Based

He's just a larping boomer that is like 50 and is barely a millionaire. Pretty much the age for the typical millionaire.

>but hur dur he is rich

was on vacation in another country, noticed a household product that solved a problem that americans might like to use. came home, took the biggest risk i'd ever taken. leased a small bit of warehouse space, and ordered a small sample shipment of the product (and varieties). made many phone calls, emails, walk-ins, ended up getting the product on the shelf of over 25 independent stores within 50 miles of my home. I'm the only importer of this product to the usa so i negotiated a licensing deal with the manufacturer to be the distributor for the 15 states around me. hired a ceo, we are in talks to get on shelves at large grocery chains throughout the east coast.

What's the point of showing off such a piece of shit watch?

nice work

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thanks but to be honest i larped. my parents are rich and i am in medical school. I own apartments in 3 countries but they were all handed to me, private stocks, international government bonds, and i never worked for anything (apart from planting bulbs and weeding in our 8 acre garden)

you really expect me to believe that?

believe whichever story you want. the last one is the true one.

I fucking love this Millennial Money video series he did
youtube.com/watch?v=s7nO19BKNDA&list=PL05CT5ErhZtoS7nea4_hahf0Gdb-yHXCv
It couldn't be more obvious that he's literally holding the thot that's interviewing him prisoner in a dungeon somewhere. Also all of his stuff is a complete meme, but I love the sound of his voice

it's technically incorrect and a brainlet way to go about finances.

like i said retarded oversimplification. living costs money, if renting is cheaper fine i will rent if buying is cheaper i will buy. you idiotic mongrels go on memeing about this scammers bullshit.

even if its cheaper month-to-month to rent, that doesnt mean youll come out ahead in the long run. dont be penny wise and pound foolish. if you need to spend $3000/month to retire, youll need an massively larger investment portfolio to support yourself than if you outright own the home with no mortgage and only need $2000/month. better to pay no mortgage than to pay rent.

also i dont know anyone massively wealthy who views their primary residence as anything other than a headache.

its a really easy book and its small.
its basically nothing. you wont learn anything.
the jist:
money is not evil, rich people are not evil, tax is bad, helping others(using gov taxes) is bad, robin hood was a crook.
i think if you are on Jow Forums you already agreed with all this.
i was agreed with this whole concept without reading the book.
but honesty, nothing new in this book

that books not on the list

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>even if its cheaper month-to-month to rent, that doesnt mean youll come out ahead in the long run
that pretty much guarantees it in most cases tho. there could be lucky exceptions.
the rule of thumb is this if rent/buy is under 0.5% you rent if it's above 1% you buy but these are not absolute rules more like general guidelines. hidden cost of ownership varies greatly by building type.

i'm on the same page about that as you i think home ownership is retarded but that's because of local circumstances. my rent/price ratio is 0.39% i would be a fool to finance a home especially a family home in a suburb instead of renting. but that doesn't change the fact that if you own a place it counts as your equity.

an other general rule of thumb is you will spend the price of a home on it in 20-30 years again. so if you finance a home with a 25y mortgage and minimal down-payment then you renovate you pay about 3.5x for your home in 25 years or so. as opposed to 1.5x if you rent at 0.5%.

what youre saying is only true until the case with the mortgage has been paid off entirely. from that point forward, any advantage that renting had over the owning will be wiped out.

poor people work for money
rich people make their money work for them

A house can be either a liability or an asset by definition. A liability if you buy at the top of a housing market downturn and don't own your house, an asset if it is steadily increasing in value more than you're paying on it.

A house can be either, it depends on whether you're making money on it or not.

so you either spent 3.5x and get 1x equity (it's all inflation adjusted for simplicitys sake the real estate value will track inflation so are the costs)
or you spend 1.5x and have 0x equity.

but your risks are also totally different if you own or rent. totally. if you own and something happens to the local market out of your control that cause the prices to crash like the hood going to shits you will get fuck to an incredible degree buying while someone renting can just pack up and leave even if it just because your employment moves. those are my top personal reasons for renting.

yeah probably hard to imagine that cost of ownership will exceed the rent. that is why is always say depends. and that mortgage sucks.

a house is neither an asset nor a liability. your ownership is your equity but you usually also got some liabilities with it. why so you insist on making stupid statements that make no sense whatsoever like that bastard dickhead kiyosaki?

