35 and Need Help With Building Wealth

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

35 and Need Help With Building Wealth

Post by kingdf » Sat Jun 09, 2018 9:09 pm

For a long time I've been interested in wealth building passively. I'm looking to build as much wealth as fast as possible, but as smart as possible as well. Here's my current financial situation:

Income
  • Full time job: $13.85 / hour (After child support, student loan garnishment, taxes, 401k, etc. I take home $1,300 / month)

    Kindle Royalties: $1,100 - $1,500 / month (passive residual)

    Paperback Royalties: $100 / month (passive residual)

    Adsense: $200 - $250 / month (passive residual)

    Amazon Affiliates: $100 - $150 / month (passive residual)

    Brother's Share of Expenses: $175 / month (my brother moved in after a personal situation of his led to job loss)(passive residual)

    Etsy: $100 / month (passive residual)
Expenses
  • Electricity: $150 / month

    Cable /Internet / Phone: $280 / month (work from home so fast internet is mandatory)

    Car Insurance: $82 / month

    Cell Phone: $52 / month

    Netflix: $10.99 / month

    Hulu: $5.99 / month

    Amazon Prime: $10.99 / month

    Progressive Leasing: $134 / month
5% of my paycheck goes into my 401k (already deducted from the paycheck total). My employer does a 3% match. My current settings will automatically increase my investment amount by 2% per year.

I don't pay rent or mortgage because I live in a family owned property.

My vehicle is 100% paid off.

There are a few more factors coming into play in the near future:
  • I'm opening another Etsy store which will be non passive income and I estimate $200 - $300 / month to start.

    My student loan garnishments of $300 / month ends in November.

    My Progressive Leasing payments of $67 bi-weekly ends in November.

    Expecting an increase of $100 - $200 / month from Adsense by year end.

    Expecting an increase of $150 - $300 / month from Kindle royalties by year end.

    Starting in July I plan to invest $250 / month in REITs through Merrill Edge

    Looking to get a 4 plex early next year in Vegas (the state has a program that offers up to $10,000 grant for down payment as long as I live in a unit for a year and it does apply to a 4 plex). I plan to put 3 of the units on AirBNB while I live in the other.
Any advice you can give me would be great. If I need to increase my income I have ways of doing so, but it takes a month or two for it to kick in. I'm willing to take any steps I need to build my wealth faster.

Thanks in advance for any help you can give me.
Last edited by kingdf on Sat Jun 09, 2018 11:58 pm, edited 2 times in total.
Increase Residual Income - Invest 25% - Repeat

hightower
Posts: 468
Joined: Mon Dec 12, 2016 2:28 am

Re: 35 and Need Help With Building Wealth

Post by hightower » Sat Jun 09, 2018 9:36 pm

Congrats on working hard to increase your income and doing so in creative ways. You say you want to build wealth as quickly as possible? Ok, sure, everyone wants to do that. But make sure you have a plan that is both sound and sustainable for the long haul. Why REITs? Are you going for 100% REIT portfolio? That’s not much diversity and probably a bit risky. Since it sounds like you’re looking to go into real estate with the airbnb idea, why not consider using a broad market index fund for the rest of your portfolio? Something like a target retirement fund or total stock market fund?
Building wealth takes time and often the surest way to do it is to go slow and steady.

User avatar
Sandtrap
Posts: 4588
Joined: Sat Nov 26, 2016 6:32 pm
Location: 10/90 Allocation - Hawaii😀 Northern AZ.😳

Re: 35 and Need Help With Building Wealth

Post by Sandtrap » Sat Jun 09, 2018 9:39 pm

Invest in personal skillset and education.
Higher paying job/career.
IE: $13.85/hour vs a journeyman carpenter in a good area and position = $35/hour. (example)

good luck,
j

Chrono Triggered
Posts: 39
Joined: Wed Feb 17, 2016 12:55 pm

Re: 35 and Need Help With Building Wealth

Post by Chrono Triggered » Sat Jun 09, 2018 10:25 pm

I'd definitely reconsider the cable/internet bill. Look to get it lowered or change plans. Almost $300 a month seems excessively high. If you primarily watch Hulu, Netflix, and Amazon Prime, you can get a digital antenna to pick up local channels for free and cut the cord on cable completely.

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sat Jun 09, 2018 10:39 pm

Sandtrap wrote:
Sat Jun 09, 2018 9:39 pm
Invest in personal skillset and education.
Higher paying job/career.
IE: $13.85/hour vs a journeyman carpenter in a good area and position = $35/hour. (example)

good luck,
j
I work in sales so It's $13.85 + commission. Also it's work from home so $0 commute and 0 minutes commuting time. Also it allows me to work on my websites between calls, which is how I generate Adsense income.

While I could find a job that pays more, the trade off would be less time to spend growing portions of my passive income. I have a promotion coming in August which will bump me to $14.55 / hour... and a possible promotion in November which will put me over $16 / hour + commission.

My job is less about the amount I make and more about the stable bi-weekly income, benefits, and 401k.

Thanks for the advice though. Much appreciate you taking the time to respond.
Increase Residual Income - Invest 25% - Repeat

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sat Jun 09, 2018 10:46 pm

Chrono Triggered wrote:
Sat Jun 09, 2018 10:25 pm
I'd definitely reconsider the cable/internet bill. Look to get it lowered or change plans. Almost $300 a month seems excessively high. If you primarily watch Hulu, Netflix, and Amazon Prime, you can get a digital antenna to pick up local channels for free and cut the cord on cable completely.
I work from home, so I have the best internet package available. My brother works for UPS from home and uses the phone line, which is included in that price. I guess when it breaks down it's $100 for cable, $100 for internet, and $100 for phone (more like $260 but I order movies on top of that).

I like movies, tv, etc. I've considered cutting some of those expenses, but I've come to terms with certain luxuries I'm probably not going to cut. My daughter loves Netflix, I buy enough stuff on Amazon that the monthly expense pays for itself in shipping costs.

What I do for cable is I'll cancel my premium channels after the promotion runs out, then call back later to restart them at the current promotional rate. Saves about $30 / month for 6 - 12 months at a time depending on the promotion.

Every bill / expense I have listed above are the ones I consider "mandatory" to live at a comfortable level.

Thanks for responding. I appreciate your time and suggestion.
Increase Residual Income - Invest 25% - Repeat

venkman
Posts: 573
Joined: Tue Mar 14, 2017 10:33 pm

Re: 35 and Need Help With Building Wealth

Post by venkman » Sat Jun 09, 2018 10:59 pm

kingdf wrote:
Sat Jun 09, 2018 9:09 pm
Any advice you can give me would be great. If I need to increase my income I have ways of doing so, but it takes a month or two for it to kick in. I'm willing to take any steps I need to build my wealth faster.
There's no magic formula. To build wealth, you need to save money. The only ways to increase the amount of money available for saving are to bring in more money, or to spend less money on other things.

You can put your saved money to work by investing it, but remember than risk and return are ALWAYS related. Any investment that has a higher expected return will also have a corresponding higher risk. There's no getting around it.

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sat Jun 09, 2018 11:02 pm

hightower wrote:
Sat Jun 09, 2018 9:36 pm
Congrats on working hard to increase your income and doing so in creative ways. You say you want to build wealth as quickly as possible? Ok, sure, everyone wants to do that. But make sure you have a plan that is both sound and sustainable for the long haul. Why REITs? Are you going for 100% REIT portfolio? That’s not much diversity and probably a bit risky. Since it sounds like you’re looking to go into real estate with the airbnb idea, why not consider using a broad market index fund for the rest of your portfolio? Something like a target retirement fund or total stock market fund?
Building wealth takes time and often the surest way to do it is to go slow and steady.
Thank you very much.

My grandfather always taught me to buy and hold, and because I'm more of a passive income focused person, I figured REITs make a good vehicle because they pay dividends that can be auto reinvested.

