Post: #176

(12-27-2014 03:34 PM)Killface Wrote:  Roberto, mainly what I have is the ability to withstand the oilfield lifestyle. There is an unbelievable washout rate. If you have any sort of a life, don't even consider it. I plan on building my " life" later.

That's the most explanatory answer you can give?

There are dozens of guys here working all the hours in the oilfields. Plenty don't make $100k, let alone $200k. Those that do make $200k have a skill (often gleaned through multiple years of experience) that the oil companies will pay through the nose for. Basic economics.

So go on- what's your trade?

Post: #177

(12-27-2014 03:34 PM)Killface Wrote:  In other news:

http://www.torontolife.com/informer/feat...st-rich/3/

Any of you seen this article? It's old but topical. Lol @ the family with the hyphenated name...wonder who runs that show. They are saving like 1% or something silly while blowing $500 a month on wine, buying designer furniture, paying $30k a year for a babysitter etc.

They live in Toronto. One of the most expensive cities as well as one of the most negatively regarded here on RVF. These people are worker bees in Canada, so they get raped on taxes and probably have 120-140k disposable income. Now factor in the fact that I'm one dude instead of a family of four, and I could live a similarly idiotic, spendthrift lifestyle trying to impress other people and literally pooping out over $2000/month on 60-70k after tax. Since my income is real estate, that's basically 60-70k pretax as well.

So by this logic 150k = boats n hoes

They're basically blowing all their money on designer furniture. It's sad, they must never travel out of their Toronto suburb.

And spending 500$ on wine is dumb as fuck. I have been making my own table wine which lasts me for a little over a year for just a little over 300$. It's a cool hobby and tradition that can be passed down to your children as it was passed to my brother and I by my dad.

Post: #178

(12-27-2014 03:27 PM)Peregrine Wrote:  ^ that right there is basically my plan to get FU money. Like you said jim, it's not complicated and accessible to just about anyone.

Quote:I never paid capital gains taxes on any of it since my income bracket exempted me.

Wait what? Do you mind elaborating on that point?

What I mean is when you hold the funds over 1 year there is no capital gains tax in the bottom tax brackets. I am married so remember my tax brackets are different. Obama recently made it worst but before the rate was lower.

I specifically mentioned it because if I was force to sell right after a big gain because of a sudden dip on the way I would have lost money depending on length of time I held the funds.
The tax break is in holding long term..1 yr+

Frenchie posted a good link. Years go during the crash the rates were even lower.
That is one of the reasons I still recommend saving during the downswing. You can always change your 401k from stock to stable funds but by reducing your income you make it so you will pay no/little taxes. Throw some in IRA if you need to. The idea is to get it so you will pay 0%. I even was able to put more into my pension fund to help offset income.

@Fisto. You know , the normal stuff. Gold buying without any international reasons behind it. Big wigs who are pulling money out of funds.Oil prices beyond sense(speculation)
Jobs plentiful that support industries that are supporting bubbles. Relocations due to the lack/decrease of normal jobs. Our 2 last great recessions were bubble related as you know.


Bubbles that are being built with people who can't afford the homes in areas with NO OTHER ECONOMY.

I knew the higher interest rates that came about in 2007 were going to force up all those home loans that no one could afford when rates got back to normal since Bush suppressed them.

If you look carefully, very carefully (this is why it pays to pay attention to safe things like CD's or mortgage rates) you will see that interest rates were increasing, a bit of inflation but nothing much.

Then ALL OF A SUDDEN the rates plateaued and decreased without any change in the fed. Banks stopped offering ipods.

Why was that? It was because the banks stopped getting their money. But the gov't kept quiet about it. Don't trust them to let you know what is going on!

But the banks realized that too late that the economy of the borrowers wasn't enough to pay them. They also were selling off their loans but that is another story.

