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/biz/ - Business & Finance

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910163 No.910163 [Reply] [Original]

>mfw 24
>mfw just bought a $0.5M apartment with ~30% down
>mfw 1100 square feet in best part of the city
>tfw 2.8% fixed interest for 30 years

Here is my guide on how to become me:
1. Start working early when you still live at home and save all of it up.
2. When you hit $5k invest in market portfolio or something of higher risk.
3. keep living at home and keep working full time.
4. Save up enough money to buy into the real estate market (if its not fucked where you live) with min downpayment.
5. Save up enough money to get another. Either rent that out or live in it and rent it out for periods using airbnb etc (untaxed money unless you live in the states) setup payment in another country (Airbnb pay you from england or lux).
6. More money into investments keep going
7.
8. you made it

>> No.910168

>>910163

>23
>my apartment is bigger than your apartment

how does it feel

>> No.910169

Congratulations on your large, one sided bet. I've already "made it" because I'm totally liquid with no debt.and no lease on my apartment

>> No.910181

>>910168
>23
>my apartment is bigger than your apartment
>how does it feel

Its feels ok. I dont know your financial history and you might have gotten higher returns than me/better job/rich parents. I chose not to sell many of my assets and get a bigger apartment because i simple dont need more than 1100 square feet. Might actually get a roommate since one of the rooms are empy. A roommate would lower my costs of the apartment with 60%.

>>910169

I would not call it a one sided bet. both real estate, working and stocks was used.

>> No.910196

>>910163
>2. When you hit $5k invest in market portfolio or something of higher risk.

What kind of stocks/investment tools are you talking about?

>> No.910207

>>910163
cheap city to live in...

my apartment is half the size of yours and cost 50% more... and I don't get to live in the best part of the city either... :(

>> No.910297

>>910163
>>mfw 1100 square feet in best part of the city
Which city though? Trust me, I ain't jealous if you're talking about Kansas city.

>> No.910314

>>910163
Enjoy your HOA fees and restrictions. Not so fun when you are landlording.

>> No.910327
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910327

>>910196
>what kind of stocks
read: market portfolio
>>910207
its quite cheap yes. its the best part of the city (although, within the best part, you can still find more expensive apartments the same size)
>>910297
Capital of denmark
>>910314
nope

>> No.910370

Why exactly should we be envious of you, OP? You just sunk a large amount of money into real estate on the prospect it will increase. If the price goes down, you're fucked.

100K in cash master race here.

>> No.910371

>>910163
>tfw doing this but instead paying back my 100k student loan debt


at 7% investing isnt even worth it...fuck my life. stuck being a cuck living with my fucking parents and I dont even get to get rich..

Oh well, I can pay it off in a little over 2 years...

>> No.910392

>>910314
HOA fees ant property taxes aren't universal. The UK doesn't have them and I'm willing to bet Denmark doesn't either.

>> No.910418

>>910370
>You just sunk a large amount of money into real estate on the prospect it will increase. If the price goes down, you're fucked.

I can live here for 15 years it will increase in those 15 years. Meanwhile its also my home

>>910392
We do have some but its not a lot

>> No.910432

>>910418
You don't need the trip, we can tell your op from your id.

>> No.910433
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910433

>>910163

> Living in a hotel

No thanks.

>> No.910435

>>910327
>Capital of denmark
meh

>> No.910441
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910441

>>910163
>24yo
>already a wagecuck tied to mortage

no thx

>> No.910454

Whoa OP.

I have about £7k currently and what steps should I take?

I dont know much about investing, any books you recommend?

How much money did you have for step 4 and 5 too?

>> No.910456

>>910432
ah forgot about that
>>910433
I know but when you get ~$100 a night you cant stop
>>910435
:(
>>910441
Really dont have to worry about finances since i have such a big net worth already

>> No.910465
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910465

>live in third world country
>mfw three years working at a decent job and saving 100% of my wage is not even close to save for a downpayment in a 70m2 apartment with a view to the slums, no ac and no garage spot

>> No.910468

>>910454
£7k might be enough for you to invest in an apartment to rent out.

