Millionaire: A Person whose assets are worth more than 1 million dollars.
I am 25. I am a millionaire. I am not fastlane, and for that, I am a poor man.
How could this be possible? Surley, I must be driving a porsche or a ferrari, wearing $300.00 jeans and dining out every night at some exclusive restaurants, living in a massive house.
This was the picture I used to belive was the life of all " millionaires".
The truth is I am no different than most of you on this forum. I have the same ambitions, fears, faults, and emotions. I work a 8-5 job, I drive used cars and I budget rediculously and try to live below my means.
If this doesn't make any sense I would like to share my story of my current situation and I hope that by doing so it will insipire others to 1. take action from their current position. 2. help me take action
My story begins in 2007, recently graduated high school I get the news that I am going to be a father to a child. Me? I'm only 18 I don't know anything about fatherhood. And what am I going to do if I am barley getting by on my own. That event right there was the smackdown that life handed to me. That event changed my thought process completley.
At this time I was living with my parents making $9.50/ hour as a teller for a credit unions as well as part time student at a JC. I always had ambitions much like all of you do and I always had a new " flavor of the week" on how I was going to become a millionaire. This made me a bad employee, but working at a bank, it made me a excellent investigator. I had the privelage of looking into members accounts and seeing their financial status. I remmber helping a younger guy who would always come in dressed sharply to withdraw money to go to a casino. His deposits showed he was making about $5,000.00- $7,000.00 per month. He didnt look much older than me. So I asked him, what do you do?
Sales for a telecom company. Thats all I needed to hear. I applied for the exact position and within 6 months I was doing the same thing.
I became damn good at the job and soon enough I was making the same money as I had seen him make. At this time I dropped school, worked full time and continued living with my parents. I felt that I can now take better care of my soon to be daughter. I marry my high school sweetheart and in December 2008 she gave birth to my daughter. I continue to live with my parents, and work my a$$ off. By the end of 2009 my W2 will confirm that I made $62,000.00. Nothing impressive, but not bad. Around this time I began reading financial books heavily. I became interested in Dave Ramsey, Rich Dad Poor Dad. Ramsey made valid points in his book and I followed it religiously. Budget, cut up credit cards, payoff all debt, invest in mutual funds, ( typical slow laner stuff). I minimized my expenses living under the generosity of my parents and having a small rent payment of $700.00 allowed me to save, and save, and save. I eventually saved about $30,000.00 and I then lost more than half of it. I decided to take on day trading and opened a brokerage account with Wells Trade. I got lured on how easy it was and how fast I was going to become rich. That was not the case, in all I lost about $16,000.00. Lesson learned.
I continued to follow the steps; budget, have 0 debt, invest in 401k, save save save. I was making progress but not at the speed I wanted.
Enter 2010. By this point my dad tells me I should start looking into buying a house. I get pre qualified and find a dumpy 3 bedroom 1 bath 914 sqft home for $68,000.00. I buy it. 20% down and closed escrow in 45 days. I turn around and rent it after new carpet and paint. So now I have 1 property with a value of $68k, a loan of $55k and about $500 in cash-flow.
I call it luck, and move on. I continue my boring plan. My icome stays around the same for 2010. I continue to live at home, save, 0 debt, budget. And once again, I start steering away from the plan. This time its not day trading, its cars. I buy a 350z because I wanted the image of wealth so badly. Then 6 months later trade out of it into a BMW. I broke a rule, and saw myself in a massive debt. That debt ached me every month. I hated it. I hated knowing I was in bondage. I hated knowing that every month like clock work $645 was going to be withdrawn. I traded out of it into a older used car but not without paying the price. About $12,000.00 upfront in negative equity.
By this time Im reading more and more rich dad poor dad. He stressed the value of staying away from the rat race and instead using your income to buy assets. He convinces me that mutual funds are the devil and so I begin looking for more real estate and use my 401k as down payment.
Jan 2011- I find a nice looking property in a dumpy area. New construction built in 2006, 4 bedroom 2 bath 1800 sqft. Selling price of $135,000.00 Lets go for it. I use my 401k money as down payment and buy it using FHA @ 3.5% down with the intent to live in it. I decide that area is too bad and move out months later and rent it out. Property 2. Buying price $135,000.00 loan is about $128,000.00. I manage to cash flow about $200.00 per month.
