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/biz/ - Business & Finance


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29933784 No.29933784 [Reply] [Original] [archived.moe]

I’m 25, have only 55k in cash and only a 14k mutual fund. I’m afraid to see old classmates and relatives because I’m poor and not successful, would I be able to see them if I had 250k? Or is it embarrassing to not be a millionaire by 25?

>> No.29933863

If you aren't a millionaire by 13 wtf have you even been doing with yourself

>> No.29933913

>>29933784
Sorry anon, the lower end of success is at least $1m at 25 y/o. You can still hit that point by 26-27 and be slightly respected (but mostly pitied). Anything past that is basically rope tier.

>> No.29933923

>>29933863
I’m being serious here, it seems like everyone is a millionaire in college these days.

>> No.29933999

>>29933784
The fuck sort of midwit fantasy world are /biz/ autists living in? Newsflash retard, most people aren't fucking millionaires by the time their brains finish developing.

>> No.29934034

>>29933784
I'm a loan officer for a mortgage lender. I have the seen the financial details for thousands of people. No joke, if you have a savings account and a 401k you are doing better than 90% of the population. There are successful people on this board but also a lot of LARPers.

Having some money in the bank and some money invested already puts you on better footing than your peers.most of them are drowning in student loan debt, cc debt, and car loans. Most of them probably have no more than a couple grand in the bank.

You're doing great.

>> No.29934073

>>29933784
serious answer: 37

at least mid 6 figures by 33

if you haven't broke 6 figures by 30 you're an absolute fuck up

>>29933999
go back

>> No.29934090

>>29933923
That's because at least half the people here post fake portfolios

>> No.29934112

I only have 90k at 25 and I feel poor as fuck.

I want to try to hit at least 1m by 30 or it's like what the fuck am I even doing with my life.

>> No.29934136
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29934136

>>29933999
wasted digits

>> No.29934176

25-27. After that you are basically a failure. Getting to one million is EXTREMELY easy if you just try. It really isn't a lot of money desu

>> No.29934193

>>29933784
Being poor is always embarrassing regardless of age.

>> No.29934212

>>29934090
Anyone posting blockfolios should be immediately disregarded. I’d be willing to be most of the people on this board have less than 5 figures in liquidity.

>> No.29934219

>>29933784
are u me? That's literally why I don't talk to people. Not being rich at this age (also 25) is an embarrassment. So many chances too..

>> No.29934292
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29934292

>>29933999
>having such low standards that you think being a normie is okay
Never gonna make it.

>> No.29934293
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29934293

>>29934034
>>29934034
>>29933999
According to this I’m below average for my age and education level (bachelors degree).

When you factor in the number of unemployed people, the fact that half of any age group is women, and the fact that only about half of my age group are white, then you must realize that the average white male is roughly in the 90th percentile for any age group, so as a white male in the 25-29 category with a bachelors degree I am actually far below average.

>> No.29934320

>>29934212
Cope. Maybe in recent weeks since there is so many new posters, but the median poster on /biz/ is six figures, or at the very least high five figures.

>> No.29934444

>All these people suffering from second hand embarrassment over possible scenarios they make up in their own heads
Unironically a sign of neurosis. Stop focusing on others, just try and stay busy and keep moving forward regardless of where you are.

>> No.29934473
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29934473

>>29934034
This is the truth. But this is 4chan where 5'11 is a manlet, a net worth of 100k is pathetic, and not fucking trannies is gay.

>> No.29934543

>>29934473
>'11 is a manlet, a net worth of 100k is pathetic
because it is really pathetic to be a manlet and to be poor

>> No.29934838

Anon 50% of US adults don’t have 1k in their savings

>> No.29934938

>>29933923
Rich people go on social media more often. Almost ALL these whiz kidz came from rich families. Meanwhile, poor people have jobs and lives. And they know they should hide.


How do you not know this?

>> No.29935000

>>29934938
There's a shocking amount of class anxiety in younger people nowadays.

>> No.29935089

I live in California and most people here become millionaires before prom
If you don't have 7 figures you are basically not going to get laid on prom night if you are even lucky enough to find a date.

>> No.29935096

>>29934543
I once lent my grandmother $500 to lend to my uncle so he could buy his daughter a $500 doll playhouse set at the age of 21 when I was working at a grocery store.
He makes a $100k+ salary. Many people who make a lot are just consuming it without building any wealth.

>> No.29935116

normie answer:
>a million dollars thats so much money bro!!! imagine how much weed you could buy lol! i probably wont make that ever haha. money doesnt matter anyway money doesnt buy happiness!

real answer:
25 you should have at least a quarter mil, and then work towards 1 mil by 30. 1 mil at 35 is extremely late, and anything after that you've failed.

>> No.29935147

>>29933784
Ok, serious answer to the OP: stop hanging around rich people, because their effortless success will demoralize your progress. Also, never never NEVER EVER EVER trust poor fucks. Coming from a poor fuck, you CANNOT trust anyone EVER if word gets out that you are successful in any way. You will automatically become a sheep amongst wolves.


Be VERY careful.

>> No.29935186

>>29934293
Those are the 95th-99th percentiles, the top 5%, show the 50th percentile.

>> No.29935202

40

>> No.29935225

>>29933784
Gross or net?
A million gross should be doable by 35 if you're goal-oriented. A million net by 40.

>> No.29935234

>>29934444
Based quads of truth

>> No.29935278

>>29935000
That's because of class inequality.
Basically anyone who refuses to succeed will be ganged up on for the rest of their lives. Even if they can't deliver.

