The Lonious Monk
New member
Not everybody is suited for owning a business and not every skillset is best utilized by being self employed.
I get a break from work starting end of next week. During that time I'm going to sit down with the wife and get back on track. I started an LLC back in '13 with the goal of our first endeavor to be taking advantage of the real estate market here in the D. Started getting our business credit file going and looking for financing.
I realized that the game is rigged. The city has a land bank where they put all the abandoned homes into and there's a lot of fuckery going on. The feds are investigating it actually. Still, there's some wiggle room and I'm thinking about selling our house to get some cash to invest in the business. I bought it in '14 and could get around 90-100k over purchase price.
I realized that the game is rigged. The city has a land bank where they put all the abandoned homes into and there's a lot of fuckery going on. The feds are investigating it actually. Still, there's some wiggle room and I'm thinking about selling our house to get some cash to invest in the business. I bought it in '14 and could get around 90-100k over purchase price.
konceptjones
New member
sunlord;c-10141806 said:
@Kat ' s Mexican.
konceptjones
New member
Kat;c-10142032 said:
It really boils down to what you do for a living and your planning that determines what you can pass on to your kids. I mean, if I were on a long-term contract getting $75/hr and I lived off of 40% of that and stuck the remaining 60% somewhere pre-taxed, within 5 years I have a sizable chunk of change. I could buy real estate and invest the money in stable stocks or mutual funds, etc. If I kept that up until I retire at about 70 years old I'd have quite a bit to pass on to my kids once I'm gone.
Think of the cats out there that make even more than that. I know a cat in Tha D that does corporate sales for Honeywell and sees $400K-$500K a year and has been in it since the mid-90's. Think there's nothing for his kids or grandkids? There are plenty of people making 6 figures that punch a clock, so to speak, that can sit on millions by the time they retire. It's all about how you go about investing your money for the future. My great grandfather worked for GM in the plants for most of his life. He invested his money all over the place with the intent of passing it down to all of us when he passed. The only thing that stopped it was nearly all of it had to be liquidated to cover his healthcare when he got into his 90's. Had he not gotten so sick and just died from old age, his accumulated wealth would have passed down all the way to me and my siblings and cousins; his great grandchildren.
I'm still in very early stages, because of reasons and so much learning over the past few short years, but I'm putting my all into using lifestyle, entrepreneurship, design work, music production as a way to get my name/label out there and fill a certain place in people's worlds. So far i'm on track so i consider that a success right there
konceptjones
New member
sunlord;c-10142123 said:
@Kat wears dickies with a white wifebeater, black handkerchief on her head with locs and ferrari red lipstick when she's out and about during the day.
konceptjones;c-10142148 said:Kat;c-10142032 said:
It really boils down to what you do for a living and your planning that determines what you can pass on to your kids. I mean, if I were on a long-term contract getting $75/hr and I lived off of 40% of that and stuck the remaining 60% somewhere pre-taxed, within 5 years I have a sizable chunk of change. I could buy real estate and invest the money in stable stocks or mutual funds, etc. If I kept that up until I retire at about 70 years old I'd have quite a bit to pass on to my kids once I'm gone.
Think of the cats out there that make even more than that. I know a cat in Tha D that does corporate sales for Honeywell and sees $400K-$500K a year and has been in it since the mid-90's. Think there's nothing for his kids or grandkids? There are plenty of people making 6 figures that punch a clock, so to speak, that can sit on millions by the time they retire. It's all about how you go about investing your money for the future. My great grandfather worked for GM in the plants for most of his life. He invested his money all over the place with the intent of passing it down to all of us when he passed. The only thing that stopped it was nearly all of it had to be liquidated to cover his healthcare when he got into his 90's. Had he not gotten so sick and just died from old age, his accumulated wealth would have passed down all the way to me and my siblings and cousins; his great grandchildren.
BOTH YOU AND HER ARE NOT PAYING ATTENTION. I HAVE BEEN TALKING ABOUT PASSING DOWN WEALTH Not MONEY OR EVEN unsubstantial non voting STOCK. You can pass down money or even stock but those things are the results of wealth not really wealth itself.
