I've been thinking of trying, or at least learning a bit about investment and i figured one way to get started would be to know how other people got into it.
So tell me, what did you have in mind when you started ? What did you know about investing ? What did you learn ?
I don't invest. I will probably never invest now that I've seen the truth.
Wear kneepads
Inherited money and didn't want to have it sitting as cash in a bank.
Dows it blow ?
Basically, I got started as a way to pay my bills. First, my cable and phone bill, then later, my mortgage, and now all of them. Just kept building it up.
I didn't know much about investing when I started, but the crash of '08 really helped spur my interest.
Now, it's ten years later, I know a lot more and have done more than what I thought I'd do.
But what made you think "Hey, i'm gonna pay my bills by investing" ?
Well, it first started when I had just purchased my first home back at the end of '08. I was pretty nervous about having what seemed like an insurmountable debt (about 400k). And I was resigned to put every spare dime into paying it off quickly.
But, rather than doing that, I just sat tight, saved up some cash and also kept watching the market slide. And after I had a good chunk (I think maybe 20-30k), I ran the numbers on some of the rentals on sites like redfin.com. You see, if I were to just put the cash into paying down my mortgage, it would have really changed nothing for me in my life. But, buying a rental home, it appeared that I'd be ahead by about 500 a month. Boom, just like that, would my utilities be paid?. Could it be that easy?
Well, I needed to try it out and I'm glad I did. At that point, I was sold on investing and the power of leverage. I studiously ignored my mortgage (except for refinancing for a lower rate at one point) and focused on growing my top-line, picking up new properties and cashing out old ones.
It's been quite the ride. And those years were really inspiring. Helluva lot of work, but the growth has been astounding.
>buying a rental property
>investing
this is how we spot your lies.
I'm not sure why you think I'm lying. People have made absolute fortunes in real estate.
>I'm not sure why you think I'm lying.
I know, that's what makes it so easy to spot.
pop quiz:
are business owners investors just because they own a business?
is collecting rent a business or an investment?
Why would someone lie about a chince ass real estate investment? You're a jealous kid who wished they had money
why would he lie and pretend to be an investor when he doesn't know what investing is?
who knows, he's a habitual liar.
I sometimes think about this. Is a rental an investment or a business?
I'd say it straddles the two, but it's more of a business if you manage the units yourself, which I used to do. But, now, I don't, so now it's more of an investment for me than a business.
But, an actual real estate business is more like the the person who flips homes, works notes, or wholesales. That's definitely a job.
Yea, I'm not getting why the anger is appearing here. It's not like buying a rental is a huge frikkin' deal.
This board is getting worse and worse.
>Is a rental an investment or a business?
It's a business you silly fuck. It's taxed as a business.
If you owned rental property you'd know this.
>Yea, I'm not getting why the anger is appearing here.
Because you don't know what investment is, apparently.
nah, lots of kids his age don't know that.
the anger is because he's back here lying again. He doesn't own rental property, if he did he'd know rental income isn't investment income.
He's on here telling this same lie every month, it's pathetic.
I heard about cryptocoins and the sheeple "investing" in them. How can you not want to make a profit on that stupidity?
Why do you even care so much? Seriously, take your negative attitude and fuck off. Even if he's lying he's contributing more than you. Literally KYS
>he's contributing more than you.
you prefer lies to truth? You're on the wrong board.
You have zero evidence he's lying. It's not like he's claiming to be a billionaire, he said he bought a house to rent out. How is this not believable
About 8 years ago I had about 1000 dollars in the bank and a couple loans to pay off, realizing that wasn't going to cut it, especially at .005% interest rates at banks. I spent 2 years reading online how index funds, stocks, and bonds work. I came to the conclusion that if you want a fair amount of income later in life, the best solution for low income people besides getting better paying jobs is to pay off all debt, and keep dept low (but still use credit cards to keep a history) and then start an index fund that follows the stock market. You put somewhere between 500-3000 dollars to start in, then automatically invest somewhere between 100-400 a month depending on your income. While you will not see much results for a couple years, the point is to start as early as possible so you can start gaining 5-9% per year and then leave it alone. If you are confident enough to use this for retirement you can assign it as a retirement account so you can write it off as a deductible on your taxes, but that can be unnecessary because some index funds are already tax efficient, like the Total Market Index Fund at Vanguard and you can keep it as a taxable account in case you need it. Make sure you have low debt before you invest, but still try to invest if you can in something simple. Once you have that going a while, you can continue your personal education and slowly invest in side projects (individual stocks) knowing that you still have your index funds on the side. Yes I do also have an emergency fund separate from everything else.
>How is this not believable
he mistook owning a business for investing.
there's no way a real business owner would make that mistake.
Look, all you've proven is that I don't do my own taxes. But honestly, if you guys don't want me here, then, fuck, what can I say? I'm gone.
>I don't do my own taxes.
you don't know the difference between owning a business and investing. You clearly don't do either one.
>I'm gone.
this is at least the 20th time I've read your lies.
you're the kid that does the bizvlog videos. You're not going anywhere you little faggot.
You're fine man, its just one angry idiot with nothing better to do. Just ignore him bro.
We can't prove him, and it's so easy to bullshit here.
You can't take a whole lot seriously on Veeky Forums.
Why are you so offended buddy? I can samefag too between my PC and phone btw.
two weeks ago, wanted some acid from Lysergi.com
required Bitcoin
>uh.....okay?
bought
greatest, bestest acid I've ever had
randomly found something about Ether
>guess now's a good time to buy?
found Bittrex
doubled money
rest is history
It seems like this board is all about crypto currencies but i'm a bit scared about putting money in something i don't understand. It also seems kinda volatile, if i may say so...