I have a RUclips channel about personal finances as well) But in the Russian language. Love your videos) Cool editing and cinematography skills. You did a great job of getting to the finance independence! And you make me feel that I am on the right path.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether l'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k.Joseph Nick Cahill taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways! He has upscaled my portfolio and even got me reading self help books haha
Joseph Nick Cahill' is his name. He is regarded as a genius in his area and works for Empower Financial Services. He's quite known in his field, look-him up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on him before scheduling a phone call with him . He seems proficient considering his resume.
As I approach retirement, ensuring the stability of my 401k after the turbulent year of 2022 is a top priority. I've come across stories of investors achieving up to $270k in ROI during this current declining market. Any advice on enhancing my ROI before retirement would be highly valued.
Many people underestimate the importance of advisors until their emotions lead to financial setbacks. I recall a couple of summers ago, during my protracted divorce, when I needed a significant boost to keep my business afloat. I conducted research and found a highly qualified licensed advisor. She has effectively increased my savings from $220k to $740k, even in the face of inflation.
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sharon looks the part but i'd do my due diligence. I set up a call, thanks.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Gabe, you timed the housing market perfectly. Congratulations! NOBODY could do that today because it is impossible to find a positive cash flow property out there.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Saving $10k even saving 25k doesn't mean you can afford to buy a house if you have a low income. I made $13k I got $8k tax return in theory I could save my tax returns and have that kind of money but I couldn't rent a unsubscribed one bedroom I would not be aloud nobody is giving me a loan but I don't expect this advice to be for me but it said $0 so I thought it would be worth watching and it is probably good for someone making 30 to 50k and has a spouse who could also be earning.
Sadly the house hack doesn't work in my country ... For 300k you can buy a studio or a small 2 bedroom apartment, not to mention the min 20% down-payment☠️ multi rentals cost at least a million if not more. For those who wonder the average annual wage is around 70k😢
Even in the US, with the current market, you have to live in the middle of nowhere, where the job market also sucks, to be able to spend only 300k on anything that is not a tiny place to renovate
Lucky if get a condo for under million maybe 700k in and most homes are over a million in Canadian major cities (Saskatchewan is the most affordable bet thou gotta live there if first time home loan buyer;) Rent one bedroom Victoria BC is bout ~2000$ month+ The rental market to find a place is extremely competitive even if find a gem on FB it’s just timing/personalities The right idea. Mind set is everything. Lots of hustle vids that can do to make $happen if willing and put in the work/effort. Staying to true to budget & saving is key. Automatic savings taken as soon as paycheques are due in. ~55k income saved like 30/40,000 in 3.6 years plus went on vacations, did some apartment remodeling yet my rent is way less than the market and hence why saving hard cuz know the alternatives are pricey. We shouldn’t be working to just afford a roof n food 💪🏽🍀❤️
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future… I pray that anyone who is reading this will be successful in his or her life!!!
I’m celebrating a $30k stock portfolio today. I started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “Colleen Janie Towe”, and she's is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field. Most likely, her deets can be found on the net, so you can confirm yourself.
Colleen has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Sounds great in principle but what if your tenants don’t pay rent or trash the place? Unless you have enough to cover the lost rent and repairs, this could end in disaster.
That’s why we recommend saving up a decent amount extra for that rental properties Slushii account we did an hour long podcast on this on the Finances unfiltered channel
Trashing the place is so rare and lots of land lords lose so much money by allowing their places sit vacant waiting for FLS and a 650 credit score, not realizing those people who qualify would obviously choose a house with that credit and free cash
@@probrickgamer100% true or they are going by who the neighbors want in there like in my case after they run you out and never tell anyone new about their lack of integrity for defending loyal paying tenants leaving the property vacant for months.
There is one fatal flaw with this. Everyone thinks they are smart “house hacking” and the price of multi-family units has shot through the roof. On top of low inventory.
If you invest $2,545 into the S&P, then assuming a 10% annual rate of return, your child at an early retirement age will be 2 Million plus rich, excluding every other income channeled to this. We need to invest much more. Focus on the company not just the stock price, true words from my F.A Olivia Rene Reyes ..I made over half a million from ALB and NVDA..I love passive income.
When it comes to stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
If you really think that is helping anyone you're discouraging them from the other very useful information in this video.....its not a "top 10" video its a blueprint/plan that you can follow
@@matthewwendt7315 I agree with Gabe, however, I don’t like debt. That’s the only to buy property right now. Property is so expensive. I’m saving, investing and have a good good salary and a great side hustle going on that brings in extra income. I’m retiring in 4 to 5 years too. Hopefully the price of property will go down and then I can buy with cash. Trying to create some generational wealth😊
I like your channel, but there's a flip side to this solution to just become a landlord. In the US, it's getting harder and harder for people to find affordable housing because of people doing this, and developers buying up places in cash, faster than single families can manage with the savings they have built up. Airbnb makes rents go up in neighborhoods until regular people can't afford to live there. I hate to be a negative person on here, but I wish there was a way to do this without being part of the problem.
So inspiring! I’ve realized I am already in Year 1. I have been saving 50% of my income while trying to pay off my debt. Once I am out of debt, I want to increase my savings to 75% of my income. I usually feel a bit lost when it comes to managing/saving money, but have been educating myself. I’ve also dreaded talking and learning about money for quite some time. Your channel has been one of the resources I enjoy learning from. Thank you for doing what you do.
This is the path I'm on. Saving 10k this year. No debt. Just really my car is a liability, putting in the work now. So in a year I know I'll have 10k in my hand.
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better.
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Investment advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses, minimal insurance, cut utilities.
@@AstaKristjan I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner, and for that reason i enjoy my day to day market decisions being guided by a portfolio-coach. For over 2years+ and I've netted over $800k.
@@IrenaDolinsek Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls?
@@Erinmills98 Jennifer Puckett Hunter. She's a reputable tutor who showed me that profits can be produced in both bull and downturn markets. She talks about investing, insurance, making sure your retirement is well-funded, and searching for methods to create a volatility buffer for investment risk, among other topics.
