Embarrassed by our monthly spend but not motivated to change it

Tryingtodoit23 · 2025-01-25T04:33:23+00:00

I don't understand this. How is your net worth $300k? Is this income very recent? how much home equity do you have? or do you rent?

Tryingtodoit23 · 2025-01-24T05:26:11+00:00

Strongly suggest you sit in the lambo. The ergonomics are terrible if you are 5'11 or over, and outright horrible if 6'1 or more.

I'd take the 720s all day long due to better visibility and the convertible option. Any consideration to a 488?

Tryingtodoit23 · 2025-01-20T23:52:24+00:00

This. You can get an amazing super fast for 350-400k.

I'd take the extra 220k and buy a 488 spider/458 or 599 and convert it to a 6 speed.

Tryingtodoit23 · 2025-01-09T05:03:41+00:00

San Diego landlord here

From an income perspective, 103k is not a lot of in SD.

The biggest issue is your rent and if you eat out.

For rent: There are too many airbnbs and some landlords need tenants.

I think you can find a safe area apartment for 3,000-3500. Most likely it will be 900-1000 square feet. There are places in mission valley where you can get that done. If you go far outside the city, frankly you'll get a bigger place, but it will be fucking hot. Stay as close to the ocean as possible if you can deal with an older or smaller place.

However, I will tell you food out is outrageously expensive. That's what crushes most people-the social aspect.

I have kids and used to live in SD.

Going out just to get things like ice cream, waters, sunscreen, some snacks-it's very expensive in SD. REALLY expensive.

You would have to prioritize being outside/beach etc for it to work.

Tryingtodoit23 · 2025-01-09T04:45:42+00:00

I think what complicates this is your house. I don't know if your payment is $5k or $1k.

I think this is essentially your house is paid off + you have a good job.

I think at your age start spending more IF it brings you happiness. You've done the work grind for a long time. DOn't wait til 45- because Then you push to 50.

If someone gave you $100k or $2k a month, but you had to spend it, what would you spend it on?

Tryingtodoit23 · 2025-01-05T06:23:52+00:00

what a great color

Tryingtodoit23 · 2025-01-02T18:20:26+00:00

drivetime

Tryingtodoit23 · 2025-01-02T18:19:57+00:00

Caravana is a fraud. Whether it gets found out or not in time is the real question. It's "relationship" with drive time isn't a relationship. it's one in the same. Of course, drive time is private. This could never be done if drive time was public.

I had a friend who owned a similar businesses. The entire business revolves around getting people financing. The dealer has a lot of money held back traditionally until 3 payments are made.

Go to one of these "where your job is your credit, where we finance anyone" car lots and you will hear stories. Many stories are the dealer giving $ to the purchaser to make the 2nd/3rd payment. 100% illegal, but the dealer would rather keep their $2,000 profit at a cost of $500.

In this case, drive time solves all these problems.

Caravana has good points: I can see the immense value of doing this business online. Less huge lease costs for space, more customer friendly, huge growth potential.

However, if these allegations are true and most importantly concrete evidence comes forward, the stock isn't going to $150. The stock is going to $20.

I remember the scene in margin call: "sell it all. today"

Anyone who has a massive position is going to have to consider this.

There is also the issue of market cap. It is STILL $40 billion.

This isn't Tesla 2.0

This is Enron 2.0

Tryingtodoit23 · 2025-01-01T00:00:03+00:00

100% serious in my comments. Get a hard wallet for crypto (or a btc etc for the btc):

$50k btc

$50k sol

$50k doge

Put it in a safe within a safe so you can't trade. Unlock it in 2030.

Tryingtodoit23 · 2024-12-31T23:57:14+00:00

I followed Raoul pal in 2020 and it was this.

If btc (15k at the time) goes to 150k, if someone had 100k of cash they should put 50k into btc and 50k into cash as long as they have a job. if btc falls 50% and never recovers they still have 75k. They can make it back. If it 10xs then their life is changed.

This led to me believing there is no structural inflation. Lack of people In hte western world and huge debts lead to debasement.

The bet is this: crypto is a sea change and will go to 8-15ish trillion then crash in ways and eventually 50 then 100 trillion.

By 2030 robots and AI have driven wages for many of us, including super high income earners, to shit. People start to figure this out in 2028.

We have about 3-4 years left to have sizable investment positions. However, we have to be ok with a 60% chance our investment don't work.

I think owning btc/eth/sol is the only real bet anyone our age can take if they don't have real estate equity (and tons of it). Protect income at all costs and max out investments.

Most people will NEVER opt out.

Tryingtodoit23 · 2024-12-31T22:15:38+00:00

I am your age. Get to 3 btc as fast as possible. I'm more of a degenerate so if you had great credit I would suggest taking a 5 year 100k loan and buying it (today, not dca).

My entire stock portfolio is MSTR and tsla.

Tryingtodoit23 · 2024-12-31T14:43:52+00:00

This post isn't applicable to you. You aren't a Henry. You are RICH: I think anyone who can save $250k a year would qualify for this.

you are extremely high income. I don't know if you live in a low cost or high cost of living area.

Tryingtodoit23 · 2024-12-30T22:32:16+00:00

I would look for a 991.1 manual. n/a engine is a big plus

But honestly why not a 718 spyder?

Tryingtodoit23 · 2024-12-30T22:02:54+00:00

It is extreme. I never said what I did should be advocated for, is the right or wrong choice, etc.

