Originally posted by giant
You just don't get it do you? You have these huge ideology glasses on and can't see past them.
Let me make it simple for you: Everything you have said in this thread assumes that the world is intensely more simplistic than it is.
Things aren't always complex, especially making money. Perhaps the love of a woman is a complex issue, but adding value to something or getting a return from an investment really isn't that hard. Most people just don't get themselves into a position where they can even experiment and find out what sort of financial plans work for them.
Think of it like fitness. There lots of contention about how much of what to eat, how much cardio vs how much lifting, etc. What is fitness vs. premature wear on joints, etc. It is a pretty complex issue when you think about it. However that really only becomes true if you are the one reading about it on the couch. Getting the feedback from your own body helps you to distill that complexity down to what works for you pretty quickly.
For the other part of what you are saying here, you apparently have had to slave away, and you still don't have very much money. You have 5 single family homes that you rent out, correct. It's likely you don't have those under a management company, as we often do here. Buying and maintaining those homes must be chore. You also have to study in order to know anything about finance.
Don't forget the apartment building.
Landlording is pretty easy actually. I tell people that the biggest mistake people make with rentals is calling it property management. The property doesn't do anything. It is the people. Rentals are people management.
Being a teacher, I have just a little experience with people management. My houses don't require lots of work at all. I will admit they do when I first purchase them but then I make quite a bit of money in terms of equity for that week or so's work. My rents are deposited electronically. The bills are paid via the internet. I take about 2 calls a month on my cell phone. The renters all sign minimum one year leases and often renew for another year.
Rentals are passive income. If I had to do work to get it, I wouldn't be interested in it since I already have a job.
The studying... I read several books about fixing homes and managing rentals. I would put the total number of books at about seven and their total value at about $150.
As for not having much money, I see you couldn't find anywhere where I had "bragged" about my net worth. I suppose you enjoy claiming I am "poor" in an attempt to get my to declare what it must be. I'll give you a hint at it since a friend on these board told me it is rude to talk hard numbers.
Let's just say I am worth more than any of the people in those articles I posted. So now perhaps you won't feel so bad as I slave away twice a month on my cell phone.
As for my financial situation, you once again wrongly assessed the situation because you just simplify and then imagine, somehow thinking you can infer reality that way.
I'll just put it this way: my life and sources of income are more complex than you can deal with. I wouldn't even know where to start.
So I won't deal with them then. I don't mind that I guessed wrong at your background. I assure you it was no more of a bad guess than what you took at mine. If you don't know where to start, then don't. No one has said you have to share anything or even post anything.
If you care to share then that is up to you. I have personally thought of forming an AI/AO investing club because I have wanted to get into stocks and have never owned any. If you are trading in futures, shorting stocks or some other issues I haven't dealt with then I'll be happy to listen and learn. Likewise if you want some info a what's a cosmetic fixer versus a condemnable money pit, I'm your man.
While you sit back and pat yourself on the back for what you think you know or have figured out, the real world is going by with greater complexity than you can ever imagine. What's the best way to be consistently wrong? Assume you can infer things you have zero information about.
Perhaps what you deal with is complex. Mine is quite simple. All people need a place to live. I provide them at slightly above fair market rents but with some nice extra amenities. Likewise real estate is limited. They can make more cars, more computers, and even build more houses, but they can't make more land. Likewise a few simple things can make people especially happy enough to pay a clear premium above the sum of the parts. Apple is a great example of this but in housing it can be things like ceiling fans, crown molding, updated flooring, clean, warm, white paint, etc.
For example in Real Estate they tease that the three most important factors in buying a house are location, location, and location. The locations in which I buy my homes are upper middle class and up. The neighbors actually thank me when I remove the eye sore it was from the neighborhood. I give them my cell phone number and THEY manage the homes for me since I promise them a good tenant. THEY will let me know if someone is throwing a party, not keeping up the lawn, etc.
However since I select good tenants they don't have to deal with even issues of that nature. Better yet I let them pick their neighbor by giving me referrals. It is far to simple and easy.
Pretty homes, good neighbors, good locations, simple stuff.
Sort of like taking a $.05 potato and making it a $1.29 bag of potato chips or french fries. (People should think about that when they consider why every restaurant lets you "supersize" your fries and drink. It is where they make the most money) It is like taking some water and adding some sugar, etc to it and calling it Coke.
You know what the best path to happiness with money is? Common put it perfectly: I make money, money doesn't make me. Do what you love, be a service to people and don't spend your money on useless crap. In today's world, it really is the one thing that is that simple.
Sounds like good advice and I think the couples I posted and myself follow it. I'm a teacher who happens to enjoy real estate and benefit from that. I get to spend time with other people's kids and my own pretty much all day every day. I only work 176 days a year and we enjoy traveling the rest of the time.
Honestly giant, do you think they articles I posted are that different from you advocated right there? From what I saw, most of them weren't in some rat race. They seemded to have their priorities pretty straight. I could see your point if I were posting about some internet IPO millionaire of something of that nature flashing some bling, bling and chasing after all the wrong things. I could understand it if I posted articles about folks who had a lot of material possessions, high paying jobs, but no investments or net worth. However I thought what I posted is right up the alley you just advocated.