I hope people keep in mind that if interest rates go up and unemployment rates go up that many of the real estate methods people rely on fall apart and can result in foreclosure and even bankruptcy. Many grades between wealthy and that of course. I understand that some countries have rates on their loans locked in for 30 years and that helps a lot to prevent troubles if you got locked in low. People's perceptions changed radically from 1928/29 to 1930/31 as to what was possible. Plenty of reasons such change could happen again.
You are one of the most sophisticated and brilliant RUclipsr/content creator I watch, and 1million percent the very best in finance. I appreciate all of your content thank you for *VRI TOKEN* much love from Chicago
It sounds great, but what if 1) a tenant doesn't pay rent and trashes a unit? - now you have to pay money out of pocket? This is possible, but it doesn't take into account crap happening. 2) if you're not handy, hiring someone to fix stuff (because things will go wrong) that will take your cash flow. I'm all for house hacking, but this is a "best case, nothing goes wrong" scenario.
Good video; however, your video is a picture perfect; no emergency, no medical issues, ALL is well; it's unrealistic. Retired @44 with military pension, healthcare, paid off home.. Keep the videos coming...
@@ReadMore-tz4nz I'll put it this way, one kid in daycare would wipe out all of his savings for the first two years. That's just daycare. That doesn't include any healthcare costs and diapers/supplies (US of course).
Yeah it's kinda.... privileged I'd say? I wanted a side hustle for YEARS but got annoyed and frustrated that I never had energy for it next to my regular (part time!!) job. I felt lazy AF because so many people seem to do fine having side hustles next to a regular job. Plot twist in my life: got diagnosed with autism. Explains the lack of energy. Now I feel lucky to even HAVE a job. 😂 Because apparently about half of the people with autism in my country are jobless. 🙈 I'll probably retire at age 70. Investing money on a low income is a huge risk so that's a hard no-go.
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every RUclips channel about how to make and multiply your income through passive income. Fortunately, I had saved some money and decided to start an investment, Now I have bought my second house already saving for retirement, earn on a monthly through passive income and got 4 out of 5 goals,< just hope it encourages someone that doesn’t believe in investing.. .
These are great ideas, but there's no way I could get a 4-unit rental property for under a million here...also we have something similar to the first time homebuyers incentive, but it's not as good as that. If you don't put 20%down, you end up paying massive insurance costs each year.
@annebrown7510 Don't worry, the global real estate market is going to crash soon. When that happens, hopefully, you have enough cash on hand so you can buy a house outright, and not have to worry about a mortgage.
Success seems to be connected with action. Successful people keep moving. They make Mistake but they don’t quit... As the economic crisis keep rising, we literally need to have different streams of income. The crypto and stock market has plenty opportunities to earn a decent Payouts with the right skills and proper Understanding of how the market works.
Yeah you're absolutely right..... Lots of people are still making massive profits from the stock and crypto market, all you really need is some relevant information and some professional advice. It is totally inappropriate for investors to stand by as they take dips during significant market diclinism
@@bradwilson8218 A good investment requires experience and knowledge to carry out a successful operation. Professionally, it is recommended to trade with experienced brokers, who can help you increase your profits while helping you learn the trade
Well I invest with a top trader Investor Ashton Edwards you might have heard of him.. I can correctly say he's the best top trader in the world, an investment advisor as his diversification skills are great, I say this because i see that in his results as my portfolio grows by averages of 25% to 35% on a weekly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what he place and not just on some particular industries of my choosing. He gave me that financial freedom I needed
Pretty darn good plan. Househacking is an amazing wealth building opportunity for sure. It's not easy, It's not comfortable, It's not low risk, but it sure can pay off big time like you outlined in this video. I'm not 100% convinced that these steps will lead to financial independence in 7 years, it surely is heavily location dependent for househacking to work, but I do believe you can retire decades earlier using this approach.
By following this practice; *(Being frugal , Investing and staying positive),* and by working with a *financial planner,* I achieved financial independence.
I am extremely delighted to see Mr. Donald Nathan Scott’s name mentioned here. It’s been three years and I vividly recall my experiences with him. My accomplishments and success became a reality working with him.
It’s hard to find someone who can be trusted with money but having encountered Donald Nathan Scott and his services, I’m convinced that good people does exist. I’m not there yet , but certainly I will boast of a *Skyscraper.*
between the two, I think I would still support *VRI TOKEN* : technically speaking, years ahead of the competitors,Brand power, easy development, flexible with source languages, quick tx...
so basically 80 percent of this video is just save up doing doordash until you can start house hacking. not very practical, these days with 25k, even with good credit and low interest rates, best you can dream for is a trailer park home in the high crime area if town.
It was most likely a "Handyman Special" which is real estate code for a money pit. I see buildings like that in my area for even cheaper, but they're literally falling over. You'd have to demolish the whole thing and build a brand new unit.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
I would NEVER save 15% of my income inside my employers 401k. The investment options are limited, and they usually just have actively managed mutual funds that have very high fees. Only invest up to the company match, which is usually just 6%. After that, I would fully max out a ROTH IRA and if you have access to one an HSA. After that, you start a side hustle or legitimate business. Then, open up either a SOLO 401K or a SEP IRA with a company like Vanguard, Fidelity, or Charles Schwab.
So basically the plan is to become a landlord. This entire video seems like a gross oversimplification where you just keep buying homes and always have tenants - let alone paying tenants that respect the property.
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
Lol ... Look at who's doing/sponsoring the study. Duh!... I know of ppl who did way better than a financial advisor with their investments. The advisor charges a fee too. Overall for the average man an advisor is great but don't just think that if you don't have one & maybe can't afford one then it's over for you.😊
@@BARNEY5879Vanguard really doesn't, though. They were famously the original and primary champion of the passive index fund, and that strategy let them trounce other active management options. That is why I find it so hard to believe Vanguard put out the claimed study
What bank allows you to buy a multi-family with 5% down conventional.... none that I've found. They want 15% for a duplex or 20+ for 3 or 4 units. The 3.5 down fha works food once but then you also need 25% equity in that first one before you can get a second 3.5%down fha. Nobody talks about how hard the second multifamily loan can be
You definitely need to find the right lender but I’ve done this and I know multiple other people who have done this you have to be technically upgrading your living situation
At 3.5% down on your 300k example ($10,000) then folding the 10k closing costs into the mortgage, you’ve effectively put down $10k on a 300k home but taken a loan out for $310k. This is an absolutely absurd amount of leverage to recommend someone take on, and with interest rates where they are it would be incredibly hard for this to cashflow with 100%+ of the homes value accruing interest.
