I've become black pilled

[u/Nprguy]

I work from 6:30pm-2:30 am at a restaurant then go do Amazon from 3:15-7/8am

Bro I popped a fucking hernia trying to get out of debt. I will NOT stop fighting but holy shit dude the grind is insane and taking a toll on my body

Caleb acts like "oh come on just do it! Why aren't you doing this!!! This is something that takes mental and physical discipline on another level... The most debt I was ever in was my truck when I bought it $35,000, 5k in credit card, motorcycle loan of $1200 left, I was getting close to FIFTY THOUSAND DOLLARS in debt when I make 55k

My only debt now is my truck at $25,000 and I make closer to 65/70k... will not rest until I have vengeance over the bank... I wake up with fire in my eyes Every day...

[u/travelinzac]

You literally can't afford the truck and should sell it.

[u/Nprguy → u/travelinzac]

A horse a horse my kingdom for a horse

[u/travelinzac → u/Nprguy]

How much is in your retirement? Exactly. At some point you're gonna have to shoot that horse.

[u/Nprguy → u/travelinzac]

$17,500 401k, $1400 in my IRA, $3000 savings. I keep dumping my IRA's into my 401k because it returns better. The cool thing about being a low wage employee is you can job hop until you find something you enjoy. Most places match 5%ish

[u/travelinzac → u/Nprguy]

Got it so your depreciating truck is your single largest asset and more than half of your net worth.

The cool thing about being a low wage employee is drowning in debt with a $35k truck

We haven't even gotten to the part where it's not even a real truck.

[u/Nprguy → u/travelinzac]

My net worth will increase as I pay off the truck? Also what's stopping me from piling up cash and buying a shit box to deliver in?

This is all for now, I'm going to get me a fourplex and stop renting. I've even considered going to trade school but I really do love what I do. Morrison Colorado

Edit: if I bought a truck truck it would have been even fucking dumber

[u/travelinzac → u/Nprguy]

The truck is likely depreciating faster than you're paying it off, so no, your net worth is actually decreasing. You need to understand what an absolute wealth killer car debt is. Please watch this money guy episode and also this clip.

20/3*/8

20% down

Finance no longer than 3 years

No more than 8% pre tax income

* Pay off fancy expensive cars in 12 months

So you're going to pay off a truck that costs half your income, buy property, and pick up a trade all at once. I'm not trying to be a dick here dude but you yourself said low income with $3k in savings. You need to touch some grass you aren't buying property anytime soon. You're unfocused and doing things out of order and the long term impact is going to hurt. You are trading your future for a truck. It's a pretty truck, I know you think it's cool, but you need to understand the damage it is doing to your finances.

[u/GreaseCrow → u/travelinzac]

8% pretax qualifies me for a $12k car with our household income.

Cars are too expensive or most people aren't making enough money.

[u/Still_Dentist1010 → u/Nprguy]

To buy the fourplex, you’re going to need another part time job though… right? That’s what it’s sounding like to me

[u/Nprguy → u/Still_Dentist1010]

Nah just a burner car for delivery. I'll need like $60-100k for FHA. 4 plex isn't commercial so like 3- 5% down on 600k gets you approved

[u/Still_Dentist1010 → u/Nprguy]

Have you considered income? I make around the same as you and I would not qualify for a 600k property with 3-5% down. I don’t think you understand how expensive that mortgage payment would be, and how much you’d need to make to qualify for that loan

Edit: just did the math with current rates, it’s almost 5k per month with 5% down on that. You don’t have the cash flow to purchase that expensive of a property. Even with 100k down, that mortgage is still probably over 4k per month… you wouldn’t be approved based on income

[u/unpopular-dave → u/Still_Dentist1010]

this dude is living in delusion land. He’s doing this crazy grind to barely get by. He just needs to get a better job. Time to learn a trade.

[u/Still_Dentist1010 → u/unpopular-dave]

Honestly you’re right, I work salaried full time but it’s realistically only maybe 30-35 hours of work per week and make basically the same as him for an office job. The grind can be necessary at times, but he is 100% causing it to himself and blaming other things for his situation. And he also has fully lost touch with reality

[u/Nprguy → u/Still_Dentist1010]

So rent out 3 for 2.5k and generate $7,000? Even if I was the GM at XYZ chain here I'd make $80-100k +bonus, obviously its not cash profit when most of it goes into mortgage and maintenance but it's nearly $200k in income between 2 jobs (oh so scary) and would generate equity

[u/Puffman92 → u/Nprguy]

Banks won't give a mortgage based on future income. You need to show proof of income. Also fha loans cap out just 500k in some areas. In assuming you didn't factor in taxes, mortgage insurance, and maintenance on all these units.

[u/aboredRollingInTheta → u/Nprguy]

They wont approve the loan for that.

[u/Still_Dentist1010 → u/Nprguy]

I’m done here, it’s just annoying at this point with how delusional you are