Other than that, if you dont need the money for some years, i would invest them in a index fund in a month or 2

>> No.910469

>>910163
>real estate market gets hit again
>half mil condo is now worth quarter mil
kek

>> No.910641

>>910163
define "market portfolio"
$7.5k in cash, no clue what the next step is

>> No.910704

>>910163
Step 7?
What's the wages/earnings you made?
Care to tell the board about the cost of living and the welfare economy in Denmark?

How about you check realty prices in Mumbai - seen the slum dog millionaire aye?

>> No.910941

>>910641
"A theoretical bundle of investments that includes every type of asset available in the world financial market, with each asset weighted in proportion to its total presence in the market. The expected return of a market portfolio is identical to the expected return of the market as a whole. Because a market portfolio is completely diversified, it is subject only to systematic risk (risk that affects the market as a whole) and not to unsystematic risk (the risk inherent to a particular asset class)."

https://investor.vanguard.com/mutual-funds/select-funds something like that

>>910704
Step 7 is the secret step.

>seen the slum dog millionaire aye?
havent seen it but i guess someone bought entire blocks of housing?

I make $25-$30 an hour and double that weekend. Denmark have high wages but high taxes and generally high living expenses. But when i lived at home i saved up almost all my after tax income.

Welfare economy in denmark is mad, you get paid a lot but living on welfare is degrading and will destroy you in the end

>> No.910951

I like how you dropped your trip for these shit threads because everyone would just ridicule you.

Just fuck off permanently if you're so satisfied.

>> No.910965

>>910951
>Just fuck off permanently if you're so satisfied.

Might help some people. The problem with biz is that everybody thinks they can beat the market and dont understand basics.

Moved over to another board and saw no reason to use the trip there so its not in my name cell as default

>> No.910973

I live in Toronto and 1100sq ft condo would cost fucking $700k

>> No.910980

>>910973
Yeah Canada is pretty insane.. ofc this guide wont work for anybody living in australia/canada and major (MAJOR) cities of the world

>> No.910987

My earlier reference to a one sided bet referred to leveraging your capital 3:1 in real estate with a mortgage.

Has everyone forgotten that mortgages are debt, and therefore liabilities? You're now worth less than a homeless man.

>> No.911005

Vad jobbar du med dansken?

>> No.911009

>>910987
>thinks nominal debt in a World with inflation is bad

>homeless people are worth hundreds of thousands dollars

Seems wierd but ok

>>911005
Shipping

>> No.911036

>>910163

>pays 500K for an 1100 sq ft box

>gets a 30 years long mortgage to do so

good goyim

>Here is my guide on how to become me:

Why would anyone want to become you? lel
You just sold half of your life for a box in some polluted city.
Literally my fucking garage is bigger than that.

>I live less than 10 minutes' drive from city center

>> No.911089

>>911036
>Comparing a McMansion with a european house
Enjoy your painted cardboard-quality house.

>> No.911120

>>911036
>pays 500K for an 1100 sq ft box
>gets a 30 years long mortgage to do so
>good goyim

Why would i pay it in full when i get such a low interest rate? I could invest the money somewhere else and gain even more than that. poor bait or you just dont understand how to make money

>> No.911130

>23
>currently a NEET at my parents house
>2k in Ccard debt + 23k student loan debt + 500$ cash to my name

Welp

>> No.911170

>>911089

I'm a European myself, dumbass.
My house is 300 years old and built out of solid stone.
Not even bricks, stone.

Enjoy your dreary city box, instead of a real house.

>> No.911191

>>911120

>hey guys i'm going to outinvest my bank check this out

So what have you invested the money in?

>> No.911195

hey OP

Have you seen the Danish Film 9. april?

I watched a version with software translation on YouTube. I really liked the movie. Can you find out how much the DVD/Blu-Ray costs over there for me?