As far as diversity is concerned, the bulk of my investing is held in my 401k. I assume that counts. I try to keep diversification in mind, so here is my current 401k allocation (I set these myself):
  • NUVEEN WIN LGCP GR I (40%)
    WM BLAIR SMMIDCP GR (15%)
    FID 500 INDEX IPR (13%)
    ICM SM CO INST (10%)
    VANG SM CAP IDX INST (10%)
    VANG MIDCAP IDX INST (1%)
    AF EUROPAC GROWTH R6 (1%)
    BTC LIFEPATH 2020 G (1%)
    BTC LIFEPATH 2030 G (1%)
    BTC LIFEPATH 2040 G (1%)
    BTC LIFEPATH 2045 G (1%)
    BTC LIFEPATH 2050 G (1%)
    BTC LIFEPATH 2055 G (1%)
    BTC LIFEPATH 2060 G (1%)
    BTC LIFEPATH RET G (1%)
    VANG STAR (1%)
I don't intend to sell these off or flip them or anything like that. I'm in it long term to hold. I know there are some REIT holdings in the lifepath investments, but I wanted more options, which is why I plan to invest in REITs outside of my 401k.

I also have my eye on Tesla, which isn't offered in any of the funds I looked through in my 401k, and there are a few marijuana stocks that look pretty good as well.

In general I think I'm pretty well diversified, or did I misunderstand you and you were referring to personal investments?

If so, what would you suggest in addition to REITs, Tesla, and marijuana stocks? LOL... odd mix.

Thanks for the response.
Increase Residual Income - Invest 25% - Repeat

ny_rn
Posts: 385
Joined: Sun May 11, 2014 7:09 am

Re: 35 and Need Help With Building Wealth

Post by ny_rn » Sun Jun 10, 2018 12:46 am

Make more money. Avoid lifestyle creep and invest the rest.

WanderingDoc
Posts: 701
Joined: Sat Aug 05, 2017 8:21 pm

Re: 35 and Need Help With Building Wealth

Post by WanderingDoc » Sun Jun 10, 2018 1:11 am

I would never recommend to lower expenses / save more money. This is typical much harder than to just INCREASE INCOME. It also leads to a contracted way of thinking and a lower quality of life. Way easier to earn an extra $500 per month than to cut something you enjoy to save a measly $200. Not worth it.

That said, I love your name. Chrono Trigger has some of the best music and storyline of any game in history! 8-)

Chrono Triggered wrote:
Sat Jun 09, 2018 10:25 pm
I'd definitely reconsider the cable/internet bill. Look to get it lowered or change plans. Almost $300 a month seems excessively high. If you primarily watch Hulu, Netflix, and Amazon Prime, you can get a digital antenna to pick up local channels for free and cut the cord on cable completely.
Rent where you live, buy where others pay your mortgage for you. | I'm not looking to get rich quick, I'm not looking to get rich slow, I'm looking to get rich.. for sure.

smectym
Posts: 107
Joined: Thu May 26, 2011 5:07 pm

Re: 35 and Need Help With Building Wealth

Post by smectym » Sun Jun 10, 2018 2:39 am

Chronotriggered, you’ve got the right general idea: have a plan toward financial independence.

Most of the suggestions made by other posters above are worth taking a second look at rather than “taking batting practice” on them as they reach home plate.

I couldn’t decipher all of your portfolio: ex-REIT, do you have a decent slug of dividend-paying stocks? Both growth and reinvested dividends have their place.

Also, high work-generated income in at least some stretch of the peak earning years (say 25-55) can make all the difference in successfully generating a passive income portfolio that facilitates true independence. Whether through a high-salaried profession or successful entrepreneurship, gain through work the wherewithal to gain freedom from the need to work.

Smectym

Chrono Triggered
Posts: 39
Joined: Wed Feb 17, 2016 12:55 pm

Re: 35 and Need Help With Building Wealth

Post by Chrono Triggered » Sun Jun 10, 2018 10:05 am

WanderingDoc wrote:
Sun Jun 10, 2018 1:11 am
I would never recommend to lower expenses / save more money. This is typical much harder than to just INCREASE INCOME. It also leads to a contracted way of thinking and a lower quality of life. Way easier to earn an extra $500 per month than to cut something you enjoy to save a measly $200. Not worth it.

That said, I love your name. Chrono Trigger has some of the best music and storyline of any game in history! 8-)

Chrono Triggered wrote:
Sat Jun 09, 2018 10:25 pm
I'd definitely reconsider the cable/internet bill. Look to get it lowered or change plans. Almost $300 a month seems excessively high. If you primarily watch Hulu, Netflix, and Amazon Prime, you can get a digital antenna to pick up local channels for free and cut the cord on cable completely.
Definitely agree with you on that, netting more income will undoubtedly improve the wealth building situation more-so than potentially living like a pauper. I just noticed the Netflix, Prime, and Hulu (not knocking, I have those myself) so I was just curious to see how much non local cable was being used as trimming expenses you don't use too often is never a bad idea. Plus you don't have to give money to the cable companies and deal with an ever increasing cable bill which is one less thing to worry about. Then again some companies package internet and cable together, which would make trying to cut out the cable part for a couple bucks less not really worth it.

And thanks, you're absolutely right! I actually spun up the full soundtrack on YouTube yesterday because it was far too long since I did so. Definitely my favorite game of all time. :thumbsup

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 10:30 am

Chrono Triggered wrote:
Sun Jun 10, 2018 10:05 am
WanderingDoc wrote:
Sun Jun 10, 2018 1:11 am
I would never recommend to lower expenses / save more money. This is typical much harder than to just INCREASE INCOME. It also leads to a contracted way of thinking and a lower quality of life. Way easier to earn an extra $500 per month than to cut something you enjoy to save a measly $200. Not worth it.

That said, I love your name. Chrono Trigger has some of the best music and storyline of any game in history! 8-)

Chrono Triggered wrote:
Sat Jun 09, 2018 10:25 pm
I'd definitely reconsider the cable/internet bill. Look to get it lowered or change plans. Almost $300 a month seems excessively high. If you primarily watch Hulu, Netflix, and Amazon Prime, you can get a digital antenna to pick up local channels for free and cut the cord on cable completely.
Definitely agree with you on that, netting more income will undoubtedly improve the wealth building situation more-so than potentially living like a pauper. I just noticed the Netflix, Prime, and Hulu (not knocking, I have those myself) so I was just curious to see how much non local cable was being used as trimming expenses you don't use too often is never a bad idea. Plus you don't have to give money to the cable companies and deal with an ever increasing cable bill which is one less thing to worry about. Then again some companies package internet and cable together, which would make trying to cut out the cable part for a couple bucks less not really worth it.

And thanks, you're absolutely right! I actually spun up the full soundtrack on YouTube yesterday because it was far too long since I did so. Definitely my favorite game of all time. :thumbsup
I played Chrono Trigger back in the day... then Chrono Cross. I wish they'd make another, but I doubt it.

As far as Cable... I use it to watch tons of shows like Alone, Naked and Afraid, Love and Hip Hop, Power, The Profit, Shark Tank, News, etc. I have a very wide set of entertainment interests.

My internet and cable are all bundled together, so the few bucks I'd save isn't worth it to me because I definitely get my money's worth. Especially when it comes to the internet.
Increase Residual Income - Invest 25% - Repeat

gotester2000
Posts: 418
Joined: Sun Nov 12, 2017 1:59 am

Re: 35 and Need Help With Building Wealth

Post by gotester2000 » Sun Jun 10, 2018 10:38 am

Increase your active job income - invest in skills.
Passive job income - you are doing good but you need to generate significant money to build wealth from it.
The secret to build wealth is earn well while not increasing your lifestyle proportionately.

strafe
Posts: 787
Joined: Sat Mar 03, 2007 12:49 pm

Re: 35 and Need Help With Building Wealth

Post by strafe » Sun Jun 10, 2018 10:44 am

Two comments:
I work in sales so It's $13.85 + commission. Also it's work from home so $0 commute and 0 minutes commuting time. Also it allows me to work on my websites between calls, which is how I generate Adsense income.

