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Network with other Minority Mindset thinkers.

Tagged With "Gift of Time"

Tagged With "Gift of Time"

  • Buying A Home
    It's been a crazy year for home-buying, especially if its your first time doing so. I'm just curious: If you've bought a home this year, what's been your experience with that? Has the pandemic truly effected the options/process?
  • Starting A Business/Side Hustles
    The ability to work from home is huge. And, it looks like there's a TON of businesses that might be switching to the format full-time. What's one of the best jobs that's easy to get into and worth your time that you've found this year? Anything that might outlive the pandemic?
  • Topic Reply
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    If you plan to use a Realtor, it is a personality fit, so interview a few and don't feel guilty about firing them if it doesn't work out. Find one that you believe will be able to tell you the bad news, and that will allow you to view the homes you want to view versus the ones they want to view. I work with a lot of first-time Buyers and most require more in-depth education than the internet provides. When looking at homes, the amenities you see in the first 10 seconds make everyone feel...
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    I think it's important to self-evaluate our interests if you're looking for an income source that takes as little experience as possible. For example, we all have certain interests, and most of the time we are doing these things on a daily basis already. It's just a matter of realizing a way to utilize our interests to generate an income. If you spend 3 hours a day reading and writing - can you figure out a way to get paid to read and write? Maybe you could reach out and become a contributor...
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    Definitely @Karan S , agreed, it's especially an interesting time right now for that because people are discovering new interests and talents that they didn't know they had before. It's going to be interesting to see a lot of these big industries adapt to the times and establish permanent work-from-home positions.
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    It was very easy to stick to the budget while everything was shutdown since there was nothing to spend money on but ever since things have started opening back up it has personally never been more difficult to stick with it, at least as far as the budget for eating out goes! I have definitely exceeded the amount of money that I designated for eating out the past couple of months because besides going on multiple walks everyday, going to get food is the only time I get out of the house.
  • Debt Management
    Federal student loan payments aren't mandatory until January of 2021, so would it be better to refinance loans then, or is now the best time, because interest rates are so low? Any thoughts???
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    Can't answer this question with 100% certainty because I am far from retirement and far from having a million dollars, but the strategy I am currently using to hopefully get me there is to max out my Roth IRA (love the idea of not having to pay taxes on it later), contributing only to my 401k the amount that gets me the full employer match (got to get the free money), and then putting the rest of the money that is meant for investing into other accounts where I have more control over my...
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    Hi @Landon Martin , we actually published a complete guide on this a little while back: https://theminoritymindset.com...ide-getting-started/ But essentially, if you wanted to gain passive income with stock market investing, you would have to invest in a company that offers its stockholders a dividend. Invest in enough companies that provide a dividend and you'll basically be paid for owning shares, AND you'll have the value of the stock you can sell at any time. Hope this helps!
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    @Landon Martin It's definitely been tougher due to the rising prices at the grocery store. As to how to return back to normal: We'll have to wait and see what things look like when they actually do return back to normal, but we actually recently published an article on things you can do to pass the time during this pandemic not too long ago (don't worry, there's some options for going out of the house on this list, too). Hope this helps! https://theminoritymindset.com...ys-to-pass-the-time/
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    @Landon Martin Great tips! Traditional investing can be a great way to build some wealth over time, but like you said, your money is sort of trapped until you are of retirement age. Not a bad way to get to a million though!
  • Debt Management
    Hi! I'm a recent undergraduate college grad, and I want to go to medical school. I graduated in May 2019 with $65k debt and as of today it stands at ~$22k. I should be able to pay off the rest before April (Thankfully) My complication with medical school is this: I have DACA, which exposes me to deportation, especially if the new supreme court reverses the decision made earlier this year to protect the program. If that happens then whoever cosigns my med school student loans (my family) will...
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    It feels like the headline I see everyday is that the stock market rose on investors hope for the next stimulus bill or something similar. Obviously a lot of how the market is valued is based on how people feel but it seems like too much value has been placed on that recently and not enough on how companies are actually performing. Makes me think it can't continue like this forever but at the same time I don't know if that necessarily means a big drop in the market.
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    The question that I would most like to ask is just "What is one piece of information that you wish you could add to or remove from the book?". I know a lot of authors will often release new editions of their books to update the information to fit their current ideas, but it would be interesting to me to see how their ideas have changed over time.
