Make $120k and live paycheck to paycheck, brehs

[Jards]

Black men overall on average make 15 a hour
Black men with a degree make on average 25 a hour

Black men on the coli 50 a hour

 

[Hacksaw Jim Thuggin]

I can understand that, but you will still need a place to live. I believe cheap and good rarely happen. I would rather by a cheaper place to live fix it and then flip and sale single family homes. Flipping property looks good on the outside, but when the money comes in but you have to pay much higher taxes on the money you make. You also take on the risk of buying a cheap property with a major issue. Fixing a home can get really expensive. I know a lot of guys that buy cheap and rent with the desire to make the money later. More of a retirement plan the way they do it.

im more of a condo type of person....and renting never buying....a house comes with too much headache...i dont want to fix shyt...i dont want to cut grass...none of it

i dont want to get tied down into anything

 

[tahoj4]

Let's say a person works for a firm and make $120,000 a year, claim's 0 on their taxes, and live in Massachusetts.

Let's say that before taxes and deductions, their monthly paycheck is $10,000.

In Massachusetts, they'll pay $2151 in Federal taxes, $620 in Fica, $145.00 for Medicare, and $471 in State taxes.

Their net pay has just been dropped $4000, and this is WITHOUT DEDUCTIONS.

Now let's factor in that HSA and 401K contribution for this Full Time firm employee.

Annual Premium Costs for Healthcare are $326 per month. Let's say they also contribute 6% to their 401K.

This person's salary has just been knocked down from $10,000 pre-tax pre-deduction to $3400 a month. This does not include rent, groceries, gas, or any other necessities.

My point stands.

This does not make sense in that you will get a lot of that back when you do your taxes. Also you are not taxed at a flat rate. Your rate will chance as the income goes up. For a single filer you are being taxed at 28% on 29K if we are using 120k as a baseline. So that person would still get something back after filing. The way they manage that money and the fact that this mythical person lives in a large city will determine their quality of life.

 

[JBoy]

I can understand that, but you will still need a place to live. I believe cheap and good rarely happen. I would rather by a cheaper place to live fix it and then flip and sale single family homes. Flipping property looks good on the outside, but when the money comes in but you have to pay much higher taxes on the money you make. You also take on the risk of buying a cheap property with a major issue. Fixing a home can get really expensive. I know a lot of guys that buy cheap and rent with the desire to make the money later. More of a retirement plan the way they do it.

you can get a pretty nice house round here for about $1,500 a month (hell some ain't too much above $1,000) if you willing to live slightly outside the city but your point is taken

 

[Listen]

great question....

flipping houses/property is a great way to make $...IF you can get out of it quickly...or find property in a depressed area thats about to be redeveloped ( gentrification)...

problem is most people stay in houses anywhere from 3-5 yrs before the want to upgrade....how much equity will a house have at that point?

invest in the market breh...learn about mutual funds if you're concerned about volatility

Owning a home is one of the safest long term investments you can make, period.

The problem is if you buy at the wrong time of rates/wrong time of a downturn/upturn and then expect to 'flip it'. You tie up a huge amount of debt into a asset that isn't able to become 'liquid cash' quickly or easily the way stocks and such can.

However, if you buy right and plan to stay in the house for a significant time, say 10 years, the length of ownership gives you time to ride out fluctuations in the market, all the while paying down your principle. The first 2-3 years of a mortgage, a huge amount of your payment goes towards the interest. So if the market is sift, you haven't really invested in any major improvements to increase the value, and you go to sell, you may have no equity at all.

If you intend on flipping to make real money, you have to do your homework and take on risk. I had a friend who bought a foreclosure in 2009 in a nice, expensive area in southern NH. He paid $229,000 for a 1960 3 bedroom, 2 bath split level, about 1900 sqr foot with a 1/3rd of an acre yard that needed EVERYTHING done to it.

He then got something called a FHA 203K loan (look it up they rule) that let him only put 3.5% down, and then ask for the money needed to rehab the house. As long as the house will appraise at the total cost of the home loan, they will approved it. So he paid $220k, added 75K in home improvements and had a mortgage of $295k. Sold it 5 years later for $355k. Took that money, bought a brand new 400k house in the same down, newer neighborhood. 2 years later, sold it for $510k. Downsided to a smaller, nice condex with all the bells and whistles in a near by town for $285k.

