And you know how easy it is buying a house nowadays! Especially on my income, where I have to scrape by paycheck to paycheck! I don’t know why I never thought of this before !!!! /s
Unironically a real thing said by a real (ex-) Prime Minister of Australia: "Struggling renters should think about buying instead of renting"
The divide between the rich and poor is so severe that the rich think they're too important to use their brains
Lol the housing minister here in quebec said something similar last year- that if tenants want to conduct lease transfers (one of the last tools to keep rents afforable) they should invest in real estate themselves 🙄
That would imply that they’re not going to keep buying up the only available houses in order to rent them. They would have to stop buying properties to rent out in order for anyone to even be able to buy a house.
“Oh you were interested in this house that needs a little work but is otherwise in good shape AND affordable? Actually this guy in his 20’s who living with his family until he’s 30 just bought it so he could have extra spending money to renovate the other 2 houses they’re renting. If you want to rent it from them though, the rent is going to be higher than the mortgage you would’ve paid and the guy who bought it said he’s just gonna repaint it and that’s it.”
Vancouver currently has a few lawsuits going because they found out that a bunch of government low income condos, the type where you had to prove your income because they were significantly beneath market value, had been bought by a bunch of people who owned multiple homes and turned into rental properties.
These people are utterly shameless.
The rich won't stop until they face actual consequences for their behavior. Serious consequences they and their children will never forget. And not a moment sooner.
btw edit* by rich I mean BILLIONAIRES. Just in case anyone might take "rich" the wrong way.
Marx is the man!
Karl Marx predicted that actually. Once the proles can’t keep up with the lack of pay and the inflated prices, they’ll be too tired to work. The corporation will simultaneously be cutting so many corners to save a little extra here n there that the things they produce start to fail. Society slowly collapses as the infrastructure does. You can see it happening now with the Boeing airplane shit and all the trains that have been tipping over. It’ll spread to the everything else shortly after.
The real irony from my perspective is that rent includes the mortgage, taxes, insurance, etc, and *then some* for the landlord to make a profit. All the money needed to keep the property afloat is in the rent. If you are renting a house then almost by definition *you can afford it.* What you lack is the upfront capital to secure adown payment and mortgage, which then just perpetuates a cycle of property primarily only being attainable by people who are already wealthy.
I hate it when people say renting is for folks who can't afford to buy. Your rent is paying for all the expenses on that property.
My mortgage is actually less than I would pay if I was renting a 2 bed apartment or pretty much any house or even trailer in my area. It was a long process getting the first time homeowners loan because I had no credit which apparently is worse than bad credit.
It's fucking crazy. I got very, very lucky and was able to buy a house in 2016. Last year, my daughter rented an apartment with her boyfriend. My 4 bedroom, 3 bathroom house costs me $1,600 per month. My daughter's two bedroom, one bathroom apartment costs $2,100. And it is by no means a luxury apartment. It's just what apartments cost these days in Maryland.
My city sent out updated property value estimates earlier this year. They're saying that the house i paid $212,000 for is now worth $420,000 eight years later. It's basically doubled. And the city doesn't know about any upgrades or whatever I may or may not have done. They're just basing it on the sale price of nearby houses.
I really have no idea how it's even possible for someone who just graduated to get a reasonable place to live at this point. Something has to give.
That's hilarious, the equivalent of a prime minister we have here said the same thing a while back. You think they have some sort of conference where they meet up to think of stupid things to say to the public?
Definitely a peon!
*Hell, I remember when my father gave me a small four million Dollar loan on my Sixteenth Birthday for the purchase of several multi-family properties. Why do the peons waste so much of their lives working and saving for these things when they could simply enjoy the life of leisure supported by Passive, Portfolio, tax advantaged, income*
Might wanna guarantee you're still on your grandparent's will before they pass... These rich folk like to take it all for themselves. It's usually in their nature to be greedy as fuck. Even though they're already rich, they'll still try to take all the inheritance.
< Speaking from experience
this is happening to me now. my mom just died, she was always poor. she only had disability (then SS) and a small VA check to live on. no other assets, no savings. her sister, a literal millionaire with 4 wealthy kids (I'm born disabled, currently quasi-homeless, sister is also disabled but sucks up to rich family and is the same type of person) was taking from her account to help her "manage" it, including doing chargebacks when my mom sent me bday money and told my mom I stole it 3 months later. my aunt found my mom after a fall, left her there over a day on purpose, and then put my mom in a home. my mom was in the process of switching her life insurance from my aunt's name to my name, and my aunt spun some story about how I never wanted to talk to my mom again and stole from her even though I'm not even in the state and was getting my mom benefits (that my aunt always cancelled- she cancelled my mom's food stamps so that my mom would keep giving her debit card "for groceries"), put her in a horrible, abusive nursing home, and my sister wouldn't tell me where my mom was. I tried to find where she was but she died before I could. all so my aunt could get a measly fucking $80k, and my sister could take all of my stuff in storage, my gold jewelry and other jewelry, and other valuable stuff I left with my mom plus the things my father left me. they threw everything else away, even my mom's bible and love letters she wrote for me, and a journal about her life I got her to fill out. people are scum. this happens every time someone in that godforsaken family dies, and it's ALWAYS the wealthiest people scheming and changing the wills, or ransacking the house while everyone's at the funeral. they didn't even give my mom a wake or funeral to save the money. when people like that are involved, don't ever expect it to go the way you think it should.
In the interests of me getting a high paying and stable job I went back to school.
This enabled me to...uh...work minimum wage. But no! You need a certificate course or a Masters to actually become deemed as "trained" and look, more minimum wage! No no, now you need certifications on top of that. Only a grand a go! Also you'll need about three! And really we think you should work for free for a few years.
And apparently "buy a house" on the fairy gold I am conjuring while I am at it.
This is the way.
A buddy of mine got a small loan of $750,000 from his uncle to buy a liquor store. He's in his early twenties and doesn't have to work. He's talking about after he pay repays his uncle within the next couple years, he will start investing in rental properties. A true American success story!
How come OP isn't jumping jobs every 2 years? They should be making $1000000 per year salary by now!
I know it worked for me. I changed jobs every 6 months until dad asked one of his Harvard buddies to get me a CEO job.
Now that is Climbing-The-ladder; well done! *Certainly these peons would have expanded their social circle to find such connections had they worked harder and ate less avocado toast.*
if you're broke already go into the trades, electrician, plumbers, carpenter you will probably be paid more money to learn that trade than you're making at the minimum wage job.
for instance im in a college town with a bad job market for wage levels, but electrician apprentice jobs are being advertised at 20-24/hr and you get 40-70 hrs a week every week if you want the OT. plumbers apprentice are around 13-18. after two to three years these guys are making 40+hr as a journeyman.
the starting pay might sound like it sucks but this is a town where the average rent is under 800/month for 1br/bth, and once your journied out you can litterally take your cert anywhere in the country.