Not much changes after that. For 2 years I work a job, I save what I can, I avoid debt, and I enjoy life. Then I see an opportunity. A close family connection tells me they are close to loosing their home. They have given up trying to negotiate with the bank and are in foreclosure. I get the details and find out that they owe about $270,000.00 on a home thats work about $330,000.00 but they have a second of $110,000.00. The payment is too much for them. I ask them if they would be willing to let me take over the payments under a purchase subject too. They agree, we draft documents, catch up on the payments and go to work on the bank. I explain to them the situation and plead to them that they give us a solution. About 3 months of going back and forth, sending all sorts of documents, and jumping through hurdles the unimaginable happens. A certified letter in the mail arrives saying that the second on the property has been forgiven, no more payments, no fees, no charges. It was unreal. But now I worry about refinancing the 1st into my name under a 30 year fixed. I call Quicken and they get it done. Property 3. Value $330,000.00 Mortgage: $275,000.00 after fees.
Long story short that was about a year and a half ago. Alot has changed in the real estate market since my first purchase in 2010. Values have gone back up to rediculous heights in CA. During my journey I never wrote a business plan, set up a website, thought of a business name, or anything like that. It has all been progressive and I adapted as changes needed to be made.
I don't feel rich, and I am not. I go to work 8-5, I save, I live below my means, I continue to look for opportunities dabbling in real estate rehabbing here in there. But the truth is, I wish I had the guts to open my own business. I have had brilliant ideas, but always let hesitation and doubt get the best of me. Me excecution has been poor. I fear loosing my security, and I fear not living comfortably. I fear loosing money in a business venture, not having a job the next day and not knowing how to make ends meet. Right now in this very moment I have a fastlane idea in my head and cant get the courage to take action it. I may be a " millionaire" by defenition as the combined value of the properties is north of that but I have yet to develop the mindset of a true millionaire. I have yet to seperate time from money and for that I am poor.
Its not the 1 million dollars that the goal for me. The goal is to have the time freedom to do what I am passionate about. I hope to fastlane someday I use the motivation from these boards to fuel me. I am grateful of MJ, Zen, Ice Cream Kid, and all others here sharing knowledge. Thank you.
I am 25. I am a millionaire. I am not fastlane, and for that, I am a poor man.
How could this be possible? Surley, I must be driving a porsche or a ferrari, wearing $300.00 jeans and dining out every night at some exclusive restaurants, living in a massive house.
This was the picture I used to belive was the life of all " millionaires".
The truth is I am no different than most of you on this forum. I have the same ambitions, fears, faults, and emotions. I work a 8-5 job, I drive used cars and I budget rediculously and try to live below my means.
If this doesn't make any sense I would like to share my story of my current situation and I hope that by doing so it will insipire others to 1. take action from their current position. 2. help me take action
My story begins in 2007, recently graduated high school I get the news that I am going to be a father to a child. Me? I'm only 18 I don't know anything about fatherhood. And what am I going to do if I am barley getting by on my own. That event right there was the smackdown that life handed to me. That event changed my thought process completley.
At this time I was living with my parents making $9.50/ hour as a teller for a credit unions as well as part time student at a JC. I always had ambitions much like all of you do and I always had a new " flavor of the week" on how I was going to become a millionaire. This made me a bad employee, but working at a bank, it made me a excellent investigator. I had the privelage of looking into members accounts and seeing their financial status. I remmber helping a younger guy who would always come in dressed sharply to withdraw money to go to a casino. His deposits showed he was making about $5,000.00- $7,000.00 per month. He didnt look much older than me. So I asked him, what do you do?
Sales for a telecom company. Thats all I needed to hear. I applied for the exact position and within 6 months I was doing the same thing.
I became damn good at the job and soon enough I was making the same money as I had seen him make. At this time I dropped school, worked full time and continued living with my parents. I felt that I can now take better care of my soon to be daughter. I marry my high school sweetheart and in December 2008 she gave birth to my daughter. I continue to live with my parents, and work my a$$ off. By the end of 2009 my W2 will confirm that I made $62,000.00. Nothing impressive, but not bad. Around this time I began reading financial books heavily. I became interested in Dave Ramsey, Rich Dad Poor Dad. Ramsey made valid points in his book and I followed it religiously. Budget, cut up credit cards, payoff all debt, invest in mutual funds, ( typical slow laner stuff). I minimized my expenses living under the generosity of my parents and having a small rent payment of $700.00 allowed me to save, and save, and save. I eventually saved about $30,000.00 and I then lost more than half of it. I decided to take on day trading and opened a brokerage account with Wells Trade. I got lured on how easy it was and how fast I was going to become rich. That was not the case, in all I lost about $16,000.00. Lesson learned.
