Rice and Fries said:Thank you this is what I was striving for, but not all of it:SoupNazi2001 said:Gordo14 said:
I imagine that's very dependent on your net worth, liquid net worth, income, job stability, and housing market. I don't think you can simplify a question as complex as that.
The way you could make this question relevant is what % of your current net worth (excluding your primary residence) did you pay for your house.
Basically it's two part question:
1. How much would a houses price be before you are like "no thanks, I'm out". For me, I would have a hard time paying more than $800K-1MM for a house. But I live in the metroplex and can understand that costs are way different in other areas like NYC, SF, LA, DC.
2. How much is that price point you would start shying away from is part of your total NW/Liquidity.
For example: My goal net worth is $5M, so if I am buying a house, I would not want it to make up more than 20% of my total net worth. But If I only have $1.2M NW right now, I can see how much total tolerance would be 50% of my NW.
All that said, my current house is $350K but we want to upgrade in ~5 years and just curious to see if my $800K limit passes the sniff test for a "millionaire next door" type community.
Sorry for the confusion.
how is that lake? Already planning my next move in 10-15 years.Ag92NGranbury said:
yes... lake gbury
i couldn't move back to the 'big city'... in our case, frisco
especially with all the covid stuff going on :-)
AgsnFly said:
Yes, many x. Professional trader but have had same home for 25 years and drive a 20 year old truck. Key is your burn rate - keep it low and F the Jones'.
However, I do wish I had some long term fixed debt these days.
you will probably find more of that along the river instead of the lake... it still exists in pockets, but not too bad... you still might find a Ruth (Ozarks) every now and then, but they have become fewer and further between in the last 14 years or so that we've been here...Rice and Fries said:
Weird question, but how are the people you come across on the lake?
I've spent some time up at a friends house up the brazos when I was in/just out of college. His family was nice and some of his neighbors. But lots of the others I met through various other times were pretty much river rats who had some incredibly rude/*******ish children. Just seemed to be living life on the silver spoon, even though their homes weren't anything back shacks as they poured all their money into $80K wake boats. Makes me cautious about raising kids there.
Not trying to ruffle feathers or anything, just curious on a locals perception. My wife and I have repeatedly dreamed about living on a lake. Definitely have an open mind
I live on Lake Fork .... I never go on the lake on weekends and rarely on Friday. Too many morons on the lake with zero fishing etiquette during the weekends. We have numerous tournaments on weekends which I hate. Weekends are my time for yard and house maintenance. One of the good things about Covid is all the tournaments were cancelled during the spawn. Early Sunday can be OK when many of the visitors are hungover and sleeping. During the week mainly locals and guides and most everyone is always considerate. We have numerous fishing guides on this lake and most are good, but there are some that are a-holes. Lake living is great and and one thing about a lake house ... you will always have something to do as far as maintenance and repair.Rice and Fries said:
Weird question, but how are the people you come across on the lake?
I've spent some time up at a friends house up the brazos when I was in/just out of college. His family was nice and some of his neighbors. But lots of the others I met through various other times were pretty much river rats who had some incredibly rude/*******ish children. Just seemed to be living life on the silver spoon, even though their homes weren't anything back shacks as they poured all their money into $80K wake boats. Makes me cautious about raising kids there.
Not trying to ruffle feathers or anything, just curious on a locals perception. My wife and I have repeatedly dreamed about living on a lake. Definitely have an open mind
Rice and Fries said:
Weird question, but how are the people you come across on the lake?
I've spent some time up at a friends house up the brazos when I was in/just out of college. His family was nice and some of his neighbors. But lots of the others I met through various other times were pretty much river rats who had some incredibly rude/*******ish children. Just seemed to be living life on the silver spoon, even though their homes weren't anything back shacks as they poured all their money into $80K wake boats. Makes me cautious about raising kids there.
Not trying to ruffle feathers or anything, just curious on a locals perception. My wife and I have repeatedly dreamed about living on a lake. Definitely have an open mind
My parents live out there. They love it.drill4oil78 said:I live on Lake Fork .... I never go on the lake on weekends and rarely on Friday. Too many morons on the lake with zero fishing etiquette during the weekends. We have numerous tournaments on weekends which I hate. Weekends are my time for yard and house maintenance. One of the good things about Covid is all the tournaments were cancelled during the spawn. Early Sunday can be OK when many of the visitors are hungover and sleeping. During the week mainly locals and guides and most everyone is always considerate. We have numerous fishing guides on this lake and most are good, but there are some that are a-holes. Lake living is great and and one thing about a lake house ... you will always have something to do as far as maintenance and repair.Rice and Fries said:
Weird question, but how are the people you come across on the lake?
