Bet against me friend. 2.5 years ago when I became a father to my first kid. I was livin in the ghetto in little village Chicago. Use to wake up to gunshots. Last year in October I closed on a 260k brand new construction house. While supporting a stay at home mom and 2 kids. And I have some savings. I wasn’t given anything in life. I work my ass off harder then most people and have been through more then plenty. Everyone’s is entitled to make a bet though
With all due respect, you can't disagree that in the modern world it would be near impossible to follow your path. These days if you want to make it to professional finance with high probability, you need a college degree in a quantitative field. It would be an interesting statistics to see, if someone wants to take 10 minutes to google it. My prior would be that most of patriarchs of finance today (say all finance people on the billionaire list) got a formal education of some sort.
I hope that you do make it. On a more realistic note, I have to say that long-term perspectives as a self-employed trader are pretty dim unless you are sitting on a very nice chunk of capital. I To make a respectable living in a place like Chicago, without taking unreasonable risks, you probably need upwards of 2 million dollars (IMHO, people here will argue probably).
I completely agree with you. But I have a construction background. And Once I build enough capital I would like to branch off into real estate development, among other businesses. One step at a time. And I appreciate your luck brother. We are all just trying to make it in this tough world
You're gonna need way more than 30K. To get the kind of money you'll need, you have to leverage your individual skill-sets into something that makes you money fast. Build a relationship with a small bank, sell that house you just built and use the leverage of that money to build two entry level spec duplex homes. Then do it again with three. There's a very strong market out there right now for that and I don't see it abating for several years going forward. You won't be stuck sitting on something that won't sell. If you're in Chicago, buy distressed lots in urban areas preferably without an existing structure, ie the demolition has already taken place. You obviously know enough tradesmen to get the work done at reasonable rates. Minimize the actual work you do personally. While it might save you money, you'll make it up in quick turnovers of your capital. Key here is finding the right bank. By the time you're 32, you'll have enough money to trade full-time and still build homes. It sounds like you have what it takes to do both. Edit: lol... I just read the previous two posts that went up while I was typing this one. There ya go.
That's essentially the Holy Grail to success: Leverage and using or working on your main skill-set. It's important to understand what you truly excel at, and hopefully that's also your passion too. Too many people align themselves down the wrong path. and waste their time and energy and resources. I once studied to be a Realtor in 2005, and I hated that work and material being studied. I also once studied being a travel agent/hotel management/even a jeweler, and I equally hated it. Around that same time, I also tried my hand at websites..forums and affiliate products, ebay products. needless to say, it failed or got nowhere. I love trading, and I'm flourishing at it. And that's why I've decided to create my own Trading Academy website. High-Fives all-around, We should all have a Domino's pizza party because it's 2018.
Haha thanks!! That is exactly my plan. There is some more work I want to do to the house first to bump up the equity more like finish the basement etc. but first I’m glong to rent it for a year so I can get the tax advantage for it being primary residence and not have to pay capital gain tax when I dump the money into a 2 flat.
Take the 500k from the idiot who let you trade his money and move to Calif and get in The cannabis biz..Mike Tyson is looking for some VC money for his new project.
Lmao! That business is overcrowded with people that were doing it illegally for a long time lol. I know some people in that business already.