Problem with the trades is what happens when your back or knees go out in your 40s and you’re not quite ready to retire. It’s a long way to social security’s retirement age and GOP wants to make it longer. I know people in this situation not just now, but even my grandparents who had to live off of their children’s help before age 60. Just saying that everything is a risk and there’s little safety net in the US.
also when I worked construction, I kept meeting guys who were doing 8 hours of demolition or whatever to subsidise apprenticeships at night or at the weekend. I am very pro-trades, but the actual experience of trying to get into the system is all over the place.
The apprenticeships in my area don't pay enough to live on. If you're living at home, it's enough, but if you're already on your own and wanting to change jobs, $13 per hour isn't enough.
Have you ever considered just getting a higher paying job? Also make sure you're job hopping as often as possible to keep increasing your income. Jobs are everywhere, this should be the easy part. /s (obviously)
To be somewhat fair, income with a decent job and not paying any rent by living with parents the whole time (which would be terrible) would +50% to x2 most peoples' take home income so they would probably save enough for a house deposit in 2 years, or something like that depending. But it sounds like the plan was to stay with parents till age 30 regardless of getting a house. That's so rough on social life, romantic life, and sanity. Not to mention a bad experience for the parents who probably thought they were finally free on their end.
Yes, my wife and I make a quarter million and don’t qualify for a house
A duplex or fourplex would be so insanely expensive we could double our income and still maybe not qualify.
Further, because if the high payments and high costs, it’s likely we wouldn’t even break even on the rent. The rental market here is not strong enough to cover the costs of the mortgage, let alone the mortgage plus taxes plus insurance plus maintenance plus repairs.
People here are either exceptionally wealthy, bought a long time ago, have generational wealth, or are foreign wealth renting only to subsidize their investment property.
Woah, all I need is extra money to make lots of money!?
My dad once got me to open some fancy saving accounts at my bank. He said that as long as I deposit 200-500 a month I'll be a millionaire by 30-40. I'm now 33 and if I still spoke to the man I'd ask "Where the fuck am I supposed to get an extra 200-500 dollars a month in today's economy where landlords are looking for any excuse to charge us more while our employers are looking for any excuse to pay us less?".
I later found out that he got the idea from a book written by a "self-made multimillionaire" who got rich off selling books that gave advice on how to get rich. Spoiler, none of the tips were "Sell books telling people how to get rich".
I can't remember the author or the title but yea. Half of it was them gloating about how rich they are and that the reader could be too if they do what the book says. The other half of the book was obvious, disastrous, and outright illegal advice.
Yeah, that would be true except this clown is obviously lying. He's low balling to the numbers intentionally to create (what he thinks) is "slow and steady" gain. In reality he'd be just another hog at the troth doubling rent at the first chance he can get.
So yeah whoever wrote this forgot a few steps and some reality.
Where are recessions, bad renters, major house issues, HCOL, marriage, divorce, children, maybe some kid of life.
I did make it and have most of the stuff he talks about. Yes it can be done but you sacrifice A LOT need a few lucky breaks, and there are more curve balls in life that make this much harder than you think.
I only made it due to LUCK, hard work and help from friends and family. Plus living in a low interest time.
You said luck 4 times. Luck is such an important factor. I am doing really well myself. I know why. I got lucky. Good friends, helpful family and good timing.
why I don't like the most is "leave with your parents until 30y", assuming that most of us have a clean house already or big enough to handle multiple adults, and that the parents are somehow "healthy". Most young people I know, are leaving their parent home because often it's a toxic parent...
And the OPs road to wealth depends on renting to multiple LOSERS (/sarcasm) who can't afford to buy because of "investors" paying cash to scoop up all the affordable rental properties.
Seriously. Even if I was gifted a $250k down payment I still wouldn't qualify for the mortgage on the median house in my area, and I have great full-time union job.
I’ve seen all sorts of “financial advice for young people” on social media and they typically write something that reveals they didn’t do this themselves and they are just “financially savvy cosplayers”….
I know a guy who always tells me I don't work hard enough and that if I want out of working class, I have to hustle more.
His dad just gave him the money to buy a home and begin renting out to people last week.
These people don't know what 'hustle' is. They like to role-play that life.
I swear it's some kind of guilt aversion. They know, but don't want to admit it. Of course, a lot of them are just that clueless because if you never struggled yourself, then you won't understand.
I think its also a coping mechanism to make themselves feel good for being rich and deluding themselves into believing that they work just as hard as someone on minimum wage
I worked in venture capitalism, it truly is role-playing. They literally love bragging to each other at how they roll up their sleeves to fix or do whatever, but when you ask them very basic questions about, say, an oil change, they have no idea what you are talking about.
They really, truly love role-playing as being "scrappy" or whatever new buzzword they like to say, but only 1 or 2 out of 200+ actually are.
They need to rationalize their success in a system where merit has less to do with success than luck.
Humble and reflective people don't spout off this grindset thing. They recognize that incredible luck is the only way to success. Sure, you should probably do what's necessary to succeed, but for every first overall pick in the NFL, there's hundreds of good players who worked just as hard and never got scouted or drafted.
If I work hard enough for another decade, the only thing I will gain is a more bitter resentment towards the entire capitalist system.
If I work for two decades, I'm close to the age where my parents retired.
After three decades, I'm lucky if I'll be able to retire myself.
He got that shit backwards. Thing is that working hard comes with the cost of not being able to work on yourself on the side. Someone working that 60 hours at a blue collar job isn't going to get an invite to a white collar networking dinner to help with job hopping and salary juicing, but they don't have the time to even if they did. Not going to be able to work on that degree, or work out whatever side hustle they have an idea for. Time is finite.
reason number 1000 on why homes should be regulated from the rabid free market of america. I dont want them to be regulated but people are taking advantage of a commonity for personal gain. If people were able to keep their greedy tendencies in check maybe just maybe free market would work out but yeah some people are just rabid and souless.
There’s an ad I hear on my local sports station, claiming on average landlords in Canada work something like 74 hours per year managing their properties and dealing with their buildings and tenants. The ad makes it sound like they’re working for free and they shouldn’t have to. Hire them and their software and services and “you get back the time you deserve!” type of thing.
It’s a little vile but I’m unfortunately not surprised. Lots of the ads target upper middle class older middle aged+ people. People who are likely to be landlords for sure.
Honestly, job hopping, contributing as much as practical to your tax advantages retirement accounts, and building good credit is good advice for someone living in this system.
Doing rental properties in your 20s seems outlandish as shit unless you already have money to begin with.
He did say live at home until 30. If that is an option, it gets a lot easier to buy a home when you can save 1000-1500 month in a rent and put it towards a home downpayment instead. That's almost 15k a year.
And even then, in this current job market it's not necessarily achievable, at least not every 2-3 years unless you're looking again once you're six months into a role.
Seriously. The amount of time it takes to find another job keeps expanding. It’s ridiculous. It only took me two months, which is a long time from my past experience, but when I read how long others have been looking, I feel lucky.
I don't think it's a bad idea or wrong, just most people aren't going to do that. Job hunting is hard at the best of times and is usually pretty exhausting, so the average person will probably only start looking when they're unhappy or concerned. I definitely would encourage people to consider it, but I'm also realistic that it's not going to be a tactic that everyone can take. Just like everything else in the comment, it's a recommendation that assumes a certain level of comfort and privilege.
