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More like a 40 yr. guy, not 25 yr. old


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Rather amusing to some of us....a work colleague's son just finished his final co-op term and graduated from university this year.

He bought a 3,000 sq. ft. house with 6 bedrooms....in Austin, TX.  Yes, he was a Canadian student where via his co-op program he landed different paid co-op jobs.

He plans to rent out some rooms. He's single and has a full-time permanent job.

Behavin' more like a 40 yr. guy instead of 25 yr. old. So serious about his money now.  With covid, right now, it's harder to jet off to Europe to go backpacking for 6 months.

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Lots of tech companies moving to Austin the housing market is in short supply he probably won’t have trouble renting rooms

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1 hour ago, jsharr said:

Lots of tech companies moving to Austin the housing market is in short supply he probably won’t have trouble renting rooms

But why would you want to? Ok if they were your friends, I guess. But I wouldn’t run a boarding home, even for upscale millennials. 

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12 minutes ago, Prophet Zacharia said:

But why would you want to? Ok if they were your friends, I guess. But I wouldn’t run a boarding home, even for upscale millennials. 

I would agree....it just sounds like a headache.  So I find that interesting, for a young homeowner who should feel freer at his stage in life instead of weighed down so quickly with responsibilties of landlord.  Maybe in 5 yrs...he'd have enough of it, renovate the house and sell it.   For sure, own a home but not laden oneself with landlord work/worry.

He is a Russian immigrant.  He would have immigrated with his parents from Siberia, to our city when he was a child.  So maybe his background gives him still the survival-make-money mentality.

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I know alot of immigrant stories or children of immigrant parents, who just work their ass off...and shortly buy a home after only a few years of full-time work.  For instance a Greek-CAnadian friend after finishing her degrees in French, then education degree...landed her teaching job. Then approx. 2 years later, much to our shock, she bought a 3 bedroom bungalow in our home city.  She was still single, no kids.  At that time, we were impressed by her financial guts.

She comes from a family of 8 children.

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When my son graduated from college he got a job, bought a house and was serious about his money. He's on the same path as me.....retire early. At the rate he is going he can probably retire around 55 to 60 years of age. 

The only difference is.....I didn't go to college. 

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Sounds like a great idea. Live in a nice house while others pay your mortgage and you make bank.

 

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3 hours ago, denniS said:

Live in a nice house while others pay your mortgage and you make bank.

I’d consider doing it with an apartment building, duplex or some other multi-unit arrangement. Being a landlord clearly can have financial benefits. But not renting out rooms in a single family home. I value my privacy too much for that, although at 25 I may have viewed it differently.

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2 hours ago, Prophet Zacharia said:

I’d consider doing it with an apartment building, duplex or some other multi-unit arrangement. Being a landlord clearly can have financial benefits. But not renting out rooms in a single family home. I value my privacy too much for that, although at 25 I may have viewed it differently.

My son has rented out a room in his house a few times for someone looking for a place to stay for a month or two. 

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11 hours ago, shootingstar said:

Behavin' more like a 40 yr. guy instead of 25 yr. old. So serious about his money now. 

I wish I behaved like 46 yo brain when I was 25, but oh well. I had fun :) 

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1 hour ago, bikeman564™ said:

I wish I behaved like 46 yo brain when I was 25, but oh well. I had fun :) 

I think there's a way to be semi-serious about money in a responsible, long-term way but still have lots of fun at that age.

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16 minutes ago, shootingstar said:

I think there's a way to be semi-serious about money in a responsible, long-term way but still have lots of fun at that age.

We had a lot of fun at a young age I just made sure that I put a small amount of cash away for retirement. I always planned on not relying on social security for retirement. 

 

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5 minutes ago, BR46 said:

We had a lot of fun at a young age I just made sure that I put a small amount of cash away for retirement. I always planned on not relying on social security for retirement. 