Plus, this country is broke as fuck, so lots of scumbag desperate poors out there. Anything for money.

>> No.29935289

>>29933784
I think most 25 year olds have a negative net worth lol. Most being, like 90% of them, lol

>> No.29935319

>>29934293
... do you know how to read?

>> No.29935373

>>29933784
>not born a millonaire
you had 9 months what were you doing?

>> No.29935445

To flex on everyone what you want is assets. People won't care if you've got 1M in the bank, they will care if you've got a 800K house though

>> No.29935465

>>29935373
you had 1.3 quadrillion years for your atoms to converge into the correct structure to be born a millionaire. what the FUCK were you doing anon??

>> No.29935475

>>29935289
This is also true. I know some people that have six figure jobs but most of them went to grad school, so they've only been earning for 1/2 years. A million at 25 isn't feasible unless you happened to get out of school with your six figure job at 21/22 AND browsed /biz/ in 2017.

>> No.29935491
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29935491

>>29933784
Relax anon. You are building wealth. Garunteed most of your classmates are not. They might have a better job etc etc but at the end of the day most normies cant help consuming and never really set anything aside or build on what they do have saved. Be proud of who you are. Of course you want to increase your value and gain more in the long run but dont define yourself by the amount of money in your wallet. That's filthy jew think. Anyone telling you otherwise is either a fag or a kike. Worry more about doing what makes you happy then comparing yourself to those around you. And especially dont compare yourself to people on this site. We are all larping faggots.

>> No.29935509

>>29935445
>People won't care if you've got 1M in the bank
if they're fucking retarded, yeah.
why do you care what other people think? especially people who don't understand how much more valuable 1m in capital is than a fucking house

>> No.29935561

I remember graduating high school and going to a sort of college-send-off party with other seniors. I was amazed that only half of us were worth 8 figs. I wouldn't even talk to the losers that were only worth 7. I don't think anyone worth less than 7 figures at 18 that didn't kill themselves would ever go out in public.

>> No.29935565

>>29934473
damn, even if i lose with GME i'm going to be in the 50 percentile for my age group. I need to finish school ASAP

>> No.29935642
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29935642

>>29935319
Think about it like this:

If you’re comparing your net worth to the rest of your age group, you are comparing it to
1. Women (50% of the population)
2. Blacks/Hispanics (40% of young population)
3. The unemployed (10% of young population)

So if you’re a white male, the AVERAGE should be at least 90th percentile for your age group, if you’re not 90th percentile for your age group you’re below average as a white male.

>> No.29935678

>>29934293
there's pre-2008 criteria, there's 2008-2019 criteria, then there's going to be post-2020 criteria
just watch

the 2008 crisis nearly annihilated the middle class. covid will finish off what's left

>> No.29935682

>>29935561
Clean your apartment instead of larping on /biz/ nerd.

>> No.29935724
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29935724

she makes a ml a week what’s your excuse?

>> No.29935773

>>29933784
noone gives a fuck about your wealth

>> No.29935782

>>29935642
If you're comparing yourself to only other white men ... you can't find any net worth data that already separates it into racial and gender categories? In this era of identity politics?

>> No.29935801

>>29935724
shes a whore who has subjected her kids to constant ridicule, id rather be poor

>> No.29935844

>>29935642
On the off chance you're not just stirring shit, you need someone to tell you you're a fucking idiot. I'm guessing that's going to be a lot of people in this thread, but I'll at least be one of them.

This attitude you have is not humility, it is arrogance. You know it, I know it, and I know you know it even if you won't admit it, even to yourself. Don't pretend to be stupid. Get your shit together and become a better person, or at least do everyone a favor and don't spout shit like this in real life.

>> No.29935845

>>29935373
God damn this made me laugh thanks bro

>> No.29935867

>>29935801
>cope

>> No.29935868

>>29933913
What about $750k at 28yo. Rope?

>> No.29935888

>>29935724
>47.5m USD a year
sounds legit

>> No.29935890

>>29934473
Even though I’m poor I at least have my height
6’5 taller than 95% of the world population
Yeah I’ll die early but fuck it at least I’m taller than all of you Manlet kings

>> No.29935916

>>29933784
You should be a millionaire by 65

>> No.29935938

>>29935147
>don’t hang out with rich people
>don’t hang out with poor people
Okay loser

>> No.29935941

>>29933784
>cash

>> No.29935970

>>29935724
I dont have a menopausal wife to whore out.

>> No.29935971

>>29935888
https://www.news.com.au/lifestyle/real-life/onlyfans-model-whose-kids-were-expelled-when-her-job-exposed-now-makes-130kaday/news-story/bb36ad422f4d2fd7c1ccccb30a05a96a
she won the game

>> No.29936004
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29936004

>>29934212
Kek this some major cope right there, might be true on plebbit but oldfags mostly nade it already... i mean even i had a networth of 1.25 million just a week or so ago....

>> No.29936034

I'm 25 with less than 3k networth and I'm all in crypto, I barely leave money in my bank for bills.

Moons or rope no in between

>> No.29936038
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29936038

>>29935782
>>29935844
I’m not stirring shit, the average full time man earns 80k, and we know white men earn more than other racial groups except Asians and Indians, so we know the 90th percentile is roughly average is you’re a white man with a college degree. There’s a lot of pressure to get ahead in 2021.

>> No.29936130

>>29935971
In the end days she would’ve been removed from the community, in some places killed. Now she’s given millions and will be given some kinda award for “strength and perseverance” what does this say to the next generation of men and women when a 40-50 year old, by any measure old woman can get rich off this shit and seem desirable?