While I could find a job that pays more, the trade off would be less time to spend growing portions of my passive income.
1. Your "passive" income isn't passive. It's a side hustle. Seems you're working pretty hard for a few hundred bucks a month and would do better to get a better paying job.

2. Your side business needs its own product or service, something you own and control that has some unique value. Selling web advertising (whether it's per impression, per click or per action as with Amazon Affiliates) is not a sustainable path.

freckles01
Posts: 87
Joined: Sun Aug 10, 2008 4:43 pm

Re: 35 and Need Help With Building Wealth

Post by freckles01 » Sun Jun 10, 2018 11:04 am

venkman wrote:
Sat Jun 09, 2018 10:59 pm
There's no magic formula. To build wealth, you need to save money. The only ways to increase the amount of money available for saving are to bring in more money, or to spend less money on other things.
ny_rn wrote:
Sun Jun 10, 2018 12:46 am
Make more money. Avoid lifestyle creep and invest the rest.
Plus time. And I would consider trimming down all the funds in your 401K into 3 total index funds, it will keep you diversified with a lower er and be easier to maintain. When I first started my 401K, I asked an older co worker because he seemed smart about investing- read financial papers and magazines and added all the funds he had in his 401K- it was over 13 funds! many with high er.

Then I found Bogleheads, and consolidated everything into the 3 funds according to my AA.

Also, check out the MMM site.

Good luck and keep learning:)

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 11:07 am

strafe wrote:
Sun Jun 10, 2018 10:44 am
Two comments:

1. Your "passive" income isn't passive. It's a side hustle. Seems you're working pretty hard for a few hundred bucks a month and would do better to get a better paying job.
Quite wrong. I'm not working hard at all. The sites were hobby sites that I created because I love the subject material. I slapped adsense on them, affiliate links, and just turned what I'd already written into kindle books. It's something I'd be doing either whether or not it paid because it's a hobby of mine. They're also entering the beginning stages of being considered authority sites.

If you do the math, the side money is more than my job money. I'd hardly call $1,500+ regularly a few hundred bucks... especially when there is ZERO "work" involved. I don't consider getting paid for a hobby to be work when I literally do nothing but write. All my affiliate links are auto linked throughout my entire site. I don't even add them manually anymore.

You saying it isn't passive is based on what?

You saying I'm working "pretty hard" is based on what?

You have zero information about what I do, and yet you say both based on what information?
2. Your side business needs its own product or service, something you own and control that has some unique value. Selling web advertising (whether it's per impression, per click or per action as with Amazon Affiliates) is not a sustainable path.
I agree. I have Kindle books published that are mine and sell decently without any marketing effort on my part other than posting to my websites, which I was already doing before it started paying. My new etsy business crosses over 2 different markets, which conservatively should bring in $300 / month profit or more. I don't plan on it to be a full time commitment, but more of an actual "hustle" that may or may not grow bigger.

To say what I currently have is not sustainable is based on what information?

My adsense revenue has grown from roughly $90 - $120 / month in 2017 to $200 - $250 / month as of February 2018. This month I'm on track to make $300+ in adsense... $1,200+ in kindle sales... $200+ in paperback sales.. $200+ on etsy #1 (all fully automated digital products for download)... and $200+ in affiliate revenue.

All of the above are fully automated. No shipping or anything other than adding to my websites bi-weekly in most cases. Other than that I sit back and wait for funds to hit my account.

Last year at this time I was only bringing in about $500 / month total from all side ventures. To say it's not sustainable when it has more than tripled over the last year is a bit presumptuous. I also foresee an increase coming by year end because 1 of my sites is the biggest site in the niche, seeing nearly 70,000 visitors per month. Not a ton, but my niche is small and specialized.
Last edited by kingdf on Sun Jun 10, 2018 11:14 am, edited 1 time in total.
Increase Residual Income - Invest 25% - Repeat

hightower
Posts: 468
Joined: Mon Dec 12, 2016 2:28 am

Re: 35 and Need Help With Building Wealth

Post by hightower » Sun Jun 10, 2018 11:12 am

kingdf wrote:
Sat Jun 09, 2018 11:02 pm
hightower wrote:
Sat Jun 09, 2018 9:36 pm
As far as diversity is concerned, the bulk of my investing is held in my 401k. I assume that counts. I try to keep diversification in mind, so here is my current 401k allocation (I set these myself):
  • NUVEEN WIN LGCP GR I (40%)
    WM BLAIR SMMIDCP GR (15%)
    FID 500 INDEX IPR (13%)
    ICM SM CO INST (10%)
    VANG SM CAP IDX INST (10%)
    VANG MIDCAP IDX INST (1%)
    AF EUROPAC GROWTH R6 (1%)
    BTC LIFEPATH 2020 G (1%)
    BTC LIFEPATH 2030 G (1%)
    BTC LIFEPATH 2040 G (1%)
    BTC LIFEPATH 2045 G (1%)
    BTC LIFEPATH 2050 G (1%)
    BTC LIFEPATH 2055 G (1%)
    BTC LIFEPATH 2060 G (1%)
    BTC LIFEPATH RET G (1%)
    VANG STAR (1%)
I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 11:27 am

hightower wrote:
Sun Jun 10, 2018 11:12 am

I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.
"Safe" is relative to me (I don't mind risk). Weed isn't going anywhere. It's only going to get bigger, and it is probably the safest investment that will ever exist... people will see it soon (very optimistic). Tesla is either gonna be hit or miss, but I live in Nevada and that huge project they're working on is going to employ thousands when it's done. Not sure how much news the rest of the country gets about it, but I think it could be a great move especially when it comes to clean energy.

I'll keep your 1-2% suggestion in mind. I want to lean heavy on investments that spit out dividends. Is there any reason why I should or should not show preference to dividends?
Increase Residual Income - Invest 25% - Repeat

User avatar
Cycle
Posts: 459
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis, USA

Re: 35 and Need Help With Building Wealth

Post by Cycle » Sun Jun 10, 2018 11:46 am

You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.

User avatar
CyclingDuo
Posts: 1453
Joined: Fri Jan 06, 2017 9:07 am

Re: 35 and Need Help With Building Wealth

Post by CyclingDuo » Sun Jun 10, 2018 11:50 am

kingdf wrote:
Sat Jun 09, 2018 9:09 pm
For a long time I've been interested in wealth building passively. I'm looking to build as much wealth as fast as possible, but as smart as possible as well. Here's my current financial situation:

Income
  • Full time job: $13.85 / hour (After child support, student loan garnishment, taxes, 401k, etc. I take home $1,300 / month)

    Kindle Royalties: $1,100 - $1,500 / month (passive residual)

    Paperback Royalties: $100 / month (passive residual)

    Adsense: $200 - $250 / month (passive residual)

    Amazon Affiliates: $100 - $150 / month (passive residual)

    Brother's Share of Expenses: $175 / month (my brother moved in after a personal situation of his led to job loss)(passive residual)

    Etsy: $100 / month (passive residual)
$3125 - $3625 per month/$37,500 - $43,500 annual net
kingdf wrote:
Sat Jun 09, 2018 9:09 pm

Expenses
  • Electricity: $150 / month

    Cable /Internet / Phone: $280 / month (work from home so fast internet is mandatory)

    Car Insurance: $82 / month

    Cell Phone: $52 / month

    Netflix: $10.99 / month

    Hulu: $5.99 / month

    Amazon Prime: $10.99 / month

    Progressive Leasing: $134 / month
$725.97 per month

What about food, health insurance, gas for the car? Do you not have these expenses, or did you just forget to list them? If you don't have those expenses, it looks like $574 to $1074 remains each month from the take home pay after you meet the $725.97 monthly obligations. That's the money we would suggest (if it is indeed available) that you could tap to be investing in retirement, Roth IRA, taxable accounts to help with your wealth accumulation.
kingdf wrote:
Sat Jun 09, 2018 9:09 pm
5% of my paycheck goes into my 401k (already deducted from the paycheck total). My employer does a 3% match. My current settings will automatically increase my investment amount by 2% per year.
While you are waiting for the 4 plex a year from now, and based on the cash flow you listed above of your current income and expenses, are you willing and able to save more than 5% of your income going into the 401k? Couldn't you bump that up based on your take home? Or are the unlisted expenses already eating that difference?
kingdf wrote:
Sat Jun 09, 2018 9:09 pm

I don't pay rent or mortgage because I live in a family owned property.

