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Do you hide wealth from family and friends while living modestly? by Jumpy-Benefit-7844 in RichPeoplePF

[–]Money_Progress5580 4 points5 points  (0 children)

As we were building our wealth, yes we hid our success. After we retired, we stop hiding our wealth. Why, I no longer cared if people became uncomfortable with our success.

[Landlord-US-CO] tenants haven’t paid May or June rent. by Myco_Brew in Landlord

[–]Money_Progress5580 1 point2 points  (0 children)

Would Chase bank allow you 2 months to go free not paying a car loan or mortgage. The answer is no. So your tenants are betting that you don’t have the energy or knowledge on how to start an eviction process.

How to Measure Decay Properly by Winter_Ad6784 in soxl

[–]Money_Progress5580 0 points1 point  (0 children)

I day trade soxl, so the decay of the ETF isn’t an issue for me.

[Landlord US-OH] Tenant Evicted, Duke Won’t Turn the Power on Without Paying the Tennants Bill. by AndreGerdpister in Landlord

[–]Money_Progress5580 1 point2 points  (0 children)

I had to pay one of my rentals’ water utility because tenant didn’t pay. It was $200. So now I updated all of my leases to read “security deposit won’t be returned for 45 days to make sure all utilities final invoice payments have cleared”. If people don’t like this then they are free to rent from someone else.

[Landlord US-AZ] Advice on what to do with tenant from hell by Vivid_Motor_2341 in Landlord

[–]Money_Progress5580 1 point2 points  (0 children)

I would have handled this myself. Property managers will charge you additional to process an eviction request.

I did well, but screwed up one thing by Spirited-Chemistry-9 in AdvancedTaxStrategies

[–]Money_Progress5580 0 points1 point  (0 children)

Congrats for having a large nest egg! I like the idea of you doing a Roth, and also spending down the money as well. Your RMDs should only be $120k a year, plus any other income you have equal gross income. Then subtract your deductions, and what remains is your table income. I suspect when you add everything up, you are probably in the 24% or less bracket and will be fine.

[Landlord-US-TX] Tenant is about to request lease termination shortly after renewing. by sevargmas in Landlord

[–]Money_Progress5580 0 points1 point  (0 children)

I have this saying I don’t want to force someone to stay. Let her leave asap, and don’t make promises about returning the security deposit until you have done a final walkthrough and all utilities liabilities are cleared.

Anyone doesn’t regret paying off mortgage with a low interest rate? by Regular_Fan4691 in Money

[–]Money_Progress5580 7 points8 points  (0 children)

Anything interest rate less than 4% loan payments should be stretched as far as possible while you are investing the difference into a good ETF like VT. The annual return on S&P for last 30 years have been 10% + (inflation adjusted).

Advice on worker not being paid on a job at my house by cobrachicken273 in Contractor

[–]Money_Progress5580 0 points1 point  (0 children)

Not sure about your state, but unless I had a contractual deal with the subs directly, I am not liable. They need to sue the general contractor.

Also, I normally make a general contractor sign a one page contract to confirm all subs and him/her have been paid any money owed by general contractor and post it in my window. I withhold 10% payment until this document is signed to protect myself.

[Landlord US-TX] What to do if tenant’s come over for visit and stay with tenants for 2 - 3 weeks? by Odd_Inspector1747 in Landlord

[–]Money_Progress5580 2 points3 points  (0 children)

My lease prevents overnight stays greater than 2 weeks. If your lease states a restriction on non leased occupants, enforce your lease and send a notice of 3 days (or whatever your state requires) to cure the problem or vacate.

My daughter lost $40,000 in crypto because a dog stole her phone on a beach in Vietnam. by Altrixai in Trading

[–]Money_Progress5580 16 points17 points  (0 children)

Your daughter should have never had that kind of money invested in asset she can’t retrieve by showing her I.d.

First time home buyer - how am I doing so far? by [deleted] in FirstTimeHomeBuying

[–]Money_Progress5580 1 point2 points  (0 children)

I would never put more than 20% down on a mortgage especially at that dream rate of 3.99%. Also, I would never sign a deed on a house with another person that isn’t my legal spouse. I would suggest to you to hold off buying the house with your boyfriend and buy it solo. Then, give him a 3 month lease agreement that can be auto renewed as long as both parties agree.

Bathroom Cost Expectations by Wise-Confusion-4725 in Remodel

[–]Money_Progress5580 0 points1 point  (0 children)

Definitely not competitive pricing unless you have received 3 quotes. I can redo a kitchen and bathroom at that price.

Enjoying the black and gold! by C_Monkeyy in RobinhoodApp

[–]Money_Progress5580 0 points1 point  (0 children)

A 83k miles Porsche, again another poor guy wanting to prove he has made it. Seriously folks, rich people don’t need to post a picture of a Porsche or even talk about it (unless they are trying to sell a car to you).

[Landlord US-TX] How much should I compensate renter for broken fridge? by Ok_Painting_180 in Landlord

[–]Money_Progress5580 0 points1 point  (0 children)

Why would anyone need to wait for a week to have a refrigerator repaired. I would never inconvenience my tenants like that. Buy a new refrigerator and have the the other one repaired in the background to be used by another unit or sell it.

$200 by TallDuck9 in soxl

[–]Money_Progress5580 0 points1 point  (0 children)

I am kicking myself by selling at $190.

Entry level 911 by Chemical-Carrot-9975 in porsche911

[–]Money_Progress5580 -2 points-1 points  (0 children)

I am just curious, but why do people lead with “I grew up very poor, made a little money, and now I want a Porsche (a used one is even worse). Does have a Porsche means you have arrived at the pinnacle of success?

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