/biz/ - Business & Finance

Having enough cash/assets to live off of and to not have to work unless you want to.

To me, making it is complete financial freedom with which to do whatever the fuck you want to do with.

>>17334138
Enough money to generate "passive" income (stocks/businesses/real estate) to have the choice to work or not.

A hard dollar amount is around $1.5 million for most of the United States

>>17334138
>do i ever have to work again?
no
>have i made it?
also no

its like >>17334160 second sentence. you made it when you can do whatever the fuck you want at any time.

>>17334138
house paid off and living off dividends.

>>17334138
1-2 million

>>17334212
mortgages are probably one of the best financial instruments that anyone can use.

>>17334192
$300k to buy house in cash
$40k car bought with cash
leaves around $1.16 million to put back in to the market in low risk dividend paying blue chip stocks at 5-6%
Leaves $58k of "free" income per year to pay taxes, pay for insurance, do home/car maintenance, take vacations, etc.

>>17334244
Having a mortgage on a house you live in is for retards and poor people

>>17334291
why? i can easily make more money than the rate i'm paying the loan. Why should I decapitalize myself so much for an house when i can simply fucking borrow it for 40 years, with monetary policies that all stand by my side?

>>17334328
It's a liability: the bank can take it, it can get destroyed, etc and it makes you no money.

When I can be so humble people think I'm a hobo. I just wanna play guitar man

>>17334328
this anon gets it. put down the minimum downpayment that gets you the longest mortgage. invest the savings into a vanguard index fund and ride the train for 30 years.

>>17334394
>the bank can take it
make your payments this isn't a student loan bernie isn't going to save you
>it can get destroyed
home insurance
>it makes you no money
its shelter, unless you enjoy being homeless. Or you can buy a home with an income suite so you can, you know, earn income.

>>17334438
>>17334467
Yeah people already gambled with their mortgages once in the last 20 years we know how that worked out

>>17334160
>>17334200
I’m sorry but this is a poorfag mentality and how people burn through their money without developing the skills to make it last and to generate serious passive income. If you place all your eggs in making it with crypto and think once you cash out then that’s it you’ve made it then you might find yourself having some problems down the line

>>17334260
What kind of moron buys a $40k car?

>>17334438
this is what i'm thinking of doing. Do some downpayment, set aside some money for the next 3-4 years and the rest goes to a nice fund. I get a free house after 30-40 years and still have kept the funds for an emergency.

>>17334481
Someone with taste, peasant

>>17334138
mansion, lambo, coke, whores

fuck you minimalists. 2017 made me comfy but by the end of this next bullrun i'm gonna have russian models eating caviar off my nuts while suntanning on my yacht

>>17334481
someone who can afford it

Right before leaving work I put on my shorts and sunglasses. A coworker laughs because it looks like I'm on vacation. I drive to a local pizza shop and get a chicken ranch pizza. Fucker is hot and I burn my hand a little just trying to touch it. Then I head to the PA turnpike on my way to a solo beach trip. As I get on the on ramp I scream out the window, freedom!

That my friends was the last time I was truly free back in 2004, sixteen years ago.

>still have the mermaid I bought

>>17334138

One million usd

>>17334479
its all real estate assets, so i dont know what yo mean. i havent touched crypto.

>>17334260
>buy house with cash
with low interest rates that's a loser move

>>17334138
1) financial freedom and a secure future
2) wealth that gives me influence over other people

Retire within the next 5-8 years have house paid off with some good money in an index fund and a nice comfy car paid off

Generate enough money, considering inflation tto, so preferably with passive income to not have to work a single day in my life,

I already own a house so my "make it" amount isn't even that big.

>>17334138
Comfortable passive income. Simple as.

>>17334608
Lol yeah let me just pay a bank 50% of what my house is worth just for the privilege of being able to use their money for 30 years. You know it takes 20 years to pay off half a 30 year mortgage right? Idiot.

>>17334519
Agree, but partially.
No one with taste would buy a car with that spoiler, so no GT4, sorry.

https://www.youtube.com/watch?v=xdfeXqHFmPI

>>17334138
one million pound coins

>>17334571
I just felt nostalgic from this description alone. Sounds comfy anon

>>17334667
i just did a simulation on a 620k house, paying 110k right away. 18k per year, during 40 years.
How the fuck is this a bad deal?
You know there's inflation right?

300k invested for 1k a month from dividends and mortgage paid off.