 

 

26 minutes ago, shootingstar said:

I think there's a way to be semi-serious about money in a responsible, long-term way but still have lots of fun at that age.

True, I've had 10% minimum, of my salary going into a 401K since I was 22.

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45 minutes ago, bikeman564™ said:

 

True, I've had 10% minimum, of my salary going into a 401K since I was 22.

I retrospect, I think I had only $10,000 saved for retirement when I was 31 yrs.  Then I ended up with a mortgage for a condo which I lived in. After university I was holding down 2 part-time jobs, for 3 years until I got a full time permanent job. During the 2 job gig years, I also volunteered for 2 different organizations which was fun, lots of learning..and actually without me planning anything at all, helped me grow..to become more well-rounded, more confident/courageous. I needed it later for some organizations and senior managers I had to deal with in jobs.

I also took several evening art courses during gig years..which those skills and enjoyment...are still with me today.

I had alot of catch-up financially to deal with saving for retirement...which is ok by now. I guess....will never feel totally confident...that everything is easy-peasy.

My advice to any young person feeling discouraged in today's job market is to add on volunteer work in addition to a paid job (that they might not like much, but took just to pay bills) for an activity/organization that they value/want to enjoy also.

So hopefully colleague's son, discovers other stuff soon ...beyond just making money at a young age.

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The place across from me was purchased by a 20 something young man maybe 10 years ago.  He promptly took in two renters and then a couple of years later moved out & rented the master too.  He targeted young professionals and it worked out really well for him.  Yeah it was a revolving door of people but he selected well and we didn’t have any problems.

He ended up selling  it last year.  He was a good kid, I enjoyed talking to him.

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33 minutes ago, ChrisL said:

The place across from me was purchased by a 20 something young man maybe 10 years ago.  He promptly took in two renters and then a couple of years later moved out & rented the master too.  He targeted young professionals and it worked out really well for him.  Yeah it was a revolving door of people but he selected well and we didn’t have any problems.

He ended up selling  it last year.  He was a good kid, I enjoyed talking to him.

Another work colleague, bought a condo that he rented out and sold. Then bought another meanwhile had a custom 3 bedroom house built from his earnings in IT work.  He would have rented out his lst condo probably in his late 20's.  Anyway....he was looking into buying 2 more new condos to rent out while he and wife both hold down their full-time jobs.  They have 2 young children.  We joked with him being a slum-lord on the side.  He would be in his early 40's by now.

If you met these people I mentioned in the thread, you would have no clue of their financial situation and what they did earlier in life. There would be no indicator...except for a house.

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12 hours ago, Prophet Zacharia said:

But why would you want to? Ok if they were your friends, I guess. But I wouldn’t run a boarding home, even for upscale millennials. 

A teacher I taught with in the 90's owned (all in 2021 dollars) a $560K house with about $200K in equity and had an $80K job.

He rented out two rooms to single guys and gave them use of his kitchen, a bathroom, and his Internet.

I once told him he was the "stereotypical Jewish guy" and would end up with a huge nest-egg's worth of property compared to the rest of us.

Eventually I learned I was wrong. He had a severe gambling problem and lots of debts.  Eventually, with the help of a friend who also taught with us, he had to sell the house to get himself financially ok and bought a $70K fixer up in Baltimore City.  But where he bought was a "yuppie-ville" area and the property was soon worth $200K!

When I retired, he had a couple years to go and, at 55, he wanted to live off his pension/health insurance and retire to Las Vegas and work as a Blackjack, etc. dealer there.

One year after I retired, the friend who helped him had a heart attack and died. One week later he had a heart attack and died!

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5 hours ago, MickinMD said:

A teacher I taught with in the 90's owned (all in 2021 dollars) a $560K house with about $200K in equity and had an $80K job.

..............................

One year after I retired, the friend who helped him had a heart attack and died. One week later he had a heart attack and died!

His gambling habit was so sad. Maybe he didn't like teaching much at all.

 

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