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Money and Finances
Reply to "How to build wealth as an immigrant?"
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[quote=Anonymous]Came to US in 1995 making $130 a week but living expenses paid. Went back home for awhile and returned broke in 2001 right into after September 11 making only $30-$50 a night after 10-12 hours shift. Had to get a 2nd job just to pay bills. Stayed here on student visa illegally working low wage jobs. Married a loser in 2005 and divorced him in 2010. The marriage left me in $40k credit card debt. I was still working minimum wage job: DH did few odd jobs a month for less than $1k. Had started college in 2007 which I finished in 2014. Never worked in my field but took interest in the topic since the 2008-2009 crash and even way before starting the degree. College was cheap (thing UDC and I took out some loans). Still completely broke in 2019 because I never worked in my field (my 2 kids took most of my days, worked nights and weekends). I continued working in service field for ca $23 an hour by now. Sold my condo (bought in 2008) that never make me any money (just paid down the equity) and put some of the money into the market. Some of the stocks I bought grew ca 5 times during the next 2 years. I'm really close to a million. While it's not a lot of money in DC, I'm used to living off of ca $30-$40k a year, and I don't feel deprived. I do have another property to sell to put the money into the market. It's in Europe and should sell easier than here. Bought it in 2007 right before real estate crashed. It has come back to original value and then some, but those were hard times. Shortly, I lived paycheck to paycheck and had to pay two mortgages at the same time - forced savings for me. The real estate was bought with almost nothing down before someone wonders where the money came from. I'm a good at budgeting and never missed a payment and had a great credit score. I have learned a lot in the market the last 2 years. So much so, that I feel like I could turn $100k into million within the next 10 years. That's actually the plan. My degree is in finance but I never worked a day in it. It's just for me. If all fails, my hometown is a great cheap place to retire. You got to be in the market to get a sense of how it works-be it with $3000-$5000. I made 5% just in one stock in one day (not selling anything here). Another stock I kept an eye on, rallied 25% in 4 days. I don't do day trading, but can see the movements and understand why people get excited. I also have a very high risk tolerance. For most people, going with an ETF and putting as much into is as possible is the way to go. [/quote]
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