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    Hello Nathan, my name is Landon Martin and I am from the Dallas, TX area. One thing about myself is that I love anything related to being outdoors (gardening and hiking are what I spend the most time on outdoors though). I also love to play tennis, though I must admit that I haven't had the opportunity to play in a little while.
  • Real Estate Investing
    Hello everyone! My wife and I intend to acquire our first rental property in the near future. Obviously 2020 has made such a venture a bit more tricky due to the unknown nature of what the real estate market will be like in the coming years while we navigate this pandemic. So I figured I would gauge the Minority Mindset community and get some opinions on whether acquiring a rental property for a first time investor is a good idea right now with interest rates so low, or wait and see what the...
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    Good luck to you and the wife Elliot. My wife and I are in the planning stages looking to see what we can do to get our first property. It's definitely going to be a rollercoaster of sorts, but hey we figured it would be such a great way to secure a better financial retirement while we have some time.
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    Thanks @Landon Martin It's going to take time (and money) but every little step towards the goal should get me there.
  • #SpendingDetox
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    For this year's Spending Detox challenge, I'm choosing 3 challenges that will help me create a strong foundation for my mindset with money. I chose: #1 - 'No Spending' Zone #2 - Create A Holiday Budget #6 - Give the Gift of Time For number one, I'm locking in, traditionally, the 4 biggest spending days of the year: November 27th - November 30th. This encompasses Black Friday through Cyber Monday, which means I'll have to avoid those pesky sales this year. Why? Because if I can avoid spending...
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    Hello All, My family was flipping before flipping was considered flipping so its something I’ve always wanted to do. I’ve heard many mention another housing market crash so I’m using this time to learn and study all I can so hopefully when the market prices go down I can make some good deals. -Michael
  • #SpendingDetox
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    For the Spending Detox Challenge, I decided to go with #2, make a holiday budget and #3 don’t overpay. Challenge #2: I decided to go with this one because I usually splurge during the holidays. I often buy last-minute gifts for family and friends, and that’s usually the worst time to buy. My nephews are 8 and 10 years old so I always try to be “the cool” uncle by buying the hottest holiday toy or a full-priced video game. This year, I decided that I am going to plan earlier when it comes to...
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    Hello! I am currently waiting during these weird times. It seems to be more of a seller market, hence why I am holding off. During this time, I am focusing on paying off one rental property and also saving up to buy the 4th for me to live in when things cool down a bit. I know Jaspreet also has a video on his IG stating that he is also holding off. Just does not make sense to buy right now depending on your goals. For me, it does not make sense.
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    I have M1 over a month now and have had Etrade for 6+ years. I wish M1 was around when I started learning this field years ago, it so much funner being able to play with the big boys with only pennies to the dollar compared to the $$$ on each stock. Etrade is a nice straight direct forum that is nicer now that I have put time into studying it.
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    I got the audio book about 3 years ago. Chris is not narrating, but the narrator has a similar style of speaking as CV and does a good job. There are a lot of great tools in this book that you can use not only in negotiation but in every day life. It's not dense, but there's a lot in there, I find that I'm constantly referring back to ideas and concepts depending on my needs at the time. It's a great book and worth every penny! I would imagine the hard copy would be as good as the audio...
  • Real Estate Investing
    (btw I am terrible at spelling and punctuation) hey my name is Simon and I am 18 years old, I'm interested in getting into the real estate business . I watched one of the Beards videos about side hustles and found wholesaling and work for equity, haven't gotten a deal yet but I'm close! My goal is to own several diverse rental properties. My question, to get financing for a property would I have to wait till I have more income? or do I need more credit to take out a loan from a private...
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    I recommend people get licensed. In many states, accepting a fee for real estate services requires a license. To me, it is always a good time to get started. For financing questions as a lender.
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    UPDATE FOR MY SPENDING DETOX CHALLENGE: Okay, so, I decided to not spend any money from Black Friday through Cyber Monday of this year. I did not realize how tough this would be... There was so many things that I wanted to buy that weekend I almost lost the challenge I think 100 times lol. However, I stuck it out, and didn't spend any unnecessary money on those days and now I have a ton of cash in my bank account to add onto for 2021 or invest next year, while the rest of my friends are...
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    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.
  • Retirement Planning
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    I am. (Well my wife and I) Our short back story: We aren't wealthy by any means. But, my wife and I were having a discussion and ultimately came to the conclusion that we both are on the same page with respect to not working until the US recommended retirement age of [65-67]. We are in the mindset that It doesn't make sense to potentially waste prime years of our lives working in hopes of enjoying retirement without the assurance we will have the necessary [health or wants]. We prefer to...
