Is your BMW your only money pit?

[Mr.SugarSkulls]

Originally Posted by MrPrena

High roller.

Nah, just the son of a great financial adviser who taught me everything about how to make my money work for me.

I really miss my pops.

[MrPrena]

I did opposite of my father, and doing okay.
I just wish he gave me a good financial advice like
"Do opposite of what I do. You will be successful."

Originally Posted by Mr.SugarSkulls

Nah, just the son of a great financial adviser who taught me everything about how to make my money work for me.

I really miss my pops.

[Mr.SugarSkulls]

Originally Posted by MrPrena

I did opposite of my father, and doing okay.
I just wish he gave me a good financial advice like
"Do opposite of what I do. You will be successful."

Yeah, everyone has their different upbringings. As long as we get there somehow someway/ and pass the knowledge on to our kids is all we can do.

Don't know if I'll ever have kids, but I know I'll always adopt Bulldogs. So if I croak anytime soon- I'm leaving all my assets to my dog and the SoCal bulldog rescue group

[NemesisX]

Originally Posted by MrPrena

High roller.

And at the age of 26 no less. I'm not gonna lie I'm mad jealous (read: impressed) with what you've accomplished at your age SugarSkulls. $300k/year in passive (rental) income at that age is almost unheard of.

I'm only a few years younger than you are, but I don't even have $300k (forget actively making it ) I did alright working three internships in oil and gas when I was a ChemE undergrad and I've done OK with a couple of bets in the stock market using that internship money (while my parents also supported me financially) so far, but if there was a semi-guaranteed way for me to hit $300k/year in my mid 20s I'd strongly be second guessing my choice to go to medical school right now haha.

[MrPrena]

I am about 10yrs older than MrSS, and I am not even near 300k/yr passive income. I am currently holding the 2nd largest bag of excrement of decade of my investing career as of now.

I envy you two both.
Next real estate bubble, I am going to diversify into residential and commercial real estate a little.

BTW, having 4 years in chemical sector at a small companies, i would recommend you to get to learn how to deal with EPA, state & county hazardous waste. Also little settlement knowledge/skills. It paid off well.

Oh, i just saw you are in medical school. UNT? Foster? Seton? Dell?
Since you have a brains to go through ChemE, how about just going all the way to MSTP?

Originally Posted by NemesisX

And at the age of 26 no less. I'm not gonna lie I'm mad jealous (read: impressed) with what you've accomplished at your age SugarSkulls. $300k/year in passive (rental) income at that age is almost unheard of.

I'm only a few years younger than you are, but I don't even have $300k (forget actively making it ) I did alright working three internships in oil and gas when I was a ChemE undergrad and I've done OK with a couple of bets in the stock market using that internship money (while my parents also supported me financially) so far, but if there was a semi-guaranteed way for me to hit $300k/year in my mid 20s I'd strongly be second guessing my choice to go to medical school right now haha.

[NemesisX]

Originally Posted by MrPrena

I am about 10yrs older than MrSS, and I am not even near 300k/yr passive income. I am currently holding the 2nd largest bag of excrement of decade of my investing career as of now.

I envy you two both.
Next real estate bubble, I am going to diversify into residential and commercial real estate a little.

BTW, having 4 years in chemical sector at a small companies, i would recommend you to get to learn how to deal with EPA, state & county hazardous waste. Also little settlement knowledge/skills. It paid off well.

Oh, i just saw you are in medical school. UNT? Foster? Seton? Dell?
Since you have a brains to go through ChemE, how about just going all the way to MSTP?

UT Southwestern. And I'm not doing MSTP. M.D. only. I didn't try for MSTP but I doubt I would've gotten in even if I had tried. As I mentioned, I spent all of my summers (except one, when I was lazy and took a vacation ) doing paid internships (at Air Liquide, Shell, and ExxonMobil) over research.

Dell medical school isn't open yet! But, they're slated have their inaugural class come in Fall of 2016.