Chess, not checkers with real estate.

 

[tahoj4]

im more of a condo type of person....and renting never buying....a house comes with too much headache...i dont want to fix shyt...i dont want to cut grass...none of it

i dont want to get tied down into anything

I can understand not wanting the maintenance on a single family home. I have an older home now. I would not want the headache of another condo/townhouse. Between my property taxes and hoa I was paying $5200 a year. In my home I have no hoa and much lower taxes. Also I can write off the intrest on the mortagage. If you have the income to keep a condo you might want to buy one and rent it out when you travel. Another income stream helps. I just feel like you have to have a spot some where that is yours. Yes you are tied to it but it can be an appreciating asset. Overall property will gain in value over time.

 

[BrokePhiBroke]

3 kids with his two ex wives combined and one on the way with his fiance..

So he was stupid enough to do it a 3rd time?

He must be a romantic

 

[Hacksaw Jim Thuggin]

Owning a home is one of the safest long term investments you can make, period.

The problem is if you buy at the wrong time of rates/wrong time of a downturn/upturn and then expect to 'flip it'. You tie up a huge amount of debt into a asset that isn't able to become 'liquid cash' quickly or easily the way stocks and such can.

However, if you buy right and plan to stay in the house for a significant time, say 10 years, the length of ownership gives you time to ride out fluctuations in the market, all the while paying down your principle. The first 2-3 years of a mortgage, a huge amount of your payment goes towards the interest. So if the market is sift, you haven't really invested in any major improvements to increase the value, and you go to sell, you may have no equity at all.

If you intend on flipping to make real money, you have to do your homework and take on risk. I had a friend who bought a foreclosure in 2009 in a nice, expensive area in southern NH. He paid $229,000 for a 1960 3 bedroom, 2 bath split level, about 1900 sqr foot with a 1/3rd of an acre yard that needed EVERYTHING done to it.

He then got something called a FHA 203K loan (look it up they rule) that let him only put 3.5% down, and then ask for the money needed to rehab the house. As long as the house will appraise at the total cost of the home loan, they will approved it. So he paid $220k, added 75K in home improvements and had a mortgage of $295k. Sold it 5 years later for $355k. Took that money, bought a brand new 400k house in the same down, newer neighborhood. 2 years later, sold it for $510k. Downsided to a smaller, nice condex with all the bells and whistles in a near by town for $285k.

Chess, not checkers with real estate.

good shyt....

for me...its a no-go though....there are other ways that i would prefer to invest

 

[Hacksaw Jim Thuggin]

I can understand not wanting the maintenance on a single family home. I have an older home now. I would not want the headache of another condo/townhouse. Between my property taxes and hoa I was paying $5200 a year. In my home I have no hoa and much lower taxes. Also I can write off the intrest on the mortagage. If you have the income to keep a condo you might want to buy one and rent it out when you travel. Another income stream helps. I just feel like you have to have a spot some where that is yours. Yes you are tied to it but it can be an appreciating asset. Overall property will gain in value over time.

why do i have to have a place?

there are always places available to rent....

personal preference thats all

 

[Listen]

It's only nonsense because you dumb as fukk
It's nonsense but you can't state why
you can't state what's false

anybody can google and see what I said is true
you a definition of ignorant and why you will never be rich

I learned this shyt from a seminar with Damon Fubu nikka

The fact you think its nonsense proves you have no idea how this country works

Not for nothing, but i'm a 40 year old white male with a VP title and has run my own LLC before. @Supreme Leader Reinscarf can tell you Im legit.

To ask an employer not to pay you as a full time employee, rather pay you as an LLC, your basically asking them to hire your 'business' which means they would put you as a 1099 at best, which means you get no benefits of being an employee, such as health insurance, 401k etc.

