What a self made multiple millionaire would do in your shoes to increase your net worth.

[Anonymous]

OP come baaaaaaack!

[Anonymous]

Anonymous wrote:I think the OP took off when he realized all the responses are from rich people. It is shocking to me to see the low income to asset ratios represented here. Maybe OP will come back and ask where the hell everyone's income is going?

Ha, ha, ha. Have you seen how full the restaurants are in DC and Bethesda? Before my DH and I got frugal, we were spending about $750 per month eating out! OK, maybe we just transferred some of those funds to Whole Foods, but it's still a savings... How packed are the malls? People here spend, spend, spend, spend and then complain about their taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"I think the OP took off when he"

Hmm, I assumed OP is a she.

Smarty pants! OP said this:

When I first started I always did my own management (and did until I had about a dozen properties).

The likelihood that "she" fixed the toilets, repaired the roofs and roughed up the deadbeat renters is comparatively low, so I went with "he." No apologies, either.

Just catching up on this post...Ha! I'd say OP is a she because of the style of writing...very detail oriented, very polite, helpful, deferential...definitely a woman.

[Anonymous]

Hello, I like this chat, thanks a lot for your kind, and valuable advise.
I'm a bit out of the box case:
60 years (young in heart), Belgian, married, 5 kids, work for a NGO in South Thailand (no payment).
I run a handicraft business to support my family = approx. USD 10'000.-/year
Rental income from properties = USD 10'000/year (10% ROE)
I wrote 1 ebook - but it does not sell yet
Current assets: Stocks, Cash, Gold = USD 100'000.-
Total net (incl. properties) approx. - = USD 300'000.-
No debt. Live somehow frugal.
I would love to share my life experiences in life seminars and or e-books.
My current goal: current assets of >USD 3 Million

[Anonymous]

My situation is somewhat thorny and unique. I honestly can't think of a better place to get advice without spilling all my beans to family or friends! I am paralyzed about making my next financial moves: 1)as a divorced mom of three, or 2) hold on for another couple of years to see if I marry my BF, which seems pretty likely.

Me: 44, divorced with 2 elem aged kids, and one going to college this fall. Likely to marry my BF in a year or two.

My income: 120K, company car, 5% company match which I fully take, 2% profit share/yr, great benefits including $1000 toward HSA each year.

BF's income (we are not currently nor planning to live together): ~$175-250K in sales, company car, $30K loan for truck, no company match on retirement, potentially high medical bills due to chronic illness, one child in high school.

My assets:
Home: TH worth $450, owe $320 at 4.75% (I should refinance but if we get married and get a new place...see?) PITI: $2200, HOA $100, 401k loan on DP $200/mo=$2500/mo payment fully loaded
401K: $360K invested in mix of 1/3 each: Large Caps, Mid Caps, and Company Stock (financial)
Retirement Account/ Pension fund: $90K
Savings Liquid: $40K in the bank (see paying off CC debt)
CDs: $12K
529b: $20K
Child Support: $700/mo for two small kids (a joke)

My expenses:
Debt: $25K credit cards @15%, 13% from divorce costs
Mortgage: $321K

BF's Assets (vaguely):
$500K retirement from prior employer, rolled over to an IRA
Partial of ownership (~$150 equity) of a small corporation, hoping to grow the business and sell in 6 years for $3-5M.
$50K savings accounts
$40K college fund 529b

BF's Expenses:
Rent: $2K/mo (he rents due to a short sale/ divorce and can buy in another 3 years, assuming it's a 5 year ban for the short sale)
Beach house: $1K/mo year round
Truck loan: $30K
No card debt, no student loans, no liens
Child support: $800/mo for 16 y/o

Neither of us expects any inheritance from parents, though he could have another banner year in sales making >$500K anytime the market decides to recover.

Would also love to hear OP's thoughts on proceeding full speed ahead solo with a refi or selling and getting into MF home w/ a basement rental in the VA burbs, or pausing thoughtfully (or investing in other than real estate) for 1-2 years to buy a new place together.

Thanks!

[Anonymous]

Live modestly.

[Anonymous]

OP, do you have a blog? Or any other sites with practical, specific advice like yours?
Also, where would we go if we wanted a good financial advisor, such as you?

[Anonymous]

OP, if you come back, what advice would you give to someone who is just starting out?

[Anonymous]

Me 28 - 60-100K virtually no retirement savings doing 6% contribution and 6% match to a 401K just my first job out of grad school), 100K undergraduate debt currently paid by parents but cosigned by me. Can get rewarded with company stock options. Do not own a home. 10K in savings.

[Anonymous]

OP is loooooong gone, people.