Financial Independence (FI) means not needing to work for money. The core concept is to increase your savings rate and buy assets that provide a stream of passive income.
Durek_The_Bald
3 months ago Financial Independence
Wanted to put some more money into my index funds today, but then I see they're all doing very well lately.
Anyone here know of any sort of public panic I should be paying attention to for the next couple of weeks? America, Europe, Asia, Africa, South America, doesn't really matter where.
My goal is to hit those little 5-10% drops (or more) that tend to follow bad news and uncertainties that make normies panic.
carnold03
4 months ago Financial Independence
Thanks mate, like the idea of the lists ;)
If we're unable to figure that a guy smart and disciplined enough to build $100k in savings over a handful of years may also be smart enough figure out how to use it, then it shouldn't be too hard for that guy to realize that those people were too stupid to offer advice worth the time to read.
Kloi
4 months ago Financial Independence
BRICS has the potential to replace the USD as the world currency.
Considering it formed in 2010ish(?) it's a replacement option for the current competitor's collapse, not competition.
MentORPHEUS
4 months ago Financial Independence
A new storm brewing in Residential RE. BlackRock and Vanguard appear to be unleashing a new scheme to push more owners out of homes so they can own them and rent them back to the previous owners or deeper pockets. They own big stakes in the biggest insurers. Many insurers have cancelled existing policies and stopped writing new ones in large geographic areas. Prices for policies are skyrocketing by hundreds of percent in many cases.
Mortgages REQUIRE the homeowner to carry property insurance as a condition of holding a mortgage. If your coverage lapses, the mortgage holder finds this out quickly and either buys lender-placed coverage at your expense that covers only the bank's interest in the event of a loss. In many cases they are not doing this at all but going straight to foreclosing on the mortgage and will end up taking the property.
People living in paid-off condos and HOA properties are getting HOA insurance costs passed on to them, and face losing their PAID OFF property by this scheme.
If you OWN property, pay careful attention to your insurance. If you're looking to BUY property, this is another reason to wait till a wave of insurance-driven foreclosures hits the market, and try to beat BlackRock at their game buying them up at a deep discount. Be sure to price insurance into your investments carefully, even if you're going in with all cash!
Read MoreMentORPHEUS
4 months ago Financial Independence
USA will be the last to collapse because they're currently the world currency.
BRICS has entered the chat
Kloi
4 months ago Financial Independence
Rural area in the Midwest: did some work on Mom's house in 2014/15 and it was appraised at 112k. Up from 86k in 2012. Last year the house sold for 169k. 9k above asking with multiple bids over the 155k asking price.
While individual states may be better or worse than others it's still one nation.
The Fed is hunting for more and more wealth from your average American. Example's being the fact Biden wanted to go after anything over $600 via Vermo and similar apps for digital transactions. The sixty some thousand extra IRS agents hired recently.
USA will be the last to collapse because they're currently the world currency. Hard times have caused foreign money to flea to the USA, which propped up stocks during covid while other countries bottomed out.
RedPirate751
4 months ago Financial Independence
@Kloi there's a big difference between buying a house in NYC, which is more comparable to your Roman example, and the many places in the US where the market/government is better.
If he wants to live in a big city then yeah it might not be as good of an idea.
Kloi
4 months ago Financial Independence
Throughout history collapsing governments have routinely increased the expenses in relation with owning property to the point above average people will simply walk away before being bled dry.
That's part of the reason Rome went from the first city with a population of one million to 500k. Then 500k to say 50k in 100 years
To go off the original thread, now isn't the time to purchase. Everything is still inflated from Covid.
Invest in yourself. Pay to learn new skills. Pay for life experience. Start a business if you're a leader and have an interest that could be profitable. Invest in someone you believe in if you're not business owner material and you're a good judge of character.
MentORPHEUS
4 months ago Financial Independence
buying land/owning a home is one of the few things that will always hold value.
True but prices fluctuate a lot, and you want to buy the dip, NOT the peak or bubble. People who put everything into RE in 2007 probably waited a decade for it to be worth what they paid for it again, whereas those who bought in 2009 probably got twice as much for the same money and those properties started appreciating above purchase price right away.
My prediction is that all RE is nearing the end of a bubble so anyone with money to burn might be better off putting it in a short term investment for now and move it into real estate 12-18 months out when they can get far more for the same money and it won't go way down in value the first year of ownership.