My vehicle is 100% paid off.

There are a few more factors coming into play in the near future:
  • I'm opening another Etsy store which will be non passive income and I estimate $200 - $300 / month to start.

    My student loan garnishments of $300 / month ends in November.

    My Progressive Leasing payments of $67 bi-weekly ends in November.

    Expecting an increase of $100 - $200 / month from Adsense by year end.

    Expecting an increase of $150 - $300 / month from Kindle royalties by year end.

    Starting in July I plan to invest $250 / month in REITs through Merrill Edge

    Looking to get a 4 plex early next year in Vegas (the state has a program that offers up to $10,000 grant for down payment as long as I live in a unit for a year and it does apply to a 4 plex). I plan to put 3 of the units on AirBNB while I live in the other.
Any advice you can give me would be great. If I need to increase my income I have ways of doing so, but it takes a month or two for it to kick in. I'm willing to take any steps I need to build my wealth faster.

Thanks in advance for any help you can give me.
We would all caution on using the word "faster" - at least in terms of trying to beat average returns. Slow and steady is the path by continual contributions to your retirement plan and savings each month, year after year, decade after decade.

Cash flow looks really good for your current living situation if those indeed are your expenses. Curious about the health insurance (is that deducted from your salary), and food expense. Surely you must eat and somebody is paying for that. I like your plan of the 4 plex. Have you considered tenants in the other 3 units as opposed to the Airbnb?

Is there potential for a somebody special in your life that could end up in a two income household? This is a well known way for household income (dual income, that is) to increase as I am sure you are well aware since you mention child support payments that you are making out of your paycheck from your prior relationship.

Without knowing where that extra money is going from your take home for the gap between the expenses you list, we would simply suggest utilizing that money by increasing your 401k contribution with some of it, and a Roth IRA for some as well. Not to mention the self-employed savings possibilities for your side business(es).

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 5:07 pm

Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
I'm assuming you didn't even bother to read the rest of the conversation. Prime is an essential since I order from Amazon and would spend more than $10 in shipping per month. Cable is essential because it's something I don't want to part with. Why would I part with a paid off vehicle or use the library instead of the internet I already pay for to use for work?

Nothing you said makes any sense based on the conversation going on.
Increase Residual Income - Invest 25% - Repeat

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 5:36 pm

What about food, health insurance, gas for the car? Do you not have these expenses, or did you just forget to list them? If you don't have those expenses, it looks like $574 to $1074 remains each month from the take home pay after you meet the $725.97 monthly obligations. That's the money we would suggest (if it is indeed available) that you could tap to be investing in retirement, Roth IRA, taxable accounts to help with your wealth accumulation.
Thanks. Health insurance comes out of my check and is already included in the numbers I provided for my take home pay after all deductions. I've maxed out my insurance benefits so no surprises other than the annual increases potentially.

Food realistically is about $300 / month if I eat out, but if I cook I can probably get by on $200 month. I don't mind eating leftovers.
kingdf wrote:
Sat Jun 09, 2018 9:09 pm
While you are waiting for the 4 plex a year from now, and based on the cash flow you listed above of your current income and expenses, are you willing and able to save more than 5% of your income going into the 401k? Couldn't you bump that up based on your take home? Or are the unlisted expenses already eating that difference?
My paycheck is my "flexible" money. Royalties only come monthly and as someone still getting use to saving, investing, etc. I'm hesitant to raise my 401k too much. Honestly, 3% was a HUGE step for me. Then I went to 5% after a few months. I know its going to bump to 7% in August, but I've been considering bumping it to 7% in July and letting it bump to 9% automatically in August.

I'm not ruling out your suggestion at all. Just cautious.
We would all caution on using the word "faster" - at least in terms of trying to beat average returns. Slow and steady is the path by continual contributions to your retirement plan and savings each month, year after year, decade after decade.
I agree. Let me explain what I mean by "faster". I mean legal and steady. In my opinion dividends would be "faster" because it's money accumulating on it's own without me having to trade time for it. I'm even looking at KitSplit to rent out some film equipment I have that isn't in use. When I say faster I mean more ways of producing incoming cash... not get rich quick schemes or high risk investment. I want to grow it steadily without a lot of risk. Hope that clarifies. I believe in buy and hold vs sell. Learned my lesson when I sold all 8 of my Bitcoin when it hit $800... yep kicking myself for that.
Cash flow looks really good for your current living situation if those indeed are your expenses. Curious about the health insurance (is that deducted from your salary), and food expense. Surely you must eat and somebody is paying for that. I like your plan of the 4 plex. Have you considered tenants in the other 3 units as opposed to the Airbnb?
I mentioned food above so I won't re-write it here. As far as tenants AirBnB is vastly more profitable. I live in Vegas near the strip... well everything is near the strip here. Convention season units rent for $300+ per night. Same with New Years, Christmas, and other random events. I know a guy with 4 units clearing $12,000 / month easily. He'd never get that from tenants.
Is there potential for a somebody special in your life that could end up in a two income household? This is a well known way for household income (dual income, that is) to increase as I am sure you are well aware since you mention child support payments that you are making out of your paycheck from your prior relationship.
Not at the moment. I've been open to a financially beneficial arrangement with a woman for a while now. Sounds weird, but I'm not looking for love. After 10 years trapped in a committed relationship, I have no interest in them in the traditional sense. I enjoy my freedom too much now.
Without knowing where that extra money is going from your take home for the gap between the expenses you list, we would simply suggest utilizing that money by increasing your 401k contribution with some of it, and a Roth IRA for some as well. Not to mention the self-employed savings possibilities for your side business(es).
I do have some cash on hand because I use the Envelope Method to save up for bigger expenses. I'm currently saving for:

4 Plex expenses
EDC or some other fun event because I'm 36 and look 23. Most women don't even believe I'm over 30 and I'll be 36 this year... so fun time to be single.
Clothes. I need to shop but I tend to buy 2 pair of pants 2 pair of shoes and 5 shirts once a year. Saving to splurge $500 at Burlington year end.
New Years Party. Never had one ever so I want to party this year.
Emergency cash. I remember not being able to get cash in 08 from Washington Mutual. Never again will I hold 100% of my savings in the bank.

I don't have any set savings amount for the above items. I try to drop a minimum of $60 each paycheck and royalty payment. I do more from time to time.

I randomly spend money on 4/20 since it's legal here and my job doesn't care about drug testing anyone. That's less of an ongoing expense and more of when the mood hits. I don't smoke cigarettes or drink alcohol so no expenses there.

I've been considering a Roth IRA as a possibility as well, but haven't decided 100%. I may convert my Merrill Lynch account to one depending on the benefits.
Increase Residual Income - Invest 25% - Repeat

WanderingDoc
Posts: 701
Joined: Sat Aug 05, 2017 8:21 pm

Re: 35 and Need Help With Building Wealth

Post by WanderingDoc » Sun Jun 10, 2018 6:48 pm

Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
Rent where you live, buy where others pay your mortgage for you. | I'm not looking to get rich quick, I'm not looking to get rich slow, I'm looking to get rich.. for sure.