For me I've been able to do that obviously it needs to cash flow. But if I make $1,000 a month within a year I have all my initial capital back and it's just infinite gains after that obviously it doesn't work for everybody and every second situation it's hard to find
So, just so I'm clear, you're working a "regular" job, have a side hustle, and "own" 2 multi-unit properties at the same time? I realize your formula gets you to "retirement" in a hurry, but what is that quality of life like in the meantime? It sounds like you're killing yourself to achieve this end goal. (my opinion)
I have 2 legitimate businesses, 2 side hustles, and 1 investment property. It's doable. I still get 8 hours of sleep a night and wake up refreshed. Now, back when I was working retail as an inventory manager, that was really wearing me out. I would never go back to working retail. It's all about finding some things you love to do, and it really won't feel like work.
Genuine stuff that is practical for anyone here. Start at negative and you can work your way up to riches. Appreciate the hard work you put in to benefit society. We need this more than ever.
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *VRI TOKEN* , Love the knowledge keep it up
I get the concept. But I think you should revise your pick of real estate. Especially AIR BNB! As that model has take significant downturns recently. What would you suggest as an alternative to real estate??
Starting another legitimate business. That's the only alternative. I currently have 2 small businesses, and they were a much better investment than real estate.
What's the rush to retire if you have permanent side hustles? This is more of a strategy to go to part time work and still have good income and also diversify your income from a single paycheck. House hacking is a big part of this plan and it is not everyone's cup of tea.
For sure this is just my own strategy that I think is the quickest way to get out of working a 9 to 5 and into a working one or two days a week thing which for me is what I enjoy
I need to find an area where I can work that has cheaper real estate! The average single family dwelling here is over $700k... nothing multi family for less than a million, even in a scary neighbourhood.
I think you literally just saved my life Leo, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met *VRI TOKEN* the real issue i have about debt was solve in some weeks am sure before Feb of my birthday i will be home owner.
I don't consider renting passive income unless you have professional property management. Most people who rent don't count their time and effort needed just to make a tiny return on their massive investment. For example, you invest $599,000 to buy a second home and rent it out for $3000 a month. Let assume you are cash flow positive on the property and you make $1000 a month or $12,000 a year. What would your annualized return be? 2 percent on the entire amount. Now, you can argue that your return is much higher since you only put down $120,000 on the property. However, you are on the hook for the full $600k regardless of what the future FMV of the house is. Furthermore, people assume that their home will always appreciate in value however, this is a false assumption you can make. In the best case, you will gain some capital appreciation thanks to the central bank increasing the money supply, however, if inflation heats up, you can see your property actually start to lose money in real terms. This is because there is an inverse relationship between housing and nominal interest rates. The central bank will attempt to slow down inflation with higher interest rates and curb lending. We haven't seen inflation in a big way but we can see all the massive stimulus money that the government is pumping turn into inflation while taxes will be hiked to pay for all the COVID spending, your best choice is to look into *VRI TOKEN* Its more profitable.
some people just work to live/pay for living (home, food, etc). I made another comment on here about not having a side hustle because I want passive income streams where I make money with zero effort and live each day not working and have time for family and freedom to make my own schedule around hobbies.
There is almost literally no job a Millennial could enjoy, you give them something cushy and fun like UX Designer in San Fran they will still just say I am just here doing this until my side hustles are online man then I am OUT lol
Can't deny the fact that *VRI TOKEN* is the strongest bet to bring power back to this industry after we suffered FTX, Celsius, Tera and so on. Sure if they fail it's done for good, but I don't see that the biggest tech company in the world would put everything at risk just for that.
A low quality and run down 2 to 4 unit property in my city will set be back around 1 million. I think this guy lives in a different realm. Completely unrealistic for a first home buyer taking on THAT MUCH DEBT.
Realistically, it takes 20 years to become financially independent, and that's IF you can afford to invest $50-70k at the start and an additional $500-$1,000 per month during those 20 years. The trick is to invest in the S&P500 and never withdraw your money no matter how much the value drops. It will kick back and you have not lost any money as long as you don't withdraw your money. Only withdraw when it's time to retire, and you can live off the interest alone.
Credit score is not something used in all countries though. In France, they determine if you are eligible to get a loan (e.g., to buy a house) based on the ratio between your salary, your expenses and your savings. Basically, if every month you 'burn' all your money, you're perceived as riskier than someone earning less but consistently making deposits to a saving account. I feel in the US people tend to buy things they don't need with money they don't have... The only times I feel one should need a credit is when buying 'big' things (house, car, etc.). Not for a TV. I’m 26 with over 800 credit score, time was put into that to build it up by *VRI TOKEN*
pretty much the same in norway: income vs debt. but they dont take ur expenses or savings or rent payment history into account. im 60% conventionally employed and run my own business. only the 60% is taken into account, no other earnings bc its not considered "reliable". if youre self employed in norway, you're utterly fucked bc u cant get a loan and the housing prices in our large cities rivals London and New York.
After a messy break up.... At 44 years old I am lucky enough to have a house and a unit that I rent out. They almost cover themselves when I factor in the negative gearing (Australia). Just started saving 45% of my income $2025 a fortnight which I am investing into high yield vanguard ETF. In 6 years I'll sell one property and put the proceeds into more shares and will be living off the dividends.
Depending on the real estate market one is in, this could be a good strategy, However, in Austin, TX, the cheapest duplex starts around $400,000, and just a simple analysis of cost versus what revenue rentals would bring would not make this a profitable venture in this market, perhaps if the prices went down 25% or more.
That is a little bit of a risk, i h would recommend looking into some bigger pockets books if you’re gonna get into real estate investing, they have a lot on how to find good tenants and that type of thing
I get such GREAT service every time I go to the *VRI TOKEN* and the IRS is SO wonderful to work with. I DEFINITELY want the Government in charge of my Social Credit Score! This couldn't possibly be misused in ANY way! All the data breaches that the VA has had makes me confident that my data would be TOTALLY safe!
