they clearly don’t give a shit about any potential violations with this. At this point they have to know something and it’s gonna make enough money to cover any fine to where it’s just worth it
My portfolio dropped about $7k today. If I were emotionally invested in day to day fluctuations I'd probably have suicided by now. I don't know how day traders do it.
They mentioned it in their quarterly earnings, so it’s nothing that they haven’t officially stated. But yeah. They are REALLY bullish right now.
Musk giveth, Musk taketh away. https://www.barchart.com/story/news/1690665/tesla-to-stop-accepting-bitcoin-for-car-payments
My soon to be wife and I will be "retiring" next year. We will both be 40. We bought a mansion in upstate NY and have been renovating it to be a bed and breakfast the area is in desperate need of. It won't be your typical grandma's doily, fake persian rug type of place, think more like a modern victorian boutique hotel. The house has a 1 bedroom apartment in the back separate from the main house, a 1 bedroom airbnb above that, and what will soon be a completely renovated 2 bedroom apartment above the carriage barn behind the house. We also have a building on main street in town which has a shop front and 3 apartments above it, and we have an airbnb cottage downstate. We will probably add another 2-3 properties to turn into airbnb houses in the next 3-5 years. I may take over the commercial space in a few years and open a restaurant that's a proxy to the house as my retirement fun thing to do. Currently the apartments pay for everything and then some, the couple airbnb properties are funding the renovations for the bed and breakfast and the bed and breakfast when it opens will be what we fund ourselves until we hit actual retirement age and can live off 401k/SS/investments. My best advice if you want to retire early is find cheaper properties in places where there is a need for accommodations (wherever that may be, doesn't have to be close by to you), make it Instagram worthy or styled unusually, rinse and repeat as many times as you feel comfortable with. You will have mortgages to take care of and you'll need to find someone to "manage" the property for you, but most of these things can be done remotely where you don't have to set foot on the property for months at a time. It does take start up capital to get you going, but owning property and getting money out of it beyond it raising in value and selling it has been the quickest way we've generated wealth in the past 5-10 years.
I hate the projections that rely on current income - it only makes sense to me if you live a completely inflexible lifestyle, or are only saving a very moderate (<15%) amount for retirement. I've used Mint (and my own spreadsheets) for a while now so I've got a pretty good handle on our yearly expenses. @Popped Cherries mind if I ask A) how much of the renovations in these places you're doing yourself, and B) whether you had an, uh, external infusion of capital for startup (inheritance, family loan, etc.)? I'm sitting on some cash and taxable brokerage, but a lot of what I've saved has gone into tax-sheltered accounts.
@Binary Renovations are 80/20 me vs contractor. There are some jobs where someone else can come in and do it faster/cheaper/better then I can. With that said, outside of the main house, all the other properties were in bigger need of updating vs renovation. It's really amazing how you can transform a place from a Home Depot cheapest off the shelf fit out, white paint everything to a custom space that LOOKS expensive without having to sink tons of money into it. Fancy as fuck lighting? clearance section of TJMaxx. Custom shaker cabinets? Repurposed from the local Habitat for Humanity store that covers the rich section of Connecticut. Expensive marble looking counter tops? Very convincing laminate from Ikea. Cool retro sink? $10 from the architectural salvage almost every city has with a historical home presence. Slap some cool, but not overbearing paint colors on everything and you've got yourself a stew. It does help my fiance went to school for graphic/interior design and is good at what she does, but if you basically follow 5-6 of the trendy people online who do home design, you can get enough inspiration to outfit a whole house. As far actual renovation things, I leave running electric and main plumbing to someone else as it's jobs like those where I could do it, but those guys have all the tools and do it for a living and I'll never be able to fish wiring or run new plumbing for as cheap and as fast as someone else can. I leave major drywall mudding and taping to someone else cause fuck doing that! It's tedious and messy and ain't nobody got time for that. I can do some HVAC work, but again, if I need a new furnace installed, I'm probably calling someone to take care of that for me, it's just not worth the time to do it myself. Once the internals of a place are completed, I can do almost everything else. With that said, there was only one of the places which is currently running that needed a full gut, everything else we've bought didn't need extensive renovation work. Our main house however, that's been a 2 year long renovation project because we are trying to take a house which was built in 1865 and time capsuled from the 1940's and turn it into a functioning boutique hotel. My fiance came with a pretty decent chunk of money from selling her house in Australia after the housing market exploded over there. (~300k) One of our investment properties we recently sold in CT for a pretty large profit during covid because the housing market exploded around the area and it was stupid to hold onto it (~120k profit) I tapped my 401k clean when I left a previous job which I had been investing in for about 10 years. Did a bunch of work to get it into IRA accounts, tax credit and investment vehicles where I didn't take a huge hit on penalties, but it gave me a gigantic leg up on having the freedom to invest outside of what was available through