What in the world do you need 200k for in 2 years time exactly?
How much does your household make a year?
What are your total expenses for a year?
What in the world do you need 200k for in 2 years time exactly?
How much does your household make a year?
What are your total expenses for a year?
It's to buy a house for my parents.
Right now I make 45K per year. Low expenses.
keder wrote:
Youtube videos.
https://www.thebalancesmb.com/how-to-make-money-and-get-paid-by-youtube-4153092
Make a youtube video series about how to make money with youtube videos.
Mountain guy wrote:
It's to buy a house for my parents.
Right now I make 45K per year. Low expenses.
Don't be proud. Them thar mo-bile homes go fer half that.
Mountain guy wrote:
I need 200K (minimum) by August 2021, so in a little less than 2 years.
Money savvy guys, help a runner out, how would do it?
The only thing I can think of is a risky investment, like Bitcoin, which I don't know much about.
Well... what do you do currently? What's your career/skill set/work history? What's your degree in? What other skills do you have to apply?
Depending on your area, some combination of a high commission sales job (a sucky grind) with a fancy bar gig could get you there. I live in a rich town and know bartenders and even servers who pull six figures. You just need to be able to work 100hrs/week or more between your two gigs.
Maybe in the meantime, sell a kidney (not joking), donate plasma, and start selling your stuff for cash.
A Reasonable question will be to save 50k a year and save 200k in 4 years. I think you can achieve that by doing those three things.
1. Get a job = will be your regular job , Lets say you make 45k a year on this one
2. Get a 2nd Job = You make about 20k a year
3. Get a part time hassle job = You make 10km a year
That is a total 75k a year so after tax you will make 65k
Well, live on 1000 a month and save the 50k a year, do that for 4 years now you have 200k.
1. Get a job = 45k Any first year after college job
2. Get a 2nd Job = 20k part time at Starbucks or Amazon Delivery
3. Get a part time hassle job = 10k drive for uber about 15h per week
The making more part is splashy, but the spending less part is worth just as much.
Tell us more about your current situation and you can find some tax advantages and other ways to lower that side of the ledger.
Joking apart, how much money can you invest in the first place? This might be the right time to make that amount of money but you still need a decent capital.
Natural-runner wrote:
1. Get a job = 45k Any first year after college job
2. Get a 2nd Job = 20k part time at Starbucks or Amazon Delivery
3. Get a part time hassle job = 10k drive for uber about 15h per week
Seems really doable, thank you!
Both Sides of Ledger wrote:
The making more part is splashy, but the spending less part is worth just as much.
Tell us more about your current situation and you can find some tax advantages and other ways to lower that side of the ledger.
I really don't spend much, so I doubt I can lower that much more: I make my own lunch, my own coffee, I don't smoke, no restaurant, no gym, no car...I buy beers and running shoes, that's about it. Rent is low. Cell phone is a cheap plan (Simple Mobile). Cable TV and Netflix, Ok, I could cut that, but I like to watch games and series.
Student loan is paid off.
Healthcare/dental plan is expensive, but necessary.
Jesss wrote:
Joking apart, how much money can you invest in the first place? This might be the right time to make that amount of money but you still need a decent capital.
I had investing in mind since I saw a job offer for something I could do at home, a few hours a week, that could net 2K a month. Instead of saving it, how could I invest it?
While saving 200K in two years in this circumstance is a possibility, it isn't likely to happen. Can you give us a sense of why, exactly, you need to purchase a home in full, without a mortgage, for your parents in two year's time. Perhaps you are overlooking a more feasible solution to the problem.
Your expenses are low- good start.
We're still looking at the kind of number that an extra streaming subscription or burger at the bar won't have a huge impact upon.
What's the origin of your $200K number? Might $175K do the trick? Could it actually be $225?
Sorry. Missed the post about buying a house for your parents.
Where are you looking for this house? How much flexibility is there in the exact location? Can you get it somewhere with worse schools because (presumably) that won't have much bearing on your parents. How handy are you? You can save a bunch of that money if you buy a dump and do the renovations yourself.
Last bit of advice- with mortgage rates as they are I'd suggest starting to shop now. It is a unique luxury in real estate shopping to not need to buy right away- you'll find that there's always someone pregnant at an open house with another child in tow, and they're going to pay well over for a house that's already done. With 24 months of lead time and a nice low rate you could save tens of thousands on your purchase price and spend the time you would have spent driving a Lyft or doing mechanical turk for nearly nothing getting the house up to snuff for your folks.
It's noble to seek to provide for them, and I imagine that if your elbow grease is also readily apparent it will be even more meaningful.
Elton wrote:
You might want to consider bending over and biting the pillow.
Walk the streets while carrying an "Ass for Rent" sign.
Thank you all for your posts.
To give a bit more info, it is something I have decided for myself. In two year time, I'll buy a home for my folks. I understand some people might say, be patient, take more time, but truth is I don't have time. My parents are not in great shape, my mom especially. Time is not on my side, that's all I can say. Also, it pisses me off that they never owned a home although they worked hard all their lives, late at night, weekends, etc.
I looked at the real estate market and saw small houses that need work going for that price in their area. It's cheap compared to most places, but they don't live in a big city and it's discounted because those houses need work.
I can do most renovation work by myself.
Mountain guy wrote:
Thank you all for your posts.
To give a bit more info, it is something I have decided for myself. In two year time, I'll buy a home for my folks. I understand some people might say, be patient, take more time, but truth is I don't have time. My parents are not in great shape, my mom especially. Time is not on my side, that's all I can say. Also, it pisses me off that they never owned a home although they worked hard all their lives, late at night, weekends, etc.
I looked at the real estate market and saw small houses that need work going for that price in their area. It's cheap compared to most places, but they don't live in a big city and it's discounted because those houses need work.
I can do most renovation work by myself.
Are you accounting for bills, maintenance, and taxes as well? As in, who is going to be responsible for these things?
Have you thought about a career in sales? If you can live off 45k, most sales jobs start there or higher and you can do a lot of damage with commissions in a short time and you won't need to work 2 or 3 jobs.
I didn't think of sales. Not sure I'd be good at it, I'm pretty quiet and not pushy.
£££££ wrote:
Right now you can get up to 40k enlisting in the US Army. So that gets you to about 20% of your goal.
You're joking, but if he was single, it is possible to save that much in a few years in the army if you enlist into an in demand field and get deployed. The trick is to spend absolutely nothing other than the required uniforms, etc.
If you join the reserves or the national guard as infantry, cavalry, armor, etc, it's easy to get yourself deployed. List your permanent address at a friends house who lives in a very high cost of living location, like SF, NY, L.A. He will get about 35k in salary, about 70k in BAH, and additional deployment pay. While deployed for the year, he will have zero expenses since the army provides everything.
If you get back to back deployments, you can easily save 250k after the enlistment bonus.
The downside of this idea is: being away from family for two straight years, risk of death or injury if it's a dangerous deployment (not many dangerous deployments right now, though), also the consequence of the army catching you faking your address to get a massive BAH check is high I assume.
Doing two deployments also will qualify you for veteran retirement benefits for life.