A lot of people don't seem to understand the distinction between money and wealth, the cash your granddad could have left you ONCE it's spent or potentially poorly invested that's the end of it. even if you don't spend it the value of money may drop. However a business or intellectual properties or in some cases land are things that generate value from generation to generation in a way that is self perpetuating.
the "process" is the wealth not what it actually creates. Now you can use money to gain wealth but money itself is not really wealth it's just a tool
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konceptjones
New member
sunlord;c-10142185 said:konceptjones;c-10142148 said:Kat;c-10142032 said:
It really boils down to what you do for a living and your planning that determines what you can pass on to your kids. I mean, if I were on a long-term contract getting $75/hr and I lived off of 40% of that and stuck the remaining 60% somewhere pre-taxed, within 5 years I have a sizable chunk of change. I could buy real estate and invest the money in stable stocks or mutual funds, etc. If I kept that up until I retire at about 70 years old I'd have quite a bit to pass on to my kids once I'm gone.
Think of the cats out there that make even more than that. I know a cat in Tha D that does corporate sales for Honeywell and sees $400K-$500K a year and has been in it since the mid-90's. Think there's nothing for his kids or grandkids? There are plenty of people making 6 figures that punch a clock, so to speak, that can sit on millions by the time they retire. It's all about how you go about investing your money for the future. My great grandfather worked for GM in the plants for most of his life. He invested his money all over the place with the intent of passing it down to all of us when he passed. The only thing that stopped it was nearly all of it had to be liquidated to cover his healthcare when he got into his 90's. Had he not gotten so sick and just died from old age, his accumulated wealth would have passed down all the way to me and my siblings and cousins; his great grandchildren.
BOTH YOU AND HER ARE NOT PAYING ATTENTION. I HAVE BEEN TALKING ABOUT PASSING DOWN WEALTH Not MONEY OR EVEN unsubstantial non voting STOCK. You can pass down money or even stock but those things are the results of wealth not really wealth itself.
A lot of people don't seem to understand the distinction between money and wealth, the cash your granddad could have left you ONCE it's spent or potentially poorly invested that's the end of it. even if you don't spend it the value of money may drop. However a business or intellectual properties or in some cases land are things that generate value from generation to generation in a way that is self perpetuating.
the "process" is the wealth not what it actually creates. Now you can use money to gain wealth but money itself is not really wealth it's just a tool
I actually said I could buy real estate.
Both of my grandmothers were cooks. My mother's mother left my mom, aunt, and uncle land in Texas. That land has oil on it and they're negotiating the contracts with one of those oil companies out there for drilling.
My grandmother on my father's side has land on the reservation. I'll have to ask her, but IIRC she's leasing it out for farming but the area is rich in copper and it may ultimately be used to mine for it.
My wife's mother inherited land from her mother as well. Can't remember what's going on with it but she gets money from it periodically.
My great grandfather had invested in real estate and land off of his GM plant paycheck. Again, that would have been passed down us had it not been sold off to pay for his medical expenses.
There's thousands of acres of land that can be bought out in AZ for dirt cheap. I've been eyeballing shit near the reservation for a looong time. When my money gets right I'm buying it. I saw 40 acres near Dateland, AZ going for $10K. Buy several plots like that over time and pass it down; you never know who's gonna come knocking at your door down the line looking to buy it or lease it from you.
You don't need a business of your own to buy land.
konceptjones;c-10142234 said:sunlord;c-10142185 said:konceptjones;c-10142148 said:Kat;c-10142032 said:
It really boils down to what you do for a living and your planning that determines what you can pass on to your kids. I mean, if I were on a long-term contract getting $75/hr and I lived off of 40% of that and stuck the remaining 60% somewhere pre-taxed, within 5 years I have a sizable chunk of change. I could buy real estate and invest the money in stable stocks or mutual funds, etc. If I kept that up until I retire at about 70 years old I'd have quite a bit to pass on to my kids once I'm gone.