[MrPrena]

Originally Posted by NemesisX

UT Southwestern. And I'm not doing MSTP. M.D. only. I didn't try for MSTP but I doubt I would've gotten in even if I had tried. As I mentioned, I spent all of my summers (except one, when I was lazy and took a vacation ) doing paid internships (at Air Liquide, Shell, and ExxonMobil) over research.

Dell medical school isn't open yet! But, they're slated have their inaugural class come in Fall of 2016.

hmmm.... those are great places for internship. I wasn't a ChemE, but managed in chemical coating, and another one was competitor of DuPonG. lol
Way more boring than petrochem.

When you write about oil (especially DIY section), I would definitely open my ears.

[Mr.SugarSkulls]

Originally Posted by NemesisX

And at the age of 26 no less. I'm not gonna lie I'm mad jealous (read: impressed) with what you've accomplished at your age SugarSkulls. $300k/year in passive (rental) income at that age is almost unheard of.

I'm only a few years younger than you are, but I don't even have $300k (forget actively making it ) I did alright working three internships in oil and gas when I was a ChemE undergrad and I've done OK with a couple of bets in the stock market using that internship money (while my parents also supported me financially) so far, but if there was a semi-guaranteed way for me to hit $300k/year in my mid 20s I'd strongly be second guessing my choice to go to medical school right now haha.

The key to this is multiple streams of income.

Plus- the music/movie industry especially once represented by contract must pay as much as your last contract (unless it's pro bono work) especially since my stage name is trademarked as well as under multiple contracts.

I am a college drop out however, because I chose income over respect. I can't tell you how many times friends parents laugh at me when they hear I'm a "musician" for a living, only to find out I'm not just that. After I ended up being homeless due to my dad/mom embezzling money from the state when I was 17- I feel like the adversity of sleeping in my car for 6 months and showering at the gym helped formulate to never settle to just one stream of work.

Throughout the years I met a few individuals who found me charming enough to invest with them who own a nonbank financial group in Mexico as well as accredited hedge fund investors, so they helped out a lot growing my assets worth so I could be invited into the group.

Im also not one who believes in a 9-5, or putting a set dollar worth to my name. I don't say no to good opportunities, despite wanting to go out and drink, take a vacation with friends- because of everything I've been through. I have a set mentality that people can't take away what's yours when you buy it, no loans, no debt.
The problem I have with most colleges- is that it inundates most people into some serious debt- so people slave away for years trying to simply start at a level ground, but college doesn't offer courses in regards to high risk investments etc- it's almost like churning out degrees is a business.

I can't tell you how hard it was for me not to jump into a nice car when I first started netting a safe amount of cash. I told myself though that once I exceed a certain amount, then I can get a new car. But only until it won't affect my daily life, my mom or grandmas- because I want to fully enjoy the car, not worry about payments and such. (That's why I did a complete individual build m6 for my new car- which is the first brand new car I'll ever own thus far)

You seem like a really smart guy, so my advice would simply be don't limit yourself to just one job. We're young, don't buy the bullshit others are saying that now is the time to party/have fun- because all those people aren't fiscally responsible to handle serious money (which handling anything 250K in my opinion requires just that- responsibility) take advantage of your youth- and grind as hard as you can now.

Your circle grows very small- which is why I don't hang out with many. Everyone forms an opinion, and suddenly feel entitled to YOUR money- and when you don't share it, all of a sudden you're a dick.

I got a lot of help to get to where I'm at- so that's the other advice id give. Don't ever be too proud to take help if it will help you and your loved ones. The best feeling I've ever felt wasn't seeing my accounts grow- or ordering an m6, or working with this artist or that one- but giving my mom and grandma the keys to their home.

I tell you, once you feel true helplessness- you'll do anything to make them happy. I still remember the look in their eyes after my dad and grandpa passed away a few years ago...and to this day- it still kills me. Hence- why I don't ever let off the pedal when it comes to generating income- cause if I can make their lives any easier- I will.

Phew, rant done. Lol.

[MrPrena]

Good advice.

Originally Posted by Mr.SugarSkulls

The key to this is multiple streams of income.

Plus- the music/movie industry especially once represented by contract must pay as much as your last contract (unless it's pro bono work) especially since my stage name is trademarked as well as under multiple contracts.

