Skip to main content

Minority Mindset Community
Network with other Minority Mindset thinkers.
Book Club
What do you think are the best books to help someone master their money?
seguirat 8 Steps to 7 figures by Charles Carlson. Best book I've read on the subject so far. [ more ]
kommi πŸ‘
Riva951ie The Millionaire Next Door by Thomas J Stanley and William D Danko [ more ]
See all 10 replies...

Share This Post

Welcome - Start Here & Introduce Yourself
New to the group thanks for the add in.
seguirat πŸ‘
jmaschak πŸ‘

Share This Post

Retirement Planning
Who is Considering Retiring Early?
Riva951ie @Nef I first bought a single family home (all 3 are). Honestly I was more forced to buy this since I did not qualify for much and having a truck payment did not help out either. However, my agent did recommend this area and the house value has gone up almost 300%! So in short, I qualified for so little and that was in my price range. This was in 2011 when I got the house for 83K =) [ more ]
Nef @Riva951ie that is great. Based on what you've mentioned looks like you are on the right path. Good luck on the house hacking for your next purchase. Seems like a solid plan for your next investment. Can you tell me a little on what type of property you purchased first and how you made the decision to go for it? Any challenges that were not foreseen? (any reply can be concise) I know it can be burdensome at times to type out the answers to some questions. πŸ™‚ :Nef: [ more ]
blaise_89 πŸ‘
See all 4 replies...

Share This Post

Welcome - Start Here & Introduce Yourself
seems like a nice place to join
BCFeher Like your site and YouTubes! Keep up the good work............. [ more ]
blaise_89 πŸ‘
See 1 reply...

Share This Post

Retirement Planning
Long Term Strategy vs Risky Short Term Returns
J-Oldani πŸ‘
Trevor you both touch on a point: invest in 401K as much as your employer matches is the general advice. Tend to agree, however there are additional options to continue on 401k without matching. Something else mentioned is the idea of taxable retirement income vs non taxable (Roth). So thinking this is my action plan: In my circumstances I am past the beginning steps: 2k emergency fund, 8 month expenses liquid savings, no student, car or CC debt, no debt at all till I buy a home. 401K up to... [ more ]
Riva951ie Hello @Trevor , I was in the same predicament as you mentioned above on this thread. After doing some googling and reading a slight page of Dave Ramseys book, he pretty much mentioned the same thing that @Maykel said. Max out 401K. After that, invest in IRA (I would say ROTH) so when you pull out in the future, its already taxed. I personally am doing this now. Just started it. I would not want to get taxed from only pulling out from 401K. You mentioned real estate, I would recommend this... [ more ]
See all 3 replies...

Share This Post

Saving Money
What were some things you did to save money during the pandemic?
blaise_89 I spent 3 months at my parent's home during the first and the second hard lockdowns that we had in Italy. My side hustle became babysitting my 2 years old niece, so my brother also saved something. [ more ]
Nef If [you are not in immediate need] save your stimulus money. It's a quick and easy way to build that first 1-2K short term emergency fund. This decision will be worth the sacrifice. [ more ]
See all 2 replies...

Share This Post

Real Estate Investing
getting into rental properties
Nef @American.Champion , It is great you are starting early in life. Time will be your best asset. Make a strong effort in educating yourself in real estate, never stop learning. Also become disciplined in the art of savings. Having 'skin' in the game with your hard cash goes a long way to build credibility which will allow more opportunities to be presented. Be great at analyzing deals quickly and as accurate as you can - whether it be a single/multi, a house hack or flipped home. Keep in mind... [ more ]
Riva951ie Hello @American.Champion I would personally not be buying at this moment since it is a sellers market. I been holding off on buying since the prices are so high. I rather wait it out a while longer to get a better deal. I know we cannot time the market, BUT me personally, will take that risk and wait. For now, I am saving up more capital to give a bigger down payment to drop monthly payment. If you buy at a higher prices, your ROI will be lower. I have 3 properties in California. 1 in Norcal... [ more ]
Gabe Private lenders, hard money, transactional funding lenders usually don’t care about your credit score as much as they do the deal. If they do ask for a credit report, it’s to look over your credit history to verify your credit worthiness. Also, the interest will be steep, but still a good way to get funding fast. [ more ]
See all 4 replies...

Share This Post

Taxes
What is your favorite hack to save money on taxes?
Riva951ie @Nathan_Gregory For me it would be: Depreciation from rental properties Tithing/donating at my local church. 401K [ more ]
See 1 reply...

