First big purchase?

[bigdogc]

Nothing. Live poor and pay off all your bills. Do NOT buy a home, but rent/lease a condo or townhouse. Then buy/lease a vehicle that is good on gas.

you will live poor for a long time with that plan. 10 years down the road renting for $X/month and not owning a penny of it will make you think else wise.

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[genesis09]

In the short term, renting might make sense, but in the long-term, it doesn't. You can find mortgage payments which are equal to average rents in this area.
Once my workplace health insurance becomes active, I'll probably finally get these skin lesions removed and find a permanent solution to them. I have sensitive skin, and if I get folliculitis, sometimes, instead of healing, it'll turn into a skin plaque.

 

[Tuck]

I think my next major purchase will be a a series of clones kept at the ages of 20-24ish (when I was in good shape) and will just keep getting my brain transfered for the duration...

 

[Wes1015]

And you have this planned out? which franchise? most require large up front deposits not including rights, and profit sharing.

If it was that simple we'd all be millionaires

Not true, there are alot of small business franchises that makes tons, im thinking about landscaping, initial investment of 50k, and i can get about 200k+ worth of contracts a year if i please, im also looking into a few other field like cleaning, it is simple you juts have to have it in you, everyone doesn't have what it takes to run a business

 

[medicalCPA]

I think my next major purchase will be a a series of clones kept at the ages of 20-24ish (when I was in good shape) and will just keep getting my brain transfered for the duration...

I this post.

 

[Knipps]

Not true, there are alot of small business franchises that makes tons, im thinking about landscaping, initial investment of 50k, and i can get about 200k+ worth of contracts a year if i please, im also looking into a few other field like cleaning, it is simple you juts have to have it in you, everyone doesn't have what it takes to run a business

My mistake. Simple misinterpretation, I thought you were buying into an already established franchise (fast food & the like)

 

[confettiflyer]

Fresh out of school ill buy a cheap condo, save a few pennies buy a few houses(resale them) and a franchise, then buy my own house, 2-3years later ill be a millionaire, and buy a used Lamborghini and a motorcycle and retire in my 40's

This is a great plan....if it's 2001!

 

[Wes1015]

This is a great plan....if it's 2001!

lol, why you say that?

 

[Knipps]

lol, why you say that?

Do you know what the current housing situation is like?

 

[Rumplestiltazepam]

I don't know about where you live but in Lala Land the market is booming

 

[LiveLoveFartRepeat]

Fresh out of school ill buy a cheap condo, save a few pennies buy a few houses(resale them) and a franchise, then buy my own house, 2-3years later ill be a millionaire, and buy a used Lamborghini and a motorcycle and retire in my 40's

Wes... this is a wonderful plan. My plan look at lot like yours. We'll buy a duplex or triplex or quadruplex..whatever I can find in the area where I would be settling down to. ( there aren't many of those where I have been looking at so far..we might have to settle for 2 townhouses together)

We'll occupy one unit, then buy more rentals, then we'll move out and buy a house. We are planning more on doing rentals properties and stock market to start with. When the money is right we'll go for a franchise.

 

[LiveLoveFartRepeat]

And you have this planned out? which franchise? most require large up front deposits not including rights, and profit sharing.

If it was that simple we'd all be millionaires

It is that simple, you just have to do your homework..

1-Read, read and read about making money
2-Find what type of investment work for you.
3-Be willing to live on little money NOW, to enjoy your money LATER on. ( that where most people fail themselves..)
3-Pay off all your credits card debts as soon as you can...don't owe those suckers a dime!!!
4-surround yourself with people who want the same things as you do.
( including spouse/partners)
5- The same thing you did to get into pharmacy school ( tell yourself you want to be a pharmacist and work hard to be one) you can / should do the same thing... about making money
5-Repeat after me: "I want to be a millionnaire and I'll work really hard to be one"

 

[PharmDstudent]

It is that simple, you just have to do your homework..

