Feel like we are stuck without savings

[Anonymous]

Anonymous wrote:OP - no 600k as is - 700 with remodel

Apparently not, if you tried and failed to sell it for $600k last summer. That's what the PPs are trying to tell you.

A house isn't worth what Zillow says it is, it's worth what someone will pay for it.

[Anonymous]

You would probably be a millionaire already if you had never bought the rental and invested the money instead. You can go back and input in the money you spent on the rental and the dates. Second million comes really fast. Just look at Voo price 14 years ago.
Absolutely 'no' to remodeling home or the rental.
$400k in stock market should turn into two million by the time you are 67. Don't even put all of it. Keep some for you in emergency repairs for the house.

[Anonymous]

People are giving you great advice. Take it! You will be on solid footing.

[Anonymous]

Your OP has the answer: starting companies is mostly for people with rich families to pay for life as the business ramps up or flames out.

You are 50, started the company at what 30? So 20 years to profit? How many employees? Revenue? No outside investors, just boot strapped? Have you tried to sell it, that could be worth millions… or nothing if it is solely dependent on your personal skill and labor.

[Anonymous]

Anonymous wrote:You would probably be a millionaire already if you had never bought the rental and invested the money instead. You can go back and input in the money you spent on the rental and the dates. Second million comes really fast. Just look at Voo price 14 years ago.
Absolutely 'no' to remodeling home or the rental.
$400k in stock market should turn into two million by the time you are 67. Don't even put all of it. Keep some for you in emergency repairs for the house.

OP - what funds should I put it into to run into 2 million? That doesn’t seem right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You would probably be a millionaire already if you had never bought the rental and invested the money instead. You can go back and input in the money you spent on the rental and the dates. Second million comes really fast. Just look at Voo price 14 years ago.
Absolutely 'no' to remodeling home or the rental.
$400k in stock market should turn into two million by the time you are 67. Don't even put all of it. Keep some for you in emergency repairs for the house.

OP - what funds should I put it into to run into 2 million? That doesn’t seem right?

I believe the PP is saying once you take money out of the rental (let's say you end up with 300K after mortgage and fees are paid) and invest it, combined with what you already have saved (600K) can quickly turn into 2M if invest in something like VOO, which is a S&P500 ETF with a low expense ratio, of I believe .03%.

If you invest 800K with a 10% return, with no additional contributions in 10 years you would have just over 2M. You would need to ride out the ups and downs, and that might feel too risky for you.
5% return over 10 years puts you at 1.3M
5% return over 17 years puts you at 1.833M

Put half in growth, half in something conservative and get a 7% return.

Ideally, though, you sell the rental. Then, it would really be great if 1 person could get a full time job with health benefits, 401K and match. I know at 50 it will be hard, but can one of your apply for government jobs in the DMV?

Whatever the case, Google investment calculators and start running numbers.

[Anonymous]

First of all, stop thinking that the only way to remodel is to get an inheritance.

We're two wage workers who simply lived way below our means and very conservatively saved and invested our money. We live in a fixer upper and waited many years before we were able to renovate it.

You have your own tech company that's beginning to turn a profit. You have to be patient and have the long view. The payoff may far exceed any of your peers, so stop envying other ppl's inheritance and live your own life.

[Anonymous]

You live above your means.

[Anonymous]

Anonymous wrote:You live above your means. [/quot

Op here - we do not live above our means at all- we take zero vacations just short road trips, have crappy cars, low mortgage (normal size house), don’t eat out , no spas or gym memberships - our money has gone into our business because there was a recession years again and COVID

[Anonymous]

Anonymous wrote:

Anonymous wrote:You live above your means. [/quot

Op here - we do not live above our means at all- we take zero vacations just short road trips, have crappy cars, low mortgage (normal size house), don’t eat out , no spas or gym memberships - our money has gone into our business because there was a recession years again and COVID

What tech company hasn’t boomed in the last four years?

[Anonymous]

What’s your company worth? Sell some equity?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You live above your means. [/quot

Op here - we do not live above our means at all- we take zero vacations just short road trips, have crappy cars, low mortgage (normal size house), don’t eat out , no spas or gym memberships - our money has gone into our business because there was a recession years again and COVID

What tech company hasn’t boomed in the last four years?

Maybe this is why their business has finally turned a profit.

Also, what does they mean by "tech"?

[Anonymous]

Anonymous wrote:I hear something ... it's some sort of string instrument ...

My thoughts exactly. OP is not hurting for money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You would probably be a millionaire already if you had never bought the rental and invested the money instead. You can go back and input in the money you spent on the rental and the dates. Second million comes really fast. Just look at Voo price 14 years ago.
Absolutely 'no' to remodeling home or the rental.
$400k in stock market should turn into two million by the time you are 67. Don't even put all of it. Keep some for you in emergency repairs for the house.

OP - what funds should I put it into to run into 2 million? That doesn’t seem right?

Seriously? Wow. You need a crash course in investing. This is not hard.

[Anonymous]

OMG. You have a house, savings, your own company and a rental property but you still want more?!?