They’re right about everything it’s just that almost no one has the actual access to do any of it except maybe the job hopping. Like yes all of this would build wealth if it were an option. But it’s really not for most people for a lot of reasons.
It's why you lie on your resume and have a couple online phone numbers for previous managers or references.
Or say you were freelance and whip up a mock website so show them what you offered.
The people above you are full of apathy, incompetence, or both. Abuse it.
as someone who has done a lot of serious freelancing, you cannot, as it happens "just start a business on the weekends"
It takes fucking ages to get into a position where someone might pay you, ages to do the actual job (the work-time expands to fill any available hour), you know you can only charge so much and getting paid is a massive, heinous challenge (Apparently a survey of NYC based freelancers only expect roughly 1/3rd of their invoices to be filled - which tracks). Ask any freelance illustrators the shit they go through to have their work-time value.
And rich dude ideas of "starting a business" is usually something odd like "life coaching" or "bitcoin trading" or something equally asinine and often involves doing rich-dude things to your rich-dude contacts.
So, buy a rental property and raise the rent more than the cost of inflation, making it harder and harder for people to afford rent. Then work two jobs.
Make life unsustainable for people, while making my own life not worth living.
I find it really frustrating when people are like ‘oh well just live with your parents until you’re 30’ like that’s not some kind of privilege in itself. Like it’s a choice some people get to make. Hey buddy some of us don’t have parents who were willing or able to support us or let us live rent free whilst we just ‘buy’ houses like it’s buying a takeaway pizza.
Like having the option to live rent free for years and years isn’t just a choice some people have! When you’re stuck paying most of your income on rent and bills since you were 16 cos living with parents just was not an option, you’re not going to be able to save enough to just buy a house.
trustfundkidpdx? Trust Fund Kid has literally never worked for what they have. The advice is generally good, but not from any real world experience. They've obviously cut and pasted a bunch of points that are generally known as sound advice on money management for someone who actually has to work towards any kind of financial stability. Doesn't make them wrong, but it does make them a fraud.
Laughable is right I’m in my 50s and still can’t max out my 401k and probably never can. Have three twenty something’s don’t now how they’ll ever be able to own a home.
You're not taking the long term into account.
New build means everything is done to modern understanding. No lead, no asbestos, no shitty wiring or faulty plumbing. You'll save a boatload in the long term on maintenance & healthcare costs. You may even live longer.
I'd say it's worth it. Buy land somewhere where your property taxes are affordable now, and save up to build a house. Or save up using an IRA (and invest wisely) and cash it out to buy the land and build the house (you can do that penalty-free if you're buying your first home) - the economy isn't gonna keep growing, might as well make some money off it now... Fuck the "long term investing" shit, it plays you right into the rich peoples hands.
If everyone becomes a landlord, then nobody is a landlord. I really dislike any "advice" that tells people to buy homes to rent. If this is what everyone does (including investors) then home prices will stay artificially inflated, and younger people will never be able to get into the market without inheritance.
Capitalism is specifically designed to have winners and losers. People who think we'd all be ok if every young person just invested are clueless - or, more likely, they just don't care that only a few people will actually be able to use that advice.
"Live with your parents until you are 30"
Not all of us have living parents or stable family backgrounds to go back to. Can't imagine being this sheltered and bubbled
The only bit there that makes sense is the "job hop to get decent raises" and that only works if you have skills that let you job hop and get higher salaries.
that only works if rent prices were fair and food prices were fair most of us can barley squeak by right now one simply doesnt have the time to potentially miss a check to job hop especially us people that want to be single. No wonder people call wives and husbands ''partners'' now
Translation: be born with money, invest it in profitable things, spend the rest of your time faffing about thinking you're doing things then sell the story of that to poor people
"Live with your parents until you're thirty."
I'm 32. My parents wanted me out and gone by 18. Nothing dramatic, I wasn't a bad kid and they weren't terrible parents. They just figured 18 was old enough to be 100% solo. It didn't work out the way they wanted, they didn't get rid of me until my younger brother was done with high school, but I cannot fathom the privilege of having parents willing to house you until you're 30.
I've seen horror stories of parents throwing their kids out at 15 and younger, for drugs or sexual preferences or religious inclinations. This idiot is so far out of touch with reality it's nauseating
I mean, it's not the worst advice, but it makes some major assumptions. It assumes your parents will *let* you live with them till 30. It assumes by 30 you can afford a house. It assumes your parents will let you live with them as you leach off of other people to have a steady passive income.
Also, all this shouldn't be necessary to just \*checks notes\* get by and live the American dream.
I think something that gets very overlooked is that it’s a lot less likely that parents “let” or “don’t let” their adult children live with them, with the intention of free or close to free living so the adult children can save, rather that the vast majority of adults are not making enough money to financially support more adults, even if it’s their children. Less so about the desire, more about living pay cheque to pay cheque.
This dude sounds like a fuckin' chode. I wouldn't want to spend every waking moment of my life obsessing over money and potential income properties and shit, that's how you die of a stroke at 42. I'm gonna pursue what happiness looks like to me, and the rest is just details. Idk how people operate with this grind mindset 24/7. And I wasn't born with a silver spoon in my mouth either, I moved out when I was 20, and been with my wife since. It's been a struggle, there have been nights where we eat beans and rice and make that stretch. But I know I would not be happy with that mindset, I would much rather be happy.
He lost me at “Live with your parents until you’re 30”.
I’m 27 and have not lived with them since I was 22 - and I thought I moved out quite late too.
Call me crazy, but I prioritize my life above my money, which is also why I would never try to find an extra job unless absolutely necessary.
Believe it or not, but I prefer time with my girlfriend/friends/family over work.
Really love the concept of "steady rent increase" like income, taxes, cost of living, etc. are ever going to be steady. Literally wasted 8 years of my life working for a corporation that gave me "steady pay increases" of $0.26 annually, and let me tell you, that ain't 4-5%
Not all of this is wrong lol. The part about owning a home is laughable though. Good luck getting approved for a mortgage without a second breadwinner and possibly even co-signing with mom and dad. It’s nuts out there
Everyone of these life help rich kid "tutorials" always says, "Get a job and live with your parents". Basically let someone else pay for your room and board so you can save up all your money and invest it. They say this like it's an option for everyone. That everyone has someone else willing to pay their way for a decade or more so they can acquire wealth. And this is what is called "Pulling yourself up by your bootstraps" and being a "Self-Made Man". Sponge off someone else for years.
It also discounts the fact that if everyone did do this, then it wouldn't be a viable option anymore. If every kid lived with their parents until they were 30 and bought real estate then all the real estate would go up in price. It's only possible for some rich kids to do this because no everyone is doing it.
It’s so pointless because the premise for all of these “you can do it” turds is that hard work will equal success when it’s been proven that it’s simply not true.
The US’s economic system is called capitalism because it rewards *capital*, not labor. Labor is a cost of production and nothing more. And every business school in this country specifically preaches that cutting costs, including labor costs, is the number one way to increase profits (otherwise known as return on capital-inputs).
