I like to dig. It is good money.
Shovels are for peasants. Get some heavy equipment.
Yeah, Iām sure some places thatās not much, like SF or NYC or something where apartments cost thousands/month, but isnāt the average national income like $65k? Almost triple that sounds good to me. I grew up below the poverty line though, and my grand ambitions will probably result in a $50k income (teaching, paramedic, etc.), so like you said, itās relative.
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Everyone starts somewhere, but donāt sell yourself short because of where you came from.
My parents were first generation college graduates and didnāt start making good money until I was grown. I did not grow up poor, but not wealthy either. Everything I have I busted my ass for and paid for myself.
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Much better.
Oh, Iām not trying to sell myself short. I could do pretty well. Iām on a full ride scholarship and could likely get a full ride to a grad program or law school or something. In fact, Iāve thought about law school before. Iām a quick learner and intelligent, I just know myself and what I would probably like to do for the rest of my life is not something that will result in a large amount of wealth.
I wouldnāt mind the wealth, haha. Iād really like to be able to buy some land to build my family a house someday, not a very large or extravagant house, I just want to know that I built it from scratch with my own hands, and you mentioned in another thread that thing you do where you pay for kidsā school lunches or something? Iād love to do something like that. Thereās very little that I care to spend money on in life, but that is something Iād really like to be able to do.
But Iām thinking about, like I said, being a teacher or something. I doubt I can get to that point in the lowest-paying state for teachers. (Should I end up going that route.)
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Law school is not a bad thing to have under your belt. It can be very valuable in a wide swath of business ventures for obvious reasons. Looks good on a resume too.
My wife has taught 5th grade for 15 years. A very needed profession and noble. I wish they paid teachers more.
Luckily with teaching - you will have summers off and a decent amount of free time to also have a side business if you so wish.
I donate quite a bit - not because I am a good person. Because I have been blessed. Kids and vets, I will always have a soft spot for.
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FWIW I lived in SF and now live in the Seattle area. $175/yr is very good money for a single 30yr old. The guy is full of it.
I lived in Baltimore for a stent and 175K you will live middle class there at best with the cost of housing.
It seems our versions of very good money is just different. My definition of very good money is having a nice house paid for and being able to buy nice vehicles or whatever you want in cash. Not being laden with debt or a mortgage for 30 years.
Thatās what Iām thinking. I know a guy who owns a lot of rental properties and also builds houses. His wife manages the properties and they just use all the money from those to build the houses, then they live off whatever they sell the houses for. Iād really like to do something like that, although itād probably only be 1-2 houses during the summer. I honestly have no idea how to get something like that going though. Where the startup money would come from. I mean, probably a loan, but I donāt have much credit yet (22 y.o.) so Iām sure most people wouldnāt loan me much money.
One of the biggest reasons why I wouldnāt go is because I feel like I shouldnāt be in school for so long. Iāll get my BA when Iām 23 (I started a year ālateā), I already have 1 kid and would like to have more before too long, and I feel like I should start working asap rather than being in school for 3+ more years.
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I recommend doing it while you are young, if it is feasible. It only becomes harder as you get older with more kids and responsibilities. It will also pay off multiple times over in the long term.
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My wife is going through law school now at 35. We have 3 kids (4, 6, 14). Itās never to late for that one. But, I am also able to support us on my income for now.
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Property is always a good thing to be invested in.
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Probably depends on what you go into though, right? I mean say I was a teacher who built a few houses on the side during the summer and owned a few apartments. Would those years in law school (and the potential cost?), be worth it for say, contracts Iād have to draw up for my properties? Or would it be simpler just to hire someone for that?
But all that it just stuff Iāll have to decide when I come to it. Iāve heard of some schools that offer programs where you simultaneously work on a law degree and a masters in history. Thatād be cool. I love history, and reading and writing about it.
EDIT: lol, I just looked up something about law school and came across this:
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I would definitely advise against law school, if you are only doing it for the potential money.
It is a grueling 3 years and you really need to enjoy it at least somewhat to get through it. If you are stuck on wanting to be a teacher, I would advise against it. Definitely not worth it just to take care of a few legal matters on rental properties.
I practiced for awhile, clerked for an 11th circuit judge, etc, but I would never do traditional practice full time. Some love it though. I went the in-house counsel route along with starting my own businesses from the ground up. The front end was laden with 80 hour+ work weeks and not much fun, but I am in the fruit reaping stage now.
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Thatās all kind of what Iām thinking too. But who knows, things could change.
If you donāt mind me asking, what kind of businesses have you started?
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Have a gas line/ fiber optic laying company that Iām half owner in contracted through ATMOS.
I am a partner in a large franchise that operates retail stores in 18 states currently and growing.
I own a few apartment complexes and 142 rental houses. (Want 250 at least before I stop)
Silent partner in a large trucking company.
Then I have my day job - general counsel at a large trucking company.
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Did you inherit any of these assets or were these entirely your doing?