1-Read, read and read about making money
2-Find what type of investment work for you.
3-Be willing to live on little money NOW, to enjoy your money LATER on. ( that where most people fail themselves..)
3-Pay off all your credits card debts as soon as you can...don't owe those suckers a dime!!!
4-surround yourself with people who want the same things as you do.
( including spouse/partners)
5- The same thing you did to get into pharmacy school ( tell yourself you want to be a pharmacist and work hard to be one) you can / should do the same thing... about making money
5-Repeat after me: "I want to be a millionnaire and I'll work really hard to be one"

My mother and I were discussing fulfillment vs happiness a few weeks ago. We came to the conclusion that money can buy happiness, but it can not buy fulfillment. I believe this to be true.

Let me leave you with Nat King Cole lyrics:
"You're nobody till somebody loves you
You're nobody till somebody cares
You might be king, you might possess, the world and its gold
But gold won't bring you happiness, when you're growing old" - You're Nobody 'Till Somebody Loves You

 

[confettiflyer]

I don't know about where you live but in Lala Land the market is booming

Yeah but only on properties @ $1.5M and above, otherwise foreclosure is killing you in comps. Commercial RE is where the money is.

You're better off investing in int'l funds and ETF's than real estate, you're not going to get double digit annual returns anymore with that route, even when the economy rebounds. This sub-prime hangover is going to last for a looong time.

 

[Epic]

Yeah but only on properties @ $1.5M and above, otherwise foreclosure is killing you in comps. Commercial RE is where the money is.

You're better off investing in int'l funds and ETF's than real estate, you're not going to get double digit annual returns anymore with that route, even when the economy rebounds. This sub-prime hangover is going to last for a looong time.

I'm enjoying a triple digit return on my little play portfolio for the past 5 months...

 

[Epic]

My mother and I were discussing fulfillment vs happiness a few weeks ago. We came to the conclusion that money can buy happiness, but it can not buy fulfillment. I believe this to be true.

.

Money may not buy fulfillment but neither can poverty.

 

[PharmDstudent]

Money may not buy fulfillment but neither can poverty.

The pharmacist that I work with is loaded, but he's the most miserable person that I've ever worked with. He's on a downward-spiraling rat race. Obese too.

How much is enough, you know?

 

[Epic]

The pharmacist that I work with is loaded, but he's the most miserable person that I've ever worked with. He's on a downward-spiraling rat race. Obese too.

How much is enough, you know?

Just imagine if he was poor...he would be more miserable. At least he's got money to buy whatever he wants to fill the bottomless pit.

 

[Wes1015]

Yeah but only on properties @ $1.5M and above, otherwise foreclosure is killing you in comps. Commercial RE is where the money is.

You're better off investing in int'l funds and ETF's than real estate, you're not going to get double digit annual returns anymore with that route, even when the economy rebounds. This sub-prime hangover is going to last for a looong time.

You do know theres people making millions in all kinds of real estate regardless of the market, people will still buy houses

 

[PharmDstudent]

Just imagine if he was poor...he would be more miserable. At least he's got money to buy whatever he wants to fill the bottomless pit.

He can't buy himself a new profession, which is ironic, because that's what he really needs. It's hard to quit a job that pays $115K/year if the alternative is three or four more years of school. He just needs to bite the bullet and initiate a career change.



Little things make me happy. I love cleaning toys. Just to prove my point, I own the following: two Roombas, one Scooba, one Ionic Breeze, and one HEPA, UV air filter. Oh, and I don't want to forget about the two automatic litter boxes!
I think I want Pee Wee Herman's breakfast machine next. I'll save the bacon for you.
[youtube]http://www.youtube.com/watch?v=BcW1haKW5o8[/youtube]

 

[confettiflyer]

You do know theres people making millions in all kinds of real estate regardless of the market, people will still buy houses

Of course, but I don't think anyone here has the fortitude (myself included) and patience to get through the current market.

