How to best attain wealth?

Discussion in 'General Discussion' started by Safety First, Sep 13, 2019.

  1. Yes it is . But he gets the house sales , I get $25/hr cash labor.
    I still made $3200. :D
  2. Safety First

    Safety First Member

    I figured. I think I'll invest in the stock market. A small sum. 2K or so and let it build. Keep investing with that, and let it build. At some point either stop investing and start going in to flipping real estate and buying land and things like that.
    Oregongearhead likes this.
  3. Thats where the smart money is . The stock market and real estate . That and electronics/computers.
    Safety First likes this.
  4. rubisean

    rubisean Member

    401k ain't doing bad....
    I have not contributed in several years but still gained huge in the past few years.
    Oregongearhead likes this.
  5. Uglyrichie

    Uglyrichie Member

    My wife's a accountant and that's what we do,look for a deal to don't get, hung up on competing with the Jones's. Do you need a huge house as gay as it sounds my house is well worn comfortably lived in and full of love. I got lucky my wife is smart with money but the credit card thing make it work for you my wife has a insane credit score by doing that
  6. Tiredandhot

    Tiredandhot Member

    Yep,mines around 800. I signed up for wells Fargo cash wise card, spent 3,000 in 3 months and got free $500. Can't beat free money!
    Oldschool likes this.
  7. Logan44551

    Logan44551 Member

    I just started socking away in a 401k last year. Just upped my contribution to 1024 a month. It's amazing how fast it adds up
  8. Endure

    Endure Member

    Wouldn't touch stocks if you are trying to actually build wealth. It's a computer driven scheme nowadays. Unless you're a part of the huge firms with millions of "what if" calculations and causation scenarios and transactions happening through the day they are going to beat you to every punch.
  9. rubisean

    rubisean Member

    That was a great choice on your part.
    Once you get over 5 digits compounding interest snowballs.
    Logan44551 likes this.
  10. I love saving money , its addicting . We taught our 25 yr old daughter and now shes a big saver . She socks away 1/4 of her income as a NP and still pays her own rent and car payment . I was blowing money at her age !
  11. Safety First

    Safety First Member

    Got ya. My brother is saying that. I don't know enough about stocks to make my own opinion on it but based on yours and his it doesn't look great.

    So far looks like the best way to wealth is through your income in your career, saving,
    And investing in real estate or business.
  12. balco

    balco Member

    Saving money (being frugal) and investing in stocks/bonds; how much your net income actually is, is the least important part of being wealthy if you don't know how to manage wealth.
  13. Safety First

    Safety First Member

    Looks like the Robin hood app is a good way to invest in stocks. A couple I'm interested in are the aurora cannabis stock and Amazon.
  14. Disagree completely and wholeheartedly.

    A wise man (my business partner) once told me a piece of advice that has contributed to my success.

    "If you owe 500k on your mortgage... and everything goes to shit... can you pay it back.. or do you lose your house?

    So if you csnt pay back the 500k.. why not take out 1 million?
    You're fucked anyways.
    Take the extra 500k and invest that shit.

    Give yourself a better opportunity for succes with larger investment and capital to support your ventures."

    I've lived by this

    All of a sudden banks just start throwing money at you.
    They dont Barr how much debt you have, so long as your holding to debt ratio is great.

    That's why Billionaires owe even more billions.

    You want to make an omelette, you gotta crack a few eggs.
    Safety First likes this.
  15. This.
    My wife's brother in law a stock broker for a massive firm in SE asia.

    He explained to me how they BOMB stocks by selling all their holdings... just to show their clients how "ahead of the game" they are.
    When in reality, they caused the plummet in the first place.
    Dont trust them
    Safety First likes this.
  16. ickyrica

    ickyrica Member Supporter

    I just pulled a GP of 43k out of my house with a recent sale. All it took was some effort and some education (construction skill sets). Real estate is a good way to generate income if you're handy and motivated
  17. ickyrica

    ickyrica Member Supporter

    Get a Roth IRA for personal savings. Get a job with a 401k and at least contribute up to the max the company matches. The more you SAVE now, the more you earn by retirement. And for god sakes leave your savings alone. Don't withdraw early
    Eman, Logan44551 and Safety First like this.
  18. TideGear

    TideGear Member

    Just got a Saturday gig with a contractor to learn the skills. I'm hoping to buy my first flip early next year.
  19. Safety First

    Safety First Member

    The creepy Shit in the steroid forum shut down thread has me pretty occupied. The guy who is teasing why he's here and is looking to extort people and shut down forums. I think they should just cut him off now because I feel like MESO-Rx is giving him a platform to basically engage in this crazy behavior.
  20. ickyrica

    ickyrica Member Supporter