It's $4 millions. Are you a single person or a couple?
Attachments
Last edited:
Heard an interesting fact from financial advisor..
- Thread starter Jace
- Start date
It's $4 millions. Are you a single person or a couple?
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
it took me 50 years to hit the first million , but multiplied it many times over .
we already spent over a million in the decade we are retired and likely paid over a million in taxes over the years on the gains .
so not to shabby for a worker and not a business owner, especially because by standards here i was never a highly paid worker
we already spent over a million in the decade we are retired and likely paid over a million in taxes over the years on the gains .
so not to shabby for a worker and not a business owner, especially because by standards here i was never a highly paid worker
Hmmm...50 years for you to get first million. I am not sure how you can turn an investment of $1 million into $4 million in less than 10 years...you must be a genius.
Please tell me what stock to buy to quadruple my account in 10 years.
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
by selling our house and renting and investing in manhattan commercial real estate with what we had accumulated . it was closer to about 13 -14 years not ten
Ok. I am guessing your first million comes around at the age of 60 or later from the sale of your home. I do admire your courage to sell your house and invest all that money at such age.
I do remember 2011 was the year when the real estate market bottomed out due to subprime crisis. I suppose you sold your house before subprime crisis in 2008, rent, then jump in the real estate market in 2011. Good timing, a lot of people make good profits on this route. It's not just commercial real estate, but also residential real estate.
But now, you don't have a nice home to show off. If you had not sold your home in 2008. That house would probably worth > $2.5 millions.
Last edited:
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i was 50 when i hit the first million
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i can tell you just what we did .
after we sold the house i wanted to invest in something bigger for a while .
an accountant friend said he had two out of state clients looking to dump a partnership they held .
it consisted of 9 co-op apartments in what turned out to be the second most desirable coop in manhattan , over looking central park and next to carnegie hall.
when real estate mogul bernard spitzer took this luxury rental building coop in the 1980’s , any tenant who didn’t buy stayed on as a rent stabilized tenant .
so rents were breakeven on them
well being from out of state all they knew is they were not making money so they wanted out .
well i knew this building as it was well known even back then , the 200 central park south building.
you can bet anyone who didn’t buy as an insider when it converted likely was because they lacked the money to do so .
so with each apartment with 7 figures or multiple 7 figures i thought about the fact that these tenants likely had to be baby boomers since it only applied to the original , tenants and when the pay checks stopped and they retired they couldn’t afford to retire on central park south .
so we bought the package from the two investors for cents on the dollar .
we then offered 100k to any tenant who wanted to move out .
over the years 7 out of 9 took the offer and moved and we sold the apartments off.
we offered the two remaining tenants their apartments for half price , no money down and we would hold the financing for seven years.
they said no and so we sold it to another investor group willing to wait .
to give you an idea of what these deals go for , the two apartments were worth 1.25 million each .
we sold both for 360k . that is how these deals trade but at this point we got them free , this deal was so lucrative
l
Last edited:
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
nonsense
we decided we had everything we want right here in nyc including our grandkids so we decided not to move .
we have no desire or reason to buy another house at this stage
stop making crap up. that statement is a lie
Last edited:
bobcat
Well-known Member
- Location
- Northern Calif
Obviously. Poverty can't buy anything.
Neither are conditions for happiness.
bobcat
Well-known Member
- Location
- Northern Calif
The reason the wise understand it is because they realize money is just a tool.
Happiness comes about when the things you value most, align with how you are living your life.
For some, that can be living close to nature and enjoying the serenity, beauty, solitude, and freedom it imparts to them.
For others, their happiness is rooted in the love of their family and friends.
IMO, being content with little and being grateful for much prepares the way for happiness to follow.
Tommy
Senior Member
- Location
- New Hampshire
Yes, this!
gruntlabor
Well-known Member
- Location
- Last Frontier, Age 83
.. satisfactory results?