I am a college drop out however, because I chose income over respect. I can't tell you how many times friends parents laugh at me when they hear I'm a "musician" for a living, only to find out I'm not just that. After I ended up being homeless due to my dad/mom embezzling money from the state when I was 17- I feel like the adversity of sleeping in my car for 6 months and showering at the gym helped formulate to never settle to just one stream of work.

Throughout the years I met a few individuals who found me charming enough to invest with them who own a nonbank financial group in Mexico as well as accredited hedge fund investors, so they helped out a lot growing my assets worth so I could be invited into the group.

Im also not one who believes in a 9-5, or putting a set dollar worth to my name. I don't say no to good opportunities, despite wanting to go out and drink, take a vacation with friends- because of everything I've been through. I have a set mentality that people can't take away what's yours when you buy it, no loans, no debt.
The problem I have with most colleges- is that it inundates most people into some serious debt- so people slave away for years trying to simply start at a level ground, but college doesn't offer courses in regards to high risk investments etc- it's almost like churning out degrees is a business.

I can't tell you how hard it was for me not to jump into a nice car when I first started netting a safe amount of cash. I told myself though that once I exceed a certain amount, then I can get a new car. But only until it won't affect my daily life, my mom or grandmas- because I want to fully enjoy the car, not worry about payments and such. (That's why I did a complete individual build m6 for my new car- which is the first brand new car I'll ever own thus far)

You seem like a really smart guy, so my advice would simply be don't limit yourself to just one job. We're young, don't buy the bullshit others are saying that now is the time to party/have fun- because all those people aren't fiscally responsible to handle serious money (which handling anything 250K in my opinion requires just that- responsibility) take advantage of your youth- and grind as hard as you can now.

Your circle grows very small- which is why I don't hang out with many. Everyone forms an opinion, and suddenly feel entitled to YOUR money- and when you don't share it, all of a sudden you're a dick.

I got a lot of help to get to where I'm at- so that's the other advice id give. Don't ever be too proud to take help if it will help you and your loved ones. The best feeling I've ever felt wasn't seeing my accounts grow- or ordering an m6, or working with this artist or that one- but giving my mom and grandma the keys to their home.

I tell you, once you feel true helplessness- you'll do anything to make them happy. I still remember the look in their eyes after my dad and grandpa passed away a few years ago...and to this day- it still kills me. Hence- why I don't ever let off the pedal when it comes to generating income- cause if I can make their lives any easier- I will.

Phew, rant done. Lol.

[NemesisX]

Originally Posted by Mr.SugarSkulls

The key to this is multiple streams of income.

Plus- the music/movie industry especially once represented by contract must pay as much as your last contract (unless it's pro bono work) especially since my stage name is trademarked as well as under multiple contracts.

I am a college drop out however, because I chose income over respect. I can't tell you how many times friends parents laugh at me when they hear I'm a "musician" for a living, only to find out I'm not just that. After I ended up being homeless due to my dad/mom embezzling money from the state when I was 17- I feel like the adversity of sleeping in my car for 6 months and showering at the gym helped formulate to never settle to just one stream of work.

Throughout the years I met a few individuals who found me charming enough to invest with them who own a nonbank financial group in Mexico as well as accredited hedge fund investors, so they helped out a lot growing my assets worth so I could be invited into the group.

Im also not one who believes in a 9-5, or putting a set dollar worth to my name. I don't say no to good opportunities, despite wanting to go out and drink, take a vacation with friends- because of everything I've been through. I have a set mentality that people can't take away what's yours when you buy it, no loans, no debt.
The problem I have with most colleges- is that it inundates most people into some serious debt- so people slave away for years trying to simply start at a level ground, but college doesn't offer courses in regards to high risk investments etc- it's almost like churning out degrees is a business.