>> No.29936161

>>29936038
according to this >>29934473 you're in the 70th percentile at 30yo with 80k. so which is it, /pol/tard

>> No.29936180

>>29935724
>demoralisation
we’re in a simulation aren’t we

>> No.29936193

>>29936038
Be that way. Yes, it is very embarassing to not be a millionaire by your age.

>> No.29936225

>>29935491
That image of Terry Davis is unironically everyone in my current neighborhood and everyone I ever attracted in life and I am terrified of all of them. Those guys aren't even good or sincere to compensate; they are just scary.

>> No.29936314 [DELETED] 
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29936314

>>29936038
>know white men earn more than other racial groups except Asians and Indians,


Hey goyim

>> No.29936387
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29936387

>>29935724
This is exactly like that episode of Simpsons where Marge does Playboy and then Bart gets in trouble for beating up Nelson for ogling Marge. Word for word.

>> No.29936429

>>29934176
Any suggestions or tips?

>> No.29936444

>>29936038
>>29936161
Careful when talking about what a man earns versus his net worth.
Lots of guys making good money but are living pay check to pay check. They could be anywhere on that board, even in debt.
Whereas some are earning lots less but have a high net worth from assets that gives them a top 70th+ percentile spot.

>> No.29936495

>>29936444
Truth trips

>> No.29936680

I'm 33 or something like that. Only have £15k. How the fuck am I supposed to have six digits of even be a millionaire at my age? I only get £409 a month in Universal Credit. Even if I just save it and don't spend a penny, that's still only £4908 in a year. Genuinely don't see what you guys are on about. It's like your living in some fantasy world, or are you all gambling on shitcoins and getting lucky?

>> No.29936805

>>29936680
I think everyone has a job

>> No.29936841

>>29934176
elaborate

>> No.29936897

>>29935682
I was being sarcastic.

I turned 28 on Thursday and am worth around 300k including savings, 401k, crypto, robinhood play money, and equity in my house, and I know I'm doing really well for my age. It's easier for me to understand this though because I live in a very rural, low-COL area and am making probably more money than the other 50 people I graduated high school with.

>> No.29937041

>>29936387
clown world

>> No.29937107

IMAGINE BEING 25 AND NOT WORTH 8 FIGURES AHAHHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHA

>> No.29937476

>>29936680

>>29936805
this

Try being a productive member of society.

>> No.29937899

>>29934293
>>29935642
>>29936038

Hey retard, if 50% are women, 40% are black/hispanic, and 10% are unemployed, you can't add those numbers up to get the average percentile of white males. First of all, not all blacks/hispanics are below all whites, not all women are below all men, and not all unemployed are below all employed. Second of all, there are members of the population that overlap multiple of those groups. And only if you're from Reddit will you assume that they overlap uniformly (hint, they don't - blacks are more likely to be unemployed than whites). Anyway let's assume they overlap uniformly, and that all whites are higher than all non-white, and that all men are higher than all women. That puts the average male at 1-(1-0.5)(1-0.4)(1-0.1)=0.73 -> 73%. Now pair that with the massive assumptions we made before the calculation and you should realize the average white male won't be much higher than 50th percentile. I give it 60th at best.

>> No.29938040

>>29936429
>>29936841
asymmetrical bets, such as investing in smart contracts early such as Link or ETH. I may also have larped a little bit. But seriously, one should take risks if one can afford to do so especially if it is something ''asymmetrical''

>> No.29938072

Let me be clear, I WILL rape you, I WILL impregnate you, YOU WILL have an abortion at your expense, do you fucking understand

>> No.29938086

>>29934034
I'm 38.

$60k 401k
$160k cryptos
$40k cash

Only $136k mortgage

My income is $70k/yr

How am I doing?

>> No.29938201

>>29938086
Very stable imo. But did you get the 70k salary late? Seems if you were making that for more than a decade you'd have a higher networth by now.

>> No.29938260

>>29933923
Daddy’s money doesn’t count

>> No.29938269
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29938269

>>29934320
Bahahhahaha

>> No.29938297

>>29938201
Just started making 70k two years ago.

Past 10 years I worked from $39k and gradually worked up to it.

I was able to put down $45k on my house too.

>> No.29938363

Honestly, never. Most people will never even have 100k in their bank account. And currently I'd say that you're top 10% if you own more than 10k.

>> No.29938448

>>29933784
1 day old, once grown a poorfag forever a poorfag.

>> No.29938507
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29938507

>>29934293
>only in 98th percentile
i am never going to make it, bros...

>> No.29938509

>>29933784
Lmfao imagine being this poor

>> No.29938644

>>29938086
You're doing great. A hell of a lot better than the people I talk to every day.

>> No.29938765

>>29934034
24
10k in stocks
About 5k in bank account
Live with mom
Make like 34k/year
Almost 0 debt and i think my credit score is pretty good
How am i doing vs other young 20somethings?

>> No.29938805
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29938805

>36
>1k in my bank account
>no investments
You tell me?

>> No.29938862

>>29938765
Way better. 90% of tards have zero savings of any kind. I literally had to show multiple coworkers that they had 401ks with thousands in them that was automatically deducted that they didn't even know they had...

>> No.29938886

>>29934320
>Median
No.

>> No.29938905

>>29933784
How are you 25 and give a shit about (or even remember) your old classmates

>> No.29939096

>>29938862
I dont underatand how piss poor normalfags are with money. Youd think theyd learn after a while

>> No.29939246

>>29933784
I'm 41 and I am not a millionaire. I live the life I want though and want for nothing. Following a number amount is going to make you miserable.