I've spent some time up at a friends house up the brazos when I was in/just out of college. His family was nice and some of his neighbors. But lots of the others I met through various other times were pretty much river rats who had some incredibly rude/*******ish children. Just seemed to be living life on the silver spoon, even though their homes weren't anything back shacks as they poured all their money into $80K wake boats. Makes me cautious about raising kids there.
Not trying to ruffle feathers or anything, just curious on a locals perception. My wife and I have repeatedly dreamed about living on a lake. Definitely have an open mind
Where do they live in the Lake Fork area .... Who knows I may know them.YouBet said:My parents live out there. They love it.drill4oil78 said:I live on Lake Fork .... I never go on the lake on weekends and rarely on Friday. Too many morons on the lake with zero fishing etiquette during the weekends. We have numerous tournaments on weekends which I hate. Weekends are my time for yard and house maintenance. One of the good things about Covid is all the tournaments were cancelled during the spawn. Early Sunday can be OK when many of the visitors are hungover and sleeping. During the week mainly locals and guides and most everyone is always considerate. We have numerous fishing guides on this lake and most are good, but there are some that are a-holes. Lake living is great and and one thing about a lake house ... you will always have something to do as far as maintenance and repair.Rice and Fries said:
Weird question, but how are the people you come across on the lake?
I've spent some time up at a friends house up the brazos when I was in/just out of college. His family was nice and some of his neighbors. But lots of the others I met through various other times were pretty much river rats who had some incredibly rude/*******ish children. Just seemed to be living life on the silver spoon, even though their homes weren't anything back shacks as they poured all their money into $80K wake boats. Makes me cautious about raising kids there.
Not trying to ruffle feathers or anything, just curious on a locals perception. My wife and I have repeatedly dreamed about living on a lake. Definitely have an open mind
RSP715 said:
I don't know if this has been covered, but maybe someone finds it useful and post back in a decade. At age 30 my net worth was zero. By 40 I was just barely a multi millionaire. The one thing that changed my life financially for the better was the birth of my son. I remember vividly thinking I've got to get in gear, and I don't want to work for someone else much longer. Retiring from a corporate position in my 60s sounded like hell on earth. I remember sacrificing a lot in my early 30s to get that snow ball rolling. Once you get that going, it's over. Hope this helps someone.
I don't know that that's the best advice for everyone. I can think of several people I know who keep bouncing around looking for something bigger/better because they're not happy...and it seems it's kind if an endless cycle. There have definitely been times when I wanted to do something else because I wasn't "happy," too stressed, hard, etc. But I stuck to it, worked hard, etc...and I'm so glad I did. To some extent, I think people need to understand it's "work"...and just because it's hard/stressful or there are obstacles, doesn't mean you should immediately go looking for a better thing.Quote:
Don't like your current position? Quit tomorrow. Burned out? Try something else.
As someone who is/was about to turn 30 with a kiddo on the way, would you mind sharing some advice or going into details about the steps you took to get there? Maybe more just focus on the steps you took between 30-33.RSP715 said:
I don't know if this has been covered, but maybe someone finds it useful and post back in a decade. At age 30 my net worth was zero. By 40 I was just barely a multi millionaire. The one thing that changed my life financially for the better was the birth of my son. I remember vividly thinking I've got to get in gear, and I don't want to work for someone else much longer. Retiring from a corporate position in my 60s sounded like hell on earth. I remember sacrificing a lot in my early 30s to get that snow ball rolling. Once you get that going, it's over. Hope this helps someone.
Not just a 2 mil gain, but going from Zero to 2 milAgOutsideAustin said:
2 mil net worth gain in 10 years with a new kid at home ?
Create something ? Start and sell a business ? Inherit a portion of that ? Tremendous house appreciation ? Gotta be more to the story than working a Texags type normal job, maxing out retirement vehicles, and living frugally.
Ditto. I had the same motivation. I hated being away from my family and spending 60-90 minutes in the car daily.RSP715 said:
I remember vividly thinking I've got to get in gear, and I don't want to work for someone else much longer. Retiring from a corporate position in my 60s sounded like hell on earth.
this is key. I still feel poor to this day because I grew up lower middle class, and something deep inside of me is scared to death of not eating next week even with the money I have. I don't have a number. I'm just going to keep having fun in real estate and watching my leverage closely. I'll work till I die I guess. I not good with idle time.Quote:
I think the biggest thing is finding contentment in where you are and what you are working towards
I just came back to post that CDEV has some risk (limited cash, little/poor hedging), but there is high risk/reward especially if one believes oil will continue to climb into the 40's.Cyp0111 said:
CDEV is going bankrupt. Just a FYI, close that out if up.