Think of the cats out there that make even more than that. I know a cat in Tha D that does corporate sales for Honeywell and sees $400K-$500K a year and has been in it since the mid-90's. Think there's nothing for his kids or grandkids? There are plenty of people making 6 figures that punch a clock, so to speak, that can sit on millions by the time they retire. It's all about how you go about investing your money for the future. My great grandfather worked for GM in the plants for most of his life. He invested his money all over the place with the intent of passing it down to all of us when he passed. The only thing that stopped it was nearly all of it had to be liquidated to cover his healthcare when he got into his 90's. Had he not gotten so sick and just died from old age, his accumulated wealth would have passed down all the way to me and my siblings and cousins; his great grandchildren.
BOTH YOU AND HER ARE NOT PAYING ATTENTION. I HAVE BEEN TALKING ABOUT PASSING DOWN WEALTH Not MONEY OR EVEN unsubstantial non voting STOCK. You can pass down money or even stock but those things are the results of wealth not really wealth itself.
A lot of people don't seem to understand the distinction between money and wealth, the cash your granddad could have left you ONCE it's spent or potentially poorly invested that's the end of it. even if you don't spend it the value of money may drop. However a business or intellectual properties or in some cases land are things that generate value from generation to generation in a way that is self perpetuating.
the "process" is the wealth not what it actually creates. Now you can use money to gain wealth but money itself is not really wealth it's just a tool
I actually said I could buy real estate.
Both of my grandmothers were cooks. My mother's mother left my mom, aunt, and uncle land in Texas. That land has oil on it and they're negotiating the contracts with one of those oil companies out there for drilling.
My grandmother on my father's side has land on the reservation. I'll have to ask her, but IIRC she's leasing it out for farming but the area is rich in copper and it may ultimately be used to mine for it.
My wife's mother inherited land from her mother as well. Can't remember what's going on with it but she gets money from it periodically.
My great grandfather had invested in real estate and land off of his GM plant paycheck. Again, that would have been passed down us had it not been sold off to pay for his medical expenses.
There's thousands of acres of land that can be bought out in AZ for dirt cheap. I've been eyeballing shit near the reservation for a looong time. When my money gets right I'm buying it. I saw 40 acres near Dateland, AZ going for $10K. Buy several plots like that over time and pass it down; you never know who's gonna come knocking at your door down the line looking to buy it or lease it from you.
You don't need a business of your own to buy land.
You said you would invest in real estate with the money that would have been handed down to you from your granddad...... saying that is not the same as saying you would buy land, there is a distinction there that you did not make clear. Like i already said " a business or intellectual properties or in some cases land are things that generate value from generation to generation in a way that is self perpetuating."
^^^^ those are examples of things that generate wealth and by the way put an asterisk next to buying land if your plan is just to go out and buy plots of land you are going to regret it.
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konceptjones
New member
Kat;c-10142237 said:
liar, we've seen the pictures.
Granted this ain't the thread for Kat to be in...but nigga you did prove her point with your reaction lol. Somebody already said...owning a business is harder than most realize and its simply not for everyone to have that responsibility. Also the "want to" factor. For many the idea of owning your own business and being your own boss seems better than it is. You really are all in and are your own source of income so ain't no sick days or pto or vacation. You miss those days you missing money. You late for a meeting or appointment that's money lost. Most folks dont like a fluctuating income and even less can handle the mental stress of knowing you and you alone are to blame if you don't make money
Ajackson17
New member
I'm a business owner. Its serious work and maturity.
blackrain;c-10142290 said:
I don't know if this is directed at me but..... here's the thing if you are late for a meeting as a worker you can be fired, employees don't like don't like fluctuating incomes but are cool with knowing that they can lose all income at the whim of their bosses. The boss meanwhile can take as many vacation days as his chosen work schedule allows. At the start there will be a lot of work and suffering but as time goes on it gets easier and easier and you become happier and happier
fear, lack of ideas, lack of skill, lack of capital and lack of drive or simple contentment are the reasons why people don't start their own shit.
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