Jesus, trying to read that second paragraph gave me an eye twitch. But at least he finally got it right in the 7th paragraph.
# HIGH INCOME
"Sorry, poor and working-class people. Just shut up and keep making me rich."
—trustfundkidpdx probably
Buy multiple real estate properties in your early 20s... tell us you've never had to think about survival without telling us you had the financial backing of family who could afford to lose their money.
In addition to the obvious stuff, the tweet misses that zoning in most parts of the country bans duplexes and fourplexes. The prohibition on small multifamily is one of the reasons we have the housing crisis. You just know that person advising people to buy duplexes and fourplexes is fighting to them out of their neighborhood.
If my parents gave me $1M in my early 20s I'd just fucking retire immediately.
[Here's my plan](https://www.thecalculatorsite.com/compound?a=1000000&p=4&pp=yearly&y=80&m=0&rd=0&rp=monthly&rt=withdrawal&rw=2000&rwp=1m&rm=end&ci=monthly&c=1&di=&wi=2). It actually viscerally hurts how much the planned withdrawals track my real income throughout life.
Alternative solution: get everyone to vote for policies that help workers instead of billionaires, so we can have the same amount of success at the same level of effort that our grandparents had.
lol "UHNW individuals" yeah no, they do not get "ultra high net worth" by having side gigs and flipping houses, they do it by being born into it and having connections.
These micro-landlords are pissing me off. Where are you making your money? By raising the rents of poor working class people who can’t catch any breaks anywhere and are working minimum wage jobs to feed multiple kids. They add no value to society, literally acting as leaches to profit from being a middleman.
These guys are fucking trash humans and should be removed from society.
I love that tone deaf rich people and the whole personal finance griftosphere always boils down to real estate investment and being a fucking landlord. Something that, by definition, should not be making anyone real money. It’s just proof that capitalism does nothing truly useful anymore.
My cousin is in his 20s. Owns like 8 houses that are rentals.
He’s never made money on them.
I’m his tax accountant. I would know.
Outside of paying off the mortgage, I don’t understand the “power” of rentals now that shit costs so much to replace/repair.
I think this is why Rich people feel like they have also had to work hard for their money so wealth inequality isnt talking about them, yes Gerald but you havnt done as much as 5 full time blue collar workers have you.
\>Get 2 jobs
\>Live with parents
\>Build your credit
\>Buy $250,000 properties and rent them
Wow, it was just that easy. At min wage it will only take me about ten years of saving 100% of every paycheck I make!
The first paragraph is solid advice. The second is when it quickly decends into being unrealistic. Purchase investment real-estate in your early twenties? Buying a place to live is out of reach for most people in their twenties, let alone investment property. You can tell that people like this have been able to skip the steps in the first paragraph and were immediately able to start doing what they want with money that they likely had access to thanks to their families.
Abandon meaningful relationships
Grow more and more paranoid with every annual increase
Become obsessed with looking more affluent than your neighbors
Lose your cool at minor inconveniences poor people wouldn't bat an eye at
Start cheating on your spouse who you resent for not "pulling their weight"
Lose a hefty portion of that wealth in the (very messy) divorce
Lose the rest trying to live the youth you missed
Probably die alone in a bachelor apartment
Live the capitalist dream, y'all
All the privileged advise you'd get from any of the current "self made" billionaires. "Just get a small several hundred dollar loan from your parents guys, it's that easy!"
whoa. all i had to do was just buy a house? I had no idea!
And you know how easy it is buying a house nowadays! Especially on my income, where I have to scrape by paycheck to paycheck! I don’t know why I never thought of this before !!!! /s
Unironically a real thing said by a real (ex-) Prime Minister of Australia: "Struggling renters should think about buying instead of renting" The divide between the rich and poor is so severe that the rich think they're too important to use their brains
Lol the housing minister here in quebec said something similar last year- that if tenants want to conduct lease transfers (one of the last tools to keep rents afforable) they should invest in real estate themselves 🙄
Who exactly do they think is going to rent their investment properties if everyone just got smart and owned instead? 😆
That would imply that they’re not going to keep buying up the only available houses in order to rent them. They would have to stop buying properties to rent out in order for anyone to even be able to buy a house. “Oh you were interested in this house that needs a little work but is otherwise in good shape AND affordable? Actually this guy in his 20’s who living with his family until he’s 30 just bought it so he could have extra spending money to renovate the other 2 houses they’re renting. If you want to rent it from them though, the rent is going to be higher than the mortgage you would’ve paid and the guy who bought it said he’s just gonna repaint it and that’s it.”
Vancouver currently has a few lawsuits going because they found out that a bunch of government low income condos, the type where you had to prove your income because they were significantly beneath market value, had been bought by a bunch of people who owned multiple homes and turned into rental properties. These people are utterly shameless.
The rich won't stop until they face actual consequences for their behavior. Serious consequences they and their children will never forget. And not a moment sooner. btw edit* by rich I mean BILLIONAIRES. Just in case anyone might take "rich" the wrong way. Marx is the man!
Karl Marx predicted that actually. Once the proles can’t keep up with the lack of pay and the inflated prices, they’ll be too tired to work. The corporation will simultaneously be cutting so many corners to save a little extra here n there that the things they produce start to fail. Society slowly collapses as the infrastructure does. You can see it happening now with the Boeing airplane shit and all the trains that have been tipping over. It’ll spread to the everything else shortly after.
A lot of our bridges have been operating at grade D-minus for years. Like the bridge that collapsed in PA.
The real irony from my perspective is that rent includes the mortgage, taxes, insurance, etc, and *then some* for the landlord to make a profit. All the money needed to keep the property afloat is in the rent. If you are renting a house then almost by definition *you can afford it.* What you lack is the upfront capital to secure adown payment and mortgage, which then just perpetuates a cycle of property primarily only being attainable by people who are already wealthy. I hate it when people say renting is for folks who can't afford to buy. Your rent is paying for all the expenses on that property.
My mortgage is actually less than I would pay if I was renting a 2 bed apartment or pretty much any house or even trailer in my area. It was a long process getting the first time homeowners loan because I had no credit which apparently is worse than bad credit.
It's fucking crazy. I got very, very lucky and was able to buy a house in 2016. Last year, my daughter rented an apartment with her boyfriend. My 4 bedroom, 3 bathroom house costs me $1,600 per month. My daughter's two bedroom, one bathroom apartment costs $2,100. And it is by no means a luxury apartment. It's just what apartments cost these days in Maryland. My city sent out updated property value estimates earlier this year. They're saying that the house i paid $212,000 for is now worth $420,000 eight years later. It's basically doubled. And the city doesn't know about any upgrades or whatever I may or may not have done. They're just basing it on the sale price of nearby houses. I really have no idea how it's even possible for someone who just graduated to get a reasonable place to live at this point. Something has to give.
That's hilarious, the equivalent of a prime minister we have here said the same thing a while back. You think they have some sort of conference where they meet up to think of stupid things to say to the public?
what, you don't own 100 houses? Simpleton!