Share This Post

Buying A Home
How was your experience buying your first home? Any advice for first time home-buyers?
Riva951ie Hello @Nathan_Gregory What I did was talk to 2 realtors at the same time (Without them knowing). I wanted to know who was more transparent with me with the whole process. After I found out who was more informative/transparent I chose them. Along with feeling comfortable with them. Also did a lot of googling so I would not get fooled. Or at least try to minimize those possibilities. Also, cant go in blindly into this process. Also, once you are qualified, the realtors will obviously try and... [ more ]
blaise_89 πŸ‘
Kathleen Nguyen It can be very intimidating, especially in a seller's market. However, find a good agent that is experienced and they will be able to guide you. Buying your first home should not be done by yourself (I am biased but for very good reasons). There are a lot of mistakes that you can make. Most important is having a good down payment so that your payment is manageable. If your mortgage payment is too high (above 45% of your total income- can vary slightly), then it may be too much of a stretch. [ more ]
See all 7 replies...

Share This Post

Debt Management
Paying Off a Mortgage
Riva951ie Hello @RP I had the same thought process, but I took the other route of just paying off the home. I thought this would best fit my case to produce more ROI to buy another home and have a lower debt to income ratio. Also, this would open more doors for me to cash in on the full amount of $$ from this rental. Also, to not end up paying triple for the house after the 30 year. You can also do what @Nathan_Gregory mentioned and refi to lower interest, BUT still pay the full price that you were... [ more ]
RP It's an interesting debate. Say if your mortgage rate is 2%, is it worth putting an extra $1000/mo when you could be putting that into an investment portfolio, which will *likely* yield greater than 2% over the course of 10 years? I have decided to NOT pay down the mortgage, but put these extra savings into investments with the goal of pulling out to pay off the mortgage in 5 years. I've decided this for two reasons: 1) Assuming the investments go up 5-10%, that's a few more thousand dollars... [ more ]
Nathan_Gregory Hi @Landon Martin , Just one strategy that comes to mind for me is refinancing. One advantage to this is if you have certain factors in place like a high credit score and equity in your home, you can refinance your mortgage for a lower rate, which will drastically reduce your payments per month. You can then take advantage of these lower payments by making two bi-weekly payments per month, which may help you pay off your mortgage twice as fast. We wrote a complete guide on this, which goes... [ more ]
See all 3 replies...

Share This Post

Welcome - Start Here & Introduce Yourself
Watch Out For Scammers on ALL of Our Platforms!
blaise_89 πŸ‘

Share This Post

Book Club
"Money Make **it Happen"

Share This Post

Stock Market Investing
Gasp! Minority Mindset Replied To My Comment!
Nathan_Gregory Hi Blake, This is a scam account that is using a fake account that looks like the Minority Mindset to scam our audience. We have reported the account & many other like this one, so please DO NOT interact or give this account any money/personal details. Instead, please report them and any other accounts like this one that you see on our videos or page. Keep in mind that we will NEVER ask you for money through any app, including WhatsApp. In addition, we have a checkmark next to our name,... [ more ]
See 1 reply...

Share This Post

Stock Market Investing
Webull
Maykel Yes [ more ]
See 1 reply...

Share This Post

Starting A Business/Side Hustles
Registering my Business
Nef Welcome aboard Krysty! Interesting question. I am going to keep track of this one, hope someone with the knowledge you need replies. What type of products are you looking to sell online? [ more ]
See 1 reply...

Share This Post

Book Club
How many finance books do you read?
blaise_89 πŸ‘

Share This Post

Welcome - Start Here & Introduce Yourself
First post
Travis πŸ‘
blaise_89 πŸ‘

Share This Post

Book Club
Investing
blaise_89 πŸ‘
Travis πŸ‘
Nef Tithing: A great and much needed investment for sure. Amen! Nowadays with fractional investing when purchasing stock/ETF shares you don't need much. Every little counts and time is another factor that helps with growing your investment. If you don't follow up next year ... God bless your plans and if it is His will your fruits will be given unto you in abundance. Take care and keep moving forward. [ more ]
See all 3 replies...

Share This Post

Starting A Business/Side Hustles
How has your Business/Side Hustle changed in 2020?
Steve Jason The proprietors of a company have restricted risk and the business has a different legitimate character from its proprietors. Source; Trademark Lookup California [ more ]
Lynn Lewis My online side hustle has grown 200% since about June. I sell on Print On Demand sites and none of the products are essentials, mostly home decor items. [ more ]
Kathryn D I have two side hustles, both of which are in-person (teaching Zumba classes and event photography). When the pandemic hit, I had to pivot to online Zumba classes (by donation) because my gym was not sponsoring me. For the photography business, I decided to temporarily close. I would like to move toward an online side hustle related to events, but haven't started that yet. [ more ]
See all 3 replies...

Share This Post

Stock Market Investing
Good ETF for diversification?
Nef I found this and wanted to share it with you. Something that should get your juices flowing: [ https://learn.stash.com/the-st...-diversify-by-sector ] [ https://einvestingforbeginners...versification-ashul/ ] After reading you should have a better understanding of which sector you are comfortable with . Good luck and have fun researching and learning. It can be overwhelming at first but the more you learn the easier it gets when you need to balance or re-balance your portfolio. :Nef: [ more ]
See 1 reply...

Share This Post

×
×
×
Link copied to your clipboard.
×