A blessing that we have the access to such knowledge for free 😅 Thank you Gabe for changing many lives and increasing the saving rates on our planet =D
Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. *VRI TOKEN* made it stay at that range and getting it up
I've seen a lot of these 7 year videos and this first one that was realistic. Most seem to rely on an ever increasing amount of earnings that way out of reach. Side note: The multi-unit purchase described here and odd job side hustles was exactly how Arnold made his money in the beginning. He was a millionaire on paper before he broke into Hollywood.
I am 38 and retired. I started investing at 19 years old. I invested in real estate. I have 15 rental homes. single guy no kids, enjoying life and travelling the world. Currently sitting at the First Class lounge in Dallas, and flying to Australia. Please learn to save money and live below your means. You will one day retire.
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 732 and I’m still going up with *VRI TOKEN* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Saving isn't as important, than making enough money. I'm living in a country, where my salary is 1/5 of an US salary, and the living expenses are approximately half.
Can you really qualify for another FHA just because it is an upgrade to your quality of living? I can't find anything that cites that, only if you are moving more than 100 miles away or if you need another resident as your family has grown.
So completely leave out risk is what your saying lol. So now you have 2 house payment to worry about if you can even get a bank to loan you the money in the first place and as far as having tenants pay for it you have to hope they don't stiff you which happens a lot more these days and then there is the issue of repairs when thing brake or your roof leaks. It's like living in a house of cards one little problem can bring it all crashing down good luck with that.
Interesting consideration, have to consider digital land probably won't function like physical land obviously but I see application. The issue right now is no one can foresee where this space is heading. Metaverse is an obvious choice in purchasing land as it's backed by FB but when I bought my VR headset a lot of people didn't want to have any association with FB like having to create an account to access their VR profile. I think if fears of future pandemics persist people will be more willing to stay home and interact on VR for shopping and social events, not to mention viewing events in other countries without the costs of flying, etc. There's a lot of potential and opportunity to integrate with cryptocurrency when you deal with the right source like *VRI TOKEN* but there's probably a long way until a platform exists for it.
I did choose to renovate the first two but I budgeted that in and then I also do you have repairs but that is budgeted it in as well. At this point I have a management company.
Your properties are under mortgage. Time is money when you’re in debt (or houses sitting empty)…It only takes 1 bad tenant to sink you (squatters or vandals) You’ll need at least 20 k in reserves (new ACs, repairs, etc)… but in the end? The bank still owns you bc you don’t own the property…And then there’s the taxes… in order to retire, you need to be debt free… living on 4% (1 million= $40k a year)… properties help, yes… but you gotta get ahead of the note (and that takes more than 7 years)…
I wanna let you know that *VRI TOKEN* made it this year. What better way to start a global change? Don't get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more. We need players like them and we can always jump in the train at good spots such as this one
Retiring from public services made me realize that I had no means to passive income and in 5 years I only moved around in circles financially, I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my Investment to a return of over 200% in less than 6 months. Mind-blowing experience really.
Nice one. Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated.
Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with Margaret Johnson Arndt an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
@@MarkFreeman-xi3rk That’s great. your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. Do you mind sharing more info on this person?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
What is your side hustle?
A good paying job that also has the opportunity to work extra and get 50% more pay (which I do).
🔥
I have a RUclips channel about personal finances as well) But in the Russian language.
Love your videos) Cool editing and cinematography skills. You did a great job of getting to the finance independence! And you make me feel that I am on the right path.
Bookkeeping and niche blogging about cats.
I live in Romania, I started my budgeting channel last year and I also have an Etsy shop.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether l'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k.Joseph Nick Cahill taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways! He has upscaled my portfolio and even got me reading self help books haha
Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.
Joseph Nick Cahill' is his name. He is regarded as a genius in his area and works for Empower Financial Services. He's quite known in his field, look-him up.
Thank you for this tip. It was easy to find your coach.
Did my due diligence on him before scheduling a phone call with him . He seems proficient considering his resume.
As I approach retirement, ensuring the stability of my 401k after the turbulent year of 2022 is a top priority. I've come across stories of investors achieving up to $270k in ROI during this current declining market. Any advice on enhancing my ROI before retirement would be highly valued.
Many people underestimate the importance of advisors until their emotions lead to financial setbacks. I recall a couple of summers ago, during my protracted divorce, when I needed a significant boost to keep my business afloat. I conducted research and found a highly qualified licensed advisor. She has effectively increased my savings from $220k to $740k, even in the face of inflation.
How can I get in touch with your advisor? I'm interested in finding a more effective investment strategy for my savings.
Her name is “Sharon Lee Peoples” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sharon looks the part but i'd do my due diligence. I set up a call, thanks.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
Her name is “Sonya lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Gabe, you timed the housing market perfectly. Congratulations! NOBODY could do that today because it is impossible to find a positive cash flow property out there.
Depends on how much your down payment is, but if you’re looking at 50%+ down, stocks are a much better alternative at that point
I bet we get another chance in the next couple years
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
You lost me at “buy this house”
FHA makes a big difference. You should look it up. It’s a cheat code.
Saving $10k even saving 25k doesn't mean you can afford to buy a house if you have a low income. I made $13k I got $8k tax return in theory I could save my tax returns and have that kind of money but I couldn't rent a unsubscribed one bedroom I would not be aloud nobody is giving me a loan but I don't expect this advice to be for me but it said $0 so I thought it would be worth watching and it is probably good for someone making 30 to 50k and has a spouse who could also be earning.
😒 Same
lol same
Same! I stopped watching the video at this point. And there is no way anyone is able to find a 3-unit building for $300k in California where I live.
Sadly the house hack doesn't work in my country ... For 300k you can buy a studio or a small 2 bedroom apartment, not to mention the min 20% down-payment☠️ multi rentals cost at least a million if not more. For those who wonder the average annual wage is around 70k😢
Same here - no chance whatsoever to get there. let's find another way :)
Even in the US, with the current market, you have to live in the middle of nowhere, where the job market also sucks, to be able to spend only 300k on anything that is not a tiny place to renovate
Doesn’t work in the states either.