I can't tell you how hard it was for me not to jump into a nice car when I first started netting a safe amount of cash. I told myself though that once I exceed a certain amount, then I can get a new car. But only until it won't affect my daily life, my mom or grandmas- because I want to fully enjoy the car, not worry about payments and such. (That's why I did a complete individual build m6 for my new car- which is the first brand new car I'll ever own thus far)

You seem like a really smart guy, so my advice would simply be don't limit yourself to just one job. We're young, don't buy the bullshit others are saying that now is the time to party/have fun- because all those people aren't fiscally responsible to handle serious money (which handling anything 250K in my opinion requires just that- responsibility) take advantage of your youth- and grind as hard as you can now.

Your circle grows very small- which is why I don't hang out with many. Everyone forms an opinion, and suddenly feel entitled to YOUR money- and when you don't share it, all of a sudden you're a dick.

I got a lot of help to get to where I'm at- so that's the other advice id give. Don't ever be too proud to take help if it will help you and your loved ones. The best feeling I've ever felt wasn't seeing my accounts grow- or ordering an m6, or working with this artist or that one- but giving my mom and grandma the keys to their home.

I tell you, once you feel true helplessness- you'll do anything to make them happy. I still remember the look in their eyes after my dad and grandpa passed away a few years ago...and to this day- it still kills me. Hence- why I don't ever let off the pedal when it comes to generating income- cause if I can make their lives any easier- I will.

Phew, rant done. Lol.

Damn, that's impressive! I love reading rags to riches-type stories. Sounds like you've been through a lot, but I like the fact that you're still down to earth and mellow in spite of your financial success.

My story isn't anywhere near as dramatic. If anything, I'm probably the "Richard" in the following comic (well, save for the ridiculous "pull yourself up by your bootstraps!" outlook on those less fortunate in the last panel, but you get the point )

[Mr.SugarSkulls]

Originally Posted by NemesisX

Damn, that's impressive! I love reading rags to riches-type stories. Sounds like you've been through a lot, but I like the fact that you're still down to earth and mellow in spite of your financial success.

My story isn't anywhere near as dramatic. If anything, I'm probably the "Richard" in the following comic (well, save for the ridiculous "pull yourself up by your bootstraps!" outlook on those less fortunate in the last panel, but you get the point )

Aw Paula.

I'll say though There's nothing wrong with being blessed with a good situation. A lot of times, those who are have parents who worked their ass off. As long as it's not taken for granted I see absolutely nothing wrong, like I said- taking help when you can. It's just easier when it's mom/dad.

Adversity can definitely force a boy turn into a man, or break him down. It just comes down to will power and a relentless pursuit for a better life.

[Needbmwpartzz]

Originally Posted by Mr.SugarSkulls

Aw Paula.

I'll say though There's nothing wrong with being blessed with a good situation. A lot of times, those who are have parents who worked their ass off. As long as it's not taken for granted I see absolutely nothing wrong, like I said- taking help when you can. It's just easier when it's mom/dad.

Adversity can definitely force a boy turn into a man, or break him down. It just comes down to will power and a relentless pursuit for a better life.

Hopefully Richard is humble and realizes how lucky he is and would help as many good souls as he could easily take it at for granted and be a total douche.
As for the girl she just has a more different path to success and may not even get there....but I'm sure she can be just as happy just scraping by...who knows one day all the ducks may just align(success).
Then it's also possible for Richard to make some silly mistakes on top of mount success and tumble hard into a life of much worse conditions than that of the girl here....so what I'm trying to say that life is unpredictable and both could end up at opposite end of the predictable situation shown here.....most likely the exception and not the rule....but Richard in all probability has a much better chance at a good life but then money doesn't necessarily mean happiness.

[MrPrena]

This sounds really immature (even more immature than some attention grabbers w/ pics) at late 30s, but I am going to say it anyways. I totally respect if you disagree. Lot of you should.

starting from the picture below, I think I would have a better success being on the right side than left.
Why? I can't stand multi-millionaires being a douche. I already lashed out 2 of em in past 5 years (1. Shoe retailer owner who has 9 stores size of avg forever (20+1) sq-ft retail space at major malls+ selling franchises. 2. owner of 300+ employee defensecontractor firm). Also, one of my school friend is inheritance recipient. He was one of my closest friend during school. He is very humble, but I just can't take a chance of him even "possible" inheritance bogus talk. Oh yeah, he worked fairly hard like the left guy on top of inheritance.