>>17334679
You're missing the point, a gt4 will hold its value for decades or until you buy something different, even if you drive it every day
>>17334695
you are paying the bank straight interest for 30 years, moron. You're paying 650k to own half of a 620k house in that scenario

>>17334695
This is how mortgage payments are set up, you pay all the interest up front and dont own half the house until year 20 of a 30 year mortgage. It only makes sense to get a mortgage on a house you're renting because the tenant pays for the mortgage and you keep the difference

>>17334667
>he said, never investing in real estate once in his life

>>17334910
you know you pay 50% of the home value on a 30 year mortgage, right? oh you didn't know that? go play some fortnite faggot the men are talking here

>>17334882
>>17334910
any advice for a new friend who is thinking of buying a duplex or something?

I got 70k saved up, i make 70k a year, and the taxes will be around 6k a year.

do i wait for better prices or interest rates? (are they even coming)
Do i try to take the biggest loan possible and buy the biggest place possible?

>>17334925
>Government prints money out of thin air
>interest rates at next to 0
"Nah I'd rather put 100k into one deal than get 10 deals with that same 100k because I saw Dave Ramsay once and that's what he says to do"
faggot.

>>17335152
>listening to Dave Ramsay instead of Grant Cardone

NGMI

>>17335125
If you're asking for actual advice on biz, then you don't know enough about your market and will probably get rekt. But don't wait for better interest rates, because it's not gonna happen (most likely)

You can wait for better prices, but if you don't know how to buy real estate then a recession isn't the best place to learn.

>>17335180
Hey look it's some faggot who doesn't know what quotation marks mean.

Definately NGMI

I don't want much, I just want to me Martin Shreli rich, and be able to piss off normalfags on twitter and have fuck you money to back it up.

>>17335199
well, i know renting is expensive as shit - Can hardly find a decent place under 1300.. and houses are expensive 250 low end to 400 normal.

I figure i can maybe find a 250 to 300k duplex.. be paying maybe 1.4k a month in mortgage, and may be able to collect 1.2k a month from each side of the hypothetical duplex.

12 million minimum.

>>17335288
anyone?

>>17334138

200k

100k for a house( i would probably spend less than this. i would buy a house in a rural area)
50k for utilities, property taxes and other bills(in the meantime while i am making money via crypto)
50k for investing in crypto

this is all i would need

>>17334138
after $100M you're not poor anymore. after $0.5B you are rich. you guys are losers thinking $1-2M is going to change your life in any meaningful way. you're numerically closer to a person on food stamps than to anybody you respect and admire at $2M. stop thinking so small, you brainlets!

>>17334438
This guy gets it. Got this advice from a financial planner when I was young. NEVER pay off the principal early on a home loan because like 99% of the banks out there will not re-amortize the loan.

Take any extra money and put it into a long term investment account. When enough is there to pay off the principal, cut the bank a fucking check and walk away with deed in hand, clear.

I know its not the best way to manage money, but there is a great piece of mind knowing that your house is fucking yours, and not some banker.

>>17334138
Land, crops, animals, clean water source, dry foodstuffs reserves, off-grid power, guns & ammo, trad wife + white children

Please god help me

>>17334695
I know right?

I have a 30 year fixed at 3%. My house is appreciating every year , the interest is tax deductible, I can write off practically every single home repair to my work from home business. I know boomer deaths with crash RE, but I love my fucking house, and the neighborhood /schools are awesome.

Not sure what the ACTUAL inflation rate is, but with the above situation, at most I'm out 1% per year on real time income each year to live in a house that I can make my own.

Even if I say, in 29 years, get fucking drug addicted and lose my house / everything, I still had a roof over my head, hot water, comfy bed, etc. for 29 years at 1% effective interest rate. Its a fucking bargain if you think about it.

retiring

>>17336840
any advice?
>>17335288

anyone?

>>17334138
For me it's more than just finance, though finance is important but it's a means to an end rather than the end.

Financially speaking, either a significant lump sum, enough to which my family and I could live off of till I die or a significant amount of passive income. I'm working towards automating my income and I'm getting quite close so i think I'm more likely to achieve the latter first.
All this being said, I also think making it involves beating the current system i.e. tax.

Then once you have money and no need to work you'll have free time. With that free time you can make it in other ways. You can dedicate to getting /fit/ or you can see to make it spiritually. You can become a historian, a mentor, a drug addict... there are so many things you can do after you make it financially but to make it totally, you need to find your own way.

>>17334138
8 million $ after taxes

>>17334138
buying 100$ of lcx in 2020 and becoming a billionaire before 2030