I think people saw the double digit gains of the earlier part of this decade and think it can happen again...back when any $7/hr McDonald's fry cook could get an RE license, do 2-3 transactions a year, and make a decent amount of money. Back when you could pass an 800 square foot matchbox for a $500k condo AND get multiple bids with 105% LTV on a 1st TD and a piggy. Those days are long gone....

Can you make money in residential RE? Of course, but you're probably better off doing something else (like Epic, who transcends my advice, haha).

 

[bigdogc]

off topic, but real estate agents are bull****. with the internetz we can search for houses on our own. who the hell thinks giving someone 6% of 1/2mil is worth having an agent put a listing on the internet?!

 

[PharmDstudent]

off topic, but real estate agents are bull****. with the internetz we can search for houses on our own. who the hell thinks giving someone 6% of 1/2mil is worth having an agent put a listing on the internet?!

Never get a real estate agent to show you the property! You want a loyal buyer's agent. They can clue you into the market and hopefully knock the price of the house down to its lowest acceptable value. If they can save you a good bit of money, then half of 6% is worth it to the buyer. Besides, people who have a real estate agent will have to give up 6% anyway, so at least your buyer's agent can split that 6% with the owner's real estate agent.
(That's how it works down here at least.)

Note- Some people do not feel confident if they sell their house without a real estate agent. You have to consider the population of homeowners right now. Most of the owners are older, and thus, they possibly do not have the greatest internet skills.
In addition, buyers find it easier to search for listed property by searching through a listing agency. Everyone knows that Century 21 and RE/MAX list houses, so the homeowner can reach a wider group of prospective home buyers if they list with a reputable agency. (Essentially, the agency has its own advertising strength simply due to the fact that it's a real estate agency.)

 

[confettiflyer]

off topic, but real estate agents are bull****. with the internetz we can search for houses on our own. who the hell thinks giving someone 6% of 1/2mil is worth having an agent put a listing on the internet?!

haha...my sentiments exactly. www.redfin.com is your friend...kinda like craigslist for RE, there are agents on there to facilitate the transaction only, they don't do the full commission thing.

Also, remember.. commission is negotiable. However, if you're trying to sell in a down market, a GOOD RE agent who does open houses, staging, marketing, etc... will be worth their price IMO. But in a hot market, you're right...DIY is the way to go.

But yeah...so far, MLS is still king and access to it is slightly restricted. You'll still need a licensed RE agent or attorney to facilitate a transaction and to make sure you're not running afoul of Fair Housing Act laws and state statutes.

 

[WVUPharm2007]

That redfin would be a great idea...if it was something available in more than 5 cites...

 

[confettiflyer]

That redfin would be a great idea...if it was something available in more than 5 cites...

I'm sure it'd be a hit with you in WV, but I don't think there's a huge market for rusted mountain shacks. Plus, you'd be depriving those RE agents their commission to buy some shoes and false teeth.

 

[slimcutt]

Let me leave you with Nat King Cole lyrics:
"You're nobody till somebody loves you
You're nobody till somebody cares
You might be king, you might possess, the world and its gold
But gold won't bring you happiness, when you're growing old" - You're Nobody 'Till Somebody Loves You

I prefer the Notorious B.I.G.'s version:
You're nobody, 'til somebody, kills you
(I don't wanna die, God tell me why)
You're nobody, 'til somebody, kills you
(I don't wanna die, God tell me why)

 

[WVUPharm2007]

I'm sure it'd be a hit with you in WV, but I don't think there's a huge market for rusted mountain shacks. Plus, you'd be depriving those RE agents their commission to buy some shoes and false teeth.

WTF are shoes? We need moonshine money and new fiddles.

At least I can buy a 3BR/2.5BA, 2000 SF house on 10 acres in WV for under $200,000. In the Bear Flag Republic that would buy me an underground room next door to a sewage treatment plant and underneath a Scientology "information center" where I'd have to listen to Tom Cruise orgasmically test his thetan level every other day.