My wife even said, "I would rather live in a tent than brown nose people (incl boss) to become successful."

Massive amount of multi-millionaires I know are very humble. It is just those few who really gets me motivated.

Originally Posted by NemesisX

Damn, that's impressive! I love reading rags to riches-type stories. Sounds like you've been through a lot, but I like the fact that you're still down to earth and mellow in spite of your financial success.

My story isn't anywhere near as dramatic. If anything, I'm probably the "Richard" in the following comic (well, save for the ridiculous "pull yourself up by your bootstraps!" outlook on those less fortunate in the last panel, but you get the point )

[NemesisX]

Originally Posted by MrPrena

This sounds really immature (even more immature than some attention grabbers w/ pics) at late 30s, but I am going to say it anyways. I totally respect if you disagree. Lot of you should.

starting from the picture below, I think I would have a better success being on the right side than left.
Why? I can't stand multi-millionaires being a douche. I already lashed out 2 of em in past 5 years (1. Shoe retailer owner who has 9 stores size of avg forever (20+1) sq-ft retail space at major malls+ selling franchises. 2. owner of 300+ employee defensecontractor firm). Also, one of my school friend is inheritance recipient. He was one of my closest friend during school. He is very humble, but I just can't take a chance of him even "possible" inheritance bogus talk. Oh yeah, he worked fairly hard like the left guy on top of inheritance.

My wife even said, "I would rather live in a tent than brown nose people (incl boss) to become successful."

Massive amount of multi-millionaires I know are very humble. It is just those few who really gets me motivated.

It's not immature at all! I totally agree with you. There's just nothing admirable about receiving an inheritance. I view it in the same way that I view someone who won the lottery. Getting a sizable inheritance is just tantamount to winning a "genetic" lottery of sorts. Neither are impressive.

But I think what's worse than trust fund snobs are those who, like Richard, climbed the ladder of success but took very obvious socioeconomic benefits along the way for granted. These people think everyone starts off on a level playing field when that's just not true.

I don't have the article on hand but in defense of multi-millionaires the vast majority of current multi-millionaires are first generation wealthy. Only around 20% said that inheritance played a role in their wealth, and most (75%+) of them grew up in middle class households. Granted, the term "middle class" has become so ridiculously elastic that I'm not even sure what it means or if it's a useful label anymore.

[Mr.SugarSkulls]

Originally Posted by NemesisX

It's not immature at all! I totally agree with you. There's just nothing admirable about receiving an inheritance. I view it in the same way that I view someone who won the lottery. Getting a sizable inheritance is just tantamount to winning a "genetic" lottery of sorts. Neither are impressive.

But I think what's worse than trust fund snobs are those who, like Richard, climbed the ladder of success but took very obvious socioeconomic benefits along the way for granted. These people think everyone starts off on a level playing field when that's just not true.

I don't have the article on hand but in defense of multi-millionaires the vast majority of current multi-millionaires are first generation wealthy. Only around 20% said that inheritance played a role in their wealth, and most (75%+) of them grew up in middle class households. Granted, the term "middle class" has become so ridiculously elastic that I'm not even sure what it means or if it's a useful label anymore.

I don't even bother with the term "middle class" for that exact reason. It is so elastic.

Once you're generating over lets say- 100K given your debt to income is reasonable/ you're well off. That label then continues until a safe number. To me- that safe number is 5 million, which at that point you graduate to "wealthy".

Most people who get to that level, without winning the lotto or inheritance- granted a market collapse doesn't occur- usually grow to make tens of millions more from there on.

While a million, hell even 2 million sounds like a lot- the average person would burn through that in a year given they have no self control.

[MrPrena]

Given at the rate of diverse fixed income (consists of some good munies, strips and bonds), $5mil cash is enough to live above avg (depends on where they live). If more risk adverse, they can live with some growth in wealth+play money.

Originally Posted by Mr.SugarSkulls

I don't even bother with the term "middle class" for that exact reason. It is so elastic.