Buy a house with a higher roi and lower expenses in a different country or state, dont have to live in it, wait for value to incrwlease then sell
Lucky if get a condo for under million maybe 700k in and most homes are over a million in Canadian major cities (Saskatchewan is the most affordable bet thou gotta live there if first time home loan buyer;)
Rent one bedroom Victoria BC is bout ~2000$ month+
The rental market to find a place is extremely competitive even if find a gem on FB it’s just timing/personalities
The right idea. Mind set is everything. Lots of hustle vids that can do to make $happen if willing and put in the work/effort.
Staying to true to budget & saving is key. Automatic savings taken as soon as paycheques are due in.
~55k income saved like 30/40,000 in 3.6 years plus went on vacations, did some apartment remodeling yet my rent is way less than the market and hence why saving hard cuz know the alternatives are pricey. We shouldn’t be working to just afford a roof n food 💪🏽🍀❤️
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future… I pray that anyone who is reading this will be successful in his or her life!!!
I’m celebrating a $30k stock portfolio today. I started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
Wow, really. I was able to make my $25k on investment
@@vickia.weaver7488I’m looking for something I can venture into on a short term basis, I have $15k sitting in my savings
Assets that can make you rich
*FX
*Btcoin
*Stocks
*Gold
*Real estate
You’re right but a lot of people remain poor due to ignorance
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “Colleen Janie Towe”, and she's is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field. Most likely, her deets can be found on the net, so you can confirm yourself.
Colleen has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Sounds great in principle but what if your tenants don’t pay rent or trash the place? Unless you have enough to cover the lost rent and repairs, this could end in disaster.
That’s why we recommend saving up a decent amount extra for that rental properties Slushii account we did an hour long podcast on this on the Finances unfiltered channel
Trashing the place is so rare and lots of land lords lose so much money by allowing their places sit vacant waiting for FLS and a 650 credit score, not realizing those people who qualify would obviously choose a house with that credit and free cash
@@probrickgamer100% true or they are going by who the neighbors want in there like in my case after they run you out and never tell anyone new about their lack of integrity for defending loyal paying tenants leaving the property vacant for months.
There is one fatal flaw with this.
Everyone thinks they are smart “house hacking” and the price of multi-family units has shot through the roof. On top of low inventory.
If you invest $2,545 into the S&P, then assuming a 10% annual rate of return, your child at an early retirement age will be 2 Million plus rich, excluding every other income channeled to this. We need to invest much more. Focus on the company not just the stock price, true words from my F.A Olivia Rene Reyes ..I made over half a million from ALB and NVDA..I love passive income.
When it comes to stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
Truly It’s all about accumulating wealth through compound interest investments.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Saving and investing 75% of your income will retire you in 7 years.
Where to invest😂
It is in case if your parents saved for you 75%
If you really think that is helping anyone you're discouraging them from the other very useful information in this video.....its not a "top 10" video its a blueprint/plan that you can follow
@@matthewwendt7315 I agree with Gabe, however, I don’t like debt. That’s the only to buy property right now. Property is so expensive. I’m saving, investing and have a good good salary and a great side hustle going on that brings in extra income. I’m retiring in 4 to 5 years too. Hopefully the price of property will go down and then I can buy with cash. Trying to create some generational wealth😊
No it won't
Where do you find these properties for so cheap though? No way you can get a 3-plex in manitoba for 300k
I like your channel, but there's a flip side to this solution to just become a landlord. In the US, it's getting harder and harder for people to find affordable housing because of people doing this, and developers buying up places in cash, faster than single families can manage with the savings they have built up. Airbnb makes rents go up in neighborhoods until regular people can't afford to live there. I hate to be a negative person on here, but I wish there was a way to do this without being part of the problem.
So inspiring! I’ve realized I am already in Year 1. I have been saving 50% of my income while trying to pay off my debt. Once I am out of debt, I want to increase my savings to 75% of my income. I usually feel a bit lost when it comes to managing/saving money, but have been educating myself. I’ve also dreaded talking and learning about money for quite some time. Your channel has been one of the resources I enjoy learning from. Thank you for doing what you do.
Great job Mel =)
This is the path I'm on. Saving 10k this year. No debt. Just really my car is a liability, putting in the work now. So in a year I know I'll have 10k in my hand.
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better.
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Investment advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses, minimal insurance, cut utilities.
@@AstaKristjan I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner, and for that reason i enjoy my day to day market decisions being guided by a portfolio-coach. For over 2years+ and I've netted over $800k.
@@IrenaDolinsek Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls?
@@Erinmills98 Jennifer Puckett Hunter. She's a reputable tutor who showed me that profits can be produced in both bull and downturn markets. She talks about investing, insurance, making sure your retirement is well-funded, and searching for methods to create a volatility buffer for investment risk, among other topics.
Step 1: save money
Step 2: leverage yourself to the absolutely fucking tits in various investments….
I hope people keep in mind that if interest rates go up and unemployment rates go up that many of the real estate methods people rely on fall apart and can result in foreclosure and even bankruptcy. Many grades between wealthy and that of course. I understand that some countries have rates on their loans locked in for 30 years and that helps a lot to prevent troubles if you got locked in low. People's perceptions changed radically from 1928/29 to 1930/31 as to what was possible. Plenty of reasons such change could happen again.
You are one of the most sophisticated and brilliant RUclipsr/content creator I watch, and 1million percent the very best in finance. I appreciate all of your content thank you for *VRI TOKEN* much love from Chicago
It's cute how he thinks 300k would buy a 4plex... Not in Canada lol
$2mm+ buys a run down 4plex where I live
Not in California either
It would in my city and I'm in Canada 🤷🏻♀️ Just gotta live outside of the big metropolitan areas
It sounds great, but what if 1) a tenant doesn't pay rent and trashes a unit? - now you have to pay money out of pocket? This is possible, but it doesn't take into account crap happening. 2) if you're not handy, hiring someone to fix stuff (because things will go wrong) that will take your cash flow. I'm all for house hacking, but this is a "best case, nothing goes wrong" scenario.
Good video; however, your video is a picture perfect; no emergency, no medical issues, ALL is well; it's unrealistic.
Retired @44 with military pension, healthcare, paid off home..
Keep the videos coming...
Yourr speaking facts.
No kids...
@@josephhardin5726 can you give me a break down of how much a kid would cost?
@@ReadMore-tz4nz I'll put it this way, one kid in daycare would wipe out all of his savings for the first two years. That's just daycare. That doesn't include any healthcare costs and diapers/supplies (US of course).
