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Started By
Message
re: Passive Income Discussion
Posted on 7/31/13 at 6:24 am to ThatsAFactJack
Posted on 7/31/13 at 6:24 am to ThatsAFactJack
Phase 1. Collect underpants
Phase 2. ???
Phase 3. Profit
Phase 2. ???
Phase 3. Profit
0
Posted on 7/31/13 at 6:55 am to Zilla
quote:
Have you done a lot of this ? Any resources for best practices?
I won't discuss the details here.
email received. I just sent you a reply.
This post was edited on 8/1/13 at 8:24 pm
Posted on 7/31/13 at 6:55 am to nolanola
quote:
I don't get why people rent out houses.
same reason they rent out duplexes, fourplexes, apartments, etc?
principle paydown? equity capture? positive cash flow? market appreciation? tax advantages?
This post was edited on 7/31/13 at 7:01 am
Posted on 7/31/13 at 7:05 am to SmackoverHawg
quote:
Have done all these except number four. I'm planning on adding many more rental properties if things continue working how they are.
great!I've done them all but I like 1 and 4 the best. You will like #4 if you ever choose to do it.
Posted on 7/31/13 at 7:18 am to El Josey Wales
quote:
I'm just glad there's somebody else here that isn't making 6 figures.
dont be too consumed by the millionaires on this board
Posted on 7/31/13 at 7:45 am to HailToTheChiz
quote:
dont be too consumed by the millionaires on this board
If you pay attention, you'll be able to tell over time who's for real and who isn't. The net worth discussion revealed quite a few posers. Odds are if you can't calculate net worth or understand assets v. liabilities, you are not a millionaire.
Posted on 7/31/13 at 8:45 am to VABuckeye
quote:
VABuckeye
quote:
Then a DRIP would work for you. Basically it keeps reinvesting in itself until you decide when and if you want the earnings
How do I go about starting this? What is the minimum investment? Is this something I can do thru Scotttrade, Etrade, etc?
Thank you.
Posted on 7/31/13 at 9:08 am to ThatsAFactJack
Posted on 7/31/13 at 9:27 am to jjbodean1970
buy a rental property. should be a free and clear stream of income in about 30 years with little to no effort. [/quote]
I respectfully disagree. I grew up Ina rental property owner family and saw my dad constantly having issues with tenants, evictions, damage, etc. I spent many weekends as a kid maintaining the properties and cleaning out/painting the apt for the next tenant, and they literally leave everything behind. Unless a property mgt company handles it for you, you are busy. I agree that over time it's a wise investment, but it requires work on your part. I cannot afford to neglect my career for an apartment.
After Katrina was the worst. We spent about two years wishing we never had them.
I respectfully disagree. I grew up Ina rental property owner family and saw my dad constantly having issues with tenants, evictions, damage, etc. I spent many weekends as a kid maintaining the properties and cleaning out/painting the apt for the next tenant, and they literally leave everything behind. Unless a property mgt company handles it for you, you are busy. I agree that over time it's a wise investment, but it requires work on your part. I cannot afford to neglect my career for an apartment.
After Katrina was the worst. We spent about two years wishing we never had them.
This post was edited on 7/31/13 at 9:29 am
Posted on 7/31/13 at 10:35 am to SmackoverHawg
quote:
If you pay attention, you'll be able to tell over time who's for real and who isn't. The net worth discussion revealed quite a few posers. Odds are if you can't calculate net worth or understand assets v. liabilities, you are not a millionaire.
X 100
If you hang around enough real millionaires, you learn to spot the fake millionaires very quickly. Usually the guy with the complicated investment strategy is full of shite.
Posted on 7/31/13 at 10:43 am to SmackoverHawg
quote:
Odds are if you can't calculate net worth or understand assets v. liabilities, you are not a millionaire.