How do you make your money work for yourself when you have none?

yeah if you willfully ignore risk like a tard you can say retarded shit like that.

here what i learn from book:
a house is liabillity, BUT if you get a house and rent it until you make the money back(ortagage etc) then it turn into asset, because you literally now own the house for free

that's one more bullshit, if it's not wroth to buy a house to live in it it sure as hell doesn't worth to buy to rent out.

Your personal home is not an asset
Assets are things that generate income for you
Your savings should only be used to generate more income

hes gonna get liqd in the crash, he's way too heavily leveraged

He is rich because he sells millions of his book to dumb normans and also sells seminars that cost several thousand dollars to attend

How to earn money by telling how to earn money.
>home is liability becuz muh cost.

own a home with mortgage and pay EMI or rent for whole life like cuck.

>scared money don't make money
kek

>Roberto Meyousucci is based
he is too basic to be based
you lose the fine grain peculiarities of reality when you go as basic as he does, like going from a well marbled premium rib eye to the no-brand ribeye you get at walmart that's solid red.

not true for multiple reason assets can be perfectly passive. so long they represent value.
let's say rent/price is 1% in your region. in this case you pay 3x of the home value as rent, while you would pay 3.5x if you financed and got 1x equity. but if you skipped mortgage and bought on cash your cost would be around 2x and equity 1x so you would pay 200% of the home value in rent over buying it.

just use basic elementary math niggers! and stop talking bullshit in absolutes. rent/price ration the type of home and of course the mortgage rate and early repayment strategies all matter shittons in how you end up.

>scared money don't make money
it's a fact of life that interest over inflation is proportional to the risk. people tend to ignore this, especially commies. the capitalist risks his capital in his investments. and any venture that offers too good returns gonna be flooded to the point where getting in is guaranteed losing out in a short order. that's how market works. if you have shittons of money literally shittons then you can take very measured small risks and live off the dividends and be fine. you won't be doing that with your middle class savings tho.

but there is an other aspect to this that is easily ignored. when risk is classified it has no time dimension. many high risk volatile investments that can lose half their value in a year offer actually little to moderate risk over a long enough period of time like a decade. but again you have to be pretty rich to be able to postpone cashing out for a few years when the market is bad.

not for poor people.

Can you larp the country and item so I can make it a reality

why the hell people even attend seminars
just buy his freaking book if u have to

Thanks for the link. The video sounds like very basic stuff that everyone should know (though I reckon that most people won't do it). I guess the book goes into much more depth? Can you say why you recommend it?

>The video sounds like very basic stuff that everyone should know

Knowing and doing is a big difference. These simple concepts can get very complex.

For example we all know having a great credit score gets you the lowest interest rates. Why don't most people have a good credit score? Furthermore why do most people use their good credit scores for a house and cars only?

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Just wanted to start a discussion, not recommend it. It's the best selling personal finance book of all time by a wide margin but it's very heavily criticized by many people. e.g. johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1

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basically dont spend money and create passive income streams with the money you save

Thanks!

>why do most people use their good credit scores for a house and cars only?

i posted a link to help someone for a relevant listing on bizbuysell the other day, and they had never even heard of the website. the question you asked blows my mind every day. even the people who end up with good credit and financial standing rarely ever take full advantage of what that means.

I'll save you the time and monotony from reading that bullshit.

Entire book can be summarized as:

>rich people buy assets
>poor people buy liabilities

Buy assets, not liabilities.

Take a look at this guys.

I bought a 2009 Honda Fit last year in September.
Look how much the thing has cost me so far.

Now let me make something clear. I did all the work on the car myself and pay for good insurance. I did so much shit to this car that beyond some minor scratches and paint issues I have ran out of things to maintain.

Also I have the title.

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Wannabes and literal boomers. A great example is Armando Montelongo, seminars and bus trips costing over $50000

That home you bought in all cash is a liability. Your cash that you put into the home is not generating income, it’s sitting as dead equity. Interest rates are at 4%, when the fed raises rates your home that you overpaid for is going to drop in value, and any appreciation you may think you’ll end up getting will in the long term will be wiped by taxes, insurance, brokers comission, and capital gains.

So instead I should pay tens of thousands of dollars in mortgage to the bank every year over the course of 30 years.

>paid off house is a liability
Found the retard.

Let us continue...

Can you answer the question in the pic?

