I have great respect for elderly Asians in my neighborhood who travel around in their orderly tricycles in the early morning collecting bottles/cans. They are very industrious and are supplementing their family income in what way they can while the younger generations in their household are striving in more conventional jobs and the children are striving in schools and universities.
@@barbechivo yes absolutely. I hear people complain about some of them going onto their properties or making a mess. But most of them are respectful just like most other people. Plus, they help to save tons of plastic from going into a landfill!!
I appreciate your message. As a fellow new yorker many have had to depart because the cost of living sucks. I always have respect for those who hustle to make ends meet by any means.
I’m 47 living in nyc as family of 4….doing IT support with 6 figures income. I can relate to your story as my family was immigrant and came when i was 9 years old. We live in the Bronx in the beginning. I got into Bronx Science. My condo is almost paid off in Brooklyn by end of this year (paying off in 8 years). I have about $190k in 401k. I have $100k save in 5% CD. During the pandemic 2020…i was stuck at home most of the time…and i thought to myself since I like to ride a bike…why not do food delivery with DoorDash and ubereat. From 2020 till present…i think i made over $50k total as part time food delivery while working a full time IT job. But now due to minimum wage law, it is harder to do food delivery (they are cutting hours and deactivate for simple reason). Now I’m back on focusing on my IT support job and will start a college 521 plan for my 8 and 12 years old next year once i have paid off my mortgage
@@vincentnnyc wow, way to hustle! That’s what I’m talking about! You do what you gotta do if you want to get ahead. Excellent job on paying off the condo in such a short amount of time. :)
@@RetireearlyNYC we live in fordham area of the Bronx…then when i got accepted to Pace university for computer science which i got an excellent presidential scholarship which cover most if cost of the tuition bill (still had to take out student loans…but eventually paid it off before I graduated from college from summer jobs since i was 14 years old). We move to a public housing in East Harlem when i went to college. Then after my mom past away, my brothers and i decided to move out of East Harlem since we all got full time jobs after college.
Great vid 👍. I advise anyone who cares to listen to 1) start a walking 🚶🏿 routine. If your goal is to save money, learn to invest in other things that you can control. In this case, invest in your health 2) reach out to your circle ⭕️, invest in your network. By doing these things and doing some of the things in the video (not buying Uber eats, be frugal)… in 10-20 years, you may or may not be 💰, you will at least enjoy the riches in the other ways you started investing in at 50.
I am 47 and just found your video to be extremely helpful. Also have similar background as immigrant and worked hard all my life. Wondering when my wife and I should retire lately. I like some of the things you have changed in your life, such as downsizing, selling rentals and put in index 500. I am very curious about some of these strategies as well. Like you said in another video, passive incomes aren't so passive and I feel the pain you went through everytime I got those calls.
Can you make a video about what you would today at 22 years old?Can you talk about whether you would go the college path or not, and the outcomes for both. Thanks
What’s ur plan towards retirement if u were to start over in your 20s? Assuming ur in nyc, born in the US, lower/middle class parents. As a matter of fact, your sons will face this reality and I wanna know some fatherly advice !
I would learn to be a plumber, electrician or do concrete. It will not be replaced with Ai soon. Unless you are smart/good student and can get a degree in mechanical /electrical /chimicals /biomedical engineering. Also some colleges let you do internship that take longer to get the degree but it's much cheaper.
You're talking too much logic here. People of today don't want to sacrifice to get to where they need to get financially. They'd rather do what their peers are doing and then complain that can't get by and with no progress for their future.