Once you're generating over lets say- 100K given your debt to income is reasonable/ you're well off. That label then continues until a safe number. To me- that safe number is 5 million, which at that point you graduate to "wealthy".

Most people who get to that level, without winning the lotto or inheritance- granted a market collapse doesn't occur- usually grow to make tens of millions more from there on.

While a million, hell even 2 million sounds like a lot- the average person would burn through that in a year given they have no self control.

[MrPrena]

Penciless world story reminds me of a movie Senseless (1998)

[grimlock]

Originally Posted by MrPrena

This sounds really immature (even more immature than some attention grabbers w/ pics) at late 30s, but I am going to say it anyways. I totally respect if you disagree. Lot of you should.

starting from the picture below, I think I would have a better success being on the right side than left.
Why? I can't stand multi-millionaires being a douche. I already lashed out 2 of em in past 5 years (1. Shoe retailer owner who has 9 stores size of avg forever (20+1) sq-ft retail space at major malls+ selling franchises. 2. owner of 300+ employee defensecontractor firm). Also, one of my school friend is inheritance recipient. He was one of my closest friend during school. He is very humble, but I just can't take a chance of him even "possible" inheritance bogus talk. Oh yeah, he worked fairly hard like the left guy on top of inheritance.

My wife even said, "I would rather live in a tent than brown nose people (incl boss) to become successful."

Massive amount of multi-millionaires I know are very humble. It is just those few who really gets me motivated.

Let me offer some unsolicited advice (or possibly embarrass myself)
Why do you need to succeed by yourself, on your own terms? It seems like refusing help is more important than succeeding.

I lost a former best friend, who never liked to talk about his own problems, but were very interested (perversely?) in the lives of others.. I could sense his situation was not that good, having graduated from top universities but with every job change falling DOWN the ladder.. one thing about him I could sense was he never wanted pity, or anyone to help him or offer advice.
He just wanted to listen to other people's problems.
So when had a change in outlook a number of years ago, discussing people who were hurting my chances, who was helping etc. he un-friended me. I am still struggling to understand this one.

Another friend I know prides himself on being himself. Very smart, but just doesn't seem to reach or think himself capable of anything else. I can sense he WANTS to.. yet he settles for the good enough. Probably he is afraid to fail.

Mad props to Mr.Sugarskills (edit:SKULLS) for succeeding at such a young age. Don't let it get to your head.

[Mr.SugarSkulls]

Originally Posted by grimlock

Let me offer some unsolicited advice (or possibly embarrass myself)
Why do you need to succeed by yourself, on your own terms? It seems like refusing help is more important than succeeding.

I lost a former best friend, who never liked to talk about his own problems, but were very interested (perversely?) in the lives of others.. I could sense his situation was not that good, having graduated from top universities but with every job change falling DOWN the ladder.. one thing about him I could sense was he never wanted pity, or anyone to help him or offer advice.
He just wanted to listen to other people's problems.
So when had a change in outlook a number of years ago, discussing people who were hurting my chances, who was helping etc. he un-friended me. I am still struggling to understand this one.

Another friend I know prides himself on being himself. Very smart, but just doesn't seem to reach or think himself capable of anything else. I can sense he WANTS to.. yet he settles for the good enough. Probably he is afraid to fail.

Mad props to Mr.Sugarskills (edit:SKULLS) for succeeding at such a young age. Don't let it get to your head.

Haha thanks man.

I'm extremely grateful for all the good and especially the bad, because I'm aware we only get so many second chances.

While I'm still not satisfied with where I'm at- I am aware that I have a lot to be thankful for. And it's not even because I want to earn X amount a quarter, or a year- but simply because I want to continue to give to my loved ones without them ever worrying about something so vain as money.

I don't ever mean to snub my nose at anyone- because I know there will always be someone more successful than me. I don't set my self worth based off my monetary "success"

- as one of my favorite quotes goes (from the movie cool runnings when darice was talking to john candys character in regards to winning a gold medal) " if you're not man enough without it- you'll never be enough with it"