this.
but i have state retirement as well as some 401ks laying around. do have SOME savings.
^BS Wayne, your sitting on a SRS bank right now.
+13459786134.
Good thing that’s only your opinion lol.
I could recommend only one, because that’s all I’ve used, but he’s the man (IMO). He calls me every single day to let me know how things are going, he owns an unmanned weapons company so he’s helping my get the 98B and some other stuff (optics, ammo, etc…) and he’s effin funny.
If you’re dealing with a little bit of money, that’s perfectly fine. I would recommend against doing it with a larger sum.
I have a lot of money in a lot of places. Mutual funds, bonds, stocks, etc…
I have some set aside in just a normal savings account, and I have a little bit in a checking account.
The younger you are, the more risk you should take (just my opinion) because you have your whole life to get anything back. The higher risk, the higher return (and losses for the glass 1/2 empty type of guys) is generally the case, but you should also research any investment opportunity as much as possible before you dive into anything. As some can tell you, I talked about it almost night and day on what to do, and a few people were very helpful with any decisions I’ve made. Jesse Clark knows his shit about the subject, as does Jammer and a couple others on the forum. I’m still a newb in it all because I have someone who does a lot of it for me, but teaches me things along the way.
The latter, except I don’t put my life savings into something that depreciates.
Pretty much everything ‘depreciates’ due to inflation. Yes, you can beat deflation by getting a savings account, CD, MMA that has a higher yield,but good luck finding one. I believe the current deflation rate is somewhere in the 3-3.5% area.
Say a person has $1M. Say the deflation rate is 3.5% per year. For each day that that person does nothing at all, they lose almost $96. Yea, the bank account will still say $1M, but the worth of the $1M goes down.
I’m in the same boat of buying my first house when I’m 22 for a great price though I will be using it as a rental property, other than that I’m putting every penny I can into my 401k and that leaves me with nothing else to invest at the moment other than my emergency reserves.
Thats depressing… I’d feel better about it if I had a million dollars in the bank though… haha
without looking at a statement I’d say I have 15% of my savings in a 401K. The other 85% is liquid in a normal savings account…
Buy buy buy. Real Estate is king, even, and especially now. Do not use your money unless absolutely necessary, and rarely should it be if your at all saavy.
PMI is okay, if a tenant is paying it. I usually buy with no money down… now I can buy without a bank. The longer you wait, the less you make.
Personally, I am back into accumulation after 2.5 years of a sell off… that said I have sold 4 propertires, and flipped 7 in those two years. Bought the house JClark just moved out of, closed on a two family in Colonie, and have a contract out on a 2 family in Bethlehem, and trying to wiggle into a 5 unit compound in Colonie.
I do this with minimal money (except for JClarks old place which was purchased with profit from the 4 properties sold just prior).
The point is not to air out my holdings, I simply reveal this as I am a very firm believer in letting other people pay for my real estate. In 25 years will it matter if the unthinkable happens and real estate values drop in half? No, cause half is alot when tenants paid for it. If stocks drop in half, and they might, if say, a radioactive dirty bomb takes out Chicago, then my hard earned money that paid for stocks is gone. Real Estate is king.
Yes I have a traditional stock/fund/gold portfolio, but thats not what will give me reckless sprending … Life happens with real estate… WHEN bought RIGHT is when you can grow a living from it. There is potential that a handful of you on here might act… and I am happy to assist with those who are serious. Alot of grat RE agents in the area, but consider an agent who is also an investor. Would you buy a car from a guy who doesnt drive?
Holy shit…+rep for some informative shit. I agree though, If you can invest in real estate in a smart way… do it.
Sounds like he has a good thing going on
My savings account is used solely to hold the money I want to put towards my car. :rofl
:facepalm :facepalm jesus benny.
I suq at moneyz.
Pay all my bills though.
Jammer - what do you recommend to break into real estate? Buy yourself a house, get a duplex, land etc?
even from many of my friends in real estate all say the same thing Multi Family Units only because you can buy it as your first home or not BUT you can live in one and rent out the others while fixing the place
Prob true but I live in a duplex and hate having ppl around 24/7 coming and going etc. Def want my own place w nobody to deal with but a roommate. So unfortunately rules out duplex opportunities and advantages for me this time around
well go with what you want just always remember DTI and do you homework on properties that interest you
House is a great investment. Find a good realtor.
Duplex is also a good investment. The first time home buyers credit of 8000 is gone though. You can owner occupy a duplex and get tax breaks etc. Not to mention the writeoff at tax time.
Well you mean its gone as of dec 1? If you buy a house today you can still get it assuming it doesn’t get hung up, which could easily happen…
Yeah, as long as you close before Dec 1st, you are still good. I am in the process of finalizing a deal for a 2 family. Having no wife and no kids makes it an easy decision for me and there is no better way to get in on a house for cheap; Having someone pay for your mortgage beats paying rent.
Having a yard and a 2 car garage = FTFW :tongue