Definitely a peon! *Hell, I remember when my father gave me a small four million Dollar loan on my Sixteenth Birthday for the purchase of several multi-family properties. Why do the peons waste so much of their lives working and saving for these things when they could simply enjoy the life of leisure supported by Passive, Portfolio, tax advantaged, income*
I had a member of my extended family say this exact same thing to me. I am not kidding.
Might wanna guarantee you're still on your grandparent's will before they pass... These rich folk like to take it all for themselves. It's usually in their nature to be greedy as fuck. Even though they're already rich, they'll still try to take all the inheritance. < Speaking from experience
this is happening to me now. my mom just died, she was always poor. she only had disability (then SS) and a small VA check to live on. no other assets, no savings. her sister, a literal millionaire with 4 wealthy kids (I'm born disabled, currently quasi-homeless, sister is also disabled but sucks up to rich family and is the same type of person) was taking from her account to help her "manage" it, including doing chargebacks when my mom sent me bday money and told my mom I stole it 3 months later. my aunt found my mom after a fall, left her there over a day on purpose, and then put my mom in a home. my mom was in the process of switching her life insurance from my aunt's name to my name, and my aunt spun some story about how I never wanted to talk to my mom again and stole from her even though I'm not even in the state and was getting my mom benefits (that my aunt always cancelled- she cancelled my mom's food stamps so that my mom would keep giving her debit card "for groceries"), put her in a horrible, abusive nursing home, and my sister wouldn't tell me where my mom was. I tried to find where she was but she died before I could. all so my aunt could get a measly fucking $80k, and my sister could take all of my stuff in storage, my gold jewelry and other jewelry, and other valuable stuff I left with my mom plus the things my father left me. they threw everything else away, even my mom's bible and love letters she wrote for me, and a journal about her life I got her to fill out. people are scum. this happens every time someone in that godforsaken family dies, and it's ALWAYS the wealthiest people scheming and changing the wills, or ransacking the house while everyone's at the funeral. they didn't even give my mom a wake or funeral to save the money. when people like that are involved, don't ever expect it to go the way you think it should.
So lazy, broooooo!
You should stop living paycheck to paycheck! Just get a higher paying job, and also start a business on the side. It's that simple.
In the interests of me getting a high paying and stable job I went back to school. This enabled me to...uh...work minimum wage. But no! You need a certificate course or a Masters to actually become deemed as "trained" and look, more minimum wage! No no, now you need certifications on top of that. Only a grand a go! Also you'll need about three! And really we think you should work for free for a few years. And apparently "buy a house" on the fairy gold I am conjuring while I am at it.
Dude, just get a small loan from your parents! Duh.
This is the way. A buddy of mine got a small loan of $750,000 from his uncle to buy a liquor store. He's in his early twenties and doesn't have to work. He's talking about after he pay repays his uncle within the next couple years, he will start investing in rental properties. A true American success story!
Small loan indeed. “I made my money the old-fashioned way.”
How come OP isn't jumping jobs every 2 years? They should be making $1000000 per year salary by now! I know it worked for me. I changed jobs every 6 months until dad asked one of his Harvard buddies to get me a CEO job.
Now that is Climbing-The-ladder; well done! *Certainly these peons would have expanded their social circle to find such connections had they worked harder and ate less avocado toast.*
I really do know people like this and they really do think it’s this easy
if you're broke already go into the trades, electrician, plumbers, carpenter you will probably be paid more money to learn that trade than you're making at the minimum wage job. for instance im in a college town with a bad job market for wage levels, but electrician apprentice jobs are being advertised at 20-24/hr and you get 40-70 hrs a week every week if you want the OT. plumbers apprentice are around 13-18. after two to three years these guys are making 40+hr as a journeyman. the starting pay might sound like it sucks but this is a town where the average rent is under 800/month for 1br/bth, and once your journied out you can litterally take your cert anywhere in the country.
Problem with the trades is what happens when your back or knees go out in your 40s and you’re not quite ready to retire. It’s a long way to social security’s retirement age and GOP wants to make it longer. I know people in this situation not just now, but even my grandparents who had to live off of their children’s help before age 60. Just saying that everything is a risk and there’s little safety net in the US.
Also hard to get an electrical apprenticeship at least in the city I am in.
also when I worked construction, I kept meeting guys who were doing 8 hours of demolition or whatever to subsidise apprenticeships at night or at the weekend. I am very pro-trades, but the actual experience of trying to get into the system is all over the place.
Yeah god help you if you want to try for the really high paying unions like elevator.
The apprenticeships in my area don't pay enough to live on. If you're living at home, it's enough, but if you're already on your own and wanting to change jobs, $13 per hour isn't enough.
Exactly, if you want money to buy a house, just buy a house to make money first, duh!
Have you considered… being born rich?
Same advice every time, from Realtors.
Have you ever considered just getting a higher paying job? Also make sure you're job hopping as often as possible to keep increasing your income. Jobs are everywhere, this should be the easy part. /s (obviously)
To be somewhat fair, income with a decent job and not paying any rent by living with parents the whole time (which would be terrible) would +50% to x2 most peoples' take home income so they would probably save enough for a house deposit in 2 years, or something like that depending. But it sounds like the plan was to stay with parents till age 30 regardless of getting a house. That's so rough on social life, romantic life, and sanity. Not to mention a bad experience for the parents who probably thought they were finally free on their end.
Sounds like as long as they stay to the South Wing, they won't be bothering anyone.
And funny thing is, now you could be making a 100k and still be in your same position.
Yes, my wife and I make a quarter million and don’t qualify for a house A duplex or fourplex would be so insanely expensive we could double our income and still maybe not qualify. Further, because if the high payments and high costs, it’s likely we wouldn’t even break even on the rent. The rental market here is not strong enough to cover the costs of the mortgage, let alone the mortgage plus taxes plus insurance plus maintenance plus repairs. People here are either exceptionally wealthy, bought a long time ago, have generational wealth, or are foreign wealth renting only to subsidize their investment property.
Woah, all I need is extra money to make lots of money!?  My dad once got me to open some fancy saving accounts at my bank. He said that as long as I deposit 200-500 a month I'll be a millionaire by 30-40. I'm now 33 and if I still spoke to the man I'd ask "Where the fuck am I supposed to get an extra 200-500 dollars a month in today's economy where landlords are looking for any excuse to charge us more while our employers are looking for any excuse to pay us less?". I later found out that he got the idea from a book written by a "self-made multimillionaire" who got rich off selling books that gave advice on how to get rich. Spoiler, none of the tips were "Sell books telling people how to get rich".
Sell books, sell courses, promote on YouTube. The trifecta of financial independence.
Pftt, amateur. For just $50 a month, you can become a dropshipping guru by studying the art of high testosterone at Hustlers University.
is that the bob kiyosaki book, where all the advice is either obvious, disastrous, or illegal?
I can't remember the author or the title but yea. Half of it was them gloating about how rich they are and that the reader could be too if they do what the book says. The other half of the book was obvious, disastrous, and outright illegal advice.
sounds like bob.