>> No.29939577

>>29939246
Literal cope

>> No.29939725

>>29933784
imagine living of life being judged by made up notes from the government. maybe this is why most millionaires have a zero dollar personality...

>> No.29939797

>>29939577
Let's see, I live on the coast. My boat is docked right behind my house where I can hop in and take off any time I want. I have no debt, a hot wife, 3 great kids, and a job I love. I do cope very well.

>> No.29939826

>>29939725
Hey nigger I grew up poor, it means a lot for my family that I'm getting rich in crypto. Life is certainly more harsh when you're lacking those notes

>> No.29939855

>>29933913
how bout doctors who dont start ehir career till 28

>> No.29939964

>>29939797
Bravo anon. You surely told that 17 year old pre-pubescent teen his place!

>> No.29939984

This thread is why you should never take /biz/ seriously

>> No.29939992

You're not a true /biz/raeli until you become a millionaire more than once

>> No.29940009

>>29936680
I feel like things are just different in america maybe with the numbers they throw around
But in the UK i know several people who are "doing well" jobs-wise at around 27-30 who have < 10k in the bank despite working at "good jobs" for > a couple of years
The only people i know who have even kind of good money by this age are the people who are still living with their parents desu or were in the military for a few years. Not having to pay rent really adds up.
tbf the only people i know who even touch financial stuff really other than me are those whose parents did stocks n stuff too

>> No.29940107

>>29933784
HOW DOES -326$ AT 30 SOUND?

>> No.29940385

>>29939984
Why?

>> No.29940432

>>29935089
Is this unironically true?

>> No.29940474
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29940474

>>29934473
>>29933784
I might only be at the 50% at 30yo but Im 6ft tall and my dick is 7.4 inches.
The sight of a woman's face getting my thick cock deep inside her is something you cannot buy.

>> No.29940707

I wonder how the kid feels about this

>> No.29940763

>>29940474
>not being at least 7 feet
Not gonna make it bro

>> No.29940876

>>29938765
You're doing really well for 24. When we pre-quality people for loans we ask about liquid assets (checking, savings, retirement accounts, stocks, bonds, really any type of depository account). Many people have nothing. It's not uncommon for me to have borrowers who have only a few hundred in checking and savings. The majority dont have any retirement accounts and MAYBE 5% have any kind of brokerage or money market account. Also many people have shitty credit. The bar for being better off financially than the average person in America is astronomically low. If you keep on your current track and maybe get a higher paying job you'll be in great shape.

>> No.29941436

>>29938765
24
160k crypto
60k in bank account
1k debt (daily expenses/building credit), ~750 credit
quit 150k/yr tech job and moved back in with mom due to burnout
may have marijuana/stress induced anxiety now, idk when im getting back into the workforce. hopefully never

count your blessings, your health height and hairline is your wealth . i score low in all of those

>> No.29941458

>>29933784
Realistically you should be worth a million by your late 30’s to be considered at least a competent investors. For elite investors late 20’s early 30’s. For normies, maybe around 65

>> No.29941818

>>29940876
How do they qualify for a mortgage if they don't have savings? What about the downpayment?

>> No.29942040

>>29933784
>worries about net worth
>doesn't use the dhedge managers to make him make it for him
NGMI

>> No.29942327

>>29933784
If you work hard and live an honest life, being poor or middle class is as good as being rich. I think your thread shows your age very well, you have much to learn about life.........

>> No.29942600

>>29941818
We do a lot of VA loans, no down payment required. You still need assets for what's called 'reserves', we get around that by ordering a 'verification of deposit', basically a bank statement on payday when their account is at its highest. We do a lot of loans for people that we probably shouldn't desu.

>> No.29942822

>>29935890

thank you for all the manual labor

>manlet king

>> No.29942829

>>29942600
> a bank statement on payday when their account is at its highest
this is next level .
is it worse to deny these people a shot at the american dream, or to approve them even though a bad month could wipe them out? do you ever try to convince people not to go for it?

>> No.29942858

Everybody is on their own path nigga, the only thing that's embarrassing is to not be a millionaire when you retire. That could be at 25 that could be at 65.

>> No.29942871

>>29939797
>No Bugatti
>No mansion
>No e girl parties
NGMI

>> No.29943087

>>29933784
I think if by age 35 you don't own at least one property, an average car, and have a million in the bank that it's pretty embarrassing. I'm 29, and not even close. But I did manage to at least buy a modern apartment and a 2019 Toyota Corolla Sedan this bullrun. The property is worth $317'000 and the car was only around $15'000 so that's not too bad. Problem is, I only have around $90'000 left in crypto after this. I don't t think I'll make it this bullrun, but with some luck, I might make it by the next one. Very fine line between failure and making it from where I'm standing right now. I have to go back to wage slaving in another three months if the bullrun is over. Was able to quit and live of staking rewards from December 2020 until currently, but it seems like things are slowing down to the point that I have to go back to working as a Sys Admin until the next big run if things don't pick up again by June 2021.

>> No.29943242

>>29942829
No, I never turn them away for two reasons.

1. I dont get paid if I dont close loans. I hate that my job forces to me to act and think this way but there is so much competition for the borrowers who have good financial situations (most borrowers shop lenders) that you have to have the sketchy ones as cushion for when the good ones go elsewhere.