 

[WVUPharm2007]

I prefer the Notorious B.I.G.'s version:
You're nobody, 'til somebody, kills you
(I don't wanna die, God tell me why)
You're nobody, 'til somebody, kills you
(I don't wanna die, God tell me why)

What's really depressing is that in 200 years, you will only be a name in an ancestory book and nobody will know anything about you, yet Adolf Hitler will still be known worldwide. God bless the insignificance of living the life of a typical human....

 

[confettiflyer]

WTF are shoes? We need moonshine money and new fiddles.

At least I can buy a 3BR/2.5BA, 2000 SF house on 10 acres in WV for under $200,000. In the Bear Flag Republic that would buy me an underground room next door to a sewage treatment plant and underneath a Scientology "information center" where I'd have to listen to Tom Cruise orgasmically test his thetan level every other day.

I thought Tom Cruise's space station/indoctrination port was somewhere in Colorado?

Anyhoo...I always wondered what will happen when our civilization dies out, and some other one comes poking through our ruins, what will they think? My skull might be on display somewhere in a few thousand years.

 

[njac]

those of you at home today check out NBC - Rolex Equestrian Championships.

That's the kind of riding I do. And where all of my money will go once I graduate.

 

[Caverject]

Well, spacecowgirl, I can definitely understand how embarrassed you would feel to be living with your parents, especially at your age. After all, you are almost 30 years old, almost an entire decade older than I am. So, I wouldn't be embarrassed to be living with parents at age 24. Why would I be? As for the above comment, " Nothing...if you never want to get any", nice going there. First of all, that comment is completely unwarranted, as it digresses from the main topic of discussion. But if anything, if living with parents for some time is such an inherent flaw in a person's character at the age of 24 or 25, I'll just find a good old traditional Christian church girl who has values and perspectives different from the rest of the modern world and who is not some shallow, whoremonger girl who misjudges me or my character all because of making a simple decision to postpone moving out on my own. But thanks for your comments. Best of luck.

sounds like spacecowgirl hit a nerve...

 

[WVUPharm2007]

I wouldn't say it's a bad thing to live with mom and dad that late into life.....but as someone that moved away 5 years ago who is also 24....I really just couldn't imagine it at all. Wow. That must be weird as hell....

 

[b*rizzle]

My husband and I plan to live in an apartment for ~2 years post graduation and just save/invest money.

We have no problem living frugally, and the only debt we'll have when I graduate is my student loan debt (~$110k). Our dream is to own a decent-sized house with a big yard for our dogs, so we want to be able to put down a nice chunk of change for a down payment. As I get towards the end of the upcoming school year, we're going to start researching financial planners, etc. I've already sat in on a few seminars about investing & financial planning, and they've been really insightful.

I think if some of these kids keen on dropping big bucks after graduation could sit in on these and see what they could really turn their $3k every two weeks into, they'd think twice about driving the shiny new 5-series immediately post graduation.

 

[WVUPharm2007]

I bought an electric lawnmower this morning. I guess that is my first big purchase. Anything more than $50 is still big to me. The things are freakin' awesome. Just press a damn button. Oh my God. Why the hell have I been messing with gas, oil, a crap starting mechanism that involves a rip cord that never works, and a spark plug that never sparks for all these years? This must be what the first loaf of sliced bread must have been like to see.

 

[Mell]

well well whyteout this is mell
your not as young as you think i know you are....
ima buy a yellow corvette and we can race

 

[medicalCPA]

I bought an electric lawnmower this morning. I guess that is my first big purchase. Anything more than $50 is still big to me. The things are freakin' awesome. Just press a damn button. Oh my God. Why the hell have I been messing with gas, oil, a crap starting mechanism that involves a rip cord that never works, and a spark plug that never sparks for all these years? This must be what the first loaf of sliced bread must have been like to see.

True dat. Currently, the most expensive thing I own is a shirt that cost $35...and it was a gift.

 

[medicalCPA]

well well whyteout this is mell
your not as young as you think i know you are....
ima buy a yellow corvette and we can race

 

[PharmDstudent]

(http://209.85.215.104/search?q=cach...art&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a)

Is this new construction?