Yeah it's kinda.... privileged I'd say?
I wanted a side hustle for YEARS but got annoyed and frustrated that I never had energy for it next to my regular (part time!!) job. I felt lazy AF because so many people seem to do fine having side hustles next to a regular job.
Plot twist in my life: got diagnosed with autism. Explains the lack of energy. Now I feel lucky to even HAVE a job. 😂 Because apparently about half of the people with autism in my country are jobless. 🙈 I'll probably retire at age 70. Investing money on a low income is a huge risk so that's a hard no-go.
If you are running a business, you are not retired. If you're running a RUclips channel specifically to make money, you are only semi retired.
I was going to make a similar comment. The vast majority of these F.I.R.E RUclipsrs are not really retired. They just switched careers.
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every RUclips channel about how to make and multiply your income through passive income. Fortunately, I had saved some money and decided to start an investment, Now I have bought my second house already saving for retirement, earn on a monthly through passive income and got 4 out of 5 goals,< just hope it encourages someone that doesn’t believe in investing.. .
These are great ideas, but there's no way I could get a 4-unit rental property for under a million here...also we have something similar to the first time homebuyers incentive, but it's not as good as that. If you don't put 20%down, you end up paying massive insurance costs each year.
Even a one bedroom single unit costs a minimum of close to half a million in Australia 😢
@annebrown7510 Don't worry, the global real estate market is going to crash soon. When that happens, hopefully, you have enough cash on hand so you can buy a house outright, and not have to worry about a mortgage.
In Australia, you need to earn $300k a year to buy one unit.
Success seems to be connected with action. Successful people keep moving. They make Mistake but they don’t quit... As the economic crisis keep rising, we literally need to have different streams of income. The crypto and stock market has plenty opportunities to earn a decent Payouts with the right skills and proper Understanding of how the market works.
Yeah you're absolutely right..... Lots of people are still making massive profits from the stock and crypto market, all you really need is some relevant information and some professional advice. It is totally inappropriate for investors to stand by as they take dips during significant market diclinism
@@bradwilson8218 A good investment requires experience and knowledge to carry out a successful operation. Professionally, it is recommended to trade with experienced brokers, who can help you increase your profits while helping you learn the trade
Well I invest with a top trader Investor Ashton Edwards you might have heard of him.. I can correctly say he's the best top trader in the world, an investment advisor as his diversification skills are great, I say this because i see that in his results as my portfolio grows by averages of 25% to 35% on a weekly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what he place and not just on some particular industries of my choosing. He gave me that financial freedom I needed
Investor Ashton Edwards. He's well researched. Just look him up on the internet, you'll find his personal website
Pretty darn good plan. Househacking is an amazing wealth building opportunity for sure. It's not easy, It's not comfortable, It's not low risk, but it sure can pay off big time like you outlined in this video. I'm not 100% convinced that these steps will lead to financial independence in 7 years, it surely is heavily location dependent for househacking to work, but I do believe you can retire decades earlier using this approach.
*Considering the economic downfall and the rise in poverty across the globe. I ask; What’s the best way to achieve financial freedom?*
By following this practice; *(Being frugal , Investing and staying positive),* and by working with a *financial planner,* I achieved financial independence.
If I could ask; who’s your financial Adviser and how do I gain more info?
I get help from *Donald Nathan Scott.* A well known Investment Adviser who operates privately . You can research his name to get more information.
I am extremely delighted to see Mr. Donald Nathan Scott’s name mentioned here. It’s been three years and I vividly recall my experiences with him. My accomplishments and success became a reality working with him.
It’s hard to find someone who can be trusted with money but having encountered Donald Nathan Scott and his services, I’m convinced that good people does exist. I’m not there yet , but certainly I will boast of a *Skyscraper.*
between the two, I think I would still support *VRI TOKEN* : technically speaking, years ahead of the competitors,Brand power, easy development, flexible with source languages, quick tx...
Gambling of housing, of course. I’ve have enough of this kind of videos
so basically 80 percent of this video is just save up doing doordash until you can start house hacking. not very practical, these days with 25k, even with good credit and low interest rates, best you can dream for is a trailer park home in the high crime area if town.
Thank you for the update *VRI TOKEN* is done right, and waiting is part of the process,
Where did you buy the 4 unit building for 300k???
It was most likely a "Handyman Special" which is real estate code for a money pit. I see buildings like that in my area for even cheaper, but they're literally falling over. You'd have to demolish the whole thing and build a brand new unit.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
I would NEVER save 15% of my income inside my employers 401k. The investment options are limited, and they usually just have actively managed mutual funds that have very high fees. Only invest up to the company match, which is usually just 6%. After that, I would fully max out a ROTH IRA and if you have access to one an HSA. After that, you start a side hustle or legitimate business. Then, open up either a SOLO 401K or a SEP IRA with a company like Vanguard, Fidelity, or Charles Schwab.
My dream side hustles: 1. Food Critic, 2. Mattress Tester, 3. Video Game Tester.
What about 🌽 🌟 ?
So basically the plan is to become a landlord. This entire video seems like a gross oversimplification where you just keep buying homes and always have tenants - let alone paying tenants that respect the property.
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
Lol ... Look at who's doing/sponsoring the study. Duh!... I know of ppl who did way better than a financial advisor with their investments. The advisor charges a fee too. Overall for the average man an advisor is great but don't just think that if you don't have one & maybe can't afford one then it's over for you.😊
So a company that operates as a money manager/advisor thinks people should use and pay fees to a money manager/advisor?
I think I would need to see that study to believe it
@@BARNEY5879Vanguard really doesn't, though. They were famously the original and primary champion of the passive index fund, and that strategy let them trounce other active management options. That is why I find it so hard to believe Vanguard put out the claimed study
I remember some of those early videos of yours. Started watching you years ago and it's great to see that you succeeded. Best of luck in the future.