2. Most people are in less than ideal circumstances. Living on a razor's edge is pretty much the norm for a lot of people, if I turned them away there would be very few borrowers left. I sometimes wonder about the future of this country financially. Most people have no savings or investments, many working people won't receive social security, gen x might, millenials probably won't. Wages have not kept pace with inflation. It's a giant powder keg .

>> No.29943357

>>29933784
Dude by 25 most have less than 10k to their name. Your sweet.

>> No.29943478

>>29940876
>$15k
>really well
Jesus this makes me feel a whole hell of a lot better about facing the mortgage jews

>> No.29943544

>>29934073
Barely got to 6 figs by late 30. Took me until 25 to really get going career wise and had a lot of debt (grad school required for my professional cert.) Job market was dogshit when I graduated undergrad so went further education wise. Then my first job after grad school was in a high CoL which sucked out cash like a motherfucker. So a bit delayed but now I make ~100k in a low CoL so I'll be able to catch up. Can toss about 2.5k into investments monthly.

>> No.29943634

>>29943242
How bad is it to not have a 401k if I still have beacoup bux? I never bothered with it and just dump everything into brokerage.

>> No.29943719

>>29935096
This, my first job out of uni payed 6 figures. I literally pissed it up a wall, blackjack and hookers.
Did not work at growing my wealth, kicking myself now.

>> No.29943810

>>29933784
Putting a cash value on making it is a losing man's game, anon. I don't mean in some hippy-dippy, love-is-all-you-need way either. It's about time.

Britbong here, but in the UK the average citizen is 2.5 paycheques from being homeless. 2.5 months of runout, if they're lucky.

I'm not a millionaire, but if everything hit the shit here, I've got 2 years at my current burn rate and I could stretch that to 5 if I really needed to. Also, I own the house outright so that's never, ever going to be a worry.

Am I a millionaire? No. Have I made it? I'm pretty fucking comfy.

>> No.29943962

>>29943634
You mean from a lender's perspective? We dont make much distinction between the two.

For your personal finances it's generally smart to have a tax advantaged account like a roth IRA so you dont get as fucked by the IRS but a lender won't give a shit about that.

>> No.29944206

>>29933784
Wouldn't matter if you had a billion, you'd still be an insecure loser. Your old classmates don't give a fuck about you dude, they're busy living their own lives.

>> No.29944350
File: 57 KB, 1025x970, TWOMILLIONDOLLARS.png [View same] [iqdb] [saucenao] [google] [report]
29944350

i think 1m by 25 or else its game over. you need 10m to make it and enjoy it

>> No.29944417

>>29943962
Yeah. Here's my situation, give me a qrd on how you might respond to my application. & what terms I might expect
I'm 21 and have $70k in stocks and crypto. Basically zero cash at any time, zero debt, I make about $30k a year but I'm contractor i.e. unemployed
When I get up to ~$120k or so I want to buy land and build a small house on it. I'm thinking construction will cost around $50k if I do certain things myself, land I expect $20k - $45k.
750 FICO
Questions:
>Can I get approved for a new construction loan? How does that work? Will they deny it if the entire job isn't through an outside contractor?
>Can I mortgage the land and then build on it no problem? What kind of rates are appropriate?

>> No.29944483

>>29940009
I had to fuckin move out though lolll. My family are hyper political. Spewing venom about trump constantly. When I moved out I doubled my money.

>> No.29944492

Also, if anyone knows, can I get homeowner's insurance on a property that was partially built by me or will they sperg out? I want to avoid paying a GC to do shit I do every day.

>> No.29944493

>>29933784
YLD Credit will make you a millionaire in 3 months. Screenshot this because you're going to start seeing it all over biz in about a week. Mark my words anon. This is a 4 digit coin currently valued at 2 digits. About to enter 3 digit hell.

https://www.coingecko.com/en/coins/yield

>> No.29944554

>>29943242
>Most people are in less than ideal circumstances. Living on a razor's edge is pretty much the norm for a lot of people, if I turned them away there would be very few borrowers left. I sometimes wonder about the future of this country financially. Most people have no savings or investments, many working people won't receive social security, gen x might, millenials probably won't. Wages have not kept pace with inflation. It's a giant powder keg .
Ahh, now I understand why fake gurus are everywhere..

>> No.29944631

>>29933923
If you have 40k by age 30 you're doing alright

>> No.29944654

>>29944206
Ah, no. I promise they think about you, if you irked them in some way. I’ve had a lot of old class mates, get quite upset, that I ended up wildly successful.

It’s not supposed to happen, a 23 year old getting rich early. Without college, or seeing school as a joke. I just talked to girls and tried to fuck.

>> No.29944747

>>29933784
you must be a millionaie by 21 and at least 184cm tall to be on this ride

>> No.29944792

>>29944654
i can confirm this no coiners look up the price of chainlink everytime they get

>> No.29944799

>>29933784
Nobody cares how much money you have. When does net worth come up in a conversation with normal people? Keep trading the cycles and you'll have a few million easily in a few years.

>> No.29945008

>>29944417
You're a contractor, how is your income taxed? 1099? Schedule C? How long have you been contracting and have you declared taxes on it the whole time? If we cant prove income this is dead.

Crypto will be hard to use as an asset, theoretically it can be used, the heD of our underwriting dept has told us not to use it, this may not matter depending how your assets are distributed.

For the type of construction you are referring to, where you do it in land you already own, the builder will want some sort of collateral up front. Whether it's money up front or you temporarily deeding the land to the builder during the construction process. The money gets doled put in 'draws' to the builder during the construction process. My company wouldn't do a loan of only $50k, that would be another obstacle you would face.