PS movie was awesome

>> No.911204
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911204

>>910163
1) some of us didn't win the life lottery and weren't born in 'murrica
2) buying something with loan means it'll be yours in 30 years, meanwhile you'lll be a slave

>> No.911207

>>910163
While you aren't in a bad position and your advice certainly isn't wrong (staying at home and saving for as long as possible is the best possible way for most of us to achieve financial independence) having a 500k home and a 30 year mortgage is certainly nothing to brag about. I also wouldn't personally recomend your steps from 5 and above, while investing in real estate has made plenty of people fairly wealthy, buying houses with debt is often a terrible idea - if the cash rate goes up, the market crashes, or you simply can't find a renter, you will be bankrupt in a matter of months unless you have the kind of job that can support paying multiple mortgages. You are better off focusing on the one house you have and paying it down, improving your career, investing in a fund, and then once your current house is paid off you could look into growing more from a point of stability, at least that way you've always got a roof over your head.

>> No.911211

>>911195
No sorry
>>911191
>cant beat 2.8% a year the next 30 years
Im sorry anon
>>911204
> buying something with loan means it'll be yours in 30 years, meanwhile you'lll be a slave

Sure because there is no way i can sell the property in the next 30 years :^)

>> No.911213

>>910371
Don't be retarded, 7% is nothing in a year, but in 2 it's 14%, in 3 maybe 21%.... pretending it kept going up by 7% every year (unrealistic of course) then suddenly by the time you're 50 your 1 dollar could be worth more than 7 dollars. Scale that up for 10k, suddenly it's 70k, scale up again and you're starting to deal with very large numbers that at the very least, over a long period, could certainly keep you comfortable as you slowly die of old age.

Comforting.

>> No.911250

>>910163
>30 year mortgage

You dun fucked up badly.

>> No.911251

>>910370
>>910370
>$100000 cash

So you're literally bragging about having money sitting stagnant not doing anything but actually decreasing in value due to inflation?

Well done Billy, you tried.

>> No.911253

>>910456
How's that 180% car tax working out for you?

>>910441
You got a point there, but our anon here is doing bretty good in the country of 80% effective tax rate.

>> No.911261

>>911089
>>911089
>cardboard houses

Let's just address this absurd meme.
Do you Europoors know why Americunts and Auscunts build their houses out of paper, sticks and glued on tiles?
Because unlike Euros who want to show the world the true glory of their hovel for the next 1000 years, the New World has something called Massive Capital Growth in land value.
As such sometimes it's more beneficial to have a structure built for a tenth of the cost that lasts decades not centuries, which can be easily demolished and removed to be replaced by something of a higher value.

But of course Yuro-peons want to erect stone buildings that look like public toilet blocks and smell like them too and blight a city landscape for centuries because they're such sour, bitter, resentful people who simply can't have nice things.

>> No.911269

>>911253
>How's that 180% car tax working out for you?

Bah, I dont need to own one. I can understand why you would think that cars are a necessity. Studying in NY atm and you need a car for everything.

>>911261
Well at least we dont live in cardboard houses

>>911250
Could have gotten a 1.5% 10 years but i dont want to pay the money back when the interest is so low. Ill invest the money elsewhere and sell in 10-15 years and get a 200% return on my investment

>> No.911275

>>911269
No you live in poorly serviced public toilets.
A friend of mine lived in Spain and most nights of the week had to chase away Brazilian tranny prostitutes from sucking of gay customers on his fucking doorstep.
>Europe

>> No.911278

>>911261
https://www.youtube.com/watch?v=kz5WfmBPM_0

>> No.911284

>>911275
>A friend of mine lived in Spain and most nights of the week had to chase away Brazilian tranny prostitutes from sucking of gay customers on his fucking doorstep.

Wow man, thats life in a poorly serviced public toilet... i live in a well serviced one tho

>> No.911286

>>911275
Denmark is not Spain, dumbshit.

>>911269
>Bah, I dont need to own one

Hopefully going to move to Aalborg next summer, any Denmark survival tips pls?

>> No.911288

>>911286
>Hopefully going to move to Aalborg next summer, any Denmark survival tips pls?

