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Advice on money making/saving/spending

Discussion in 'BlackHat Lounge' started by BlackR8, Feb 16, 2010.

  1. BlackR8

    BlackR8 Newbie

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    Picture this:
    Living at home with parents
    In college

    Just had $2k week.
    Soon to be making $8k/week.

    Goals:
    Lease $8k/month house in Maui
    Lease $125k Audi R8

    So what do I do?
    Move out? Save? How much do I save before I move out? Lease the car?

    Any financial, or just advice in general, is much appreciated. Thanks for everything BHW : )
     
  2. BlackR8

    BlackR8 Newbie

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    Is there a different forum this should be in? I even tried searching and didn't find anything.. I thought alot of people would be asking the same questions I am..
     
  3. Rockin

    Rockin Junior Member

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    I try to save 50% of my money for taxes (I save/invest the left overs). Then spend the rest on living expenses, toys, etc.

    Also try to avoid loans and rent. If you can buy a car and a house do it. If you can't then save up for it, because IM can go bad fast depending on the niche. Anyways the Audi and house might be nice now, but if you save up you can get them at a lower cost.
     
  4. teenmoney

    teenmoney Regular Member

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    I would just save most of it. Or put it in some longish term investment. Maybe buy a car or something, but you cant beat having $100,000+ in your pocket right out of college.
     
  5. BlackR8

    BlackR8 Newbie

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    I agree that I should be able to pay cash for a car/house if I were looking at anything like that at my age.
    So let's say I have 100k in the bank, making a steady 20k/month. At what point do I lease the 8k/month Maui home? Should I opt for a 3k or 4k condo here in Malibu, and save the extra cash for the home I will ultimately buy? (This home will be from 5-10 mil) At what point is it not completely STUPID to lease the R8?
    Basicaly, how much money should I have before I go for house/car leases?

    Thanks for the replies so far!
     
  6. w84it

    w84it Regular Member

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    I wont judge because I have no clue who you are or exactly what you do but from the sound of it you may be getting too excited right off the bat.

    IM is not the most secure income... why not save as much as you can while living with your parents and eventually when you have enough money to buy the things you like, you can buy it cash and know its yours and no-one can take it from you.
    Leasing a $125k Car sounds hella stupid to me, who do you want to impress?
    Luxury comes last, once you have secured yourself financially you can get all the toys you ever dreamed of :D
     
  7. Rockin

    Rockin Junior Member

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    You get a car when you can pay cash upfront for it, especially a luxury car. Concerning housing I would get one of those normal 400-800 dollars a month apartments/houses on campus. In college you can spend 100 bucks a weekend and live like royalty man, why not try doing that?

    If you just wanna impress people get a facebook and add the people you want to impress. Then 5 years from now when you're retired and living life up they will idolize you.
     
  8. MoneyMakerMatt

    MoneyMakerMatt Junior Member

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    To be honest at 20k/month (which don't get me wrong thats a shit ton of money) I would never lease an 8k/month Maui home. If you look at the added expenses with having a home it could easily hit 10k/month, which is half your income. It would not be wise to commit half of your monthly income to your living arrangement, especially if that 20k is not considering taxes (remember we pay taxes in IM too). Especially since IM income can slow down as well, but for this case lets assume it keeps going no matter what. Spending half your income on a house still would not be smart, you can still live very decently for probably half that easily, which would be alot more conservative. Me personally, at that income level would probably have trouble even spending 4k on a house, although if I had 100k in the bank and 20k income after taxes im sure I would.
     
  9. BlackR8

    BlackR8 Newbie

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    :eek::eek::eek: LOL not gonna happen. I don't want the car or the house to impress people. I don't care what people think, and that's the truth. I want the car and house because I want them. It's just that simple. I would not lease the car until I was moved out, obviously it would be almost disrespectful to drop money on something like that while my parents are still supporting me.
     
  10. darkmobius

    darkmobius Regular Member

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    yea if i had the money i would just out right buy it. If you are about to earn 8k a week or 32k in a month. You can just pay that shit off in a few months, why lease? Unless you are planning to get another car.

    Don't be stupid, get a house first then a nice car.

    Then again this thread sounds stupid and random....
     
  11. BlackR8

    BlackR8 Newbie

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    I agree man- IM, ESPECIALLY bh, is never too secure. I am going to be putting half of what I make each month into a "Can't Touch it" bank account. I figure that's my "form of retirement." And hopefully within 3-4 months I should be at 48k/month, that is how the upscaling calculations are looking right now. In this case, it should only take a year to have more than DOUBLE the amount of a year lease on that home, AND cash for the R8! (And if you can't read, I would still have around $250k saved!)
     
  12. BlackR8

    BlackR8 Newbie

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    I would lease so that I can keep getting the newer models as they come out. Everyone knows once you get a 2010 exotic or super luxury car, you're gonna want the 2011 ;)
    I am, already mentioned that :)
    I think it's because I ended up answering one of my main questions myself... I was looking for roughly what number I should have saved up before it wouldn't be stupid for me to move into an 8k/month home. I get it. It's stupid. But at what point would I have enough saved up, so that it wouldn't look too stupid?
     
    Last edited: Feb 16, 2010
  13. darkmobius

    darkmobius Regular Member

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    Enough to the point where you still have some "buffer" after you bought your house and car, i don't know how lavish your living style is, you need to take that into the equation as well. If you make 10k a month but you spend 15k then we have a problem.
     
  14. paytonlowe

    paytonlowe Junior Member

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    Read the book "Legend of the Golden Scrolls: Ageless Secrets for Building Wealth" by Glend Bland
     
  15. BlackR8

    BlackR8 Newbie

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    I'll check it out : )
    I've got one for you- "4 Hour Workweek" by Tim Ferriss. It would benefit anyone!
     
  16. smack

    smack Junior Member

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    if you taking NOTHING else away from this thread just remember this.

    if you're 1099 put away 50% of that money for taxes.

    you won't end up paying 50% (most of the time), but then you should have a nice tidy little sum left over like your own tax return at the end of the year.

    aside from that, save as much as you possibly can. within reason of course.

    the funny thing about interblagz monies is that it's alot like drug money. it goes quickly on stupid things like booze, eating out, cars, girls, and strange pets like ligers. :)

    a hard lesson i learned early on. save as much as you can!
     
  17. dnreg

    dnreg Jr. VIP Jr. VIP Premium Member

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    Your mind is in the wrong place, man. Even if your method scales the way you think it will, it won't necessarily last a long time. Others will discover what you're doing and duplicate it or compete with you, or the niche will dry out, or any number of things can occur. Your best bet is to chill with the parents and save all your money til you have a few hundred k in the bank -- then start pondering future choices of luxury. Until then, though, your head is in the wrong place and it could bite you in the arse later on pretty easily, IMO.
     
  18. toxtom

    toxtom BANNED BANNED

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    Seriously how old you are? STOP that BS you are talking now-
    Tell me HAVE YOU EVER HAD A CAR BEFORE or not?
    With 20k income from IM you should never do what you are saying- or in less then a year you will be on street.
     
  19. smack

    smack Junior Member

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    in a straight line maybe, but where's the fun in that? taking curves like your hair is on fire is where the real fun is at. :D
     
  20. Rockin

    Rockin Junior Member

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    That makes sense, but some people really do just want one specific car because they like it. Although as you said the expensive cars are usually bought because people want to look cool.

    Honestly trying to look popular and cool is a waste of time and money. Save up your money so you don't have to worry about getting fired from a job, and then do whatever you want. From what I have seen people will like you a lot more for doing that, and driving a junker. Although we all like nice things so if the one nice thing you really want is a car then get it.