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youre thinking about it the wrong way. depending on how the numbers work out, you may have been financially better off paying minimums at your mortgage interest rate while the rest of your money was generating an even higher % yield. of course, this leaves you with debt over your head and possibly trouble sleeping at night. however there is no question that if you pay minimums on a mortgage and invest at a higher interest rate, your portfolio will end up bigger.

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What website/app is that picture from? I am interested in it.

thank god i'm not an american. but sure all valid points i like to point out to "BUY LOL RENTING IS JUST THROWING MONEY OUT THE WINDOW" fags. it all depends. i think i made an okay gamble for various reasons (it's sort of a hedge for me that will appreciate a lot in the coming years because of it's location) but it can turn out to be a rotten investment.

Quicken Deluxe sub

Keep in mind you are talking to mostly brainlets. Furthermore like no one here owns any real estate. So yes it depends, but that is too complicated for people. So the best answer is that most people who own a house are using it as a giant money sink.

>thank god i'm not an american.
COPE
OO
P P
E E

>Quicken Deluxe sub

Googled it. I was kind of hoping it was a cool free app. As a non-brainlet, I am not paying $35/year for a money management tool I can make in Excel. I am autistic enough that I'd probably enjoy making it, anyway.

If you are that autistic then you could find the 2018 quicken deluxe in eBay for around $30. That's a two year sub. And you would know because of autism that there is no 2018 or 2019 now. Same sub.

>paid off house is a liability
yeah it's equity that comes with some liability. the cost of ownership is absolutely real but it's more important when you calculate with it above mortgage to see if buying is a good alternative to renting. if you have a home already costs will not flip and it to negative compared to renting

that was a comment on fed and property taxes mainly. i mean fuck that shit. not that my country is a peach or anything plenty of retarded shit here.

The book gave me some new ways of thinking about business. But it's written in a cringe way that made it a pain to read

what is your country

This is the truth. Also, rich people create systems and invest money.
Poor people are employees or self employed.

the housing shit all he's saying is that CASH FLOW is what matters most

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This is how most people buy houses:

Save up for downpayment
>likely 3% of purchase price FHA loan plus closing costs

Then live in it for years, spending lots of money on taxes, interest and repairs.

Finally they sell the house, which went up in value!
>which will likely never match what you put in it, (unless you are a ww2 baby boomer).

With all the money they buy a bigger more expensive house and the cycle begins again!

So in this situation the house was never an asset, because it sucked money out of their pockets their whole god damn life. SO SAY WE ALL!!!

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Why are you on Jow Forums with this mentality?

i have read the book, well its a 6/10 for me, i understand what he is trying to say, but how do i buy assets when i never have enough money to buy even a simple things, let alone assets(bussinesses, make investments). where do you get that initial large sum?

can someone redpill me on how to build an apartment complex

My dad, who is fairly smart and usually gives good money advice, said that I should buy the most expensive house I can afford because they appreciate in value and you can deduct the interest and property tax from your taxes. I'm glad I didn't take that advice. Even my house, which is not nearly the biggest house I can afford, was too expensive in my opinion and definitely costs more than its value appreciates.

I have to live somewhere though, and if I stay here 3+ years, it will be cheaper than renting. Houses are not assets, but having one can be cheaper than not having one. Unless you're okay with being one of those people who are millionaires that live in their cars or something.

i'm not averse to risk i'm averse to idiots that pretend it doesn't exist.

>Step 1: Be a bank or REIT
>Step 2: Bribe local government to zone your land for rental apartments
>Step 3: Hire a bunch of contractors to design and build it for you
>Step 4: Hire some lawyers to find excuses to not pay your contractors and designers, or at least pay them less than you agreed on because of some fine print

Rinse and repeat for decades until you're ready to run for president.

>can someone redpill me on how to build an apartment complex
Buy a house and rent it out, then do it again. After doing it ten times, sell it all and buy an apartment building.

not helpful!

not what i asked for!

NEXT!

>not what i asked for!
>
>NEXT!
But I did answer you. If you are building an apartment building then you need cash and lots of it, plus a history of real estate deals in your bucket. You can't just go from nothing to an apartment building. Not that way kiddo.

i asked how to build, not how to buy. practice your reading comprehension!

>asked how to build, not how to buy.
I don't see a difference and all my advice applies for both. You still need a bank loan and history.