Thanks for watching so long! Yeah, it’s definitely been a journey
What bank allows you to buy a multi-family with 5% down conventional.... none that I've found. They want 15% for a duplex or 20+ for 3 or 4 units. The 3.5 down fha works food once but then you also need 25% equity in that first one before you can get a second 3.5%down fha. Nobody talks about how hard the second multifamily loan can be
You definitely need to find the right lender but I’ve done this and I know multiple other people who have done this you have to be technically upgrading your living situation
Damn, the comment section is a crypto scam mess. I also got a fake Elon Musk Investment offer advertisements before the actual video started
At 3.5% down on your 300k example ($10,000) then folding the 10k closing costs into the mortgage, you’ve effectively put down $10k on a 300k home but taken a loan out for $310k. This is an absolutely absurd amount of leverage to recommend someone take on, and with interest rates where they are it would be incredibly hard for this to cashflow with 100%+ of the homes value accruing interest.
For me I've been able to do that obviously it needs to cash flow. But if I make $1,000 a month within a year I have all my initial capital back and it's just infinite gains after that obviously it doesn't work for everybody and every second situation it's hard to find
So, just so I'm clear, you're working a "regular" job, have a side hustle, and "own" 2 multi-unit properties at the same time? I realize your formula gets you to "retirement" in a hurry, but what is that quality of life like in the meantime? It sounds like you're killing yourself to achieve this end goal. (my opinion)
I have 2 legitimate businesses, 2 side hustles, and 1 investment property. It's doable. I still get 8 hours of sleep a night and wake up refreshed. Now, back when I was working retail as an inventory manager, that was really wearing me out. I would never go back to working retail. It's all about finding some things you love to do, and it really won't feel like work.
Not forget to mention, choosing the right partner for this way can help you to reach this faster, or just more stress-free ;)
100%
Boys is it best to invest in *VRI TOKEN* monthly or weekly? I'm thinking the fees will be higher if done weekly.
Genuine stuff that is practical for anyone here. Start at negative and you can work your way up to riches. Appreciate the hard work you put in to benefit society. We need this more than ever.
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *VRI TOKEN* , Love the knowledge keep it up
I get the concept. But I think you should revise your pick of real estate. Especially AIR BNB! As that model has take significant downturns recently.
What would you suggest as an alternative to real estate??
Starting another legitimate business. That's the only alternative. I currently have 2 small businesses, and they were a much better investment than real estate.
What's the rush to retire if you have permanent side hustles? This is more of a strategy to go to part time work and still have good income and also diversify your income from a single paycheck. House hacking is a big part of this plan and it is not everyone's cup of tea.
For sure this is just my own strategy that I think is the quickest way to get out of working a 9 to 5 and into a working one or two days a week thing which for me is what I enjoy
I already converted all my ETH to *VRI TOKEN* , now I feel like moving all my BTC to ADA as well.
I need to find an area where I can work that has cheaper real estate! The average single family dwelling here is over $700k... nothing multi family for less than a million, even in a scary neighbourhood.
I think you literally just saved my life Leo, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met *VRI TOKEN* the real issue i have about debt was solve in some weeks am sure before Feb of my birthday i will be home owner.
I don't consider renting passive income unless you have professional property management. Most people who rent don't count their time and effort needed just to make a tiny return on their massive investment. For example, you invest $599,000 to buy a second home and rent it out for $3000 a month. Let assume you are cash flow positive on the property and you make $1000 a month or $12,000 a year. What would your annualized return be? 2 percent on the entire amount. Now, you can argue that your return is much higher since you only put down $120,000 on the property. However, you are on the hook for the full $600k regardless of what the future FMV of the house is. Furthermore, people assume that their home will always appreciate in value however, this is a false assumption you can make. In the best case, you will gain some capital appreciation thanks to the central bank increasing the money supply, however, if inflation heats up, you can see your property actually start to lose money in real terms. This is because there is an inverse relationship between housing and nominal interest rates. The central bank will attempt to slow down inflation with higher interest rates and curb lending. We haven't seen inflation in a big way but we can see all the massive stimulus money that the government is pumping turn into inflation while taxes will be hiked to pay for all the COVID spending, your best choice is to look into *VRI TOKEN* Its more profitable.
Why not enjoy you life "while" u r working?
You can definitely enjoy this whole process and then you have the option to work and not be forced to which can make work much more enjoyable
some people just work to live/pay for living (home, food, etc). I made another comment on here about not having a side hustle because I want passive income streams where I make money with zero effort and live each day not working and have time for family and freedom to make my own schedule around hobbies.
There is almost literally no job a Millennial could enjoy, you give them something cushy and fun like UX Designer in San Fran they will still just say I am just here doing this until my side hustles are online man then I am OUT lol
Because you will always have to go back to work on monday unless you build wealth.
For clarification- FHA is *NOT* a first time home buyer program. You do not have to be a first time home buyer to use.
Can't deny the fact that *VRI TOKEN* is the strongest bet to bring power back to this industry after we suffered FTX, Celsius, Tera and so on. Sure if they fail it's done for good, but I don't see that the biggest tech company in the world would put everything at risk just for that.
Have 2 properties… but i had bad money management, and few medical expenses… now at 40 i need to hustle again like i was in my 20s & 30s 😭 shit
A low quality and run down 2 to 4 unit property in my city will set be back around 1 million. I think this guy lives in a different realm. Completely unrealistic for a first home buyer taking on THAT MUCH DEBT.
Most of these "financial advice" videos are for entertainment purposes only. I don't believe a word that comes out of these RUclipsrs mouths.
Realistically, it takes 20 years to become financially independent, and that's IF you can afford to invest $50-70k at the start and an additional $500-$1,000 per month during those 20 years. The trick is to invest in the S&P500 and never withdraw your money no matter how much the value drops. It will kick back and you have not lost any money as long as you don't withdraw your money. Only withdraw when it's time to retire, and you can live off the interest alone.
The War Room is by Far the best way
Credit score is not something used in all countries though. In France, they determine if you are eligible to get a loan (e.g., to buy a house) based on the ratio between your salary, your expenses and your savings. Basically, if every month you 'burn' all your money, you're perceived as riskier than someone earning less but consistently making deposits to a saving account. I feel in the US people tend to buy things they don't need with money they don't have... The only times I feel one should need a credit is when buying 'big' things (house, car, etc.). Not for a TV. I’m 26 with over 800 credit score, time was put into that to build it up by *VRI TOKEN*
pretty much the same in norway: income vs debt. but they dont take ur expenses or savings or rent payment history into account. im 60% conventionally employed and run my own business. only the 60% is taken into account, no other earnings bc its not considered "reliable". if youre self employed in norway, you're utterly fucked bc u cant get a loan and the housing prices in our large cities rivals London and New York.
