MGTOWNeed some advice from the older MGTOW's!!! – MGTOW https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/feed/ Mon, 08 Jun 2020 17:48:08 +0000 http://bbpress.org/?v=2.5.14-6684 en-US https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/page/368/#post-44189 <![CDATA[Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/page/368/#post-44189 Sun, 26 Apr 2015 00:27:43 +0000 singledad984 Im 29 years old and a single dad to a 6 year old little girl! I have an amazing job and make great money! I got divorced shortly after getting my good job so I didn’t have very much in my 401k so I lucked out on not having to get my ex to much of it! But I need help with my financial situation. I live in the panhandle of Texas (by Amarillo) most certainly not the most exciting place to live but definitely very cheap cost of living. After divorce my dad moved to Baton Rouge and gave me his house! So I have absolutely no rent or mortgage! As of August I will be completely debt free with the exception of my new truck I bought. So my income every month after taxes is $3800 and my bills as of August will be only $1300. So im wondering what should I do with this extra money I have left over every month! Im not asking what s~~~ should I go blow it on im asking should I save it? Invest it? Put it in my 401k? Im really good with money as far as smart spending goes but have absolutely no idea about investing money in say mutual funds or stocks. Currently I put 10% in my 401k and my employer matches dollar for dollar up to 7%. Second question I have is I’ve always dreamed of having a custom built house and thought about saving my money to buy a custom house in 15 years after my daughter graduates college. Between saving money and selling my current house I could pay cash for a new house. In my area u can buy a very nice house for $150,000 and a extremely nice house for $200,000! Or should I stay in the house that is paid off? It was built in 1972 so the age of the house concerns me. Im open to all ideas so any advice would be appreciated! I just realize I have an amazing opportunity in front of me to really be financially set in the future and just needing a little direction from the older men on this site who has more knowledge than I do!

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44194 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44194 Sun, 26 Apr 2015 00:45:05 +0000 DoinMyOwnThing40 Although I can not help you with your cocnerns (I’m just a slacker in life, I have no knowledge of finance), I would like to ask you about the Amarillo area. If you wouldn’t mind talking about it a little bit. I am looking for places to relocate to and cheap housing is #1 on my list of must haves. Land in particular. I want to live on many acres of land (away from neighbors, I hate having neighbors). I would ask this in PM but I don’t think there is a PM function here. Sorry I can’t help you I am sure that there will be other guys here who can though. I just want your take on the Amarillo area in general. The pros and cons, so to speak.

Women are parasites. Each and every last one of them.

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44199 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44199 Sun, 26 Apr 2015 00:54:20 +0000 Russky I am not much older (36) but I have masters in economics and am almost a CFA – certified financial advisor.

Forget about pension plans. This is a scam that can go sour if we hit a major financial crisis.

There is a website called lendingclub (no affiliation) which allows you to lend your money out just like if you were a bank. This brings an average of 10% yearly. If 10% sounds like a lot to you – you might want to look into it.

If you don’t want to do it – just stack cash and wait till the stock market collapses. And when it does- invest in utilities and telecom. Those companies will never go broke

proud carrier of the 'why?' chromosome

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44311 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44311 Sun, 26 Apr 2015 06:40:13 +0000 Soldier-Medic Singledad.  You are in a financial position that many men twice you age could only hope to be in.  I am 47 so here is the best advice I can give you.

Russky gave some interesting advice about lending your money out.  You will get ahead on some risk.  Don’t put all of your eggs in one basket.

1. Put some aside for a rainy day first.  You may lose your job and have to find another that requires that you relocate.  Look at your current expenses and projected expenses should you find yourself unemployed and put together a nest egg that will carry you through at least three months.  Five months maximum.

2.  Consider a college fund for your daughter.  I graduated high school in 1985 when you could still get buy on minimum wage and still educate yourself.  Today this is much different.  What will it be like in 12 years when your daughter graduates high school?

3.  Invest.  Consider a financial adviser.  Maybe Russky will give you his phone number?

4.  Want to build a dream house?  Consider where and when.  Is this a retirement goal or a “Before I’m 40 goal”?  The where may dictate your decision.  Look at undeveloped property prices and determine if they are affordable.  Pay Off Property before building.  This give you equity and a real property as collateral to mortgage the construction of a home on this property.  DO NOT EVER use your existing home as collateral.  See number 1 above.  If you ever get the idea to get (re)married, make sure that all property is in your name before this happens so that it is NOT community property.  If you ever get the idea to get (re)married, do not sell your current home and use it to buy another.  In the state of Texas (yes I’m a resident) your current home is not community property.  However, if you sell it and buy another while married, it may be more than likely be considered community property.  Guard your wealth and property.

5.  While trying to build a solid credit rating consider this.  Pay in cash whenever possible.  If it is worth putting on a credit card and is not an emergency then it is worth the wait until you have the cash before purchasing.