For what reason? 4th biggest city in Denmark so its pretty chill. Way cheaper to live there than in Aarhus and Copenhagen so thats good

>> No.911295

>>911286
denmark, spain, Italy.. all the same European shit.

>> No.911296

>>911288
Work and finish econ masters there

>>911295
Never go full retard.

>> No.911299

>>910941
>$25-30
Dang son is that considered good in denmark?
I'm in silicon valley and my friends get paid that interning in the summer

>> No.911300

>>911299
People in Spain earn 500 to 800 bucks per month..

>> No.911302

>>911299
>$25-30
>Dang son is that considered good in denmark?

Thats what no education packing boxes will get you. Its also what i was paid when i started out working the first years. kept the job bc im also studying right now. Right now i dont work bc im im the states.

>>911296
Its a pretty chill time. You dont need any tips, everything is close enough to just get a bike and bike around. Get a roommate or get into a kollegium (dorm but single rooms).

>> No.911304

>>911299
That is true, but you get slapped at 50% income tax, plus 25% VAT (sales tax). Best thing about Denmark is that wages are pretty uniform, around 3000 euros if you're just HS-educated iirc.

>>911302
>get a bike and bike around
I don't even know how to bike ;_; I can rollerblade or longboard around, but never learned how to bike in my life.

>> No.911306

>>911304
Learn how to bike. I know one guy that does not own a bike and when i tell people they laugh because its so uncommon. Also you need to work around 16 hours a week and you can get goverment grants

>> No.911307

>>911261

So you'd rather live in a cardboard box for your entire life, so that maybe, sometime, in an unspecified future, your house may be destroyed and rebuilt for no reason?

Why not build it right the first time around?
Jesus, 'muricans are consumerists even when it comes to buildings.

>> No.911310

>>911300

Do they?
I'm in Italy, earn 1050€/month, and for the work I do I'm badly underpaid...

Although I know lots of people who are 40 years older than I am and make the same wage.

>> No.911318

>>911306
>people laugh because it's so uncommon
I honestly couldn't care less.

>work around 16 hours a week to get gibs
Sweet, was used to working 20 a week, artificially limited of course because legislation didn't permit full time uni students to work over that number of hours a week.

So getting double for weekends is the norm in Denmark? I could do that, it's unlikely that I'll have anything better to do except a pub during the weekend nights, or drink an ale at home.

>> No.911328

>>911318
I check the rules after diner.

No im just saving that a bike is crucial for transport that everybody got one. Rollerscaters Might work aswell

>> No.911335

>>911286
>Denmark is not Spain, dumbshit.
Wow it's not? Golly, the things you learn from reading graffiti on public toilet walls.

>> No.911345

>>911307
In the West we have this thing called technology. It's amazing stuff that can literally change the way you live, no I'm serious.
Enjoy paying a $1000 to have a data port installed.l to access your government regulated pornography.
Ho ho ho ho

>> No.911352

>>911345
>not using TPB for porn
>better yet, why not quitting porn altogether
shiggy diggy doo

>> No.911361

>>911318
http://www.su.dk/English/Sider/default.aspx

SU (goverment grants) is ~750 euro a month so you should check it out.

If you rent an apartment and work (and therefore earn the right to pension (nornally ~5-7% of pay) you might be able to get Boligsikring (Home security) its another 100 euro a month. All you need is a home in denmark that you rent.

>> No.911372

>>911361
Cheers, that helped a lot.

If you are a EU citizen, you do have to be employed to apply for SU.

>> No.911374
File: 212 KB, 408x408, ^C189656D7025B61F4B6ED3E1CD6F09DA6150F1450961365FAE^pimgpsh_fullsize_distr.png [View same] [iqdb] [saucenao] [google]
911374

>>910163
mfw

>> No.911375

>>911372
http://www.su.dk/English/Sider/eulaw_workedindk.aspx

Yes, work/worked or been living here for 5 years

>> No.911518

>>911335
>>911345

sour grapes much

In the states i pay $80 for the same speed internet that i get in denmark for $23.5. In denmark i pay $17.5 for free texts and 34gb of 4g a month.