>> No.29945178

>>29944417
I realized there are a few more questions:

They won't necessarily deny if the entire job isn't done through one outside contractor but an appraisal will be required at the end. You could mortgage the land and use the equity to build the home outright if that's what you mean, idk what rates are on land equity loans, we dont do those. Plus rates today won't be the rate when you did this.

>> No.29945195

>>29934473
> above 90th percentile of net worth
> not even 25 yet
> black

feels good man. still want my reparations though

>> No.29945284

>>29940107
Pretty bad ngl

>> No.29945340

>>29933784
If you aren’t a millionaire by 21 you’ll never be a billionaire by 30

>> No.29945390

>>29945008
1099. About a year, I pay tax on it. I have an accountant so that's all I know
>ou could mortgage the land and use the equity to build the home outright if that's what you mean
So how I would prefer to do this is to mortgage the land so I own it and can build on it but still have my money to use for construction. I plan to pay for all the construction outright. I just would rather not be totally stanked buying both the land and all the construction in whole.
I know you don't do land, but what is a typical minimum amount that you'll lend?
Another way to do this I've thought about is to get a new home construction loan for say $150k, then use those funds to buy the land and finance construction. But I don't know if this is even possible

>> No.29945491

>>29945195
Go rope yourself, nigger.

>> No.29945505

>>29943087
Dumb cunt uses apostrophes in place of commas

>> No.29945527

>>29945340
if your parents arent rich, you'll never be a millionaire period.

>> No.29945546

>>29944792
based linker

>> No.29945633

>>29933923
Where the fuck are you getting this idea? College kids on average have less than $1000 in immediately available cash, Americans in general.

>> No.29945718

>>29945633
Instagram larpers prob

>> No.29945826

>>29933784
Another 25yo here. I’m employed gainfully, making ~60k a year as a wage slave, and have 35k invested with another 24k in an IRA. I think realistically the earliest you can comfortably be a millionaire is 29.

>> No.29945876

>>29933923
LMAO most college students have negative net worth wtf are you on

>> No.29946073

>>29939855
They are wagies. If you plan in waging for the rest of your life making $200k+/ year then you obviously don't need millins in the bank.

>> No.29946171

>>29934838
50% of US adults are browns and niggers with 60 IQ, so that's not exactly a valid point

>> No.29946337

Turning 30 next month, networth is barely under 100k usd, I feel pathetic...

>> No.29946483 [DELETED] 

A lot of cope ITT. If you're above average IQ then you shouldn't compare yourself to the average NPC wagie.
There are so many ways to /make it/ in your 20s online.

>> No.29946538

>>29945527
midwit wagie cope
it has never been easier to become a millionaire if you're not a brainlet, can think outside the box and you're willing to put in a bit of work

>> No.29946597

>>29946538
I don't understand how someone can be 25 and have nothing in savings. NPC meme is funny and all but there's honestly truth to it, how the fuck can people live only thinking about the immediate present?

>> No.29946626

>>29946073
They really should teach Finances in med school. So many doctors blow all their money and live paycheque to paycheque and never really get rich, even though they earn so much.

>> No.29946637

>>29946337
so do something about it?

>> No.29946737
File: 35 KB, 414x416, 427B27E2-411F-4318-B9FC-BD4F00F6D42A.jpg [View same] [iqdb] [saucenao] [google] [report]
29946737

>>29933784
The more time I spend on this board the more I see how disconnected from reality most of you are. The average person doesn’t even think about having a net worth and near everyone in this country wage slaves themselves, paycheck to paycheck, into the grave.

If you have more than 10k you can use as “wipe your ass” money right now, during a pandemic where tons of people either lost their jobs, went homeless, used money they didn’t have, etc, ygmi

>> No.29946755

>>29946597
People are dumb. Unless you handhold people and expose them to the reality of it, they just wageslave cause everyone they know wageslaves too. They don't realize there is another way.

>> No.29946783

>>29946597
I see people on college campuses walking around in balenciagas carrying gucci bags. It's simple they spend it all
>live only thinking about the immediate
The conspicuous consumption trap. What's the point of all this money when no one knows I have it?

>> No.29946843

want to see the true GEM?
rofl, go for BSC and use Jul
forget about this fucking fucking gas on ETH
any tokens can bring you profit
>you shouldn’t be expert in trading, go for farming

>> No.29946876

>>29933923
Stfu

>> No.29946884

>>29946637
Believe me Anon, I am going to 5x my networth soon, I'm all in on crypto so I know I'm good.

>> No.29946943

>>29934838

Do I just not interact with the bottom 50% of society then? Every time I see this statistic I don't believe it at all

>> No.29948634

>>29933784
Bump

>> No.29948766

/fit/ here, I can't tell you how glad I am that /biz/ has "the average dick size is 7 and the average height is 6'1 and you should kill yourself" threads too.

>> No.29949204

>>29934473
37, net worth ~120k€, just a working stiff code monkey, no life, no hopes, no dreams
converting to dollars gives $145k, pegs me at having a higher net worth than 70% of people my age
yet I'm nowhere near rich

>> No.29949386

>>29948766
Do they happen every day on fit too?

>> No.29949415

>>29933784
I'm 34 and in the opposite situation. Have 75k in a 403b and 20k in savings. Looking to get enough for a down payment for a townhouse or something. Hoping to find some good investments to have my money make money.

