I have reached $4M net worth (not including primary residence). I am single, 37 and in good shape. It was a very difficult, slow and methodical process and took 15 years that got me to $4M. Stock, real estate and being in Tech was helpful. I shop at Marshall, grocery outlet and Goodwill. I own a Model S ;) AMA [Edit] TC at FB: $330k. Passive income: $180k
Whatβs your passive income?
Very impressed on the diversified income sources!
At what point do you plan to retire on just your passive income?
Tried it and got bored after 6 months and came back to tech. Took retirement at 34 ($2.5M net worth) and passive income of $120k ish. Glad I got back.
I feel like the same thing will happen to me once I hit FI. A few questions: What did you do for those 6 months? Are you happy you took the time off? Now that you're back, are you happy with the amount of vacation time you get?
Advice on getting passive income? Were you just lucky getting into real estate before prices shot up?
Real estate is a long term game (10+ yrs). I bought real estate at the peak of 2008, went through crash and now they are back up. Advice: Don't time market. As long as your property gives positive cash flow and just above break even, it's a good asset to buy + hold. After 10 yrs, rent increase will yield you $400+ each door. So, own as many doors as possible to maximize cash flow after 10 yrs.
What do you mean $400+ each door? I need to count the number of doors in a condo?
Can you provide more details and breakdown on the real estate income?
Please the explain the 30 units you own a 30 unit building?
Whatβs the point of this AMA? Iβd understand if it was $400M, but only $4M?
Lol no.have been thinking about it.
How much in taxes?
TC or GTFO