Minute I saw this happening I did 2 things:

1. Sold funds quickly.
2. Put the cash in the Cd's that were lowering in rates but still okay.

I always pay attention to what the banks are doing. Many members here seem to avoid paying attention to the banks because we live in the era of RE and 401k fund investments.

But the key is the banks. They feel the shock waves before anyone else. They cause them also.

If you go back you will notice there is this cycle right before most of our modern bubble recessions. I usually look closely to the biggest credit unions because they are the most likely to play it safe and make moves.

Quote:It's why CEOs are only paid 1$ salaries so they not only avoid income, SS, and medicare they also avoid capital gains! It's a dirty loophole.

Ha yep. Better to make money selling their funds/stock than getting income.

Quote:that right there is basically my plan to get FU money. Like you said jim, it's not complicated and accessible to just about anyone.

Yep. To all Americans or others that can buy Vanguard or similar funds.

I am combining the old stock picker, Buffet type, buy low and sell high with Jack Bogles , buy index funds and ignore it and let it grow.

I don't have the skill or trust in myself to research stock and take a risk. My father use to spend hours in the library doing that and it paid off. My aunt also. They don't believe in index funds.

My bro does the Bogle method.

I combine methods. I see no good reason to watch my funds fall to the bottom waiting for it to rise again. I just sell before it falls and I would even sell as it falls so i can repurchase more of it.

Post: #179

jimukr104

My math might be off, but I calculated your ARR over a 21 year period to be 10.3%.
If accurate, that more than qualifies you to manage money professionally and make serious wealth.

Killface

Based on what Atlantic and Fisto have posted about the oil fields, and what I have read about the housing supply being unable to keep up with demand...I really don't see how just putting up with the lifestyle gets one a 200K a year job.

Post: #180

Alright, so for some of you skeptics, there are a few people that have made a BILLION in a years time from literally nothing. The internet is making this easier than it ever has been. The numbers are not nearly as astronomical as they once were.

Now that that's out of the way, for me personally, I think 50k a year passively is enough for me. That being said, I want to be worth a billion one day. But I see money as a game and nothing more. So, if I have that safety net of 50k, everything afterwards is just numbers in a game. Build businesses, invest in stocks and real estate just as OP has done, because in all probability, what he did is extremely plausible.

Looking forward to the data sheet. I want to learn all there is to learn about investing through the avenues you've mentioned, and more.

Post: #181

(12-27-2014 04:21 PM)TheFinalEpic Wrote:  Alright, so for some of you skeptics, there are a few people that have made a BILLION in a years time from literally nothing. The internet is making this easier than it ever has been. The numbers are not nearly as astronomical as they once were.

Now that that's out of the way, for me personally, I think 50k a year passively is enough for me. That being said, I want to be worth a billion one day. But I see money as a game and nothing more. So, if I have that safety net of 50k, everything afterwards is just numbers in a game. Build businesses, invest in stocks and real estate just as OP has done, because in all probability, what he did is extremely plausible.

Looking forward to the data sheet. I want to learn all there is to learn about investing through the avenues you've mentioned, and more.

Who's made a billion in one year from literally nothing?

It's not the dollar figures that leave me skeptical. Paul Graham was probably pulling in pedestrian figures until he sold Viaweb to Yahoo for 40MM in his 30s.

His story still sets off multiple bullshit meters, and the fact that he can't provide any details on his oil field work (or anything else really) ramps up the bullshit dial.

Doesn't matter though. The ensuing discussion has value.

Post: #182

(12-27-2014 03:49 PM)LouEvilSlugger Wrote:  And spending 500$ on wine is dumb as fuck. I have been making my own table wine which lasts me for a little over a year for just a little over 300$. It's a cool hobby and tradition that can be passed down to your children as it was passed to my brother and I by my dad.

Datasheet please! That sounds awesome. I've done cider before but that didn't require any technical knowledge, just some manual labour.

Plenty of free 'stock' I would imagine if you got friendly with your local fruit wholesaler. I take it fruit 'on the edge' is OK for wine making?