User avatar
Sandtrap
Posts: 4588
Joined: Sat Nov 26, 2016 6:32 pm
Location: 10/90 Allocation - Hawaii😀 Northern AZ.😳

Re: 35 and Need Help With Building Wealth

Post by Sandtrap » Sun Jun 10, 2018 6:49 pm

kingdf wrote:
Sat Jun 09, 2018 10:39 pm
Sandtrap wrote:
Sat Jun 09, 2018 9:39 pm
Invest in personal skillset and education.
Higher paying job/career.
IE: $13.85/hour vs a journeyman carpenter in a good area and position = $35/hour. (example)

good luck,
j
I work in sales so It's $13.85 + commission. Also it's work from home so $0 commute and 0 minutes commuting time. Also it allows me to work on my websites between calls, which is how I generate Adsense income.

While I could find a job that pays more, the trade off would be less time to spend growing portions of my passive income. I have a promotion coming in August which will bump me to $14.55 / hour... and a possible promotion in November which will put me over $16 / hour + commission.

My job is less about the amount I make and more about the stable bi-weekly income, benefits, and 401k.

Thanks for the advice though. Much appreciate you taking the time to respond.
You're welcome.
I see in your other post on "websites as investment vehicles" that you are highly motivated.
Wealth building is as much about what one does with money earned as well as how to earn it.
The Bogle Forum is a great place for both.
aloha
j

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 6:51 pm

WanderingDoc wrote:
Sun Jun 10, 2018 6:48 pm
Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
Exactly. I agree.

:sharebeer
Increase Residual Income - Invest 25% - Repeat

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 6:56 pm

Sandtrap wrote:
Sun Jun 10, 2018 6:49 pm

You're welcome.
I see in your other post on "websites as investment vehicles" that you are highly motivated.
Wealth building is as much about what one does with money earned as well as how to earn it.
The Bogle Forum is a great place for both.
aloha
j
Thanks. Yes I'm very motivated. I'm way behind in saving for retirement. Literally just started saving last year. So my choices are now to either wait to figure it out later like my brother (terrible plan)... or work on growing residual income while investing and saving.

I agree with you about money earned, which is why I'm willing to risk $12 - $22 on a website to see if it catches traction. Luckily the main 2 are connected by subject and 2 of the others are connected to the main 2 as well, so they all work together.

My new business website probably won't produce much even with adsense, but will drive traffic to Etsy #2. I mostly own it because etsy is terrible for seo and promotion.

There's so much money to get and so little time. Thanks for the response again.
Increase Residual Income - Invest 25% - Repeat

User avatar
Cycle
Posts: 459
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis, USA

Re: 35 and Need Help With Building Wealth

Post by Cycle » Sun Jun 10, 2018 8:54 pm

kingdf wrote:
Sun Jun 10, 2018 5:07 pm
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
I'm assuming you didn't even bother to read the rest of the conversation. Prime is an essential since I order from Amazon and would spend more than $10 in shipping per month. Cable is essential because it's something I don't want to part with. Why would I part with a paid off vehicle or use the library instead of the internet I already pay for to use for work?

Nothing you said makes any sense based on the conversation going on.
Why would u consider selling the car? Bc they are expensive to operate and that money tied up in the deprecating asset could be making gains in the 3 fund.

You have the potential to hammer on the savings and very quickly build your NW.

Saving is a bird in the hand, now. Building your skills to earn more is important, but if you want to build wealth quickly it helps to both save more and earn more.

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 9:04 pm

Cycle wrote:
Sun Jun 10, 2018 8:54 pm
Why would u consider selling the car? Bc they are expensive to operate and that money tied up in the deprecating asset could be making gains in the 3 fund.

You have the potential to hammer on the savings and very quickly build your NW.

Saving is a bird in the hand, now. Building your skills to earn more is important, but if you want to build wealth quickly it helps to both save more and earn more.
I guess you don't have a kid. It makes no sense to get rid of my vehicle when it's paid off. Furthermore the Blue Book value on it is less than $3,000. My vehicle is a 2000. My insurance is $82 / month and it costs me $114 / year to register. I'm willing to bet I'd spend more on Uber even when we add gas, which is around $40 / month.
Increase Residual Income - Invest 25% - Repeat

hightower
Posts: 468
Joined: Mon Dec 12, 2016 2:28 am

Re: 35 and Need Help With Building Wealth

Post by hightower » Sun Jun 10, 2018 9:14 pm

kingdf wrote:
Sun Jun 10, 2018 11:27 am
hightower wrote:
Sun Jun 10, 2018 11:12 am

I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.
"Safe" is relative to me (I don't mind risk). Weed isn't going anywhere. It's only going to get bigger, and it is probably the safest investment that will ever exist... people will see it soon (very optimistic). Tesla is either gonna be hit or miss, but I live in Nevada and that huge project they're working on is going to employ thousands when it's done. Not sure how much news the rest of the country gets about it, but I think it could be a great move especially when it comes to clean energy.

I'll keep your 1-2% suggestion in mind. I want to lean heavy on investments that spit out dividends. Is there any reason why I should or should not show preference to dividends?
Ah ha, your statement shows you don’t understand the risk you’re planning on taking. Ok so you say weed isnt going anywhere and is “the safest investment to ever exist”. So my question for you is which company are you going to buy shares of? And how do you know that individual company will be successful? There’s no such thing as a broad market investment for weed (yet) so you’re betting your money on individual companies that may or may not survive. Not to mention the fact that these companies are still breaking federal law. Investing in weed now is very risky business. Yes it’s safe to assume there will be a strong weed industry in this country some day, but no one knows which companies will be successful in that new industry and that’s what makes it a gamble. If it’s a tiny portion of your portfolio, then it probably isnt going to make a difference either way.

anonsdca
Posts: 186
Joined: Mon Jun 01, 2015 11:47 pm

Re: 35 and Need Help With Building Wealth

Post by anonsdca » Sun Jun 10, 2018 9:23 pm

hightower wrote:
Sun Jun 10, 2018 9:14 pm
kingdf wrote:
Sun Jun 10, 2018 11:27 am
hightower wrote:
Sun Jun 10, 2018 11:12 am

I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.
"Safe" is relative to me (I don't mind risk). Weed isn't going anywhere. It's only going to get bigger, and it is probably the safest investment that will ever exist... people will see it soon (very optimistic). Tesla is either gonna be hit or miss, but I live in Nevada and that huge project they're working on is going to employ thousands when it's done. Not sure how much news the rest of the country gets about it, but I think it could be a great move especially when it comes to clean energy.

I'll keep your 1-2% suggestion in mind. I want to lean heavy on investments that spit out dividends. Is there any reason why I should or should not show preference to dividends?
Ah ha, your statement shows you don’t understand the risk you’re planning on taking. Ok so you say weed isnt going anywhere and is “the safest investment to ever exist”. So my question for you is which company are you going to buy shares of? And how do you know that individual company will be successful? There’s no such thing as a broad market investment for weed (yet) so you’re betting your money on individual companies that may or may not survive. Not to mention the fact that these companies are still breaking federal law. Investing in weed now is very risky business. Yes it’s safe to assume there will be a strong weed industry in this country some day, but no one knows which companies will be successful in that new industry and that’s what makes it a gamble. If it’s a tiny portion of your portfolio, then it probably isnt going to make a difference either way.
https://seekingalpha.com/article/415273 ... a-etf-best

I just glanced at this article but this guy seems to be saying there are a few weed ETFs.

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Sun Jun 10, 2018 9:24 pm

hightower wrote:
Sun Jun 10, 2018 9:14 pm
Ah ha, your statement shows you don’t understand the risk you’re planning on taking. Ok so you say weed isnt going anywhere and is “the safest investment to ever exist”. So my question for you is which company are you going to buy shares of? And how do you know that individual company will be successful? There’s no such thing as a broad market investment for weed (yet) so you’re betting your money on individual companies that may or may not survive. Not to mention the fact that these companies are still breaking federal law. Investing in weed now is very risky business. Yes it’s safe to assume there will be a strong weed industry in this country some day, but no one knows which companies will be successful in that new industry and that’s what makes it a gamble. If it’s a tiny portion of your portfolio, then it probably isnt going to make a difference either way.
I haven't decided yet but looking at a few. Why didn't you copy my full statement? LOL

My point was I'm not planning to dump a ton of money in them, but $1,000 or so across 2 to see what happens at first. I'm considering the following allocation for my Merrill Lynch portfolio.