Almost any company that hires for any skilled labor, will force you to sign some combination of a NDA/Non Compete - Non Solicitation agreement. In though agreements, they want you to clearly state that you will have no other business on the side besides theirs. Why would they go through the trouble of hiring you above other candidates if you basically say you'll want to void their standard contracts? Why would they hire you when your announcing to them that you have another business? You wont seem as invested in their goals as someone who doesn't.

Running a LLC and also working a full time makes your taxes INCREDIBLY difficult to manage and you definitely have to pay a CPA to do them for you. You also have to be incredibly self disciplined in all your financing to make sure your watching what you put aside for the taxman, keeping detailed recipts on everything you plan to write off on an itemized deductions, etc.

To tout that advice to the average person as 'just do this or your dumb' is some irresponsible shyt.

 

[Taadow]

You're such a good friend

Really doe...I was like "who in the HELL is talkin' to the boss about their money?"

 

[tahoj4]

why do i have to have a place?

there are always places available to rent....

personal preference thats all

That makes sense. I was taught if it works for you then it works. Just wish more people would open their eyes to managing their finances.

 

[MikelArteta]

Yep listen to @Listen
He's legit

Not for nothing, but i'm a 40 year old white male with a VP title and has run my own LLC before. @Supreme Leader Reinscarf can tell you Im legit.

To ask an employer not to pay you as a full time employee, rather pay you as an LLC, your basically asking them to hire your 'business' which means they would put you as a 1099 at best, which means you get no benefits of being an employee, such as health insurance, 401k etc.

Almost any company that hires for any skilled labor, will force you to sign some combination of a NDA/Non Compete - Non Solicitation agreement. In though agreements, they want you to clearly state that you will have no other business on the side besides theirs. Why would they go through the trouble of hiring you above other candidates if you basically say you'll want to void their standard contracts? Why would they hire you when your announcing to them that you have another business? You wont seem as invested in their goals as someone who doesn't.

Running a LLC and also working a full time makes your taxes INCREDIBLY difficult to manage and you definitely have to pay a CPA to do them for you. You also have to be incredibly self disciplined in all your financing to make sure your watching what you put aside for the taxman, keeping detailed recipts on everything you plan to write off on an itemized deductions, etc.

To tout that advice to the average person as 'just do this or your dumb' is some irresponsible shyt.

 

[Colin X]

he got a big house out in greenfield, 5 bedrooms, 3 door garage and a pool...he probably paying $3k a month EASY for that mortgage, then utilities and shyt and then alimony and childsupport for 3 kids...all that shyt adds up man.

Idk where greenfield but shyt just sounds like a upper class white suburb

 

[MikelArteta]

Your wife's cdn so you know the market up here is for us.

Homeownership is a dead dream, average home is over a million dollars and you need 20 percent down

Owning a home is one of the safest long term investments you can make, period.

The problem is if you buy at the wrong time of rates/wrong time of a downturn/upturn and then expect to 'flip it'. You tie up a huge amount of debt into a asset that isn't able to become 'liquid cash' quickly or easily the way stocks and such can.

However, if you buy right and plan to stay in the house for a significant time, say 10 years, the length of ownership gives you time to ride out fluctuations in the market, all the while paying down your principle. The first 2-3 years of a mortgage, a huge amount of your payment goes towards the interest. So if the market is sift, you haven't really invested in any major improvements to increase the value, and you go to sell, you may have no equity at all.

If you intend on flipping to make real money, you have to do your homework and take on risk. I had a friend who bought a foreclosure in 2009 in a nice, expensive area in southern NH. He paid $229,000 for a 1960 3 bedroom, 2 bath split level, about 1900 sqr foot with a 1/3rd of an acre yard that needed EVERYTHING done to it.

He then got something called a FHA 203K loan (look it up they rule) that let him only put 3.5% down, and then ask for the money needed to rehab the house. As long as the house will appraise at the total cost of the home loan, they will approved it. So he paid $220k, added 75K in home improvements and had a mortgage of $295k. Sold it 5 years later for $355k. Took that money, bought a brand new 400k house in the same down, newer neighborhood. 2 years later, sold it for $510k. Downsided to a smaller, nice condex with all the bells and whistles in a near by town for $285k.

Chess, not checkers with real estate.