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1M net worth, 80k/yr passive income, 35 in house
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Date: May 4th, 2014 9:34 AM Author: Ultramarine Razzmatazz Ratface Current situation is good, but I find myself reading "ex lawyers" blogs and imagining a different life.
I am in house leading the commercial team, seven direct reports. With stock I make over 350k. I do less and less actual work, and more managing, outreach, community building, and cross and intra company goodwill building. I like my work but it is getting harder for me to focus on work.
I have a networth of 1M, mainly in rental property and stocks which provide a steady source of passive income.
I am single. My parents are getting older. 35 yrs old.
Wat do? |
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Date: May 4th, 2014 9:39 AM Author: poppy 180 temple old irish cottage Nice work. How long did this take?
Make meaning through family. Time for babies. |
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Date: May 4th, 2014 9:41 AM Author: Ultramarine Razzmatazz Ratface Less than 8 years. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499543) |
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Date: May 4th, 2014 10:01 AM Author: poppy 180 temple old irish cottage 27, entering biglaw soon. praying i can have an outcome remotely similar to yours. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499572) |
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Date: May 4th, 2014 10:20 AM Author: Ultramarine Razzmatazz Ratface Don't spend money like an idiot. Live in a place where rent is less than 1k. Get roommates. No luxury cars.
Pay off all loans within 1.5 years. Save like mad. Remember, money is either pleasure or freedom. I personally value freedom.
Buy your first rental after you save 150k. This should be about year 4. Rinse repeat. |
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Date: May 4th, 2014 12:18 PM Author: adulterous self-centered pit psychic freedom is the ultimate pleasure imo (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500124) |
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Date: May 4th, 2014 1:04 PM Author: poppy 180 temple old irish cottage thanks for this advice. seriously.
any tips about how to land a post-biglaw gig like you did? really any tips are appreciated. |
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Date: May 4th, 2014 2:42 PM Author: Ultramarine Razzmatazz Ratface In house really varies. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500841) |
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Date: May 4th, 2014 2:53 PM Author: poppy 180 temple old irish cottage any tips for corporate practice groups? obviously there are variables beyond my control, but i am just trying to hang onto a high-paying job as long as possible in an attempt to replicate your outcomes. good undergrad, TT law school on a full ride, going to a V15. will have minimal debt. i know that my pedigree is somewhat tarnished but i can hustle. really appreciate any thoughts u can offer, brother. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500893) |
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Date: May 4th, 2014 9:43 AM Author: Glassy Galvanic National Personal Credit Line bro your job sounds 180 why do you want to quit. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499546) |
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Date: May 4th, 2014 9:47 AM Author: Ultramarine Razzmatazz Ratface It definitely is 180. I feel a general malaise. Maybe because I don't do any more real work so it is hard for me to get excited by it. I also feel insecure bc I am not doing the work anymore, but if I try I get swamped and bogged down.
I got other bitches in legal trying to take my pie (so far unsuccessful). I maybe fantasize about a simple life on a farm or something. Maybe I feel like this is so good I can't leave... But I am not sure. |
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Date: March 25th, 2015 7:04 PM Author: Thriller messiness Sports car. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27554375) |
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Date: May 4th, 2014 11:22 AM Author: Racy foreskin menage Marriage and kids (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499836) |
Date: May 4th, 2014 9:37 AM Author: Glassy Galvanic National Personal Credit Line find a wife start family (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499532) |
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Date: May 4th, 2014 9:40 AM Author: Sickened salmon digit ratio Can you share tips on your rental property? I've been in a similar situation as you for about 2 years where I just want to quit and do nothing and live off my net worth (no good passive income). Never been able to pull the trigger though. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499539) |
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Date: May 4th, 2014 9:44 AM Author: Ultramarine Razzmatazz Ratface I buy rental property in low cost areas; duplexes and single digit rental units. A duplex might cost you 220k and generate about 15-20k net per year. You will need a good property manager if you don't live close to your investment property. I own several. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499547) |
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Date: May 4th, 2014 9:45 AM Author: Boyish Clown Garrison (AZN) (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499550) |
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Date: May 4th, 2014 9:52 AM Author: Cowardly Resort did you buy the duplex straight cash homie or did you pay it off incrementally?
how much do you pay your property manager? |
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Date: May 4th, 2014 10:01 AM Author: Ultramarine Razzmatazz Ratface First property I got a small loan. Down payment well over 50%. Rental income easily paid off the mortgage payments.
Before the first was paid off I bought a second in cash. Both units then paid off the first property.
For third and fourth I got a line of credit via local credit unions on the first and second with down payment out of pocket. Four units of rental property income plus my own money paid everything off in two years.
