Just turned 30. Am I doing alright? Bit worried that I'll be one of those poor saps working until the day I die.
Why do you keep 90k in cash?
I would keep 10k for emergencies, put 40k in etfs and 40k on your mortgage
Or even use that money to start a business, buy a franchise, buy an investment property, do something
>>1108174
Have cash saved up because I intend to:
A) contribute 11k to my retirement fund soon
B) am liquidating a business and need cash to hold me over until I have a new job
C) I'm looking at purchasing some rental property
My mortgage is at 3%, so I'd probably pay off the rental before paying off my primary mortgage principal.
>>1108174
Does that sound reasonable?
you were until
>Wells Fargo
>>1108360
I'm not above admitting that I know very little about investing. What is wrong with Wells Fargo and what would you suggest as a better alternative?
Better than me. Background and job?
>>1108705
>he fell for the mortgage meme
>laughingrils.jpeg
>>1108756
Bachelor's in Business Admin (Marketing and Management) + Master's in Business Admin (Management)
Own a manufacturing company. Our suppliers all went belly-up and can no longer source product at an affordable rate, so am in process of selling our facility.
- Take wage/business income, and invest as much as possible in passive income generating assets.
- Take passive income from those assets, and use it to cover as much cost of living as possible.
The goal is to get to a point of financial independence, defined as being in a position where you can live entirely off passive income (i.e. you don't need to work for a living). The goal also encourages frugality because you have the incentive to push down your cost-of-living so that a larger proportion of it can be covered by your passive income.
It seems to me the obvious caveat is tax on the passive income, when you could be putting your money in tax-deferred investments. I have business income in low tax zones abroad and not a US citizen (no tax on worldwide income) -- so effectively he was only taxed on his passive income.
In terms of "passive income", I'm mostly about publicly traded interest or dividend paying financial assets.
>>1108764
I bought at the bottom of the market and have a mortgage at 3%. Probably the cheapest rate I'd ever be able to get cash. Why is that a meme?
>>1108776
>Why is that a meme?
because this board is full of millennials that have talked themselves out of home ownership
>>1108779
Not really sure why. I pay less for my home than I would a 1 bedroom apartment in my city. The only reason I could see for me not to buy is flexibility.
>>1108779
Lol wut. I pay $650/month, its a one bed 2yr old condo building with no issues, I split the bill with my gf. Why the fuck would I want to prop up your dumb bubble even if I could. Im in software so renting allows me to move anywhere I want to chase the big shekels. Times changed pops...let me guess youre - still holding Yahoo as well?
>>1108835
And I'm paying $650 a month to own a 4 bedroom home (average repairs and property taxes included). Plus the property has appreciated by about 50k in the last 5 years. Wasn't a bad investment for me. Just depends on your lifestyle.
>>1108841
Thats a great investment I won't lie. A 4bd would probably run into 750k where I'm at though and tie me down for 30 years. Its pretty comfy renting now but lets see in five years.
What software/app are you tracking all that stuff with?
I want to use...
>>1108864
Personal Capital. Works much better than Mint, though it does still have its issues.
OK, so I'm looking at moving my retirement fund to Vanguard and putting everything into index funds.
Other than that, how would you say that I'm doing?
>>1108975
Doing quite well for yourself anon, I would Def put that excess cash somewhere though. Also this all depends on cash flow, whats your salary? Business prospects? Looking to make rental income?
>>1108986
Salary is 50k + sweet benefits
However, as I'm selling my business, I'll need a new job soon. With the funds that I raise from the sale (likely around 100k), I'd like to pick up some revenue generating investments.
>>1108158
Better off than me op and I'm 25. I'd be happy to have that kind of money saved by the time I'm 30. I won't though
>>1109013
The thing is, I'm still scared that I will never retire. I know I'm not doing badly, but I don't think it is anywhere near "good".
>>1108158
In order for me to tell you if you are doing well tell me what you want. If you already have a clear and well defined idea of were you are going you shouldn't be talking about it here with us.
>>1109190
I'd like to retire at 65. That's it, really.