@@elmbaker1683 I’d agree that’s most people. But maybe Adam or some people will listen. He asked for it. And I promised. That’s my only hope here. Maybe just maybe a few people. Make a small difference ;)
@@trashybasher7368 hi thanks for dropping by. The count is low bc I just started a couple weeks ago with these finance videos. Also I don’t even bother asking people to subscribe. I don’t really care lol. It’s just for fun. Yes, I enjoy my life :)
Johnny, most people these days just don't want to work hard / sacrifice / save / invest. they want instant or quick results. you should know as a city worker you must have seen lazy grown-up man & imagine how they don't have good work ethics / how they going to teach their own kids. my father had a good title as general manager in Hong Kong hotel in 50's - 60's in line to be the next vice president but he quit to open a fancy French restaurant in Central H.K. w/ some partners who screw him. so, he lose all his money as why we had to > borrow money < to come U.S. those days a int'l plane ticket is like $ 3,000-person 1969 dollars before FAA deregulations. so, 5 of us, picture that. he became a waiter in Plaza hotel & my mom scrub floors / home care takers for a doctor. they never imagine going to government for handouts.
There are usually choices to be made. People need to be educated and determined enough to realize and recognize them for what they are. Well done on achieving your goals :)
Life is unaffordable in and near any big city. This is not a new development, and it really has nothing to do with the recent inflation wave. It was too expensive before, and it is too expensive now. Anyway, the basic plan remains the same. Work to get seed corn. Plant the seed corn. Harvest, plant, work, plant, harvest, plant, work, plant, and on and on. You are building a business that will eventually become just harvest-plant-harvest-plant and no longer involve the work part. This will happen faster if you are not an addict.
Any advice..... Single mid 40's no kids no bills recently had a bad accident and not able to work in the traditional sense do to my injuries. Long story short, about to get maybe $500k after legal fees in settlement money. Personal injury settlement money is tax free! The legal process took a few years and it wiped me out completely, my credit is in the dumper too. Right now I have no job, no money and I'm staying with family. In other words, I'm about to go from $0 to $500k over night. I would love to regain my independence but I don't need any thing fancy. I can still drive and get around a bit. Any advice on how to use this 500K to help rebuild my life without wasting it all on physical things like a house and car? Again, my credit stinks but I was thinking maybe I can buy a double and rent the other side out, some place rural and inexpensive like along the MA/NY border in one of those artsy college/old mill towns or something like that. The rest of MA is way too expensive to do anything with only 500K and bad credit. Besides the 500k, once my disability gets approved I expect to earn about $1500 per month with $400 in food allowance and free medical insurance. I'm not proud of having to use those services still being in my mid 40's but I got hurt pretty bad in the accident. On top of the $1500 I will be allowed to work part time as long as I don't exceed about another $1500 per month with my benefits. To recap, I will have 500k in cash, about 3k per month in income, bad credit and no plan. Any advice? Even if I can afford to invest 20% that's still 100k to start something. FYI, before the accident I was in the healthcare field working a very specific and in demand field making about 100k per year but since I was working as a contract per diem position at a new job when I had my accident outside of my job, I didn't qualify for any work related long term benefits, that is why I haven't made a dime for the past few years and had to move in with family while I recovered and waited on the legal settlement. Sorry for the long story.
Wow sorry to hear that. I’ll have to think about this for a while bc this is so…intricate and complicated a situation. And please take any advise with a HUGE grain of salt. Again, im no professional. Just telling people what we did to achieve the American dream. Please hang in there. I suspect you will be just fine financially once you get the $500k, and much better off once you start collecting and earning those monies. Hang in there!!
@@RetireearlyNYC Thanks man. Sorry to lay my story on you like that. I'm thinking my first step will be to rent a modest and cheap apartment the first year so I have time to set a solid plan. One years rent in a modest suburban 1 bed apartment isn't going to brake the bank and it will prevent me from making a quick rash decision. That will give me some time to start rebuilding my credit too.
@@RetireearlyNYC If I do have any extra money to invest, I'm tempted to wait until the next panic sell off in the markets, you know like the one we had last week, and maybe invest a little in each index. Instead of investing in individual stocks I know that you can simple invest in the entire index, like the DOW or the NASDEQ or the S&P. If I invest like 20K-33K in each index as like a mid-term investment, say 5-7 years and use that time to re-build my credit? Just a thought. Then maybe cash out and use that money with a better credit score to make that aggressive downpayment with that 15 year mortgage? Just another thought?