I continued to follow the steps; budget, have 0 debt, invest in 401k, save save save. I was making progress but not at the speed I wanted.
Enter 2010. By this point my dad tells me I should start looking into buying a house. I get pre qualified and find a dumpy 3 bedroom 1 bath 914 sqft home for $68,000.00. I buy it. 20% down and closed escrow in 45 days. I turn around and rent it after new carpet and paint. So now I have 1 property with a value of $68k, a loan of $55k and about $500 in cash-flow.
I call it luck, and move on. I continue my boring plan. My icome stays around the same for 2010. I continue to live at home, save, 0 debt, budget. And once again, I start steering away from the plan. This time its not day trading, its cars. I buy a 350z because I wanted the image of wealth so badly. Then 6 months later trade out of it into a BMW. I broke a rule, and saw myself in a massive debt. That debt ached me every month. I hated it. I hated knowing I was in bondage. I hated knowing that every month like clock work $645 was going to be withdrawn. I traded out of it into a older used car but not without paying the price. About $12,000.00 upfront in negative equity.
By this time Im reading more and more rich dad poor dad. He stressed the value of staying away from the rat race and instead using your income to buy assets. He convinces me that mutual funds are the devil and so I begin looking for more real estate and use my 401k as down payment.
Jan 2011- I find a nice looking property in a dumpy area. New construction built in 2006, 4 bedroom 2 bath 1800 sqft. Selling price of $135,000.00 Lets go for it. I use my 401k money as down payment and buy it using FHA @ 3.5% down with the intent to live in it. I decide that area is too bad and move out months later and rent it out. Property 2. Buying price $135,000.00 loan is about $128,000.00. I manage to cash flow about $200.00 per month.
Not much changes after that. For 2 years I work a job, I save what I can, I avoid debt, and I enjoy life. Then I see an opportunity. A close family connection tells me they are close to loosing their home. They have given up trying to negotiate with the bank and are in foreclosure. I get the details and find out that they owe about $270,000.00 on a home thats work about $330,000.00 but they have a second of $110,000.00. The payment is too much for them. I ask them if they would be willing to let me take over the payments under a purchase subject too. They agree, we draft documents, catch up on the payments and go to work on the bank. I explain to them the situation and plead to them that they give us a solution. About 3 months of going back and forth, sending all sorts of documents, and jumping through hurdles the unimaginable happens. A certified letter in the mail arrives saying that the second on the property has been forgiven, no more payments, no fees, no charges. It was unreal. But now I worry about refinancing the 1st into my name under a 30 year fixed. I call Quicken and they get it done. Property 3. Value $330,000.00 Mortgage: $275,000.00 after fees.
Long story short that was about a year and a half ago. Alot has changed in the real estate market since my first purchase in 2010. Values have gone back up to rediculous heights in CA. During my journey I never wrote a business plan, set up a website, thought of a business name, or anything like that. It has all been progressive and I adapted as changes needed to be made.
I don't feel rich, and I am not. I go to work 8-5, I save, I live below my means, I continue to look for opportunities dabbling in real estate rehabbing here in there. But the truth is, I wish I had the guts to open my own business. I have had brilliant ideas, but always let hesitation and doubt get the best of me. Me excecution has been poor. I fear loosing my security, and I fear not living comfortably. I fear loosing money in a business venture, not having a job the next day and not knowing how to make ends meet. Right now in this very moment I have a fastlane idea in my head and cant get the courage to take action it. I may be a " millionaire" by defenition as the combined value of the properties is north of that but I have yet to develop the mindset of a true millionaire. I have yet to seperate time from money and for that I am poor.
Its not the 1 million dollars that the goal for me. The goal is to have the time freedom to do what I am passionate about. I hope to fastlane someday I use the motivation from these boards to fuel me. I am grateful of MJ, Zen, Ice Cream Kid, and all others here sharing knowledge. Thank you.
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