  • REITs: 60%
    Tesla / Enterprise: 30%
    Misc. Weed: 10%
Enterprise has performed well on Investopedia. I added it to my mock portfolio when it was at $25.50 / share. Showing a $3,720 gain. Too bad it wasn't real money. I also added Google when it was at $966... showing an $8,502.21 gain... SMH. Thankfully I do have shares of Google in a couple of my 401k funds.
Increase Residual Income - Invest 25% - Repeat

kmwilson343
Posts: 29
Joined: Tue Jun 05, 2018 7:46 pm
Location: Vancouver, WA

Re: 35 and Need Help With Building Wealth

Post by kmwilson343 » Sun Jun 10, 2018 10:12 pm

hightower wrote:
Sun Jun 10, 2018 11:12 am
kingdf wrote:
Sat Jun 09, 2018 11:02 pm
hightower wrote:
Sat Jun 09, 2018 9:36 pm
As far as diversity is concerned, the bulk of my investing is held in my 401k. I assume that counts. I try to keep diversification in mind, so here is my current 401k allocation (I set these myself):
  • NUVEEN WIN LGCP GR I (40%)
    WM BLAIR SMMIDCP GR (15%)
    FID 500 INDEX IPR (13%)
    ICM SM CO INST (10%)
    VANG SM CAP IDX INST (10%)
    VANG MIDCAP IDX INST (1%)
    AF EUROPAC GROWTH R6 (1%)
    BTC LIFEPATH 2020 G (1%)
    BTC LIFEPATH 2030 G (1%)
    BTC LIFEPATH 2040 G (1%)
    BTC LIFEPATH 2045 G (1%)
    BTC LIFEPATH 2050 G (1%)
    BTC LIFEPATH 2055 G (1%)
    BTC LIFEPATH 2060 G (1%)
    BTC LIFEPATH RET G (1%)
    VANG STAR (1%)
I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.
BTC LIFEPATH 2040 G at 100%. (if that is when you are near retirement). It takes the above math out of the equation. Keep it simple.

Flyer24
Posts: 33
Joined: Sun Apr 08, 2018 4:21 pm

Re: 35 and Need Help With Building Wealth

Post by Flyer24 » Sun Jun 10, 2018 10:21 pm

You really need to be more focused on saving for retirement. Your goal should be saving at least 15 percent of your income for retirement. I would skip the Merrill Lynch and open a Roth IRA with either Vanguard or Fidelity. Invest in about 3-4 index funds. Do not do individual stocks. You are not a stock expert. There is no time to play around at your age. You need to catch up in your share accumalation. You want to be diversified in the market.

User avatar
Cycle
Posts: 459
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis, USA

Re: 35 and Need Help With Building Wealth

Post by Cycle » Sun Jun 10, 2018 10:29 pm

kingdf wrote:
Sun Jun 10, 2018 9:04 pm
Cycle wrote:
Sun Jun 10, 2018 8:54 pm
Why would u consider selling the car? Bc they are expensive to operate and that money tied up in the deprecating asset could be making gains in the 3 fund.

You have the potential to hammer on the savings and very quickly build your NW.

Saving is a bird in the hand, now. Building your skills to earn more is important, but if you want to build wealth quickly it helps to both save more and earn more.
I guess you don't have a kid. It makes no sense to get rid of my vehicle when it's paid off. Furthermore the Blue Book value on it is less than $3,000. My vehicle is a 2000. My insurance is $82 / month and it costs me $114 / year to register. I'm willing to bet I'd spend more on Uber even when we add gas, which is around $40 / month.
U guessed right. Easier in Manhattan NY than Manhattan KS too. I save $4k/yr when I got rid of my 2004 Accord for $3k. 18mile commute converted to bike/bus combo.

Independent George
Posts: 245
Joined: Wed Feb 17, 2016 12:13 pm

Re: 35 and Need Help With Building Wealth

Post by Independent George » Sun Jun 10, 2018 10:35 pm

1. Very few people here (if any) are going to recommending picking individual stocks. You can do very well investing in individual stocks... or you can get crushed. The 'safest' thing you can do is invest in a broad, diverse index fund to capture the growth of the entire economy.
2. You definitely need to simplify your portfolio. If you want to use a target date retirement fund, pick a year and put 100% of your money into it. If you want to control your portfolio, you need to decide what you want to do with your portfolio and then allocate it accordingly. You've got a lot of overlap in your portfolio, and a lot of relatively expensive funds.
3. Of the funds you have listed, the Fidelity 500 Index is easily the best place to start; that should be the basis of your portfolio.
4. The simplest portfolio to start with is 60/40 US stocks/US bonds.
5. There's nothing wrong with dividends, but the problem with basing your portfolio on them is that corporations can and will cut dividends all the time. If you still prefer dividend-paying stocks, then it is far better to buy into fund that tilts towards dividend-paying stocks than to buy individual stocks that pay dividends - but your portfolio is heavily tilted toward Growth instead of value.
6. REITs are high-risk investments. The main reason people buy REITs is not for the divident yield, but for diversification; they have historically had low correlation to both stocks and bonds (though this appears to be changing), and are often used as a means of smoothing out portfolios. They should not be your primary investment.

supalong52
Posts: 91
Joined: Tue Feb 09, 2010 1:51 pm

Re: 35 and Need Help With Building Wealth

Post by supalong52 » Sun Jun 10, 2018 10:50 pm

smectym wrote:
Sun Jun 10, 2018 2:39 am
Most of the suggestions made by other posters above are worth taking a second look at rather than “taking batting practice” on them as they reach home plate.
He seems to have all the answers already. Not sure why he is asking questions here...

smectym
Posts: 107
Joined: Thu May 26, 2011 5:07 pm

Re: 35 and Need Help With Building Wealth

Post by smectym » Mon Jun 11, 2018 12:15 am

supalong52 wrote:
Sun Jun 10, 2018 10:50 pm
smectym wrote:
Sun Jun 10, 2018 2:39 am
Most of the suggestions made by other posters above are worth taking a second look at rather than “taking batting practice” on them as they reach home plate.
He seems to have all the answers already. Not sure why he is asking questions here...
supalong52, the scholarly monograph on “Incidence of Narcissistic-Obsessive Disorder Among Posters Requesting Portfolio Evaluation and Advice on Bogleheads.Org” has yet to be written.

But in a more serious vein, the mere fact that OP is fixating on the passive income theme suggests that, in a broad sense, OP is headed in the right direction. However, the idea many posters have urged: that earning more money now might, in the long run, advance OP’s passive income plan—doesn’t seem to gain much traction with OP

Smectym

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Mon Jun 11, 2018 12:15 am

anonsdca wrote:
Sun Jun 10, 2018 9:23 pm
https://seekingalpha.com/article/415273 ... a-etf-best

I just glanced at this article but this guy seems to be saying there are a few weed ETFs.
Thanks. Checking it out now.
Increase Residual Income - Invest 25% - Repeat

kingdf
Posts: 31
Joined: Sat Jun 09, 2018 8:31 pm
Location: Las Vegas

Re: 35 and Need Help With Building Wealth

Post by kingdf » Mon Jun 11, 2018 12:18 am

smectym wrote:
Mon Jun 11, 2018 12:15 am

supalong52, the scholarly monograph on “Incidence of Narcissistic-Obsessive Disorder Among Posters Requesting Portfolio Evaluation and Advice on Bogleheads.Org” has yet to be written.