6.  While all of this may be good advice, take it from a 47 year old with FIVE kids.  Number 1 above is the first priority.

7.  Lastly, should you ever wake up and choke down a blue pill and decide to get (re)married.  Get a prenuptial agreement that includes any investments, child custody, property, etc that have been accrued since the marriage.  If she is as secure in the knowledge that love conquers all as you may be then a prenup will not phase her.  After all, if you have a good income and own your own home.  How long before the vultures start to circle?

"I asked you a question. I didn't ask you to repeat what the voices in you head are telling you" ~ Me. ........Yes I'm still angry.

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44570 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44570 Sun, 26 Apr 2015 23:06:39 +0000 singledad984 Doingmyownthing40, Sure i’ll tell u about that the Amarillo area. Like I said in my previous post it’s defintelly not the most exciting area in Texas. So if you looking to have a life full of bikinis and speedboats u need to move somewhere else lol…The upside is that it is has a reasonable cost of living! Actually inside Amarillo is a lot more expensive than the surrounding smaller communities! The smaller surrounding communities are very safe and most have great schools if you have a child! The city of Amarillo is pretty dangerous as far as crime goes! I remember once reading an article that said if Amarillo was a bigger city like Dallas/Houston that it would be the most dangerous city in the country! I live about 55 miles outside of Amarillo so I get the Amarillo paper and seems like everynight somebody getting shot over there! Id say the biggest downside is the weather! u will be dealing with very hot/dry summers and very cold winters and probably the worst thing is the 50mph winds every day! Their is 3 kinds of weather in the panhandle. really hot, really cold, and really windy! And really windy is year around! Amarillo last year was rated the most windiest city in the country! Defintely not out of the norm to experience days in the winter that get in the negatives! Most people don’t realize how cold it really gets in the panhandle! If you have any other questions don’t be scared to ask!

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44575 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44575 Sun, 26 Apr 2015 23:15:36 +0000 singledad984 soldiermedic, Thanks for the advice! I have step number one complete! Bills are $1700 a month and I currently have about $9,000 in savings! I also have step number 2 complete. My exwife pays me child support every month and I put that money every month in a 529 plan for my daughter! As far as the house goes im currently 29 and would like to invest some money for approximately 15 years and then buy the house so lets say age 45! My current house is paid off so what im wanting to do is pay cash for a house! Or is that unrealistic? I figured between the money I invest and the money I get from selling my current house I could at least come very close to paying a house off!

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44593 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44593 Sun, 26 Apr 2015 23:57:51 +0000 @singledad984, first get your house inspected for hidden problems like aluminum wiring (fire hazard), lead paint, leaky roof, dry rot, and termites, you won’t have anything you can sell in 15 yrs. if these potential problems go undetected. Dream homes can become nightmares when the taxman starts sharpening his pencil. If you’re going to remain single(intelligent) don’t purchase more sq footage than you need.

I’ve got a 4,000 sq ft dreamer on 31 acres, that I can’t wait to get rid of. I lost my ass in the stock market and will never buy stocks again. I did OK with precious metals (silver), but the government records those transactions. Buy silver and gold whenever you can without creating a paper trail. I’m looking at copper and zinc 1,000lb ingots when I can afford it and when the market is low, reason being that they’re hard to steal when nobody knows where you buried it. Nobody knows the future with certainty, but history shows that laws change, then people get screwed. Don’t trust everything that’s conventional, think for yourself, trust your gut feeling, It got you this far, it’ll get you the rest of the way….

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44876 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44876 Mon, 27 Apr 2015 16:30:39 +0000 Soldier-Medic

I figured between the money I invest and the money I get from selling my current house I could at least come very close to paying a house off!

Property…..There are two fundamental ways that I view it.

1.  If property is not readily needed then it could be sold and the revenue banked or used for the purchase of another/more property.

2.  A source of income.  Are you a person interested in the bird in the hand or the two in the bush?  A home owned free and clear can be rented.  A quick check of Zillow.com shows that homes in the Amarillo area rent for between (depending upon location and how nice the home is) for between $600 and $1,400 per month.  In my experience in Austin, TX, houses in decent subdivisions list for anywhere between $1,300 to $1,800 per month.  Okay If you are going to give what I’m about to say any credence what so ever, then you need to engage a tax accountant.  H&R Block works for me.  Here’s what you can do.  Rent the home.  You can either go through the hoops to list it as a HUD home for low income families or put it out there yourself.  Also, if you are going to rent then the possibility of hiring a property management service helps to insulate yourself from the renter.  They do cost but you don’t have to listen to some single mom with three different kids with three dads bull$hit.

What can you get from this?