  • Retirement Planning
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    Hey all, I am new here. however I have been reviewing and listening to the topics for a while. What I am having difficulty on is this: 401K is pre tax dollars. Any investing money after you get paid is money that has been taxed. Shouldn't the best advice be for retirement planning to max out your 401K contributions before thinking on any other long term investing with after tax dollars? Max out means contribute a full $ amount you are allowed per year, which includes you employer...
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    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...
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    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...
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    @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...
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    Great topic question, I will bite: As you go down the rabbit hole of researching the topic of 'Getting Out of Debt' you will surely find that there are a few approaches to consider yet, the conclusion will be that the path chosen is simple to understand but very hard to stick to. My recommended approach to tackling debt while not having enough means (low income) are as follows. 1. Know Your Numbers: You have to know how much money is coming in and how much money is going out. Have a record...
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    Book are always the best way to get knowledge because creation of any book will take a long time to write and very deep research, so if your book related to the syllabus of any subject than you have to know how to make a Wikipedia page for your book and your self to make your work publish and your life too, so people will know who hard you work to finish this book
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    Life insurance is best as an income replacement for your survivors. And yes, on the Roth, if you consistently invest, you will benefit from dollar cost averaging, making more over time. Plus with a Roth, you are taxing the seed, not the harvest.
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    Patience ... investments may seem down day to day, but over time, they'll go up. That's not true for all investments, but for many it is.
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    Invest in low-cost ETFs like Vanguard or others to start. They allow you to invest in a basket of stocks and are generally lower cost than mutual funds. You could have some growth ETFs if you are younger or Balanced ETFs if you are mid-way through your working career. Stay away from investing in individual stocks until you have built up a large balance of investment funds, and even then, I would think twice about doing so. Companies like Xerox, Blockbuster video, Sears, and many more at one...
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    Avoid individual stocks. Consider a low cost growth ETF and ensure dividends are set to automatically be re-invested. The money will snowball bigger over time. Also be aware there are often government programs that can help with saving for a child's post secondary education. In Canada there are two such programs: 1) The Canada Education Savings Grant (CESG) where the federal government will grant funds based upon a percentage (to a lifetime limit of $7200) of what an eligible family puts...
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    I wouldn't let the chance of temporarily moving into a higher tax bracket dissuade you from your goal of paying off your mortgage. As time goes by your high performing stock could fall back down in value and spoil your plans. However, if you are really keen on not being bumped into a higher tax bracket and you feel pretty sure the stock will maintain its value, you could always sell a certain percentage of the stock this year that still keeps you in your current tax bracket. You could then...
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    Congrats on having put aside your 30% down payment. I understand where you are coming from since you are not having luck at the moment in finding a home and with time trickling by you're now finding yourself often thinking about this money burning a hole in your pocket. The thing is, rates are so low right now you would be lucky to get 0.2% in a high-interest bank account, so it is not really worth the effort to open one up. Resist any temptation whatsoever in putting this money in a stock...
  • Buying A Home
    I will be a first-time home buyer and have a 30% downpayment aside. Currently looking for a house but it's difficult as inventory is very very low. Is there an option to invest this money (short team) and get some return?
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    Thank you so much for your help. I was looking at distressed properties in which I would be paying cash. I thought the money I had was enough but I see that there really is no way for poor people to get ahead. I have some stocks but I wanted to give my money an actual chance to grow for my children. A rental would give my children "passive" income and pass on to any potential grandchildren. My rent is 4 figures and is actually inexpensive for where I live. I tried to buy a home years ago...
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    Joede, Never give up. There is no question that the best way to get rich is to have a rich parent who can give you a leg up. But if you have the desire, and the will, you can improve your situation. I think Minority Mindset really captures a lot of it. A lot of people overspend, and Jaspreet spends a lot of his effort trying to convince them not to. But it's hard. I personally am an overeater, but eating and spending are similar in the sense that you can't go cold turkey -- you have to eat,...
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    Thanks for the reply. You make several great points. I definitely don't want a fall in the stock price to spoil my plans. I have already seen some correction. I have decided to sell off shares each month for the next several months and retire the mortgage by year's end. I am offsetting my tax liability by increasing contributions to my traditional 401k and 457b plans. I really appreciate the sound advice. I will post back here to let you know how it turns out.
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