But in a more serious vein, the mere fact that OP is fixating on the passive income theme suggests that, in a broad sense, OP is headed in the right direction. However, the idea many posters have urged: that earning more money now might, in the long run, advance OP’s passive income plan—doesn’t seem to gain much traction with OP

Smectym
Saying "earn more income" is something I already know. So don't say it doesn't gain much traction with me. Clearly common sense tells 99% of people they need to make more money regardless of how much they make.

It's not helpful advice... it's like when a doctor tells you to drink more liquids... what else are we gonna drink other than liquids?

So yeah... saying "make more money"... thanks... got it... wanna tell me to breathe more air next?
Increase Residual Income - Invest 25% - Repeat

smectym
Posts: 107
Joined: Thu May 26, 2011 5:07 pm

Re: 35 and Need Help With Building Wealth

Post by smectym » Mon Jun 11, 2018 12:56 am

kingdf wrote:
Mon Jun 11, 2018 12:18 am
smectym wrote:
Mon Jun 11, 2018 12:15 am

supalong52, the scholarly monograph on “Incidence of Narcissistic-Obsessive Disorder Among Posters Requesting Portfolio Evaluation and Advice on Bogleheads.Org” has yet to be written.

But in a more serious vein, the mere fact that OP is fixating on the passive income theme suggests that, in a broad sense, OP is headed in the right direction. However, the idea many posters have urged: that earning more money now might, in the long run, advance OP’s passive income plan—doesn’t seem to gain much traction with OP

Smectym
Saying "earn more income" is something I already know. So don't say it doesn't gain much traction with me. Clearly common sense tells 99% of people they need to make more money regardless of how much they make.

It's not helpful advice... it's like when a doctor tells you to drink more liquids... what else are we gonna drink other than liquids?

So yeah... saying "make more money"... thanks... got it... wanna tell me to breathe more air next?
kingdf, as my posts indicate, I agree you’re generally on the right track. I think those, including myself, who have mentioned boosting income, have in mind something entailing your embarking on a more ambitious career path, and acquiring new qualifications that would lead to higher-income jobs, or alternatively an entrepreneurial track if that better suits. Both would support your longer-range passive income objectives.

Smectym

User avatar
Cycle
Posts: 459
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis, USA

Re: 35 and Need Help With Building Wealth

Post by Cycle » Mon Jun 11, 2018 7:17 am

kingdf wrote:
Sun Jun 10, 2018 6:51 pm
WanderingDoc wrote:
Sun Jun 10, 2018 6:48 pm
Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Exactly. I agree.

:sharebeer
My points are more about minimalism than ramseyism. Minimalists don't cut coupons, they'd be one more thing to retain in our limited brain space. Minimalism can free up a lot of free time, which is the the only commodity in limited supply.

Living close to the services and recreational places you frequent can free up a lot of time and enables a carless existence. Rental cars are dirt cheap on the weekend.

On building wealth, I'd recommend listening to this MadFientist kiteces interview. He also doesn't sweat buying a Starbucks. Don't worry about what is "in the weeds"

https://www.madfientist.com/michael-kitces-interview/

bgf
Posts: 378
Joined: Fri Nov 10, 2017 9:35 am

Re: 35 and Need Help With Building Wealth

Post by bgf » Mon Jun 11, 2018 7:33 am

WanderingDoc wrote:
Sun Jun 10, 2018 6:48 pm
Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
this is more of a humble brag than generally applicable advice. hate to break it to you. congrats on the FI at 32 (which is awesome, im jelly), but the fact that it is such an exceptional thing to say in itself destroys the general applicability of your point of view. it kind of pains me here to be taking the side of dave ramsey because i disagree with a lot of what he says, but he does have millions of listeners, and if i had to put your post up against his trite advice with respect to which would help the most people, it is going to be his.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

Independent George
Posts: 245
Joined: Wed Feb 17, 2016 12:13 pm

Re: 35 and Need Help With Building Wealth

Post by Independent George » Mon Jun 11, 2018 8:16 am

bgf wrote:
Mon Jun 11, 2018 7:33 am
this is more of a humble brag than generally applicable advice. hate to break it to you. congrats on the FI at 32 (which is awesome, im jelly), but the fact that it is such an exceptional thing to say in itself destroys the general applicability of your point of view. it kind of pains me here to be taking the side of dave ramsey because i disagree with a lot of what he says, but he does have millions of listeners, and if i had to put your post up against his trite advice with respect to which would help the most people, it is going to be his.
Sometimes, I think posters here are the anti-Ramsey - they're great at investing advice, but have no idea how people live on less than $200k per year or outside of NYC, and then offer suggestions on lifestyle that are completely impractical for the majority of the population.
Cycle wrote:
Mon Jun 11, 2018 7:17 am
Living close to the services and recreational places you frequent can free up a lot of time and enables a carless existence. Rental cars are dirt cheap on the weekend.
Living without a car is near impossible outside of 4-5 metro areas in the US. I live in one of them, and it's great... but it's also not an option for the overwhelming majority of people. Besides which, based on his income and expenses, he's netting over $2,500 a month. That's very, very good, and does not require giving up a car that's already been paid for.

Maverick3320
Posts: 434
Joined: Tue May 12, 2015 2:59 pm

Re: 35 and Need Help With Building Wealth

Post by Maverick3320 » Mon Jun 11, 2018 8:59 am

kingdf wrote:
Sun Jun 10, 2018 11:27 am
hightower wrote:
Sun Jun 10, 2018 11:12 am

I would highly recommend you read some material on picking a portfolio. Yours needs to be simplified IMO. It is WAY too complicated and really doesn't make any sense. 1% in each year target retirement fund is not how those are meant to work. You pick just one, based on the year you think you'll want to retire. That could be your entire portfolio btw. I would look at the funds available in your 401k, find the ones with the cheapest expense ratios and focus on a few of those. A simple 3-5 fund portfolio would be much easier to follow and maintain over the years.
Also, I would not plan on putting much more than 1-2% of your portfolio in individual stocks. Especially those in new industries with uncertain futures. Weed and Electric Cars have a lot of potential, but they are not safe investments, yet. You are not a venture capitalist. You are an average joe investor and should pick safer investment vehicles in my humble opinion. I like Tesla too and I hope the legal marijuana industry thrives, but we're still a long way off from those being safe places to grow your money. There's a lot of potential for failure there still. Just my 2 cents.
"Safe" is relative to me (I don't mind risk). Weed isn't going anywhere. It's only going to get bigger, and it is probably the safest investment that will ever exist... people will see it soon (very optimistic). Tesla is either gonna be hit or miss, but I live in Nevada and that huge project they're working on is going to employ thousands when it's done. Not sure how much news the rest of the country gets about it, but I think it could be a great move especially when it comes to clean energy.

I'll keep your 1-2% suggestion in mind. I want to lean heavy on investments that spit out dividends. Is there any reason why I should or should not show preference to dividends?
You've got it figured out - what are you asking others for? Put the bulk of your retirement portfolio in weed. Come back in 10 years and let us know how it goes. We need more case studies around here.

User avatar
Cycle
Posts: 459
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis, USA

Re: 35 and Need Help With Building Wealth

Post by Cycle » Mon Jun 11, 2018 9:40 am

I'd recommend going to a local landlord class or meetup. It can be helpful to have a seasoned investor look through your cash flow calculation and assumptions.

I did this and a couple of the interesting things were, 1) they cost in property management 2) they put 20% down 3) they need the property to cash flow a few hundred per unit per month.

Per their criteria it is very hard to find a property that cash flows. The guys who taught the $10 community Ed class owned and managed hundreds of houses. Per my criteria... I tend to have Rose colored glasses.

getthatmarshmallow
Posts: 138
Joined: Mon Dec 04, 2017 9:43 am

Re: 35 and Need Help With Building Wealth

Post by getthatmarshmallow » Mon Jun 11, 2018 9:45 am

So one thing that's jumping out at me: you're counting everything that isn't your day job as passive income. That's not quite right. "Passive income" typically refers to income that results from invested money. Your brother splitting Internet and electricity while you both crash with a relative isn't *income*. Money that you make from AdSense isn't passive income; it's in response to a service you're providing, namely, eyeballs. What you're looking for is a way to make money that *scales* well, and keeps providing money after the initial investment of time/effort.

