- Joined
- Oct 25, 2014
- Messages
- 35
Rep Bank
$495
$495
User Power: 503%
Hello fastlaners,
Its an awesome gift to be able to freely talk about money without judgement. I wanted to take the time to breakdown my portfolio for you all who are just getting going. Like I said in my intro, I will advise anyone on getting from 0 to 100k/300k but am not qualified to help people get to a million as I'm not there YET. I will also not reveal my name. Just a preference I'm sure you all understand!
1. Commercial Real Estate – 135k+
a. I invested 100k (how I got this 100k is another real estate story and would be happy to dive into it if enough people want to know) into a deal with other partners almost 2 years ago. We purchased a building over 30% below tax value because it wasn’t being rented and the previous owner was hemorrhaging money on the place. The way the deal was structured instead of receiving a monthly payment proportional to my investment, it is reinvested into paying down the mortgage where I make a bit less than 2k a month in asset appreciation. The money is invested before being taxed allowing me to make money off of “borrowed money” from the government.
2. IRA – 65k+
a. When I was 15 I started investing in my Roth IRA. I worked and invested LITERALLY EVERY PENNY into my IRA not spending a dime until it was maxed out 5k per year, now 5500 per year. Yeah yeah yeah I know this is slowlane BUT even if I don’t invest another F*cking penny, and I don’t touch it, and I fail at everything else and am broke besides this one account, barring an apocalypse, I will be a millionaire when I retire.
3. 401(k) - ~9k
a. we all know what this is…
4. Buying a home fund – 100k
a. I have 100,000 dollars in cash on standby when I decide to purchase a home. “but but you could invest that money!?!!?!?!?!” I don’t care. I want to purchase a home. Cash is king and you get a much better deal when purchasing a home when you can deal all or mostly in cash. I also don’t believe in buying things I can’t afford and absolutely hate and have never been in debt.
5. Newly purchased business – 6k
a. Just purchased an ecommerce company
b. The average sale price of an ecommerce company is 2.57x profit
6. The Fun Stuff – The Toys ;-)
a. Jetski – 7k
i. I have a standup jetski that I love going out on the lake in the summertime.
b. Rolex Submariner – 7k
i. Here is an example of my “smart saving.” I had a few grand laying around from my summer job while in college and there was a gentleman who needed money fast so I got this for about 60% of its value… cash is king.
ii. When you buy something like this where you are wearing a car on your wrist always get a separate policy for it. It costs about 1% of the value of the article per YEAR. This means if on average, you would lose it, it would get stolen, breaks and falls off, once every 100 years, you break even!!!! I can’t stress this enough. Don’t be penny-wise and pound foolish.
iii. For this I had to get an appraisal.
c. Car – 10k
i. It’s a nice car, reliable.
d. Smart Saving – this was my way of saving money when I was younger (make it unspendable)…. If you’d like to know more about this feel free to let me know and Ill make a thread going into detail
i. 3k – money collection (quarters, bills, etc.)
e. Very expensive bottle of Scotch – 600
i. This is ONLY to be opened when I hit a 1 million dollar net worth. Bought it when I was 21 for my birthday
7. Rainy Day fund’s
a. 3,400 – Random cash in a savings account probably to invest in ecommerce business
b. 1,900 – Savings to go towards new car/repairs (75$ - 100$ out of every paycheck goes into this fund)
i. I ONLY pay cash for cars.
8. There’s about 10k – 15k unaccounted for with random assets like computers and such.
That is my portfolio at 24 so far. If you have an questions, let me know.
-theferrariboy
****On the "toys" my point wasn't showing that I have toys it is to more show the ratio of toys to investments to show what you can budget (or at least what I do) because it is important to reward yourself for progress made.****
Its an awesome gift to be able to freely talk about money without judgement. I wanted to take the time to breakdown my portfolio for you all who are just getting going. Like I said in my intro, I will advise anyone on getting from 0 to 100k/300k but am not qualified to help people get to a million as I'm not there YET. I will also not reveal my name. Just a preference I'm sure you all understand!
1. Commercial Real Estate – 135k+
a. I invested 100k (how I got this 100k is another real estate story and would be happy to dive into it if enough people want to know) into a deal with other partners almost 2 years ago. We purchased a building over 30% below tax value because it wasn’t being rented and the previous owner was hemorrhaging money on the place. The way the deal was structured instead of receiving a monthly payment proportional to my investment, it is reinvested into paying down the mortgage where I make a bit less than 2k a month in asset appreciation. The money is invested before being taxed allowing me to make money off of “borrowed money” from the government.
2. IRA – 65k+
a. When I was 15 I started investing in my Roth IRA. I worked and invested LITERALLY EVERY PENNY into my IRA not spending a dime until it was maxed out 5k per year, now 5500 per year. Yeah yeah yeah I know this is slowlane BUT even if I don’t invest another F*cking penny, and I don’t touch it, and I fail at everything else and am broke besides this one account, barring an apocalypse, I will be a millionaire when I retire.
3. 401(k) - ~9k
a. we all know what this is…
4. Buying a home fund – 100k
a. I have 100,000 dollars in cash on standby when I decide to purchase a home. “but but you could invest that money!?!!?!?!?!” I don’t care. I want to purchase a home. Cash is king and you get a much better deal when purchasing a home when you can deal all or mostly in cash. I also don’t believe in buying things I can’t afford and absolutely hate and have never been in debt.
5. Newly purchased business – 6k
a. Just purchased an ecommerce company
b. The average sale price of an ecommerce company is 2.57x profit
6. The Fun Stuff – The Toys ;-)
a. Jetski – 7k
i. I have a standup jetski that I love going out on the lake in the summertime.
b. Rolex Submariner – 7k
i. Here is an example of my “smart saving.” I had a few grand laying around from my summer job while in college and there was a gentleman who needed money fast so I got this for about 60% of its value… cash is king.
ii. When you buy something like this where you are wearing a car on your wrist always get a separate policy for it. It costs about 1% of the value of the article per YEAR. This means if on average, you would lose it, it would get stolen, breaks and falls off, once every 100 years, you break even!!!! I can’t stress this enough. Don’t be penny-wise and pound foolish.
iii. For this I had to get an appraisal.
c. Car – 10k
i. It’s a nice car, reliable.
d. Smart Saving – this was my way of saving money when I was younger (make it unspendable)…. If you’d like to know more about this feel free to let me know and Ill make a thread going into detail
i. 3k – money collection (quarters, bills, etc.)
e. Very expensive bottle of Scotch – 600
i. This is ONLY to be opened when I hit a 1 million dollar net worth. Bought it when I was 21 for my birthday
7. Rainy Day fund’s
a. 3,400 – Random cash in a savings account probably to invest in ecommerce business
b. 1,900 – Savings to go towards new car/repairs (75$ - 100$ out of every paycheck goes into this fund)
i. I ONLY pay cash for cars.
8. There’s about 10k – 15k unaccounted for with random assets like computers and such.
That is my portfolio at 24 so far. If you have an questions, let me know.
-theferrariboy
****On the "toys" my point wasn't showing that I have toys it is to more show the ratio of toys to investments to show what you can budget (or at least what I do) because it is important to reward yourself for progress made.****
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