Post: #183

(12-27-2014 03:44 PM)roberto Wrote:  

(12-27-2014 03:34 PM)Killface Wrote:  Roberto, mainly what I have is the ability to withstand the oilfield lifestyle. There is an unbelievable washout rate. If you have any sort of a life, don't even consider it. I plan on building my " life" later.

That's the most explanatory answer you can give?

There are dozens of guys here working all the hours in the oilfields. Plenty don't make $100k, let alone $200k. Those that do make $200k have a skill (often gleaned through multiple years of experience) that the oil companies will pay through the nose for. Basic economics.

So go on- what's your trade?

He's talking bullshit. There is not a single job in the oilsands where you can just walk in and make 200k$ like that. Especially not in America where you earn even less. Source: I work in the oilsands.

It's funny how easily everyone is believing OP just because he sent some affiliate statements to Fisto. You could fake those in 5 minutes with bad photoshop skills.

Post: #184

Also you would have to think that employers would be low balling your salary offer and in your current position any sane person would be grabbing at the chance of landing a job for short or long-term which was over 100K. If there was a 200K job you would need balls in the interview to make sure they don't low ball your offer. Anyway best to just wait for Killface's datasheet and see what he has to say.

Post: #185

I guess what is hard for me to understand is that you seem like an extremely capable guy with an admirable work ethic, but what are you working towards?

The thing that I think has most people questioning here is that a guy with these statistics doesn't need help from RVF members in the lifestyle forum. Your financial situation is better than 99.99% of our members probably, and most of us would have taken the income that you are currently making and be slaying nonstop foreign pussy in EE/SEA/SA.

Why continue chasing a number? I don't know if you mentioned your age but I think you said you were youngish. Do you really want to retire completely? You could move wherever you want and just work on whatever types of projects that you feel like working on. Stopping all types of work completely is not good for a man in my opinion.

This truly "passive" income I think is a recipe for an early grave. In your position I would focus more on how I would occupy my days/nights than the number I need to never have to lift a finger again.

Post: #186

Do I need to read the OPs OP to tell you if it's real guys? I will if you like.

Post: #187

(12-26-2014 04:36 PM)jimukr104 Wrote:  

(12-25-2014 09:24 AM)Onto Wrote:  What bothers me are the real estate claims. I would like to see a simple breakdown of his real estate investments.

1). Purchase price, work needed
2). Rent roll
3). Expenses

The claim of $3,000 max property tax on $250k property has me scratching my head. Still waiting for the address of a current listing in the area of the US where this can be had. Should be easy to go on the MLS site or Zillow and provide one.

Maybe he bought properties of $15,000 cash, but have you ever seen a $15k property? They ain't pretty and neither are the neighborhoods.

Everyone is looking for financial freedom, and real estate can help with that but I hate to see people getting sold an illusion that it's easy. From picking the right properties to managing them well takes skill and luck.

Depends on the city. My good home in Vegas had 800 tax bill. The rate was about 1% of price.
NYS has high taxes but NYC has cheap property taxes. I think a 500k home will be between 3-4 in taxes. Some are less because of size and tax abatements. It isn't one size fits all.

Post: #188

Texas has low sales taxes but the property taxes will rape you. 5K taxes for a 170K home.

Post: #189

Onto, that's a good looking property you have there. I don't actually mind that stuff...it keeps life interesting.

I am not going to give away my specific market since I don't need it to dry up and stop the gravy train. It is one of the ones I listed earlier. Thirty minutes searching these geos will yield the houses you are looking for. I offer on properties that are listed for up to 40% more than I will pay. You'd be surprised how often you can find a distressed seller...probably because they're buying designer furniture and wine lol.

Data sheet is coming boys. Patience. It's a doozy.

Jim, how old are you if I may ask? I will be socking some of my earnings away into stocks to diversify and take advantage of low capital gains tax rates, but I'll need to sit on them for decades to get to where you're at. Probably my mid 40s if I don't work.