Now on my fifth. |
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Date: May 4th, 2014 10:05 AM Author: Cowardly Resort hey congrats man, sounds like some good shit.
about how much do you pay your manager? |
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Date: May 4th, 2014 9:56 AM Author: Flushed trip space skinny woman i've done similar things to this but no property manager. it's a fucking bitch and some months it eats up a lot of my free time dealing with bullshit.
what's the market rate for residential property management in your area? 5%? 8%? |
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Date: May 4th, 2014 10:06 AM Author: Ultramarine Razzmatazz Ratface I hired a local friends husband who are public school teachers. They don't do anything except collect checks, post craigslist ads, and do tenant interviews. Actual work is done by contractors. Mi generally make the places nice (hardwood floors, new appliances). A long term tenant is worth a lot. I try to rent to older single ladies (40yr old single cat lady accountants). (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499582) |
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Date: May 4th, 2014 10:38 AM Author: Flushed trip space skinny woman nice set up. how much do you pay your friend's husband?
so let's say the water heater has a burnt out element. who deals with that? the husband goes and checks it out, then calls a contractor of his choosing, then pays for it with some escrow account u have set up or something?
u're really lucky u've been able to avoid a management company |
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Date: May 4th, 2014 11:20 AM Author: Sickened salmon digit ratio Awesome. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499824) |
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Date: May 4th, 2014 9:49 AM Author: Multi-colored mustard sound barrier quadroon Link the blogs? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499554) |
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Date: May 4th, 2014 9:51 AM Author: Ultramarine Razzmatazz Ratface Exlawyersclub.wordpress
Beyondthepinstripe.com |
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Date: May 4th, 2014 9:54 AM Author: canary medicated indirect expression Well, were you ever in private practice or did you spend all eight years in house? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499563) |
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Date: May 4th, 2014 9:56 AM Author: Ultramarine Razzmatazz Ratface Big law then inhouse (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499566) |
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Date: May 4th, 2014 10:02 AM Author: canary medicated indirect expression So you've been in private practice, and you've practiced law in house, and now you seem to have more of a managerial role that probably is a lot like any other white collar job you might have had—what is this magic non-law option that is going to be more satisfying? Or do you just want to retire now? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499574) |
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Date: May 4th, 2014 10:08 AM Author: Ultramarine Razzmatazz Ratface Go business side? Quit law and become a techno music composer? Live in Thailand and become a Muay Thai instructor? Small home business? Start up? |
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Date: May 4th, 2014 9:56 AM Author: Flushed trip space skinny woman any reason you're not married + ure single? do u want kids? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499568) |
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Date: May 4th, 2014 10:12 AM Author: razzle bistre stead alpha Dude your life sounds absolutely 180. I'd just plow everything into building greater passive income and then retire at 40. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25499594) |
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Date: May 4th, 2014 1:55 PM Author: Swollen irradiated therapy corn cake credited response.
100K passive income is enough for everything you could ever want post-40. esp. if you add family and have a little real estate growth business on side. |
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Date: May 4th, 2014 2:39 PM Author: Ultramarine Razzmatazz Ratface Many responses mention marriage and kids, and that is definitely what I want. May be easier without current job. Also, how does one realistically plan for cost of kids? Education, etc, are crazy expensive. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500826) |
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Date: May 4th, 2014 2:54 PM Author: poppy 180 temple old irish cottage do suburb with good public schools. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500898) |
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Date: May 4th, 2014 1:58 PM Author: Topaz provocative locus wife and family, bro. life is unfulfilled without having a family; that's what you're feeling. why are you single at 35? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500625) |
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Date: May 4th, 2014 2:13 PM Author: Gay Nofapping Native Sneaky Criminal 138. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500691) |
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Date: May 4th, 2014 2:42 PM Author: sadistic insanely creepy faggot firefighter state (guy who doesn't have a wife and kids) (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500846) |
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Date: March 25th, 2015 4:56 PM Author: black comical public bath pwn (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27553661) |
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Date: May 4th, 2014 3:07 PM Author: exciting incel chad how the fuck do you live in a 35 inch house (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25500971) |
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Date: May 4th, 2014 10:02 PM Author: Sickened salmon digit ratio what are your current hobbies? (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#25503569) |
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Date: March 25th, 2015 4:23 PM Author: Concupiscible emerald organic girlfriend (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27553489) |
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Date: March 25th, 2015 4:58 PM Author: opaque casino sounds like flame (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27553683) |
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Date: March 25th, 2015 5:06 PM Author: odious alcoholic selfie school cafeteria job actually sounds terrible. having more than a couple of reports, plus all the political shit that comes with being a manager. at least you never have to do any real work (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27553730) |
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Date: March 25th, 2015 5:17 PM Author: light station affirmative action If you have $80k in passive income, you have a good bit more than a $1mm net worth. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27553793) |
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Date: March 25th, 2015 7:00 PM Author: Fishy background story Maybe get an umbrella mortgage on your property portfolio if it is paid off (like a cash out refinance) and buy some larger RE or 1031 exchange your stuff into a larger building that produces good cash flow.
There are a few extremely basic, blue chip but high dividend stocks out there that you can buy and then use that stream of cash to fund more RE purchases (I.E buy a property that has good cash flow, then use your dividend income/property income stream to pay it off more quickly).
Since you are a lawyer a lot of the RE stuff seems like a very natural place to find yourself operating in - I would also invest time into understanding investing in the stock market etc.
Also maybe buy some farm or timber land. The beauty of the situation is that if you have a diversified base of assets and enough of them managed correctly, you will be able to make opportunistic purchases across a variety of asset classes. |
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Date: March 25th, 2015 7:04 PM Author: Thriller messiness Pivot. Or Lean In. Buy a sports car. Remember, it's up to you. (http://www.autoadmit.com/thread.php?thread_id=2559189&forum_id=2#27554371) |