
Posted on 6/1/16 at 4:33 pm to Fat Bastard
Quoting two or more people in a thread here on an iPad is too time consuming.
By my mid 20's, I had a real estate portfolio in seven figures. How? Debt. All one has to do is MANAGE the situation. Is it for everyone? No. But I think you and I both know what is possible if the intestinal fortitude is there. To attain that amount of stock (with the same capital outlay) would not have been possible. And I would never suggest that someone use margin to build a stock portfolio anyway. I'm heavily invested in the equity markets now. But that money, in large part, came from the fact that real estate gave me a solid base to grow from. As for the doc, he may need to wait awhile before he starts building a portfolio of (managed) properties.
As for the young doctor right now, I would hit the Roth hard now, just as he suggested. The backdoor Roth option has been on the chopping block for awhile, if I'm not mistaken. As for a house, I would only buy something major and meaningful if I knew for certain that I'd be setting down roots in that general location for at least 5-7 years. I didn't build THE house until I knew that I was done bouncing around.
Just my 2 pennies. Everyone's mileage varies...
By my mid 20's, I had a real estate portfolio in seven figures. How? Debt. All one has to do is MANAGE the situation. Is it for everyone? No. But I think you and I both know what is possible if the intestinal fortitude is there. To attain that amount of stock (with the same capital outlay) would not have been possible. And I would never suggest that someone use margin to build a stock portfolio anyway. I'm heavily invested in the equity markets now. But that money, in large part, came from the fact that real estate gave me a solid base to grow from. As for the doc, he may need to wait awhile before he starts building a portfolio of (managed) properties.
As for the young doctor right now, I would hit the Roth hard now, just as he suggested. The backdoor Roth option has been on the chopping block for awhile, if I'm not mistaken. As for a house, I would only buy something major and meaningful if I knew for certain that I'd be setting down roots in that general location for at least 5-7 years. I didn't build THE house until I knew that I was done bouncing around.
Just my 2 pennies. Everyone's mileage varies...
1
Posted on 6/1/16 at 4:56 pm to Jag_Warrior
I mean cmon anyone back 7-8 years ago could have borrowed whatever, whenever and made a fortune in real estate.....except the guys who got stuck with it when it crashed.
Im saying, this kid is going to be a doctor and saying he's going to make $500k+. I believe it, my cousin is a 32 year old anesthesiologist and he makes $400k. Anyways. If you make $500k/yr. Your #1 thing should be developing a side income which will eventually allow you to replace your income via work. Its doable via real estate or stocks, but stocks are many times simpler to obtain and manage than real estate. Thats all I was saying. Many a fortune was made in real estate due to leverage, I get it, but when you have $5M in earnings per decade, I just think its much easier to buy income via stocks. Its worked out great for me, obviously the bull market has helped but still that would be my plan of action if I was him.
Im saying, this kid is going to be a doctor and saying he's going to make $500k+. I believe it, my cousin is a 32 year old anesthesiologist and he makes $400k. Anyways. If you make $500k/yr. Your #1 thing should be developing a side income which will eventually allow you to replace your income via work. Its doable via real estate or stocks, but stocks are many times simpler to obtain and manage than real estate. Thats all I was saying. Many a fortune was made in real estate due to leverage, I get it, but when you have $5M in earnings per decade, I just think its much easier to buy income via stocks. Its worked out great for me, obviously the bull market has helped but still that would be my plan of action if I was him.
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