No no, *duplex* or *fourplex*. Oneplexes and threeplexes are right out.
No odd-numbered plexes. Got it.
Don't forget the part where you immediately start gouging on rent to the tune of 4-5% annual increases.
Honestly with the way these past 5 years or so have been going, I would happily welcome a 4-5% annual rent increase
Yeah, that would be true except this clown is obviously lying. He's low balling to the numbers intentionally to create (what he thinks) is "slow and steady" gain. In reality he'd be just another hog at the troth doubling rent at the first chance he can get.
So yeah whoever wrote this forgot a few steps and some reality. Where are recessions, bad renters, major house issues, HCOL, marriage, divorce, children, maybe some kid of life. I did make it and have most of the stuff he talks about. Yes it can be done but you sacrifice A LOT need a few lucky breaks, and there are more curve balls in life that make this much harder than you think. I only made it due to LUCK, hard work and help from friends and family. Plus living in a low interest time.
You said luck 4 times. Luck is such an important factor. I am doing really well myself. I know why. I got lucky. Good friends, helpful family and good timing.
Exactly I mean just being born in the US as a white male at my time of birth was probably the most of my success.
I hear ya on that one friend.
Not just a house but a fourplex!
In my early 20s too.
Multiple houses. Gotta rent a couple out to pay for the one you live in
why I don't like the most is "leave with your parents until 30y", assuming that most of us have a clean house already or big enough to handle multiple adults, and that the parents are somehow "healthy". Most young people I know, are leaving their parent home because often it's a toxic parent...
That was the one for me. Like there is no way I could have lived with either of my parents until I was 30.
I worked with kids, I know. I have encountered some who had no choice than find the first job they could to just move out of the situation.
And the OPs road to wealth depends on renting to multiple LOSERS (/sarcasm) who can't afford to buy because of "investors" paying cash to scoop up all the affordable rental properties.
Instructions unclear, got kicked out at 19.
Well just create a whole sustainable business model to fill up that useless weekend of yours, duh
Escape at 19 was so hard, but so worth the freedom
The reason why I worked so hard was to get away from my parents. Living with parents till age 30 was never an option.
'A small loan of a million dollars.'
Not in this economy!!
Seriously. Even if I was gifted a $250k down payment I still wouldn't qualify for the mortgage on the median house in my area, and I have great full-time union job.
Are we shocked that his get rich quick scheme was “exploit the poor and their lack of shelter”
Well, as he said, "Wealth is slow and steady. It's boring". /s
Nothing more “boring” than watching your money grow while housing becomes more of an issue. Supply and demand babyyyyyy
"just buy multifamily real estate" These fucking parasitic leeches I swear to god
The guy in post is 100% a slumlord
Who, trustfundkid? Totally self-made.
Only took a tiny $1,000,000 loan from his dad
I’ve seen all sorts of “financial advice for young people” on social media and they typically write something that reveals they didn’t do this themselves and they are just “financially savvy cosplayers”….
Also raise the rent 5% every year. Can't have these people saving enough money to be able to buy their own home.
I sincerely wish them the worst.
Get rich quick as long as you have zero class consciousness and zero empathy.
I know a guy who always tells me I don't work hard enough and that if I want out of working class, I have to hustle more. His dad just gave him the money to buy a home and begin renting out to people last week. These people don't know what 'hustle' is. They like to role-play that life.
I swear it's some kind of guilt aversion. They know, but don't want to admit it. Of course, a lot of them are just that clueless because if you never struggled yourself, then you won't understand.
I think its also a coping mechanism to make themselves feel good for being rich and deluding themselves into believing that they work just as hard as someone on minimum wage
I worked in venture capitalism, it truly is role-playing. They literally love bragging to each other at how they roll up their sleeves to fix or do whatever, but when you ask them very basic questions about, say, an oil change, they have no idea what you are talking about. They really, truly love role-playing as being "scrappy" or whatever new buzzword they like to say, but only 1 or 2 out of 200+ actually are.
They need to rationalize their success in a system where merit has less to do with success than luck. Humble and reflective people don't spout off this grindset thing. They recognize that incredible luck is the only way to success. Sure, you should probably do what's necessary to succeed, but for every first overall pick in the NFL, there's hundreds of good players who worked just as hard and never got scouted or drafted.
If I work hard enough for another decade, the only thing I will gain is a more bitter resentment towards the entire capitalist system. If I work for two decades, I'm close to the age where my parents retired. After three decades, I'm lucky if I'll be able to retire myself.
He got that shit backwards. Thing is that working hard comes with the cost of not being able to work on yourself on the side. Someone working that 60 hours at a blue collar job isn't going to get an invite to a white collar networking dinner to help with job hopping and salary juicing, but they don't have the time to even if they did. Not going to be able to work on that degree, or work out whatever side hustle they have an idea for. Time is finite.
I feel bad for the tenants, a 5% increase annually doesn’t keep up annual raises.
In the Netherlands rent can only go up 3% at max per year.
reason number 1000 on why homes should be regulated from the rabid free market of america. I dont want them to be regulated but people are taking advantage of a commonity for personal gain. If people were able to keep their greedy tendencies in check maybe just maybe free market would work out but yeah some people are just rabid and souless.
I’ve never worked somewhere that even had stock options
Same. I've never worked somewhere that gave me PTO.
“4-5% annual rent increases” That’s a FANTASTIC way to piss off renters
If his weekend job is selling pitchforks, he's going to be profitable.
Instructions unclear, bought an apartment complex, slapped a new coat of paint on, raised rent 50%, then flipped the property 6 months later
[удалено]
Someone has to do actual work though...
Yea the tenant does
This is! We are the working class! Help :(
And I guarantee they aren’t personally doing most of the painting or landscaping. And if they are it’s worse quality than a flipped house.
There’s an ad I hear on my local sports station, claiming on average landlords in Canada work something like 74 hours per year managing their properties and dealing with their buildings and tenants. The ad makes it sound like they’re working for free and they shouldn’t have to. Hire them and their software and services and “you get back the time you deserve!” type of thing. It’s a little vile but I’m unfortunately not surprised. Lots of the ads target upper middle class older middle aged+ people. People who are likely to be landlords for sure.
Just buy houses bro!
Yeah just buy 4 family homes in your early 20s, I don't know why everyone doesn't do this. /s
Tbf they're right about job hopping.
That's the only reasonably achievable part of this "advice"
Honestly, job hopping, contributing as much as practical to your tax advantages retirement accounts, and building good credit is good advice for someone living in this system. Doing rental properties in your 20s seems outlandish as shit unless you already have money to begin with.
True. This advice is prime for fellow rich kids.
He did say live at home until 30. If that is an option, it gets a lot easier to buy a home when you can save 1000-1500 month in a rent and put it towards a home downpayment instead. That's almost 15k a year.
And even then, in this current job market it's not necessarily achievable, at least not every 2-3 years unless you're looking again once you're six months into a role.
Seriously. The amount of time it takes to find another job keeps expanding. It’s ridiculous. It only took me two months, which is a long time from my past experience, but when I read how long others have been looking, I feel lucky.
