Hi everyone, do any of you have a networth of $1million+ U.S dollars, just by working a regular 9-5 job? If so, how did you get to the point!? #personalfinance #investments #networth #money #techcareer #financecareer #facebook #google
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Also, i'm under the impressions that Designers and PMs and other functions can make similar TC to eng
Intro aside, I currently own 3 properties valued at (80k, 270k, 170k) two of the houses I rent and cover the mortgage, insurance, etc. and also manage to clear about 300-400 a month. In 30 years assuming no appreciation or raising of rent I will have 520k in real estate value and an extra 216k in cash. Using owner occupied loans I was able to secure the 270k duplex for only $10,000. I saved for about a year living in a 400 sqft apartment making 65k a year.
Hopefully I will be a millionaire one day or possibly multi millionare as I dont plan to stop... but life is crazy and I am certainly over leveraged a bit... risk and reward go hand in hand, but with real estate I feel that the risk can be mitigated more easily than the stock market.
I read somewhere its required to post this: TC - 82,000 YOE - 2.5
1. With equity and expenses it made more sense then renting
2. While the market is certainly very hot and prone to burst, I dont want to try and "time the market." (Warren says thats a no no)
3. I am saving now to cover expenses. But already with equity and savings I could cover for a year if needed. As long as people rent though, I should be ok and growing. (I dont plan to sell for a very long time)
4. I rent in low cost of living areas (where house prices do not fluctuate as easily like LA) I ammore focused on cash flow than apprieciation.
5. I am young with no kids. Maybe I am wrong. So I go under, declare bankruptcy and move in with friends having learned a lot along the way. (Some would argue this being a better dollar value than some colleges)
6. Risk is proportional to reward
With appreciation + debt pay down + cash flow - expenses, I’m up conservatively $280k. Not taking into consideration the tax advantages, depreciation etc.