Blunt, I liked your post and it made me think. If I had to guess, it's a massive fear of finances. I saw what lack of money did to my father, almost did to my family, and I've seen the economy throw a lot of curveballs in my short life. I graduated right when the financial crisis hit with a degree in finance and was underemployed in retail for two years. I never want to go back to that, and I never want to be in a position where people treat me like a peasant and a piece of shit ever again. Being broke was the most degrading, difficult time of my life. I never want to say "I can't" ever again.

Post: #190

On the subject of working abroad

I like this idea but every article I've read on it says hey go be a bartender or sweep floors at a hostel. This is not worth my time, especially of it's paid in the local currency of a developing nation.

I have friends who did the English teacher thing and it's a low status job. Most of them hated it.

Are there "real" jobs out there?

Post: #191

When is your sheet coming?

Post: #192

Thanks for sharing that. You are making more than you would in my area with a home of similar value.
What about vacancies? How often do you lose a month of rent? Any major issues like an eviction involving a prolonged period of non payment?

Post: #193

(12-27-2014 09:32 PM)Killface Wrote:  On the subject of working abroad

I like this idea but every article I've read on it says hey go be a bartender or sweep floors at a hostel. This is not worth my time, especially of it's paid in the local currency of a developing nation.

I have friends who did the English teacher thing and it's a low status job. Most of them hated it.

Are there "real" jobs out there?

Sure there are. Just go knock on HQ's door and you can snatch up a 200K job brah.

Post: #194

The limited mindset is just sad, VVV. The info on how to get this exact job is available on the front page of one of the sections of this forum and is one of the most popular threads. You could find it within 5 minutes, and, if the price of oil hadn't just crashed, have a job by the end of next week. I am not going to out myself by posting it here. I'm sure you understand there are not many people in my situation and I could be easily identifiable. Another thing you could do, if somehow you can't find the info here like I did, is type the names of major oil companies into Glassdoor.com and see what jobs pay over six figures. That should narrow it down.

It was not hard.

Post: #195

(12-27-2014 11:20 PM)Killface Wrote:  The limited mindset is just sad, VVV. The info on how to get this exact job is available on the front page of one of the sections of this forum and is one of the most popular threads. You could find it within 5 minutes, and, if the price of oil hadn't just crashed, have a job by the end of next week. I am not going to out myself by posting it here. I'm sure you understand there are not many people in my situation and I could be easily identifiable. Another thing you could do, if somehow you can't find the info here like I did, is type the names of major oil companies into Glassdoor.com and see what jobs pay over six figures. That should narrow it down.

It was not hard.

There is not a single job that will pay 200k in the first year. I know just about every guy that came to the oilsands through the forum and non of them make even close to that.

Post: #196

(12-27-2014 11:20 PM)Killface Wrote:  The limited mindset is just sad, VVV. The info on how to get this exact job is available on the front page of one of the sections of this forum and is one of the most popular threads. You could find it within 5 minutes, and, if the price of oil hadn't just crashed, have a job by the end of next week. I am not going to out myself by posting it here. I'm sure you understand there are not many people in my situation and I could be easily identifiable. Another thing you could do, if somehow you can't find the info here like I did, is type the names of major oil companies into Glassdoor.com and see what jobs pay over six figures. That should narrow it down.

It was not hard.

How will revealing your job reveal your identity? There are thousands of oilfield workers in many positions so you would be a needle in the haystack.

Put it this way, mudloggers make ~60-80k. Truck drivers make ~70-100. And drillers make 29-34 an hour depending on
The company.

Lol, just say your title.

Post: #197

And there is no place in America with low property tax rates. And there is no way to get a bank to lend you credit. And there is no way to make money online. Shit like this really makes me wonder if a data sheet will even help anyone

Post: #198

None of those you mentioned...mine pays more

Post: #199

..

Post: #200

Killface. Enough with the guessing game stuff. Its time you came forward with some specifics.