A young guy with cash

fried, you make me

Quote Originally Posted by pederson16:

the one thing i will say is this

 

"DRESS FOR THE JOB YOU WANT, NOT THE JOB YOU HAVE"

 

That is advice my dad gave me coming out of college. I worked in an office that was business casual and wore a suit to work, cufflinks and all, everyday.  I was promoted 2x and became a top paid consultant within 2 years, at age 25.  Granted I have a MA and come from a top 10 school BUT the fact remains, the way you carry yourself is very, very important.  Obviously, the most important thing is work ethic and quality of work, but upper management care about image and the way you carry yourself. 

 

Good luck sir 

Cufflinks???.... During a recession 

Only when the shit if flying but right now, we go "Icognito" and aim for "Professional and Organized"

This whole "work ethic" thing is a joke but you do have to be "ready" whenever those stupid bells ring. 

TOTALLY suck up to your boss/manager.  They are in a position to completely make or break your day.  Even if you hate their guts, try to see the good in them.  YOU will be in their situation at some point. 

If they like sushi, you love sushi.  If they like college football, so do you, if they like to talk about their daughters softball game, then SO DO YOU !!!.... Lot easier than slinging pie charts and doing actual work. 

Quote Originally Posted by FriedShrimp:

Fine, do it your way.

 

Have you EVER seen a Diplomat NOT wear a tie though?

 

If you want to build wealth, then FOR SURE go buy a house.  One large enough to charge your roommates rent.  If you are gonna get all accountant on me then skip the box Wagon  and get a HOUSE not a condo.

 

401Ks are GREAT but there IS a penalty to withdraw early.  It's not huge (I think it is 10% but not sure) and then you gotta pay tax on it.  If you already own a place to live or in complete transition mode then I would say jump on the 401k but if you are convinced to live in whatever area you live in, go for the house.

 

I have lost so much friggin money in the stock market, it is painful but worst case in a real estate deal is about break even.  Meanwhile, you need a place to live, can write most of it off and collect cash money from your degenerate roommates. 

 

Also, when you are old enough to date, chicks dig dudes who own property.  At least the good ones do.

 

 

ps
It's not like you live in the heat of Florida, will you just "try" the tie for 30 days?

 

pss
One of my old girlfriends was from Toronto.  Classy operation up there.  

 

 

I own an apartment building - 6 suiter.  Never, ever buy real estate unless you can do your own repairs, have some great feel the area is appreciating, and you feel like you have a lot of time.  Managing yourself will take time off your life and companies doing it for you are extremely pricey.  Buy new so you have less headaches (10-15 years old).  The world isn't like it used to be and property isn't what it used to be.  Its a cash hog.  There is nothing going on in the national or world economy suggesting recovery. 

1) Buy the company stock if you think the company is good.  You can lose your can even if your getting a discount.  My wife and I have done this with tow empoyers and the discount or match you get is very valuable if you feel good about the company and its future.  Many companies disappear even good ones.  I've worked for a few.  Remember Enron?

2) Max a 401K if you can, especially being young.  The more you put in now the better.  Its amazing what happens to your return over the years.  I've been maxing out for a long time.  If your company offers a match there, make sure you at leats hit the match.  Mine offers 5%, my wife's 4%.  You never leave money on the table.  It goes in tax free. You pay on teh backend, but you have more cin growing.

I prefer dividend paying stocks and real estate right now.  The key though is the price you buy in at.  Right now I think real estate is the best investment on the board. At least in my areas it is. The market is overvalued in my opinion and I think gold-silver are both higher than I would want to buy in at. Bonds are paying small yields that doesn't leave many options on the board.

I have been buying condo's (2005 or newer) in my area. I make 10% plus on every place I have purchased. And the resell values on the places have increased anywhere from 20% to 75% already. The key is to look for deals everyday. I look at listings every morning and have signed up for alerts to get notified when places come on the market.  Good deals don't last long so being quick is huge...especially on short sales.

Dividend stocks are safe and steady plays. Are quite a few companies that pay 4-6% that have good short term and long term prospects.  I would recommend a portfolio and that has stocks in at least 3 different sectors. And just roll over your dividends if you can.

Where do you live first off?  Makes a dfference in the market for properties.

Are you buying properties that are foreclosed and in need of a lot of repair and then moving them. 20% to 75% value increase and you started buying in 05', your not getting that from just a price increase.  You must be buying garbage and rehabbing it.

I agree with dividend stocks.  They generally don't move up or down much so some time you have a loss in a year and some it moves up.  The dividend is the key but its not going to break your bank unless you have a ton of a stock. REINVEST always unless you need the money now.  You number of shares will just grow and grow.

The properties I buy are condo's that were built in 2005 or newer. I have properties in Michigan and Florida. The places I have purchased have needed little improvement. Sometimes I will make upgrades to get more rent in the long term. I have bought foreclosures and short sales. Short sales suck though...have been waiting to close on 2 places for almost 5 months now.

The key is to keep track of what comes available and to know the rental prices in each neighborhood. I am on the computer everyday looking for new deals. Good deals in my areas  don't last long now days. The foreclosures are getting 5+ offers and the short sales get offers in 2 days or less. Am waiting for 2 more short sales to close and close on a Florida place this month and I should be set with my portfolio.

The gains I have seen have occured the last year. The market is showing signs of life in my areas and the prices are starting to show it. Is some good pieces to still be had.... but they are much harder to find and you have to move fast to get them now.

I buy middle class condo's though... I would state prices but price is relative to the market in each area. Cheaper places offer more profit but more headaches. Higher end stuff offers fewer potential renters. I find that nice middle class places give a nice blend of profit and offer a nice sized rental pool. Just make sure to spend time finding quality tenants...its a huge thing.

Am working on a concept right now....I normally wouldn't share public but would love to hear feedback.

Am looking to build a 3 bedroom home to turn into a luxury 1 house hotel. Am going to build a theatre experience in the basement and will be looking to get action from alumni coming into MSU visiting for sporting events. Also would be a place for people to rent out for weddings-parties and to just watch sporting events.

Am going with 3 bedrooms to try and utilize groups/famlies coming in who would want a luxury/private experience without the hotel hassle.  Hotels in the East Lansing area run around $150 per night and are typically low quality. Am going to offer this place at $400 per night on average.

Feedback and/or criticism is welcome

No others are doing it.  Michigan State's campus is 5 minutes away so you have people coming and going for sports and academics all of the time. Also alot of acts come to the Breslin Center and Wharton center.  

Would certainly want to get Brent Musberger in for a free visit ...guy is always giving out free plugs on the air.