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<blockquote data-quote="Orion inc." data-source="post: 2097910" data-attributes="member: 58808"><p>There's a huge difference between enjoying your money now and "partying" with your check. </p><p></p><p>You can enjoy your money and be smart as well. Investing and saving while building your wealth is easier when you're young because you can compound it. </p><p></p><p>Plus if you take care of yourself and learn balance in all things, you'll retire securely and healthy. Having financial security relieves stress and anxiety. It gives you more options in life to live it on your terms.</p><p></p><p>Also the real estate advice you're giving is a little more complex than that. If he is going to look at investment properties, he should start small. Find a foreclosure in an up and coming area. Pay all cash or a huge down payment and small mortgage. If he renovates it nicely and it's in a good neighborhood, he could get double or triple in rent. Basically the renter will pay off your investment and then some. </p><p></p><p>If that works, progress to another house only a little bigger. </p><p></p><p>We have two properties that are paid off and nicely renovated. One is our first house that we bought very cheaply starting out. It's now a hot area with young renters. The neighborhood just opened a second microbrewery near it. That seems to be the big thing. I'm getting triple in rent because it's in the new urban hipster area. It's a great revenue stream that we turn around and use in other investment accounts.</p></blockquote><p></p>
[QUOTE="Orion inc., post: 2097910, member: 58808"] There's a huge difference between enjoying your money now and "partying" with your check. You can enjoy your money and be smart as well. Investing and saving while building your wealth is easier when you're young because you can compound it. Plus if you take care of yourself and learn balance in all things, you'll retire securely and healthy. Having financial security relieves stress and anxiety. It gives you more options in life to live it on your terms. Also the real estate advice you're giving is a little more complex than that. If he is going to look at investment properties, he should start small. Find a foreclosure in an up and coming area. Pay all cash or a huge down payment and small mortgage. If he renovates it nicely and it's in a good neighborhood, he could get double or triple in rent. Basically the renter will pay off your investment and then some. If that works, progress to another house only a little bigger. We have two properties that are paid off and nicely renovated. One is our first house that we bought very cheaply starting out. It's now a hot area with young renters. The neighborhood just opened a second microbrewery near it. That seems to be the big thing. I'm getting triple in rent because it's in the new urban hipster area. It's a great revenue stream that we turn around and use in other investment accounts. [/QUOTE]
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