1.  Tax deferment.  The value of the property can be tax depreciated over time (five years I think).  This can be answered by the tax accountant.

2.  Income.  The rental fees go in your pocket minus repair, maintenance, and upkeep.

3.  Again, a house to live on.  I believe in bomb shelters.  Owning a home outright is a hedge against the worst case financial scenario.  Lose your job.  Economy implodes.  Zombie attacks.  Elderly parents that need a place to live who are physically impaired.  Remember a family member gave you a house.  I personally belief that you can’t take without giving back to those that have supported you.

4.  When tax deferments run out, sell the home, buy another, and do it all over again.  If this house was built in 1970 then selling it and purchasing another more recently built home for this endeavor may be the place to start.  The value of your current home may not be as much as you think it is.  Live in the new one, get the new one paid off then get under way.

5.  Check with a tax accountant.  I haven’t run this game in a while (don’t need to) and the laws/rules/regulations may have changed.

Now is paying cash an unrealistic expectation?  Not really but if you already have an income and an additional income from renting then purchasing another home without selling the other one may be a more appealing prospect.  Here’s why.

You stated earlier that you have about $2,000/month in disposable income.  The monthly payments for a $150,000 home with a 6.75%, 30 year fixed rate mortgage will be $972/month.  This is not including escrow.  Escrow is what you have to pay the mortgage company to fund the real estate taxes and homeowner’s insurance.  This is their way of guaranteeing that there are no legal entanglements with back due taxes and if your house burns down the value of the home pays them for the mortgage minus the equity.  So in reality, your monthly payments will more likely be closer to $1,500/month.  This brings your current disposable income down to just $500/month.  Not a lot of flexibility it comes to a major car repair or replacing a home air conditioner.  Remember the rainy day fund is for really bad times and credit cards are another way to the downward spiral.  Now if you rent your current home then your disposable income comes back up to what ever your rental agreement states minus expenses and income tax.

An extra $500/month on the house payment cuts the time of the mortgage from 30 years to just over 12 1/2 years

An extra $750/month on the house payment cuts the time of the mortgage from 30 years to exactly 10 years.

An extra $1,000/month on the house payment cuts the time of the mortgage from 30 years to just over 8 years.

The money gets tighter the closer you get to a $200,000 house.

If you have $2,000 and month in disposable income.  Saving for the purchase for another home for three years at $1,250 per month will leave you with a $45,000 down payment.  <span style=”text-decoration: underline;”>You do the math.</span>  The more you save, the larger the down payment, and the less you pay on a home in interest charges. <span style=”text-decoration: underline;”> I reiterate, your current home was built in 1970.  Pay to have an  inspector come in a check it out before you put it on the market.  You may have a money pit on your hands and getting rid of it may be difficult.  After inspection and repairs have in reinspected and then have in professionally appraised.</span>  Here in Austin, developers are tearing down old homes and building new ones in the less than desired parts of town and are making money doing it.  Gentrification.

One last thing.  You are only 29 years old.  Banks don’t trust people as young as you no matter how much disposable income you have.  Saving for the purchase of another home will give you a big down payment, get you a little older so that your interest rates aren’t that high and give you spare cash should you decide to sell your current home and purchase another.  The real estate market may take a downturn and you could find yourself upside down on the value of the property versus what you paid for it.

If you sell then buy do it in the same calendar year so that you don’t have to pay income tax on the sale before purchasing another.  If this was a <span style=”text-decoration: underline;”>gift</span> then you <span style=”text-decoration: underline;”>may still have to dodge a tax bullet this year</span>.  Again consult a tax accountant.

Finally, check your credit scores with all three credit monitoring companies.  See if there are any discrepancies and get those corrected.  Have a B plus to A minus credit rating.  Consult legitimate sources as to how to build a higher credit rating.

Like is said in my last posting.  You are in a financial position that a lot men twice your age only hope to be in.  Doing something like this is what I have done, and have done quite well for myself.  Investing in the financial markets etc. may be more for you but everyone always needs a place to live.  DO THE RESEARCH.

Good luck.

"I asked you a question. I didn't ask you to repeat what the voices in you head are telling you" ~ Me. ........Yes I'm still angry.

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44877 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-44877 Mon, 27 Apr 2015 16:35:32 +0000 Soldier-Medic Also,  Everything Tower said is excellent advice also.

"I asked you a question. I didn't ask you to repeat what the voices in you head are telling you" ~ Me. ........Yes I'm still angry.

]]>
https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-45472 <![CDATA[Reply To: Need some advice from the older MGTOW's!!!]]> https://www.mgtow.com/forums/topic/need-some-advice-from-the-older-mgtows/#post-45472 Wed, 29 Apr 2015 01:34:10 +0000 singledad984 Thanks for the advice! One more question thou! How do I go about figuring how much I need to retire?

]]>