@@thedude8439 I’m heading out to the park to work out with my buddy. Will try to do a video on the whole situation afterwards while I cool off, walk off the sweat. I think you’ve got a decent head on your shoulders. I think you’ll be just fine if you can avoid touching most of your $500k. Stand by ;)
... the point of the story, is, CHOICE... it seems today, people want to- need to -must have it now... they offer buy now pay later deals for meals now..? When I was 9 (in 1975) I HAD TO be at home for dinner at 5:30, or I didn't eat... my times have changed.. btw, I have chosen not to eat at McDonalds for 8 years, and I ONLY get A@W, when teen burgers are 2 for 7$... lol
Hi Johnny. I was considering moving back to NYC. I saw some Coops in Flushing that I like. What do you think the coop board looks for? I heard they can reject someone for no reason? I am 48, divorced and by myself, and have a mid 7 figure portfolio. I graduated from SUNY stony brook. When I turn 55 I will have a partial pension for 13 years of police work(not in new york). I am currently a financial analyst at a large financial company, where I have worked for 5 years. If I wanted to retire and tried to buy a 1bd condo in Flushing do you think I would be accepted? Is there anyting in particular you would look for if you were buying a condo in Flushing?
Hey, welcome back to NYC (maybe?). With that kind of asset and income, (and hopefully no debt?) you should have an easy time with any coop board. They mainly look for income vs expense, assets vs debt. The interview is easy. Having sat through 3 interviews in the last few years, for ourselves, my mom, and my in-laws, I can tell you all they want to know is that you’re not crazy lol. And it was mostly just reminding you of the rules. We simply said yes we understand that coop living has many rules and that we have to cooperate with our neighbors. That’s it. As for condo, I think the process will be much easier. As far as I can remember, the last time we bought a condo was in mid 2010s in Bk, there is no board process. You simply show you can afford the price of the condo and its commons and that’s it. Very easy. But condos here are 2-3 X coop prices for same SF. So that’s why we went with coop. All the rules of a coop just mean that there’s no riff raff lol. Rules are good. Once you’re in, you’ll appreciate all the rules. That is, if you agree initially with all the rules such as no pets, no smoking etc. we appreciate them. Good luck! And welcome back!
Thank you. I am in my mid-40s with little savings. 50k. Taking 50k home every year. I am desperate. Any idea on savings and investment to reach 250k by 50 ? I am ready to cut costs wherever I can. Thank you!
@@Hope_Rich-Ly hi, I’m sorry but I don’t do that kind of “investing”. We are slow and steady. Very little risk. There is no way that I would be able to generate that kind of return in merely 5 years. And I suspect that anybody who says they can is involved with some really risky stuff. Sorry :(
@@Hope_Rich-Ly as for cutting costs, you probably already know how to do that. Can you cut down on housing? Can you cut down on your car? Eat out less or none at all for the next 5 years. Cook your own food. I’m probably not telling you anything new
Thank you. I am going to save too not just invest. Now i can save up to 25k each year. In 5 years it will be 125 k only saving Plus 50k total of 175k only savings. With some investments in etf, real estate i could make make some extra money. Scare of real estate because i have zero experience. Looking for creative ways to save while still enjoying life a little bit.
@@callofdonuts I’d have to know a lot more than that. Like where you live, income, expenses, goals (what do you plan to achieve with rentals. You’d be surprised what people think they can achieve with rentals), etc etc.
@@callofdonuts short answer: very hard to do in NYC. Lack of cash flow is the biggest issue. Most people buy for appreciation but that’s very dangerous as you’re constantly pouring in money and work without any return until you sell. Big gamble. Check out my videos on rental properties
I don’t hear any solutions one of the things if you’re over 50 acquires skill like a LPN nursing you can work for a long time like that. also a lot of people will laugh. I will definitely check out network marketing. I legitimate one if you could generate $300-$1000 per month that will save you big time.