 

[aboveliquidice]

True dat. Currently, the most expensive thing I own is a shirt that cost $35...and it was a gift.

I call Bull*hit...

For all of you "Rent sucks fanboys" - you might want to look at the numbers...

Once you add in rising costs, negated tax benefits, and financial liability - Owning real estate only slightly beneficial - and certainly NOT in the first 5 years of your mortgage.

Whereas if you rent - you have zero liability - you only pay for a place to stay, and you pay less money while you do it. If you were savvy, you would take that money you are saving (like 3xxx mentioned by an above poster) and invest it in some high yield account (even savings accounts can pull 5% these days).

Personally - I plan to do a mixture of the two...

I plan on living in / renting a duplex I own (the other side gets rented) - Own the property for what benefits can be gained, while the rented portion off sets the financial liability and assists with the mortgage - making the payments hover in the same ballpark as a typical rental.

~above~

 

[medicalCPA]

I call Bull*hit...

It's true...

 

[Knipps]

New CTS-V is looking pretty good

http://cadillac.gmblogs.com/2008/05/2009_cts_v_blisters_nurburgrin.html

 

[pharm1982]

I call Bull*hit...

For all of you "Rent sucks fanboys" - you might want to look at the numbers...

Once you add in rising costs, negated tax benefits, and financial liability - Owning real estate only slightly beneficial - and certainly NOT in the first 5 years of your mortgage.

Whereas if you rent - you have zero liability - you only pay for a place to stay, and you pay less money while you do it. If you were savvy, you would take that money you are saving (like 3xxx mentioned by an above poster) and invest it in some high yield account (even savings accounts can pull 5% these days).

Personally - I plan to do a mixture of the two...

I plan on living in / renting a duplex I own (the other side gets rented) - Own the property for what benefits can be gained, while the rented portion off sets the financial liability and assists with the mortgage - making the payments hover in the same ballpark as a typical rental.

~above~

link to where i can earn 5% in a savings account please?

 

[bigdogc]

I call Bull*hit...

For all of you "Rent sucks fanboys" - you might want to look at the numbers...

Once you add in rising costs, negated tax benefits, and financial liability - Owning real estate only slightly beneficial - and certainly NOT in the first 5 years of your mortgage.

Whereas if you rent - you have zero liability - you only pay for a place to stay, and you pay less money while you do it. If you were savvy, you would take that money you are saving (like 3xxx mentioned by an above poster) and invest it in some high yield account (even savings accounts can pull 5% these days).

Personally - I plan to do a mixture of the two...

I plan on living in / renting a duplex I own (the other side gets rented) - Own the property for what benefits can be gained, while the rented portion off sets the financial liability and assists with the mortgage - making the payments hover in the same ballpark as a typical rental.

~above~

5%?! you need to be getting a higher yield than that on a 100k/year job...

 

[aboveliquidice]

5%?! you need to be getting a higher yield than that on a 100k/year job...

I am not sure I follow you... How does the yearly income a person makes relate to the interest rate of saving / checking accounts???

You may be thinking of CDs - where the bigger (and longer term) the CD = the better the yield???

I believe investing is still the way to go... but that assumes you are willing to lose the money - which has no place in blanket statements.

There is no risk with savings accounts / checking accounts that are FDIC insured.

link to where i can earn 5% in a savings account please?

I truly apologize - I misinterpreted the thread - The checking accounts yield 6.01% but the savings account max right now is 4.0% My apologies

Found at Link

~above~

 

[aboveliquidice]

Just a little side note - if you scroll down in that thread - you will see that in November of last year - some savings accounts were yielding 5.31% not that it really matters now... Welcome to the recession

~above~

 

[WVUPharm2007]

Woo!!! Recession!!! I love recessions. They crack me up. The rest of the nation lives like West Virginians for a few months and they act like it's the damned Dust Bowl era. Stupid white people and their Prius driving.