the companies 401k plan. Their match was generous and they gave you stock in the company, but the 401k funds were pure dogshit. (net about ~60k I was able to use towards properties, ~400k still churning away in accounts I actively manage) That's been our seed money to get us to where we are right now. Obviously we hit some big windfalls, but it's what we did with them and how we leveraged that money to actually make us more money instead of sticking it into low yield, hands off accounts which will never get you to where you want to be. Some advice - You have to be able to take some risks, but make sure your risks are things you can at least get back to even on at some point in the near future. Buying property is a pretty safe investment, especially if you are going to be renting it out, but there are plenty of people who go into something like that and either buy a shithole they hope to transform into something great, and never do, or they buy an average property in an area completely over-saturated or in a place with declining population and then wonder why they are barely above water on their investment. Learn how you can take advantage of owning a business and get every tax credit, deduction, grant, loan, etc you can get your hands on. Try to limit spending your own money on as much as you possibly can. I live in a pretty small rural town in upstate NY. They are trying to revitalize the area and especially after covid have been throwing money at everything. There was a curbside appeal grant you could apply for which was basically "Want your house or storefront to look nicer? Apply for this grant and tell us what you are going to do to refresh our Main Street and we'll give you money!" It wasn't millions, but free money is free money. Think outside your immediate area and be flexible to the right opportunities. Obviously it's nice if you can live somewhere and have a bunch of property right around you where you can manage things and it's not a hassle, but most people's situations aren't going to be like that. I was living in a major city in CT and ended up moving to upstate NY because we saw the opportunity to work towards our retirement dreams. Jobs, for as much as people cling to them like they will never find another one and they have to stay in a certain geographic location to make a living is just false. There are a lot of high paying jobs which can help fund what you are looking to do if you branch out. My fiance currently runs a furniture showroom. Her commissioned staff make about the same as her and they are always looking for help because sales people bounce around all the time. There are hundreds of places with commissioned sales where, especially after covid, sales people are just printing money. Uproot, get a job doing that for a year or two and you'll have enough money saved to buy a few properties. Looking for a place to buy properties? find some smallish towns which are close by to bigger towns, and go through the local paper or facebook group and see if there are apartments for rent. Check airbnb around an area and see how many places are available and how many of those places you'd actually ever see yourself staying in. Do a bunch of research on places like that. Is there a need for accommodations? Why is the rental market the way it is? Is there a need for rentals or is the market over-saturated? Are there venues nearby that don't have places for people to stay? Is the area an undervalued vacation spot? Is the area near an up and coming city revitalization? (think Austin 15 years ago, Pittsburgh 10 years ago, Charleston 5 years ago) There are so many places with untapped potential because it takes a risk getting in on the ground floor, but the payout is well worth it, especially if you want to retire early.
@Popped Cherries, definitely don't mean for this to be snarky at all, nor would it mean that accomplishing what you've listed above wouldn't be possible, but do you have children?
Employers Hate This One Weird Trick for Early Retirement. I have no children. I'm certain I would not be looking at retiring at 50 if I had the expense of raising a kid. @Popped Cherries yeah, all of that makes sense. I was just rolling around how I'd get started in my head and the steps I'd need to take to get the cash to bootstrap a business like that.
Yeah, I have 1 kid (so far), and just on daycare and preschool alone I've spent north of $75k. She starts public school in the fall and I'm fucking thrilled.
Biggest thing that has kept me out of this so far is that I haven't wanted to stay in one place, so I wouldn't have the advantage of local visibility. I'm handy enough and know enough about home maintenance that I think I could be somewhat successful at this, but I'd really have to really trust my property manager. I mean, right in this spot I'm in now, there's a house down the street for sale. It's small, but seems to be in decent shape with some visual updates needed. The mortgage on it would be a less than 2/3 of what I'm paying for a similar AirBnb. I don't think this area is deprived of rentals but the market is good. I guess you could stick in a place for a year or so to get the place off the ground, form some relationships with property managers, etc. Hmm...
I think I'm at a place now where I know enough to know if someone is doing it wrong or fucking me over, and quite confident that I don't want to take the time or effort to do it myself. I'm OK with that.
Funny how that works. There's also a deep conspiracy theory that he's doing it in order to really fuck with the GME shorts. By making that statement, he's killed off a lot of the value of Doge and BTC, which Citadel is invested in. There was some thought that the recent big selloff was Citadel cashing in in order to keep up the GME fight. But now that the SEC is killing the back door data feeds (which some speculate feed the dark pool trading), and the DTC are enacting market maker protection rules... shit's getting interesting. GME is already up $20 today on relatively low volume.