@@edward97073 it’s literally been the solution for millions of immigrants lol. As for going back to school at 50 to become a LPN…I mean you can then go back to school for literally ANYTHING. Tell him to become a biotech engineer then. Lol
@@RetireearlyNYC there are plenty of people making $300-$1000 a month with MLM. It’s not debatable at this point. I’ve made money with MLM. Most people don’t understand the business model if your 401(k) isn’t where it needs to be and you need residual income, and you don’t have money for an apartment building, definitely would not laugh at it. Super doable at $300 a month within six months.
@@RetireearlyNYC buy what you can afford to lose and dont check the price till next year. Check the yoy return....I personally went all in in 2015 and managed to retire early just on its appreciation. US dollars are infinite - there will only ever be 21 million bitcoin
American dream is possible huh? I never had (and virtually most everyone out there as well) relatives - in-laws, parents, cousins, married couples, and the bum on the street all stuffed in a basement apartment 10 x 10 hole in the ground with the toilet in the middle of the room pitching their money together over the course of 15 - 20 years to "save money". You sir, are a lieutenant with the police NYC. A well paid job (six figures easy), pension, fully paid health insurance, Jell-O of the month club, and a host of other obscene benefits that 95% of everyone out there does not have nor ever will. Save money you say? Really? Do you think pinching a penny on Uber Eats is really going to make a difference? No, it will not. If a person could miraculously not eat for the month and have no food expenses, they still would not make a difference. Save for housing? Average cost of a house anywhere within a 50 mile radius of all the burrows is around 650K! Who are you kidding? 15 year mortgage hah..... try 60 to 70 year mortgage. What is the solution? Simple..... get a government job just like the one you have and live in a hole with "relatives" for 90% of your life with no privacy. Have the working class who slave away making money the hard way pay for the government privileged folks. Do not kid yourselves people, the numbers do not work out - not even close.
@@dogfood2525 We all did the same thing lol. Lived in a 10x10 box in the basement with family. You act like I was simply given my job and position. Lmao. I studied hard and I worked hard to get there. Also, why crap on somebody else who made the dream come true ? What’s stopping anybody from becoming a cop? Lol.
@@dogfood2525 lastly, this isn’t about YOU. It was a question somebody asked of ME and what I’d do. It’s not about you. Ok? Good luck to you with that attitude
@@RetireearlyNYC I still stand firmly by what I said.... because it is true. It is more important that people understand the truth of what they face and not be sold a fairy tale lies. There are three ways people become wealthy in America. 1st sizable inheritances 2nd criminal enterprises 3rd work for the government.
I have great respect for elderly Asians in my neighborhood who travel around in their orderly tricycles in the early morning collecting bottles/cans. They are very industrious and are supplementing their family income in what way they can while the younger generations in their household are striving in more conventional jobs and the children are striving in schools and universities.
@@barbechivo yes absolutely. I hear people complain about some of them going onto their properties or making a mess. But most of them are respectful just like most other people. Plus, they help to save tons of plastic from going into a landfill!!
Every day is a new life-the past is a memory-the future is just an idea. Let go and live today dear brother, you earned it.
@@plupyduplupydu1369 thank you :)
Your contribution is amazing and I absolutely agree with you.
@@s.y.asuvapong8070 thanks!
I appreciate your message. As a fellow new yorker many have had to depart because the cost of living sucks. I always have respect for those who hustle to make ends meet by any means.
@@sp1970ful thanks and thanks for stopping by :)
I’m 47 living in nyc as family of 4….doing IT support with 6 figures income. I can relate to your story as my family was immigrant and came when i was 9 years old. We live in the Bronx in the beginning. I got into Bronx Science. My condo is almost paid off in Brooklyn by end of this year (paying off in 8 years). I have about $190k in 401k. I have $100k save in 5% CD. During the pandemic 2020…i was stuck at home most of the time…and i thought to myself since I like to ride a bike…why not do food delivery with DoorDash and ubereat. From 2020 till present…i think i made over $50k total as part time food delivery while working a full time IT job. But now due to minimum wage law, it is harder to do food delivery (they are cutting hours and deactivate for simple reason). Now I’m back on focusing on my IT support job and will start a college 521 plan for my 8 and 12 years old next year once i have paid off my mortgage
@@vincentnnyc wow, way to hustle! That’s what I’m talking about! You do what you gotta do if you want to get ahead. Excellent job on paying off the condo in such a short amount of time. :)
@@vincentnnyc
Where from?
