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Goal Financial Independance(Part 2)

Discussion in 'Money' started by Fundinn, Feb 27, 2018.

Goal: Elaborate a budget(weekly spending, funds, real estate, stock market). by March 20, 2018 (finished)

100%

Completed

Member Fundinn commits to the following actions to achieve this goal

- Schedule a meeting with my portfolio manager(he's also my financial planner).
- Build a financial snapshot of my weekly spendings/earnings(my bank has a platform for that).
- Look at properties in target neighborhood and project how much time I need to raise that cash(and how much). What I would need to do, what my situation will look like if I buy something.

  1. James

    James Host

    He's got a wall-wide towel rack with labels set up, just to satisfy his daily requirements.

    And all tax deductible (best tax return ever).
     
    Tom likes this.
  2. Fundinn

    Fundinn Active Member

    Rating points:
    44
    Action points:
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    Result points:
    304
    Two weeks ago I made a 5% down payment on a condo in construction. It's three km away from work, in a up-and-coming neighborhood. It ate a chunk out of my free time(necessarily so), but I'm not going to own my place. A couple of details:
    • The condo is rather large for a first unit. About 750 square feet.
    • I needed to find a place that was under 225k to benefit from a 5k return from the state.
    • To find such a place at this price range, in proximity to work which is located in an expensive neighborhood, I bought-in for something I will only get the keys in March 2019. This is a bummer, in the sense that I can't live there until that date, but my mortgage broker said this was an opportunity for me to build up a 30% down payment and to get my mortgage from a virtual bank to hit really low interest rates. This means that I'm currently aiming at saving around 60k by 2019, since I'm also going to need money for taxes and a couple of utilities.
    In any case, it's a bold move, everything's gone up 100% in the housing market in this city. Shitty industrial neighborhoods now host excellent restaurants, coffee shops and studios. I believe this is a great bet, as it is located in a neighborhood that has a lot of potential. It's also going to be a 15 minute bike ride to work, which is great too. The cities infrastructure has vastly improved and a new bridge connecting the city to the rest of the state is being built, I can only see this as signs of prosperity.

    So yeah, next update on this post is a screen shot of my bank account at 70k. Time to hustle.
     
    Last edited: Aug 19, 2018
  3. James

    James Host

    Nice, looks like you've got this going in a good direction
     
  4. Tom

    Tom Active Member

    Rating points:
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    Action points:
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    Result points:
    221
    fuck man 70k is PHAT.

    Sounds like you are steaming a long.
     

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