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i can tell you first hand , being poor sucks
gruntlabor
Well-known Member
- Location
- Last Frontier, Age 83
The thing is that when we've reached a certain level of wealth, like the 1%, we've reached a level that can only be achieved by the nth degree of greed
but nobody is extolling the virtues of poverty
obviously there is a level between abject poverty and being mega rich - for most of us there is even a level between being as rich as we possibly could be and what we settle on
for example I could be richer , ie have more wealth than I do - if I chose to work full time instead of 4 days/week and worked shifts like I used to (ie higher pay rate) and I hadnt taken any vacations or bought any new clothes or paid to be in any activities and used the bare minimum of electricity and eaten baked beans on toast every day etc etc
But I dont want to do that - I have enough money to live comfortably and I also enjoy spending some on the above things, among others
that's what I said before about balance.
which applies to most people.
Live within your means, hopefully have enough money to be comfortable but don't try to amass the most wealth above all other aims in life
Why feel the need to share this with strangers on the internet? My resources aren't even something I share with the closest of my friends. It isn't important to anyone but me and my hubby and the guy trying to sell us a car.
I think some people have this low self esteem problem and need to brag about their asset. $4 million is not a lot of money to brag to the people in NYC. Many of them have $4 million if they own a home from 40 years ago and work all their lives.
BTW, I wouldn't post my house picture on internet either. Was that in Houston or Dallas?
BTW, I wouldn't post my house picture on internet either. Was that in Houston or Dallas?
Brookswood
Senior Member
My father told me you can be employed by somebody else, but always work for yourself.
He also taught me that a part of everything I earned was mine to keep.
I
Last edited:
Teacher Terry
Well-known Member
Actually, I read Mathjak’s story on another forum and he freely shares it because him and his wife were interviewed for a major magazine about how they accumulated their wealth and were able to retire.Why feel the need to share this with strangers on the internet? My resources aren't even something I share with the closest of my friends. It isn't important to anyone but me and my hubby and the guy trying to sell us a car.
He posted a link to the magazine and it had the entire story with their pictures. So it’s not a secret to those of us who have been on other financial forums with him. I actually find the story very interesting. Him and I don’t always agree on things, but he did do a great job creating wealth.
I'm honored that you are stalking me.
Okay, that sounds like a reasonable explanation, in a financial forum.
Last edited:
papa tiger
Well-known Member
I worked Industrial Maintenance for For 45 years. Mostly Material Handling types.
Moving material, Packing it and shipping, that mostly covers meanings of that.
Fabrications, welding Cutting brazing, working with All kinds of metals and the
needed parts
Building and installing production lines, robotic equipment.
Many hundreds of 7 day a week work many 12 hours due to
retirements and vacations. i had my great days and weeks off
in that time. If I could of stayed 35 ish forever i would still be
doing and learning so much every year at it. I’m good.
I live concervatively, do the things I love. Not much
left on the Bucket List. See the Grand-babies have children !
I had a front tire split its Plies, rapidly loose air, say 5 psi every
5 minutes. I pulled off the interstate and spotted an open
Semi Trailer Repair shop.
That Most likely saved my life yesterday. It had an near 6” tear
Between the treads. The spare is mounted and 2 new
front tires are ordered for next Wednesday mounting.
Thankful is an understatement of how I feel this evening. O $$$
requirement here.
Moving material, Packing it and shipping, that mostly covers meanings of that.
Fabrications, welding Cutting brazing, working with All kinds of metals and the
needed parts
Building and installing production lines, robotic equipment.
Many hundreds of 7 day a week work many 12 hours due to
retirements and vacations. i had my great days and weeks off
in that time. If I could of stayed 35 ish forever i would still be
doing and learning so much every year at it. I’m good.
I live concervatively, do the things I love. Not much
left on the Bucket List. See the Grand-babies have children !
I had a front tire split its Plies, rapidly loose air, say 5 psi every
5 minutes. I pulled off the interstate and spotted an open
Semi Trailer Repair shop.
That Most likely saved my life yesterday. It had an near 6” tear
Between the treads. The spare is mounted and 2 new
front tires are ordered for next Wednesday mounting.
Thankful is an understatement of how I feel this evening. O $$$
requirement here.
Last edited:
Not stalking, I have good memory that's all. And when I saw your house picture, the first thing came to my mind was: good luck with that stairway in the living room when you are even older.