My wife’s family also started out in the BX, followed by Harlem, then Elmhurst.
@@RetireearlyNYC we live in fordham area of the Bronx…then when i got accepted to Pace university for computer science which i got an excellent presidential scholarship which cover most if cost of the tuition bill (still had to take out student loans…but eventually paid it off before I graduated from college from summer jobs since i was 14 years old). We move to a public housing in East Harlem when i went to college. Then after my mom past away, my brothers and i decided to move out of East Harlem since we all got full time jobs after college.
wow, Johnny, I'm inspired by your video. these small things that we take for granted. Impressive!!
@@marvhan888 thanks!
Great content as usual!👌🏾
Thank you for sharing.
@@annjean8709 thanks!
Great vid 👍. I advise anyone who cares to listen to 1) start a walking 🚶🏿 routine. If your goal is to save money, learn to invest in other things that you can control. In this case, invest in your health 2) reach out to your circle ⭕️, invest in your network. By doing these things and doing some of the things in the video (not buying Uber eats, be frugal)… in 10-20 years, you may or may not be 💰, you will at least enjoy the riches in the other ways you started investing in at 50.
@@BK-gh9us great suggestions!
very good advice, let me thinking about the early years in my life.
Sigh. The “good old days” right? They sucked lmao.
I am 47 and just found your video to be extremely helpful. Also have similar background as immigrant and worked hard all my life. Wondering when my wife and I should retire lately. I like some of the things you have changed in your life, such as downsizing, selling rentals and put in index 500. I am very curious about some of these strategies as well. Like you said in another video, passive incomes aren't so passive and I feel the pain you went through everytime I got those calls.
@@mr.seanster ah yes. You too felt the pain. Lol. The money was good. But the make I think about it the more I feel it wasn’t worth the extra work
@@RetireearlyNYC starting to feel that way as I'm getting older.
I would seriously start looking for a job and save live on food stamp and take medicaid. I was undocumented for 16 years and I am 50 now doing a job.
Can you make a video about what you would today at 22 years old?Can you talk about whether you would go the college path or not, and the outcomes for both. Thanks
What’s ur plan towards retirement if u were to start over in your 20s? Assuming ur in nyc, born in the US, lower/middle class parents. As a matter of fact, your sons will face this reality and I wanna know some fatherly advice !
@@byron9630
I do have a college video coming up. Look out for that;)
As for your previous request, I’ll put it on the list ;)
@@byron9630 and good for you for being interested !
I would learn to be a plumber, electrician or do concrete. It will not be replaced with Ai soon. Unless you are smart/good student and can get a degree in mechanical /electrical /chimicals /biomedical engineering. Also some colleges let you do internship that take longer to get the degree but it's much cheaper.
You're talking too much logic here. People of today don't want to sacrifice to get to where they need to get financially. They'd rather do what their peers are doing and then complain that can't get by and with no progress for their future.
@@elmbaker1683 I’d agree that’s most people. But maybe Adam or some people will listen. He asked for it. And I promised. That’s my only hope here. Maybe just maybe a few people. Make a small difference ;)
Hi Johnny, you have a nice channel! But why is your subscriber count low?!
Also, are you happy with life?!
@@trashybasher7368 hi thanks for dropping by. The count is low bc I just started a couple weeks ago with these finance videos. Also I don’t even bother asking people to subscribe. I don’t really care lol. It’s just for fun. Yes, I enjoy my life :)
@@RetireearlyNYC I see, thanks for sharing your thoughts. Congrats, you've done very well for yourself and family!!
@@trashybasher7368
Thanks! If you enjoy my video I wouldn’t mind if you shared them;)
You’re the first person I’ve asked ;)
@@RetireearlyNYCYes, will do!!
@@trashybasher7368 thanks !