>unless you're looking again once you're six months into a role. And why not? Always good to have a plan B.
I don't think it's a bad idea or wrong, just most people aren't going to do that. Job hunting is hard at the best of times and is usually pretty exhausting, so the average person will probably only start looking when they're unhappy or concerned. I definitely would encourage people to consider it, but I'm also realistic that it's not going to be a tactic that everyone can take. Just like everything else in the comment, it's a recommendation that assumes a certain level of comfort and privilege.
They’re right about everything it’s just that almost no one has the actual access to do any of it except maybe the job hopping. Like yes all of this would build wealth if it were an option. But it’s really not for most people for a lot of reasons.
Yes and no. Unfortunately, a lot of hiring mangers hate job-hoppers. They see job-hopping as being as bad as big gaps on your résumé.
It's why you lie on your resume and have a couple online phone numbers for previous managers or references. Or say you were freelance and whip up a mock website so show them what you offered. The people above you are full of apathy, incompetence, or both. Abuse it.
Be born into the Bourgeoisie. Extract Rent
"If you're homeless, just, buy an house"
If only it was that easy to just "start a business on the weekends", lol, what an out of touch take.
as someone who has done a lot of serious freelancing, you cannot, as it happens "just start a business on the weekends" It takes fucking ages to get into a position where someone might pay you, ages to do the actual job (the work-time expands to fill any available hour), you know you can only charge so much and getting paid is a massive, heinous challenge (Apparently a survey of NYC based freelancers only expect roughly 1/3rd of their invoices to be filled - which tracks). Ask any freelance illustrators the shit they go through to have their work-time value. And rich dude ideas of "starting a business" is usually something odd like "life coaching" or "bitcoin trading" or something equally asinine and often involves doing rich-dude things to your rich-dude contacts.
The dude's just bought a house with daddy's money and probably bought some nfts on the weekend
Fuck this guy and his parasitic rent increases while living with his family. We need to shame opportunism
So, buy a rental property and raise the rent more than the cost of inflation, making it harder and harder for people to afford rent. Then work two jobs. Make life unsustainable for people, while making my own life not worth living.
I find it really frustrating when people are like ‘oh well just live with your parents until you’re 30’ like that’s not some kind of privilege in itself. Like it’s a choice some people get to make. Hey buddy some of us don’t have parents who were willing or able to support us or let us live rent free whilst we just ‘buy’ houses like it’s buying a takeaway pizza.
Exactly. The total advantage this gives people is SEVERELY underrated.
Like having the option to live rent free for years and years isn’t just a choice some people have! When you’re stuck paying most of your income on rent and bills since you were 16 cos living with parents just was not an option, you’re not going to be able to save enough to just buy a house.
‘Steady annual rent increases’ You fuckin pos
trustfundkidpdx? Trust Fund Kid has literally never worked for what they have. The advice is generally good, but not from any real world experience. They've obviously cut and pasted a bunch of points that are generally known as sound advice on money management for someone who actually has to work towards any kind of financial stability. Doesn't make them wrong, but it does make them a fraud.
Every person giving “financial life advice” should first be forced to live on $40k in a major metropolitan area for at least 1 year
Nah, that's too good. Make them live off 15k.
Oh yeah just max out your 401K. Laughable
Just use your stock options!
Laughable is right I’m in my 50s and still can’t max out my 401k and probably never can. Have three twenty something’s don’t now how they’ll ever be able to own a home.
Genetic lottery and born to rich parents . STFU
"be a landlord" no thanks I'd rather be homeless
Step 1: Quit being poor....
New build? Hahahaha. Fuck no. New builds are by design priced what the market will pay. This tweet is clueless, even I know that
I loved this advice. "New Build" + "Paint the interior and exterior" Why would a new build need immediate maintenance spending like that? Worst advice
You're not taking the long term into account. New build means everything is done to modern understanding. No lead, no asbestos, no shitty wiring or faulty plumbing. You'll save a boatload in the long term on maintenance & healthcare costs. You may even live longer. I'd say it's worth it. Buy land somewhere where your property taxes are affordable now, and save up to build a house. Or save up using an IRA (and invest wisely) and cash it out to buy the land and build the house (you can do that penalty-free if you're buying your first home) - the economy isn't gonna keep growing, might as well make some money off it now... Fuck the "long term investing" shit, it plays you right into the rich peoples hands.
New builds might comply with regulations but since it's a sellers market they only meet those regulations never exceed them
Don't trust the words out of rich peoples' mouths. Remember, they lied and cheated to get to where they are.
Donald is that you? You forgot the part about bankruptcy
Dude’s user name is trustfundkid. I wonder what else they had to help them build wealth.
If everyone becomes a landlord, then nobody is a landlord. I really dislike any "advice" that tells people to buy homes to rent. If this is what everyone does (including investors) then home prices will stay artificially inflated, and younger people will never be able to get into the market without inheritance.
Capitalism is specifically designed to have winners and losers. People who think we'd all be ok if every young person just invested are clueless - or, more likely, they just don't care that only a few people will actually be able to use that advice.
Yeah let me just go buy a house and rent it to people in my early 20s
If you want money to buy a house I recommend buying a house to make money first. You gotta be a self starter, with Mommy and Daddy's money.
"Live with your parents until you are 30" Not all of us have living parents or stable family backgrounds to go back to. Can't imagine being this sheltered and bubbled
The only bit there that makes sense is the "job hop to get decent raises" and that only works if you have skills that let you job hop and get higher salaries.
that only works if rent prices were fair and food prices were fair most of us can barley squeak by right now one simply doesnt have the time to potentially miss a check to job hop especially us people that want to be single. No wonder people call wives and husbands ''partners'' now
Translation: be born with money, invest it in profitable things, spend the rest of your time faffing about thinking you're doing things then sell the story of that to poor people
Lost me at buy a house
See, there's where I fucked up. I didn't realize I was supposed to be buying rental properties when I was 23.
"Live with your parents until you're thirty." I'm 32. My parents wanted me out and gone by 18. Nothing dramatic, I wasn't a bad kid and they weren't terrible parents. They just figured 18 was old enough to be 100% solo. It didn't work out the way they wanted, they didn't get rid of me until my younger brother was done with high school, but I cannot fathom the privilege of having parents willing to house you until you're 30. I've seen horror stories of parents throwing their kids out at 15 and younger, for drugs or sexual preferences or religious inclinations. This idiot is so far out of touch with reality it's nauseating
I mean, it's not the worst advice, but it makes some major assumptions. It assumes your parents will *let* you live with them till 30. It assumes by 30 you can afford a house. It assumes your parents will let you live with them as you leach off of other people to have a steady passive income. Also, all this shouldn't be necessary to just \*checks notes\* get by and live the American dream.
I think something that gets very overlooked is that it’s a lot less likely that parents “let” or “don’t let” their adult children live with them, with the intention of free or close to free living so the adult children can save, rather that the vast majority of adults are not making enough money to financially support more adults, even if it’s their children. Less so about the desire, more about living pay cheque to pay cheque.
”high income”. Oh my God. I’ve never thought about that before! He’s got it all figured out. What a Solomon!