>> No.29949495
File: 13 KB, 320x320, 1467758616529.jpg [View same] [iqdb] [saucenao] [google] [report]
29949495

>>29934293
>>29938507

>> No.29950846

>>29940432
The closer you live to Hollywood the more true it becomes

>> No.29950875

Honestly Anon don't be embarrassed it's embarrassing and your making everyone here actually feel embarrassed for you.

>> No.29950995

>>29948766
>/fit/ here
Kek is this 2011 or something? lmfaao

>> No.29951034

25

>> No.29951546

25 with 40k cash, ~15k in crypto, own my car. Live at home. I make 1k per week. No idea what I want to do still. Help.

>> No.29951771

My networth broke $1,2 million at 30 years old. I spent most of my 20s just abusing drugs and not working

I stopped hanging out with losers after I broke that one million, cut contact with people. They were not succesful themselves, they are just normies with debt. I am the most succesful guy I know at my age despite all of the normie wagies have spent years wageslaving and studying, the thing is that the socialist european states here literally hate big price progression, so someone with a million at 30 is a rarity and like 0,01% of the population. None of my ex classmates, even the extremely succesful alpha like doctor type of people never quite made it there, a druggie Neet weirdo overcame them in terms of success in finances. That is life. That is Bitcoin.

>> No.29951832

>>29939797
based, retards like the one you are replying to clearly have never seen a biz thread where a millionaire is considering the rope because they neglected the important things in life for muh big number

>> No.29951969
File: 16 KB, 259x194, ayytbhfamimo.jpg [View same] [iqdb] [saucenao] [google] [report]
29951969

>mfw there are actually fags like OP who literally believe /biz/ larps and think that your average person isn't living paycheck to paycheck with practically nothing in savings

>> No.29952025

>>29933923
Hahaha oh man, that’s because they’re bullshitting. Every single statistic shows millenialfags and zoomera are poor as dirt.
Now, some of us have rich parents. But I don’t consider that money “mine.”

>> No.29952341

>>29952025
I truly feel like the millennial generation will go down in history as the very last generation to ever have a shot at things like home ownership and financial freedom -- I think retirement is out of the question already though, and gen Z was the absolute tail end of that.
I can only imagine zoomers have even shittier prospects, and gen alpha or whatever the fuck we're calling it will be even worse, so on, and so on --- we truly are just breeding a mass of mutt serfs who will never know success, will own nothing, and will be happy.

>> No.29952390

>>29933784
Let's be real. 99% of this board will never be POST TAX Millionaires.

I'm there now but I simply think shit like Jigstack and IDO frenzy has much more to run (and Jiggies haven't even launched)

>> No.29952416

I will never again follow this shit that shilled everywhere on /biz/
just lost 25% of my wallet
thank I take part in enecuum mining and alpha nodes have cool income
but don’t trust that scam that they try to discuss here

>> No.29952463

>>29951771
It's stories like this that keep me going with all of this.

Good work, hoping to follow in your footsteps.

>> No.29952567

>>29934473
5'11" is manlet and 100k is pathetic over 30

>> No.29953131

>>29933784
Please kill yourself

>> No.29953158
File: 3.58 MB, 1638x946, 1599698253179.png [View same] [iqdb] [saucenao] [google] [report]
29953158

>>29933784
I have 78k at 25(got to 92k then dropped last two weeks), half of it in BTC, rest is invested mostly in commodities. Am NEET/hikki. Am I a disgraceru?

>> No.29953160

>>29951969
are they? I'm 25 and I haven't talked to anyone my age in a casual context in years. I know all my siblings and younger cousins are in debt though

>> No.29953454

>>29953160
Based on everyone I know, basically the only people who aren't perma-NGMI and can actually afford a house and shit are DINK couples where both are in lucrative career fields like law, medicine, and tech.
Everyone else? I feel for them.

>> No.29953581

>>29938507
>98th percentile
Pathetic

>> No.29953692

>>29953454
I almost have 6 figures and I feel pretty poor. I guess it's only because I don't want to go in debt. I could "afford" a $500k house or a $100k car if I really wanted to be a debt slave like most normies

>> No.29953745

>>29933784
with the incoming hyperinflation we are all gonna be millionaires, we are all going to make it.

Do not compare yourself to others because wealth is a generational concept via inheritence of money and behaviors. The most you can focus on is doing your best and moving your children up the social ladder. These SJW trust fund babies will get their just desserts or even funnier will have no family or friends and the totally facist government will inherit everything when they die.

Source , NEET neckbeard who lives rent free in fixed income apartment that uses student loans to buy crypto and will never wageslave because no pure woman will touch his peepee.

If the (((elites))) are crashing this society the least I can do is make them pay me for it.

>> No.29954034

>>29953692
IKTF. We have a combined income of like 250K, basically no debt, and are currently facing down the choice of buying a house that's going to cost literally anywhere from 800K to 1mil cause of our cuck area and being house-poor slaves OR just forever being rentcucks with zero equity.
Neither option feels very make-it. I feel like you need to just be a 7-figurenaire to ever eliminate that poor feeling.

>> No.29954155

Poorfag euro here earning 30k (net) as a software engineer, it is my first job out of college. I have 5k in savings. How much should I save before investing more heavily? Right now I'm able to save 50% of my income. And 20% of the 50% I'm saving goes into crypto (1000 saved, 200 into crypto). I'm gimped by my salary for now so I'm just wondering what a solid strategy is...it feels pitiful only putting in 200 a month in crypto

>> No.29954243

>>29954155
30k per month isn’t that bad, anon. You probably gonna make it.