Johnny, most people these days just don't want to work hard / sacrifice / save / invest. they want instant or quick results. you should know as a city worker you must have seen lazy grown-up man & imagine how they don't have good work ethics / how they going to teach their own kids. my father had a good title as general manager in Hong Kong hotel in 50's - 60's in line to be the next vice president but he quit to open a fancy French restaurant in Central H.K. w/ some partners who screw him. so, he lose all his money as why we had to > borrow money < to come U.S. those days a int'l plane ticket is like $ 3,000-person 1969 dollars before FAA deregulations. so, 5 of us, picture that. he became a waiter in Plaza hotel & my mom scrub floors / home care takers for a doctor. they never imagine going to government for handouts.
There are usually choices to be made. People need to be educated and determined enough to realize and recognize them for what they are.
Well done on achieving your goals :)
Life is unaffordable in and near any big city. This is not a new development, and it really has nothing to do with the recent inflation wave. It was too expensive before, and it is too expensive now. Anyway, the basic plan remains the same. Work to get seed corn. Plant the seed corn. Harvest, plant, work, plant, harvest, plant, work, plant, and on and on. You are building a business that will eventually become just harvest-plant-harvest-plant and no longer involve the work part. This will happen faster if you are not an addict.
@@KungPowEnterFist agree. But life in the big city also gives you opportunities to make way more money ;)
Any advice..... Single mid 40's no kids no bills recently had a bad accident and not able to work in the traditional sense do to my injuries. Long story short, about to get maybe $500k after legal fees in settlement money. Personal injury settlement money is tax free! The legal process took a few years and it wiped me out completely, my credit is in the dumper too. Right now I have no job, no money and I'm staying with family. In other words, I'm about to go from $0 to $500k over night. I would love to regain my independence but I don't need any thing fancy. I can still drive and get around a bit. Any advice on how to use this 500K to help rebuild my life without wasting it all on physical things like a house and car? Again, my credit stinks but I was thinking maybe I can buy a double and rent the other side out, some place rural and inexpensive like along the MA/NY border in one of those artsy college/old mill towns or something like that. The rest of MA is way too expensive to do anything with only 500K and bad credit. Besides the 500k, once my disability gets approved I expect to earn about $1500 per month with $400 in food allowance and free medical insurance. I'm not proud of having to use those services still being in my mid 40's but I got hurt pretty bad in the accident. On top of the $1500 I will be allowed to work part time as long as I don't exceed about another $1500 per month with my benefits. To recap, I will have 500k in cash, about 3k per month in income, bad credit and no plan. Any advice? Even if I can afford to invest 20% that's still 100k to start something. FYI, before the accident I was in the healthcare field working a very specific and in demand field making about 100k per year but since I was working as a contract per diem position at a new job when I had my accident outside of my job, I didn't qualify for any work related long term benefits, that is why I haven't made a dime for the past few years and had to move in with family while I recovered and waited on the legal settlement. Sorry for the long story.
Wow sorry to hear that. I’ll have to think about this for a while bc this is so…intricate and complicated a situation. And please take any advise with a HUGE grain of salt. Again, im no professional. Just telling people what we did to achieve the American dream. Please hang in there. I suspect you will be just fine financially once you get the $500k, and much better off once you start collecting and earning those monies. Hang in there!!
@@RetireearlyNYC Thanks man. Sorry to lay my story on you like that. I'm thinking my first step will be to rent a modest and cheap apartment the first year so I have time to set a solid plan. One years rent in a modest suburban 1 bed apartment isn't going to brake the bank and it will prevent me from making a quick rash decision. That will give me some time to start rebuilding my credit too.
@@RetireearlyNYC If I do have any extra money to invest, I'm tempted to wait until the next panic sell off in the markets, you know like the one we had last week, and maybe invest a little in each index. Instead of investing in individual stocks I know that you can simple invest in the entire index, like the DOW or the NASDEQ or the S&P. If I invest like 20K-33K in each index as like a mid-term investment, say 5-7 years and use that time to re-build my credit? Just a thought. Then maybe cash out and use that money with a better credit score to make that aggressive downpayment with that 15 year mortgage? Just another thought?