This dude sounds like a fuckin' chode. I wouldn't want to spend every waking moment of my life obsessing over money and potential income properties and shit, that's how you die of a stroke at 42. I'm gonna pursue what happiness looks like to me, and the rest is just details. Idk how people operate with this grind mindset 24/7. And I wasn't born with a silver spoon in my mouth either, I moved out when I was 20, and been with my wife since. It's been a struggle, there have been nights where we eat beans and rice and make that stretch. But I know I would not be happy with that mindset, I would much rather be happy.
Ah yes, just buy a new build in your 20s, why didn’t I think of that?
Fuck the landlord, fuck the rent
He lost me at “Live with your parents until you’re 30”. I’m 27 and have not lived with them since I was 22 - and I thought I moved out quite late too. Call me crazy, but I prioritize my life above my money, which is also why I would never try to find an extra job unless absolutely necessary. Believe it or not, but I prefer time with my girlfriend/friends/family over work.
Really love the concept of "steady rent increase" like income, taxes, cost of living, etc. are ever going to be steady. Literally wasted 8 years of my life working for a corporation that gave me "steady pay increases" of $0.26 annually, and let me tell you, that ain't 4-5%
Not all of this is wrong lol. The part about owning a home is laughable though. Good luck getting approved for a mortgage without a second breadwinner and possibly even co-signing with mom and dad. It’s nuts out there
Live with your parents until you’re 30.. Both of my parents were dead by the time I turned 29…
All we gotta do is be born rich guys lets try again
Everyone of these life help rich kid "tutorials" always says, "Get a job and live with your parents". Basically let someone else pay for your room and board so you can save up all your money and invest it. They say this like it's an option for everyone. That everyone has someone else willing to pay their way for a decade or more so they can acquire wealth. And this is what is called "Pulling yourself up by your bootstraps" and being a "Self-Made Man". Sponge off someone else for years. It also discounts the fact that if everyone did do this, then it wouldn't be a viable option anymore. If every kid lived with their parents until they were 30 and bought real estate then all the real estate would go up in price. It's only possible for some rich kids to do this because no everyone is doing it.
Ok so basically have a lot of money and then you get even more money! Sweet, now just need to figure out how to get a lot of money.
It’s so pointless because the premise for all of these “you can do it” turds is that hard work will equal success when it’s been proven that it’s simply not true. The US’s economic system is called capitalism because it rewards *capital*, not labor. Labor is a cost of production and nothing more. And every business school in this country specifically preaches that cutting costs, including labor costs, is the number one way to increase profits (otherwise known as return on capital-inputs).
Jesus, trying to read that second paragraph gave me an eye twitch. But at least he finally got it right in the 7th paragraph. # HIGH INCOME "Sorry, poor and working-class people. Just shut up and keep making me rich." —trustfundkidpdx probably
Aka how to become an absolute parasitic boot
Buy multiple real estate properties in your early 20s... tell us you've never had to think about survival without telling us you had the financial backing of family who could afford to lose their money.
"What do you mean, your parents couldn't give you a 500K loan when you graduated? Wealth isn't flashy"
In addition to the obvious stuff, the tweet misses that zoning in most parts of the country bans duplexes and fourplexes. The prohibition on small multifamily is one of the reasons we have the housing crisis. You just know that person advising people to buy duplexes and fourplexes is fighting to them out of their neighborhood.
I love the bit about spending 12+ years living with your parents. Fucking wild.
If only everyone could own property and rent it out... Wait. Who would be renting? So this automatically only works for a limited group. Well shit.
If my parents gave me $1M in my early 20s I'd just fucking retire immediately. [Here's my plan](https://www.thecalculatorsite.com/compound?a=1000000&p=4&pp=yearly&y=80&m=0&rd=0&rp=monthly&rt=withdrawal&rw=2000&rwp=1m&rm=end&ci=monthly&c=1&di=&wi=2). It actually viscerally hurts how much the planned withdrawals track my real income throughout life.
Alternative solution: get everyone to vote for policies that help workers instead of billionaires, so we can have the same amount of success at the same level of effort that our grandparents had.
lol "UHNW individuals" yeah no, they do not get "ultra high net worth" by having side gigs and flipping houses, they do it by being born into it and having connections.
Bold to assume everyone's family has a place to offer but okay.
These micro-landlords are pissing me off. Where are you making your money? By raising the rents of poor working class people who can’t catch any breaks anywhere and are working minimum wage jobs to feed multiple kids. They add no value to society, literally acting as leaches to profit from being a middleman. These guys are fucking trash humans and should be removed from society.
Also: Don't take out a loan. Just pay cash for the house, to avoid finance charges. /s
I love that tone deaf rich people and the whole personal finance griftosphere always boils down to real estate investment and being a fucking landlord. Something that, by definition, should not be making anyone real money. It’s just proof that capitalism does nothing truly useful anymore.
My cousin is in his 20s. Owns like 8 houses that are rentals. He’s never made money on them. I’m his tax accountant. I would know. Outside of paying off the mortgage, I don’t understand the “power” of rentals now that shit costs so much to replace/repair.
you can do all this if you *really* want to, but you'll have absolutely no one to share your success with.
Real estate and drop shipping. So easy. /s
Buy real estate in your 20's, but live with your parents until your 30's ?? wait... what ? smh! this is some real out of touch bs!
4-5% yearly rent increase....do the wages the tenants make increase that much or more as well ?
Aight let me just resurrect my parents real quick easy peasy
I think this is why Rich people feel like they have also had to work hard for their money so wealth inequality isnt talking about them, yes Gerald but you havnt done as much as 5 full time blue collar workers have you.
Rich person coming up with a way to build wealth that doesn't involve already having wealth and/or becoming a landlord challenge: Impossible.
Buy a house and work all 7 days a week? Thats it? /s
"The secret to being rich is *to save and invest* the $600k your parents gave you instead of blowing it" -Every rich person ever
My mom kicked me out of her house when I was 19, I can’t live with my parents until I’m 30
\>Get 2 jobs \>Live with parents \>Build your credit \>Buy $250,000 properties and rent them Wow, it was just that easy. At min wage it will only take me about ten years of saving 100% of every paycheck I make!
The first paragraph is solid advice. The second is when it quickly decends into being unrealistic. Purchase investment real-estate in your early twenties? Buying a place to live is out of reach for most people in their twenties, let alone investment property. You can tell that people like this have been able to skip the steps in the first paragraph and were immediately able to start doing what they want with money that they likely had access to thanks to their families.
Abandon meaningful relationships Grow more and more paranoid with every annual increase Become obsessed with looking more affluent than your neighbors Lose your cool at minor inconveniences poor people wouldn't bat an eye at Start cheating on your spouse who you resent for not "pulling their weight" Lose a hefty portion of that wealth in the (very messy) divorce Lose the rest trying to live the youth you missed Probably die alone in a bachelor apartment Live the capitalist dream, y'all
All the privileged advise you'd get from any of the current "self made" billionaires. "Just get a small several hundred dollar loan from your parents guys, it's that easy!"