Not one reply from the creator in the comments, why bother watching? Dude obviously doesn't care.
I try to reply for the first half hour or hour of the video being up but then after that, it is hard to keep up for sure
After a messy break up.... At 44 years old I am lucky enough to have a house and a unit that I rent out. They almost cover themselves when I factor in the negative gearing (Australia). Just started saving 45% of my income $2025 a fortnight which I am investing into high yield vanguard ETF. In 6 years I'll sell one property and put the proceeds into more shares and will be living off the dividends.
Keep the job and health insurance. Just another way to stack
Depending on the real estate market one is in, this could be a good strategy, However, in Austin, TX, the cheapest duplex starts around $400,000, and just a simple analysis of cost versus what revenue rentals would bring would not make this a profitable venture in this market, perhaps if the prices went down 25% or more.
What about the risk of your tenents not paying?
That is a little bit of a risk, i h would recommend looking into some bigger pockets books if you’re gonna get into real estate investing, they have a lot on how to find good tenants and that type of thing
Buying a multiunit property would be nice... if I wasn't living in an expensive major city.
I get such GREAT service every time I go to the *VRI TOKEN* and the IRS is SO wonderful to work with. I DEFINITELY want the Government in charge of my Social Credit Score! This couldn't possibly be misused in ANY way! All the data breaches that the VA has had makes me confident that my data would be TOTALLY safe!
Pro tip: Live in the present for your future self. The grinding is a part of the game, find ways to make it enjoyable or less distressful.
A blessing that we have the access to such knowledge for free 😅 Thank you Gabe for changing many lives and increasing the saving rates on our planet =D
Are glad I can help! Pretty much everything I have learned is from other people, so I’m just trying to be that person for you guys
Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. *VRI TOKEN* made it stay at that range and getting it up
Cool now I just need to find a dense American suburb with abundant houses for sale in my non American country
I’m 44 and all-in on FIRE now.
“Save 10000$ per the first year” thank you, it’s really cool!! (Average salary in Ukraine is about 360$ per month)
Great Video and Great success. Congratulations!
Thanks 🙏
I've seen a lot of these 7 year videos and this first one that was realistic. Most seem to rely on an ever increasing amount of earnings that way out of reach.
Side note: The multi-unit purchase described here and odd job side hustles was exactly how Arnold made his money in the beginning. He was a millionaire on paper before he broke into Hollywood.
I am 38 and retired. I started investing at 19 years old. I invested in real estate. I have 15 rental homes. single guy no kids, enjoying life and travelling the world. Currently sitting at the First Class lounge in Dallas, and flying to Australia. Please learn to save money and live below your means. You will one day retire.
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 732 and I’m still going up with *VRI TOKEN* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Very helpful video, mate!! Thanks for your great work.
So you personally don't invest in the stock market at all?
always great info. thanks for sharing.
Saving isn't as important, than making enough money. I'm living in a country, where my salary is 1/5 of an US salary, and the living expenses are approximately half.
Do something you love, and you never have to work a day in your life.
Can you really qualify for another FHA just because it is an upgrade to your quality of living? I can't find anything that cites that, only if you are moving more than 100 miles away or if you need another resident as your family has grown.
We are really enjoying your Forest of Dean & Wye Valley videos, as we plan to retire to the area. Thank you for your interesting details
So completely leave out risk is what your saying lol. So now you have 2 house payment to worry about if you can even get a bank to loan you the money in the first place and as far as having tenants pay for it you have to hope they don't stiff you which happens a lot more these days and then there is the issue of repairs when thing brake or your roof leaks. It's like living in a house of cards one little problem can bring it all crashing down good luck with that.
Interesting consideration, have to consider digital land probably won't function like physical land obviously but I see application. The issue right now is no one can foresee where this space is heading. Metaverse is an obvious choice in purchasing land as it's backed by FB but when I bought my VR headset a lot of people didn't want to have any association with FB like having to create an account to access their VR profile. I think if fears of future pandemics persist people will be more willing to stay home and interact on VR for shopping and social events, not to mention viewing events in other countries without the costs of flying, etc. There's a lot of potential and opportunity to integrate with cryptocurrency when you deal with the right source like *VRI TOKEN* but there's probably a long way until a platform exists for it.
How much were your expenses in the repairs and maintenance for the rentals and did you do your own work to cut on those expenses?
I did choose to renovate the first two but I budgeted that in and then I also do you have repairs but that is budgeted it in as well. At this point I have a management company.
Your properties are under mortgage. Time is money when you’re in debt (or houses sitting empty)…It only takes 1 bad tenant to sink you (squatters or vandals) You’ll need at least 20 k in reserves (new ACs, repairs, etc)… but in the end? The bank still owns you bc you don’t own the property…And then there’s the taxes… in order to retire, you need to be debt free… living on 4% (1 million= $40k a year)… properties help, yes… but you gotta get ahead of the note (and that takes more than 7 years)…
What was your day job Gabe?
A lot of gems in this one 💎 Thank you
I wanna let you know that *VRI TOKEN* made it this year. What better way to start a global change? Don't get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more. We need players like them and we can always jump in the train at good spots such as this one
How to retire in 7 years: become a YT influencer. But diversify: personal finance, minimalism, desirable lifestyle etc. Works *_beautifully....._*
25 and feel like I will be breaking my back 9-5 + OT barely feeling alive by the end of the week for the rest of my life. Lost is an understatement.
Best wishes ❤️
Lol, care to share some of these 2-4 multi-family units for $300k? That's where this video really goes off the rails.
love the vid but is there a version of a FHA loan in Canada and does it apply if you upgrade your living conditions that you can do it a second time
Retiring from public services made me realize that I had no means to passive income and in 5 years I only moved around in circles financially, I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my Investment to a return of over 200% in less than 6 months. Mind-blowing experience really.
Nice one. Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated.
Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with Margaret Johnson Arndt an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
@@MarkFreeman-xi3rk That’s great. your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. Do you mind sharing more info on this person?
Well you can find more details about her online, by simply searching her full name.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.