>> No.29954390

I pulled out all my stocks and almost all my crypto and didn't invest last year because I was a pussy. I literally started investing again in mid-Dec and I made 500K from 50K via GME. If you were already investing from last year March, you should have easily made 100x from crypto and/or stock options.

>> No.29954421

>>29933923
Most people in college are full of shit.

The pressures of social media has falsely created a whole generation of 'rich kids'.

It's all a fallacy.

>> No.29954478

>>29946171
ding ding ding

>> No.29954613

>>29954243
Per month? He means per week dude ofc he is going to make it

>> No.29954707

>>29933863
I agree. Glad I became a millionaire by 12.

Even black kids are doing it:

https://communityjournal.net/11-year-old-black-kid-trading-on-stock-market-nominated-for-black-enterprise-award/

>> No.29954990

>>29933784
I'm turning 30 in a few months, and I have right around 300k USD in various assets. I was a depressed NEET for four years though, so I got started late. If things go well, hoping to be a millionaire by around 35.

>> No.29956248

>>29952341
It’s the future we chose

>> No.29957146
File: 42 KB, 713x611, 1614485860028.png [View same] [iqdb] [saucenao] [google] [report]
29957146

Making money made me realize that money is pointless if you have under 100m, under 100m an x amount of money is pretty much equal to 0 in terms of purchasing power in the west.

>> No.29957242

>>29934073
on which expected annual return is that based on?

>> No.29957489
File: 60 KB, 839x535, 1603121692615.png [View same] [iqdb] [saucenao] [google] [report]
29957489

>>29933784
what a dumb post, having one million dollars in net worth means being in the upper 1% of the global population

>> No.29959295

It strikes me how easy it is to make money nowadays, and still the mayority of people choose to wage cope everyday, having a respectable high paying job to support your family is good, but some genuinely young smart guys choose to work manual slave labor jobs for years and they don't have to support a family, is it laziness?

>> No.29959325

>>29946073
zero fucking logic stay retarded.

>> No.29959341

I guess if you started at biz young, you'd probably become a millionaire by then. I'm currently 24. I got lucky and made 400k starting with 15k in 2018 using savings from my internship and selling the car my dad gifted me when I got college scholarship. Invested about 1-2k a month in crypto since then. First posted about it here: >>https://warosu.org/biz/thread/S28660361#p28675041

In less than a month since posting it though it went from 400k to 310k. Most of the losses were from chainlink and eth. For the next few months I'm adding SAV3, IOTA, TRDL, RSR, DFT, and UNN to my portfolio

feels good

>> No.29959533

>>29959295
how do you make 'easy' money?

>> No.29959573

>>29933784
Nah it's OK to be poor in your twenties
But if u aren't in 7fig hell in your mid 30s you should consider kysing

>> No.29959617

>>29959533
buying bitcoin and hodling

>> No.29959710

>>29933784
5

>> No.29959824

>>29933923
Yea
1. You're a loser for comparing dick sizes, be it physical or financial.
2. All your friends are not millionaires that's a statistically proven fact.

Money ain't everything champ, live a little and risk a little and don't forget to it and do what you love.

>> No.29959867

>>29935373
Kek

>> No.29960057

>>29933923
>everyone is a millionaire in college these days.
Stop watching tv or you're ngmi.
Get your news elsewhere.
If there really were as much millionaire as you think boomer fags and cryptos would already own the world because of their fat stacks.

>> No.29960061

>>29933923
this is verified by statistics, anon. most people are millionaires in college. you're an extremely intelligent individual for picking up on this, terrific pattern recognition

>> No.29960217

>>29935373
kek

>> No.29960808
File: 445 KB, 1000x900, anti_sad_juice.png [View same] [iqdb] [saucenao] [google] [report]
29960808

>26
>5'11 manlet
>Master's degree in software engineering
>Only 600k networth
>Never had a girlfriend

Should I just end it?

>> No.29960907

>>29959617
You'll get shat on because it's the truth
normies can't comprehend investing money they could blow on a new iPhone into something AND waiting for 2-3 years

>> No.29960919

>>29953454
>DINK couples
burgers and there stupid fucking faggot acronyms

>> No.29961014

>>29960808
Buy yourself a mail-in bride? (NFA)

>> No.29961098

>>29960919
ianal but fiw you need to kys

>> No.29961162

>>29953454
DINK couples are just tragic narcissists who want to buy and do whatever they want because everything has to be about them. Ever met a DINK couple that didn't own like 3 designer dogs and live in a inner city townhouse, while they guzzle wine and pretend to be 'satisfied as a dog mum'?

>> No.29961360

>>29933913
at what age should you be a billionnaire?

>> No.29961424

>>29961360
9 months, but technically you count your age as when you are born, so let's go with 1 day old.

>> No.29961468

>>29950846
how do they make money

>> No.29961524

34

>> No.29961716

>>29961098
choke on a burger

>> No.29962037

>>29933784
no larp, you should atleast have a networth of 1 million by age 35-40

>> No.29963123

>>29945876
Yeah mine was negative in college. BTC wasn’t 50k

>> No.29963176

>>29933784
40

>> No.29963189
File: 195 KB, 798x770, 1614547387950.jpg [View same] [iqdb] [saucenao] [google] [report]
29963189

>be me, 29 yo eastern european
>have mid 6 figures made from flipping shitcoins
>just quit my job cuz I make triple my salary just from yield farming

Most human beings that don't live in burgerland can easily make it with just $2mil, kek

>> No.29963276

>>29954034
Borrow money 10 year low interest of 2%. You can get that wotj your income and put it all in crypto

>>
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