@@thedude8439
I’m heading out to the park to work out with my buddy. Will try to do a video on the whole situation afterwards while I cool off, walk off the sweat. I think you’ve got a decent head on your shoulders. I think you’ll be just fine if you can avoid touching most of your $500k. Stand by ;)
@@RetireearlyNYC Cool man, have a good work out and a nice Sunday!
Love this
@@coheng31 thanks!
... the point of the story, is, CHOICE... it seems today, people want to- need to -must have it now... they offer buy now pay later deals for meals now..? When I was 9 (in 1975) I HAD TO be at home for dinner at 5:30, or I didn't eat... my times have changed.. btw, I have chosen not to eat at McDonalds for 8 years, and I ONLY get A@W, when teen burgers are 2 for 7$... lol
@@SYNERSTAR yeah I eat at McD maybe once every few years and only when my wife decides she needs fast food lol
Adam I moved 25 times and I had more than 20 jobs from factory, manufacture company, baking, 3 jobs a day... just to pay for a college degree ...
Wow Annie
True hustler. You have the grit. Just wish your circumstances were better. Keep up the hustle!!
good man
Thank you :)
Hi Johnny. I was considering moving back to NYC. I saw some Coops in Flushing that I like. What do you think the coop board looks for? I heard they can reject someone for no reason? I am 48, divorced and by myself, and have a mid 7 figure portfolio. I graduated from SUNY stony brook. When I turn 55 I will have a partial pension for 13 years of police work(not in new york). I am currently a financial analyst at a large financial company, where I have worked for 5 years. If I wanted to retire and tried to buy a 1bd condo in Flushing do you think I would be accepted? Is there anyting in particular you would look for if you were buying a condo in Flushing?
Hey, welcome back to NYC (maybe?).
With that kind of asset and income, (and hopefully no debt?) you should have an easy time with any coop board. They mainly look for income vs expense, assets vs debt. The interview is easy. Having sat through 3 interviews in the last few years, for ourselves, my mom, and my in-laws, I can tell you all they want to know is that you’re not crazy lol. And it was mostly just reminding you of the rules. We simply said yes we understand that coop living has many rules and that we have to cooperate with our neighbors. That’s it.
As for condo, I think the process will be much easier. As far as I can remember, the last time we bought a condo was in mid 2010s in Bk, there is no board process. You simply show you can afford the price of the condo and its commons and that’s it. Very easy. But condos here are 2-3 X coop prices for same SF. So that’s why we went with coop.
All the rules of a coop just mean that there’s no riff raff lol. Rules are good. Once you’re in, you’ll appreciate all the rules. That is, if you agree initially with all the rules such as no pets, no smoking etc. we appreciate them.
Good luck! And welcome back!
@@RetireearlyNYC thank you. I still live in Scottsdale but considering NYC as an option. I don't smoke or have pets or have any debt. Haha
@@richardm.441 you should have an easy time getting a place here :)
Thank you. I am in my mid-40s with little savings. 50k. Taking 50k home every year. I am desperate. Any idea on savings and investment to reach 250k by 50 ? I am ready to cut costs wherever I can. Thank you!
@@Hope_Rich-Ly hi, I’m sorry but I don’t do that kind of “investing”. We are slow and steady. Very little risk. There is no way that I would be able to generate that kind of return in merely 5 years. And I suspect that anybody who says they can is involved with some really risky stuff. Sorry :(
@@Hope_Rich-Ly as for cutting costs, you probably already know how to do that. Can you cut down on housing? Can you cut down on your car? Eat out less or none at all for the next 5 years. Cook your own food. I’m probably not telling you anything new
Thank you. I am going to save too not just invest. Now i can save up to 25k each year. In 5 years it will be 125 k only saving Plus 50k total of 175k only savings. With some investments in etf, real estate i could make make some extra money. Scare of real estate because i have zero experience. Looking for creative ways to save while still enjoying life a little bit.
Im 29 with a little bit of money saved up (under 50k) is it realistic for me to even think about buying rental properties?