Good point. Even though I have a decent understanding of these things, I'm not a millionaire (if you don't count the law degree as a fungible asset - in theory, that was worth $1 million when I received it - but it hasn't materialized in the form of greater income - yet - so I would have been better off having not incurred the debt and gone to work for Exxon or something out of college.)
If you're a millionaire and don't understand these things, you've inherited the money or are a professional athlete, singer, etc.
Posted on 7/31/13 at 11:43 am to Vols&Shaft83
quote:
Usually the guy with the complicated investment strategy is full of shite.
Well, I'm no millionaire but I sure as hell am trying. Maybe I'll get there one day.
My strategy is to keep putting it away and don't fiddle with it too much. I guess I'm the opposite of complicated.
This post was edited on 7/31/13 at 11:44 am
Posted on 7/31/13 at 11:45 am to VABuckeye
quote:
My strategy is to keep putting it away and don't fiddle with it too much.
People who do this get rich, eventually.
quote:
I guess I'm the opposite of complicated.
No, you're not complicated.
You can get rich quickly, it's just fairly risky and unlikely. Getting rich slowly needs to get pushed on kids because it rewards both work and wisdom - valuable concepts that need steep subsidies.
This post was edited on 7/31/13 at 11:46 am
Posted on 7/31/13 at 3:31 pm to VABuckeye
[uote]Well, I'm no millionaire but I sure as hell am trying. Maybe I'll get there one day.
My strategy is to keep putting it away and don't fiddle with it too much. I guess I'm the opposite of complicated. [/quote]
The beauty of that strategy is its easy to execute, and it fricking works.
My strategy is to keep putting it away and don't fiddle with it too much. I guess I'm the opposite of complicated. [/quote]
The beauty of that strategy is its easy to execute, and it fricking works.
Posted on 7/31/13 at 4:34 pm to VABuckeye
quote:
Well, I'm no millionaire but I sure as hell am trying. Maybe I'll get there one day.
^^^^^^^^^^^^^^^THIS^^^^^^^^^^^^^^^^^^^^^
Posted on 7/31/13 at 4:41 pm to Vols&Shaft83
quote:
The beauty of that strategy is its easy to execute, and it fricking works.
Not that I dont love this startegy but it's just too damn boring. I will always stick to the random walk with some of my money but risk is fun and certainly more exciting than watching your IRA grow marginally over time. I will slow down with the real risky stuff as time goes on but it is impossible to catch the big one if your bait is not in the water.
Posted on 7/31/13 at 5:18 pm to TyOconner
quote:
Not that I dont love this startegy but it's just too damn boring. I will always stick to the random walk with some of my money but risk is fun and certainly more exciting than watching your IRA grow marginally over time. I will slow down with the real risky stuff as time goes on but it is impossible to catch the big one if your bait is not in the water.
Nothing wrong with this approach. I enjoy venturing into the high risk zone myself. About 90% of my investing is boring as shite: mutual funds, index funds, a few individual stocks, and rental real estate. 10% in stuff like Venture capital, small caps, options and the occasional weekend in Atlantic City is more than enough to satisfy my wild side.
Posted on 7/31/13 at 6:11 pm to TyOconner
I understand your point. Boring works for me as long as I reach my goals. My higher risk stuff is investing back into my current and future businesses. I'd rather be risky in circumstances where I have some control and input on the outcome.
Posted on 7/31/13 at 11:31 pm to Zilla
I can backchannel them to u, got fussed at for posting em here before :(
Stacyotot at gmail
2 liter coke, dial body wash, 7 colgate toothbrushes, 7 colgate toothpastes, pack of batteries...
Total was 19 cents for everything!
Stacyotot at gmail
2 liter coke, dial body wash, 7 colgate toothbrushes, 7 colgate toothpastes, pack of batteries...
Total was 19 cents for everything!
This post was edited on 8/1/13 at 12:02 am
Posted on 7/31/13 at 11:41 pm to ThatsAFactJack
Second job on weekends. Swallow your pride. That isn't a huge income with 3 kids. Anything to supplement will help. Wait tables or whatever
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