Thanks Montecresto I appreciate it! Yes my Dad is a very wise man. Thankfully I listened to him. At 33 now both my wife and i have above average incomes. We save first and invest or play with the rest
Lord willing we will retire early and quite comfortably! I am a very blessed man!
I've been owner financing properties. People make money on rentals too, I just don't want the hassle and the frustration of people tearing my stuff up. But you can make money in that.
I totally see where you are coming from. I bought my first house when I was single and 23. I started renting it out 5yrs ago. Don't get me wrong there are headaches but I haven't paid the mortgage in 5yrs. Overall I feel better with the money I've made than the headaches I've had. I'm actually in the process of closing on another rental property. One day I hope to replace my income with paid for rental properties sending me money in the mail.
You need to look into lease purchase options on your properties vs rentals. Basically the same thing as a contract for deed..
So when social security was conceived, it was to be one leg of a three legged stool. The other two being employer pension plans and personal savings. Today, the stool often has just two legs and for many just one leg. Also, when my dad entered the work force in 1946 SS was just 1%, what's it up to now. My dad began drawing SS at 62 and he's now 92 having overdrawn his SS account a long time ago. This isn't sustainable. But there are solutions to it.I agree that people in my generation will most likely see nothing for Social Security. I honestly wish they would do way with it. I would gladly give up all I've put in to be able to invest that money myself. I'd even be in favor of ending it now for the younger generation without changing everyone's status that is already in. Just set them up with their own ROTH and let them contribute themselves.
Every generation in the past has given a dooms day prediction about the future. Truth is America runs in cycles (so far). Conservatives control for a while and then the liberals. Do I think we are in the worst place yet? Possibly... However, going off the past I believe everything will eventually straighten back out. If it doesn't I'll cross that bridge when I get there. Gov't will be able to take a piece of property just as easy as a retirement account. So I'm going to continue doing what I think is right and pray it all shakes out like I plan. If it doesn't I'll try to figure something else out because I'm pretty good at problem solving
Yes, a government could seize property, but that presents them with management obligations which makes money setting in accounts more attractive. Saving is like a stool with multiple legs, gold, realestate, stock, retirement savings plans, etc.,Posting material from economists that teach the merits of including realestate in your retirement plan is meant to be constructive, not critical.
I agree with all of the above. I just hear from a lot of people my age that they aren't going to contribute to stock accounts because they fear they won't see it. All I was saying is nothing is guaranteed. You can lose one just as easy as the other. Not saving because of what might happen is like not leaving the house because you might get the flu. Diversify and don't put your eggs all in one basket and odds are you'll be fineSo when social security was conceived, it was to be one leg of a three legged stool. The other two being employer pension plans and personal savings. Today, the stool often has just two legs and for many just one leg. Also, when my dad entered the work force in 1946 SS was just 1%, what's it up to now. My dad began drawing SS at 62 and he's now 92 having overdrawn his SS account a long time ago. This isn't sustainable. But there are solutions to it.
There's no "doomsday" scenario being espoused, as in the end of the world, but bad things do and have happened. The over extended government of Greece "borrowed" their citizens retirement money. Our nation is 20 trillion in debt.
You leave the house during flu seasons??!!I agree with all of the above. I just hear from a lot of people my age that they aren't going to contribute to stock accounts because they fear they won't see it. All I was saying is nothing is guaranteed. You can lose one just as easy as the other. Not saving because of what might happen is like not leaving the house because you might get the flu. Diversify and don't put your eggs all in one basket and odds are you'll be fine
Yep, I hear that a lot too. It's become beyond the pale viciously predatory and earnings are so marginal. When I was a very young man your checking account earned you interest, short term CD's paid 5% and it was somewhat common to see stocks split. You don't see that anymore, and the government seems more determined to discourage saving than to encourage it. So I can see the discouragement amongst younger people.I agree with all of the above. I just hear from a lot of people my age that they aren't going to contribute to stock accounts because they fear they won't see it. All I was saying is nothing is guaranteed. You can lose one just as easy as the other. Not saving because of what might happen is like not leaving the house because you might get the flu. Diversify and don't put your eggs all in one basket and odds are you'll be fine
Yes I agree it is scary on the amount of debt. However, the more I think about it I ask myself what are they going to do? Call all the debt in? Heck we owe the most debt to our own government (probably a third). Most people don't realize what we owe China is a drop in the bucket. Will something happen eventually? Most likely but none of us know what, when or how. The most concerning part is we aren't doing anything to change our habits. We keep going into the red further and further and further with no plan.
Can't live your life.