@@callofdonuts I’d have to know a lot more than that. Like where you live, income, expenses, goals (what do you plan to achieve with rentals. You’d be surprised what people think they can achieve with rentals), etc etc.
@@callofdonuts short answer: very hard to do in NYC. Lack of cash flow is the biggest issue. Most people buy for appreciation but that’s very dangerous as you’re constantly pouring in money and work without any return until you sell. Big gamble. Check out my videos on rental properties
@@callofdonuts
And you can easily do that in the S and P.
You can change this in November.
@@TheForce-i3v no thank you I’m not changing my life ;)
I don’t hear any solutions one of the things if you’re over 50 acquires skill like a LPN nursing you can work for a long time like that. also a lot of people will laugh. I will definitely check out network marketing. I legitimate one if you could generate $300-$1000 per month that will save you big time.
@@edward97073 it’s literally been the solution for millions of immigrants lol.
As for going back to school at 50 to become a LPN…I mean you can then go back to school for literally ANYTHING. Tell him to become a biotech engineer then. Lol
@@edward97073 and let’s not get started with MLM lol.
@@RetireearlyNYC there are plenty of people making $300-$1000 a month with MLM. It’s not debatable at this point. I’ve made money with MLM. Most people don’t understand the business model if your 401(k) isn’t where it needs to be and you need residual income, and you don’t have money for an apartment building, definitely would not laugh at it. Super doable at $300 a month within six months.
@@edward97073
My 401K produces multiple times my annual expenses. I’m ok ;)
You do you :)
Jonny, I like your honesty and genuine advice to people.
buy bit coin and hold till next year
@@1greenMitsi no thank you! Lol. Don’t have the stomach for it ;)
@@RetireearlyNYC buy what you can afford to lose and dont check the price till next year. Check the yoy return....I personally went all in in 2015 and managed to retire early just on its appreciation. US dollars are infinite - there will only ever be 21 million bitcoin
@@1greenMitsi you got guts!! Congrats to you! :)
you said it all.. CHOICES
👍
American dream is possible huh? I never had (and virtually most everyone out there as well) relatives - in-laws, parents, cousins, married couples, and the bum on the street all stuffed in a basement apartment 10 x 10 hole in the ground with the toilet in the middle of the room pitching their money together over the course of 15 - 20 years to "save money". You sir, are a lieutenant with the police NYC. A well paid job (six figures easy), pension, fully paid health insurance, Jell-O of the month club, and a host of other obscene benefits that 95% of everyone out there does not have nor ever will. Save money you say? Really? Do you think pinching a penny on Uber Eats is really going to make a difference? No, it will not. If a person could miraculously not eat for the month and have no food expenses, they still would not make a difference. Save for housing? Average cost of a house anywhere within a 50 mile radius of all the burrows is around 650K! Who are you kidding? 15 year mortgage hah..... try 60 to 70 year mortgage. What is the solution? Simple..... get a government job just like the one you have and live in a hole with "relatives" for 90% of your life with no privacy. Have the working class who slave away making money the hard way pay for the government privileged folks. Do not kid yourselves people, the numbers do not work out - not even close.
@@dogfood2525
We all did the same thing lol. Lived in a 10x10 box in the basement with family.
You act like I was simply given my job and position. Lmao. I studied hard and I worked hard to get there.
Also, why crap on somebody else who made the dream come true ?
What’s stopping anybody from becoming a cop? Lol.
@@dogfood2525
Yeah I guess you’re one of those who “pay my salary?” Right?
Or you can go private and make a lot more. 🤷♂️
@@dogfood2525 lastly, this isn’t about YOU. It was a question somebody asked of ME and what I’d do. It’s not about you. Ok?
Good luck to you with that attitude
@@RetireearlyNYC I still stand firmly by what I said.... because it is true.
It is more important that people understand the truth of what they face and not be sold a fairy tale lies. There are three ways people become wealthy in America. 1st sizable inheritances 2nd criminal enterprises 3rd work for the government.
@@dogfood2525 you seem to know everything about accumulating wealth. Perhaps you should start a channel and teach it. Good luck to you :)