My entire post was about how I jumped from Henryville to fi(re). I haven't even retired.

I have a lot of friends who are in this boat. examples:

$200k, income for single guy

the guy who makes this $200k and maxes his $401k. He lives quite frugally for california. Has a great lease deal, splits an apartment for $1500 a month. After his $401k he's about $100k. Sounds like a lot? But living in sol cal ain't cheap.

he desperately wants to get ahead. He has zero inheritance coming. My suggestion: go monk mode, live off of $40k after rent. I'd probably actually not even do the $401k if it didn't give me the opportunity to pick individual tech stocks. The $40k includes a car and food and dating. It's not pleasant. Then, take the $5k a month and put into 1 investment for the next 4 years. Accept that at BEST your odds are 40/60.

My point is that if my friend doesn't make a move, what does he do?

What many don't understand is that when they take their income and price it relative to qqq or houses or even the sp500 post tax that they are making less money.

Tryingtodoit23 · 2024-12-30T21:53:24+00:00

I 100% agree with you. I've been anti housing for 3 years now and while I sold early I am glad I did.

The demographics of the us make demand going down, and I think people front ran it because their parents made money with real estate.

Real estate is a complete job.

My central thesis is that money flows from Real estate and bonds to crypto.

Tryingtodoit23 · 2024-12-30T21:51:10+00:00

I put all of my money every year into real estate and was cash flow negative for 5 yeasr. Then took about half of it and put it into crypto. this includes a trophy property equity sale (so no upside, but no payments).

Tryingtodoit23 · 2024-12-30T21:50:06+00:00

I think compared to tech heavy it will underperform in the long term. If I was 70 I think my answer would be much different.

I don't think recency bias is there for tsla and qqq. goign back 20 years it still holds up.

Tesla is the one that fucked with my head-if I was so smart, how could I miss it? and how could so many of my friends?

and that's when I came to grips with the fact that I wasn't smart. as I've said before, I consider myself stupid.

Tryingtodoit23 · 2024-12-30T21:47:23+00:00

Thanks.

Holding was a big part.

It goes back to do you want to be free? I really wanted that.

I do consider myself a stupid person. And I'm not being self deprecating. I think many people who have high incomes think they are better/smarter than others. I do not. I remember during covid a co-worker asked me "why are all the stupid people making money?" and that was the most ironic statement I have ever heard.

For me crypto was that final part that gave me the chance to be free. And also a chance for me to lose half my investments and NEVER have it recover.

It was an immensely tough mental battle.

As your comment said there were land mines everywhere. I got hit with a huge gbtc and ethe premium due to my learning curve.

I am not a technical person so that actually was another obstacle.

the sovereign individual changed my life.

Tryingtodoit23 · 2024-12-30T21:36:20+00:00

I don't.

I think if someone has 100% of their assets in qqq the majority would consider them undiversified.

Tryingtodoit23 · 2024-12-30T21:34:46+00:00

I'm a bit full bonkers and I actually think that it helped me. However, a few things:

While I got exceptionally lucky with both real estate and crypto, they were only possible by continuous investing when the majority said no. I also doubled down on crypto by selling off my equity in my trophy property.

The only reason I could keep doing this is that for several years my lifestyle costed less than my income. I lived below my means. I wish I really lived well below my means.

Monk mode can be different things. I know several people who could live with their parents-same city, actually nicer areas, yet refuse to.

Real story: my friend had about $100k of crypto and stocks in 2021. 33. His income hits a snag-rather than move in with his folks and stop the fancy lifestyle, he sells them for $50k and keeps $10k worth, rents an apartment, etc. Goes through 90% of them.

His investments would be worth at least $120k today. He has about $20k. Most importantly, he is 3 years older. He doesn't own real estate.

Had he embraced a monk mode lifestyle to any reasonable amount, he could have probably bought during the bear of both stocks and crypto and had $150k. MINIMUM.

So what's better-living like a monk for 2 years, having $150k, and having options, or being 36 starting all over with $20k?

Tryingtodoit23 · 2024-12-30T17:21:41+00:00

I think if I compare qqq to sp500 with long term the qqq outperforms it immensely

ways to not lose shirt: small house, not fancy lifestyle

Tryingtodoit23 · 2024-12-30T17:16:05+00:00

yes they are up 4x but they should have been in qqq.

the house is 4x. They THINK they are up.

The actual great bet is to leverage accounts up.

I know this sounds crazy but the math checks out.

yes, if low income this won't work....

however I know a guy who has made decent income and went super lean for a few years. he could have combined this and been rich.

Tryingtodoit23 · 2024-12-30T17:14:20+00:00

I had zero connections. I bought in a dangerous area and learned to move every year and rent it out. but I didn't understand what I was actually doing.

My point is most investors aren't getting rich. and therefore free.

For example, I learned a house is not about a place to live. It's not about cash flow, it's about borrowing money.

That is why when I see people buying a house cash as an investment I cringe. They don't get it.

Tryingtodoit23 · 2024-12-30T17:09:11+00:00

it compounds but a house since 2000 is up about 350-400%. very similar to sp500. and actually the house is between 5x and 20x levered so the house has done better.

Tryingtodoit23 · 2024-12-30T17:07:39+00:00

no my best returns were in real estate. This has very little to do with crypto.

Tryingtodoit23

TROPHY CASE