Here's why that's just not nitpicking. Setting aside the Kindle residuals, as you don't seem to be pursuing it further and I'm guessing you're not planning on making more money writing (although, why not? It's your best source of income if what you're saying is true.) You're making ~$14/hour at work. Your Adsense/Etsy income is about $500/month, so it just about covers your Internet and electricity expense. What you need to figure out is where the best place to spend your time is, and one question is which scales better, and that depends on what your business plan looks like. Chasing a raise or more commissions at work might mean more money in your pocket, which you then can put into investments. (A small raise or one big commission at work equals your Adsense income easily. If there's a lot of room to move up at work, then maybe that's the best way of spending your time instead of Adsense.) Or maybe, you have a great idea for expanding your Etsy store, which means more money in your pocket, which you then can put into investments. Figure out which one actually gets you more money -- but both are requiring your time and effort and neither is passive income.

My advice would be to get up to 20% in retirement savings as fast as you can. You don't have any rent or mortgage and reasonably low expenses. Bump it up by 2% a month if you have to do it slowly but that would be a good place to start. Throw 90% of it in a boring cheap target date fund and invest the rest in REIT or weed or whatever you like. (I wouldn't go 100% REIT anyway, but if your other plan is to invest in real estate for an AirBnB that's the opposite of diversified.) Expect it to take a while to build wealth, but consistency will get you there.

WanderingDoc
Posts: 701
Joined: Sat Aug 05, 2017 8:21 pm

Re: 35 and Need Help With Building Wealth

Post by WanderingDoc » Mon Jun 11, 2018 10:14 pm

I appreciate your civil input. I will maintain my stance: you cannot shrink your way to wealth. Period. It cannot be done. If you earn $3000 per month and spend all of it, and you decide to save $1000 per month. Well, you decreased your quality of life by 34%, which at the same time adding worry and shortcomings to you and your family. Instead of going without conveniences, good quality food, a nice heating/cooling of your house, etc. it is so much easier to learn how to earn an extra $1000 per month.

I have hung out on Dave Ramsey's live streams. Its chicken or the egg. You might thing a lot of unsuccessful people listen to Dave in that direction, I postulate that a significant proportion of people who listen to Dave Ramsey, follow his mind-limiting, overly frugal, scared of debt advice, and the best they make it to is low-middle/middle class. Open your mind. You cannot shrink your way to wealth.
bgf wrote:
Mon Jun 11, 2018 7:33 am
WanderingDoc wrote:
Sun Jun 10, 2018 6:48 pm
Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
this is more of a humble brag than generally applicable advice. hate to break it to you. congrats on the FI at 32 (which is awesome, im jelly), but the fact that it is such an exceptional thing to say in itself destroys the general applicability of your point of view. it kind of pains me here to be taking the side of dave ramsey because i disagree with a lot of what he says, but he does have millions of listeners, and if i had to put your post up against his trite advice with respect to which would help the most people, it is going to be his.
Rent where you live, buy where others pay your mortgage for you. | I'm not looking to get rich quick, I'm not looking to get rich slow, I'm looking to get rich.. for sure.

bgf
Posts: 378
Joined: Fri Nov 10, 2017 9:35 am

Re: 35 and Need Help With Building Wealth

Post by bgf » Tue Jun 12, 2018 7:37 am

WanderingDoc wrote:
Mon Jun 11, 2018 10:14 pm
I appreciate your civil input. I will maintain my stance: you cannot shrink your way to wealth. Period. It cannot be done. If you earn $3000 per month and spend all of it, and you decide to save $1000 per month. Well, you decreased your quality of life by 34%, which at the same time adding worry and shortcomings to you and your family. Instead of going without conveniences, good quality food, a nice heating/cooling of your house, etc. it is so much easier to learn how to earn an extra $1000 per month.

I have hung out on Dave Ramsey's live streams. Its chicken or the egg. You might thing a lot of unsuccessful people listen to Dave in that direction, I postulate that a significant proportion of people who listen to Dave Ramsey, follow his mind-limiting, overly frugal, scared of debt advice, and the best they make it to is low-middle/middle class. Open your mind. You cannot shrink your way to wealth.
bgf wrote:
Mon Jun 11, 2018 7:33 am
WanderingDoc wrote:
Sun Jun 10, 2018 6:48 pm
Are we going to continue with this Dave Ramsey limited thinking? Life is about enjoyment, and doing what you want. Not restricting things. I have already explained that is MUCH easier to earn X amount than it is to deprive yourself of X amount. There is a reason why 90%+ of those who listen to and follow Dave Ramsey are lower and lower-middle class. That should be your first clue. Debt isn't bad. Being cheap and depriving yourself and your family of quality of life is.

I achieved FI at age 32. I never saved or budgeted. Ever. I went to Starbucks as much as possible. I just focused on leveling up myself (human capital) and invested in real estate. It took 4 years from a $0 net worth to financial freedom. Didn't have to scrounge and live like a pauper. There are more important things to worry about than clipping coupons and telling your family they have to go without cable TV.
Cycle wrote:
Sun Jun 10, 2018 11:46 am
You have a lot of optional expenses, which we don't have and we achieved FI at 33. I'd recommend cutting out the non essentials. Prime, cable, car, etc. use the library, perhaps there is a 4-plex that cashflows as a rental (non-airbnb) near a library in vegas.
this is more of a humble brag than generally applicable advice. hate to break it to you. congrats on the FI at 32 (which is awesome, im jelly), but the fact that it is such an exceptional thing to say in itself destroys the general applicability of your point of view. it kind of pains me here to be taking the side of dave ramsey because i disagree with a lot of what he says, but he does have millions of listeners, and if i had to put your post up against his trite advice with respect to which would help the most people, it is going to be his.
your comments like "you cannot shrink your way to wealth" are unfair and sound like you've been to one of those real estate seminars to 'get rich quick.' the path to wealth is through accumulating assets. you can accumulate assets in several ways, but the most common way for most people is to save a portion of their wages and invest it appropriately. dave ramsey teaches people who have been unable to control their spending (normally people who buy things they cannot afford on credit cards or leases) to cut that spending back based on their income, pay off their debt, and then save and invest. i find it hard to argue with that advice.

you can run a business on leverage, invest on leverage, and buy real estate on leverage. leverage makes everything seem easy and super awesome, until it blows you up. leverage can make an idiot look like a genius; and a genius look like an idiot. it's a very powerful thing.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

smectym
Posts: 107
Joined: Thu May 26, 2011 5:07 pm

Re: 35 and Need Help With Building Wealth

Post by smectym » Wed Jun 13, 2018 12:03 am

The premise of OP’s sloganeering retort to those who suggest spending less and saving more, “You cannot shrink your way to wealth!” logically equates wealth with current consumption. An obvious (though widespread) fallacy.

The admittedly cliched advice to “skip the SBUX Latte Frappuccino Whatever” has been ridiculed in this string; maybe a new daily superfluity should take its place: “skip the 6 $0.99 song downloads”; “take Uber X, not Uber Black”—I don’t even dare suggest “Why not walk instead.”

But the fact is that it’s pretty easy to save $1000 a year with such “silly,” “small-minded” adjustments. Assuming (perhaps a shaky assumption) that the saved money is invested, at the end of the year that $1000 plus accrued earnings has gone to work. That counts as wealth. What does OP call it? Add that to savings from work income, possibly some entrepreneurial initiatives that brings in dollars, and other creative schemes of OP, and pretty soon the wealth is “growing.”

Smectym

Post Reply