Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Mar 1, 2011 9:51:06 GMT -5
I'm ridiculously excited about this. First time since 2007 that my assets have outweighed my liabilities!
Sure, it's only by a whopping $145.26 but it's a start! ;D
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Deleted
Joined: May 4, 2024 0:25:15 GMT -5
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Post by Deleted on Mar 1, 2011 9:57:07 GMT -5
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reader79
Well-Known Member
Joined: Dec 30, 2010 8:48:07 GMT -5
Posts: 1,053 
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Post by reader79 on Mar 1, 2011 10:02:37 GMT -5
It grows pretty fast once you're in the black. Mine went from -$4K to $11K in one year. Now i'm at $16K or so. Now, if I would actually commit to paying off some of my debt.....
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whoisjohngalt
Junior Associate
Joined: Dec 18, 2010 14:12:07 GMT -5
Posts: 9,140
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Post by whoisjohngalt on Mar 1, 2011 10:06:53 GMT -5
Your post made me smile. Good for you.
Lena
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Mar 1, 2011 10:09:49 GMT -5
Oops... not quite. I just called to verify my loan amount... annnnd my balance was higher than I thought it was.
My net worth is actually ($646.88). The good news is that by next month, I will officially be in the black, for real this time ;D
I feel silly, but I'm still happy. Thanks for the positive juju, all!
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Deleted
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Post by Deleted on Mar 1, 2011 10:11:12 GMT -5
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Mar 1, 2011 11:36:35 GMT -5
Thanks, Daphne ;D
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Mar 1, 2011 11:57:40 GMT -5
Firebird,
My advice is to go out and buy a rental house. One that will rent for more than your mortgage, taxes and insurance.
Interest rates are really, really, low, and houses are cheap, but rents have stayed pretty high!
I have not had to lower any of my rents, and my tenants are staying longer than before the great recession started.
As your tenants pay down your mortgage on your rental house, your net worth will improve. As since we all know that housing is down right now, everyone expects that house values will eventually improve.
The combination of a positive cash flow (income from net rent less expenses), debt paydown, and asset appreciation as houses go back up in price (inflation) will produce a slow but steady increase in your net worth.
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reader79
Well-Known Member
Joined: Dec 30, 2010 8:48:07 GMT -5
Posts: 1,053
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Post by reader79 on Mar 1, 2011 12:18:35 GMT -5
The Rent Is Too Damn High!
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Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
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Post by Wisconsin Beth on Mar 1, 2011 12:28:16 GMT -5
But you're getting there Firebird!
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Post by illinicheme on Mar 1, 2011 12:33:23 GMT -5
Karma for being oh-so-close!  |
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Deleted
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Post by Deleted on Mar 1, 2011 12:48:24 GMT -5
Congrats on being so close  |
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Mar 1, 2011 12:54:08 GMT -5
2k10h - I'm definitely not ready to be a landlord yet, I'm several years away from owning even a primary residence ;D
It's unfortunate that I'm not ready to buy yet in such a down market, but as I always say - if you can't afford something, then you can't afford it no matter how great the deal is. Only some $8k of my asset column is in liquid savings anyway.
Thanks for the kudos guys!
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Mar 1, 2011 13:34:26 GMT -5
Firebird...
Let's examine your thinking... When you say "I can't afford it", what does that mean?
You "afford" things. New clothes, or a new car. Expenses that require you spend cash (or credit) but do not return cash back. These are expenses.
When I buy real estate, I'm "buying" an income stream (if I'm buying a rental) or wealth, if I'm buying a house to fix up and flip.
It is entirely possible to buy a house that, when leased, generates more positive cash flow than it consumes. Sure, it takes some time to manage them, but it is a great way to generate wealth. And current income.
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
Posts: 12,448
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Post by Firebird on Mar 1, 2011 15:06:59 GMT -5
Flipping houses and landlording can be great income streams, but they're not for everyone. I've done lots of reading and I've known lots of people who make money that way, and I'm not at all convinced that they are for me. I do get your point though |
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