frujinator
Dryer sheet aficionado
- Joined
- Apr 2, 2006
- Messages
- 43
I thought I'd start a new thread, for the folks who are interested in my story. Many people have called me a wonderkid/genius, but I don't accept that. I'm just a humble college student, but a very cautious saver.
I'm only 19 years old truly yes. I made my little fortune all in the California red-hot real estate boom. I became a loan officer in early 2005, and struck a few very good loan deals, and I made some nice bucks. Over 100K for 2005, and looks like over 100k for 2006.
That kind of income is very high for someone in my position because I don't own a home, family, or even married, so I get taxed at max rate. Thats one reason I opened a SEP-IRA and put $9500 into it, to pay less taxes.
I'm currently an Accounting student, and I want to become a CPA after I graduate with my Bachelors in Accounting. I've been in college since I was 17, so soon Ill be done hopefully. Real estate runs in cycles, and many people find themselves out of work now a days. I know that just when I started, it was and still is a temporary position for me. Its unstable and I will not rely on it.
I am a also a very big saver. I save nearly all my money, and try not incur any expenses. I guess I am ahead of people my age, because I did not abuse the money I received. On some months I would get paychecks around $10,000 - $25,000, and I put it all away in a savings account. I did not make the stupid mistake of buying a car or expensive toys.
So to date I'm set ok financially:
-$80,000 I saved from earnings, have loaned under a promissory note to a very well respected colleague who was in dire need of a quick hard money loan at 13.50% interest rate. I'm making a great return on that money now and will be doing that for about a year, so I'm beating inflation for now with that money However I don't what to do with the that money when I get it back in a few months. Savings accounts are lame, and I don't like CD's, but I might have to do that.
-$5600 in a ROTH IRA with VANGUARD - Target Retirement 2045
-$9500 in a SEP-IRA with VANGUARD - STAR Fund, but I want to invest 50% of that into maybe VEXMX or VUVLX and get more aggresive exposure.
-Virtually have no debt, only a few balances on some credit cards, maybe $2,000 or $3,000 that I forgot to payoff.
-Great credit history
Quick Run Down -
-$80,000 loaned at 13.50% rate earning monthly of $900.
-$15,000 in my checking
-$5,600 in my ROTH IRA
-$9,500 in my SEP-IRA
-$1,000 in Ameritrade Izone Account, do a little day trading every now and then with penny stocks.
I WISH I COULD OPEN TWO ROTH IRA's!!!
I'd say my interest in and background in Loans and Real Estate, studying in accounting, has really taught me to be financially conservative and not spend money on useless things.
I can tell you countless stories of family members, friends who felt that they made some great money a month or two, then go out and buy all this stupid stuff.
But I'm very happy to have found this forum. So many friendly folks on here. I look forward to making many new friends, and continue towards my goal of an early retiremnet with you guys! I am also a devout christian of the Pentecostal faith, and a pianist. I love learning about investing and financial info.!
Thanks to all, take care and God Bless!
-Frujinator
I'm only 19 years old truly yes. I made my little fortune all in the California red-hot real estate boom. I became a loan officer in early 2005, and struck a few very good loan deals, and I made some nice bucks. Over 100K for 2005, and looks like over 100k for 2006.
That kind of income is very high for someone in my position because I don't own a home, family, or even married, so I get taxed at max rate. Thats one reason I opened a SEP-IRA and put $9500 into it, to pay less taxes.
I'm currently an Accounting student, and I want to become a CPA after I graduate with my Bachelors in Accounting. I've been in college since I was 17, so soon Ill be done hopefully. Real estate runs in cycles, and many people find themselves out of work now a days. I know that just when I started, it was and still is a temporary position for me. Its unstable and I will not rely on it.
I am a also a very big saver. I save nearly all my money, and try not incur any expenses. I guess I am ahead of people my age, because I did not abuse the money I received. On some months I would get paychecks around $10,000 - $25,000, and I put it all away in a savings account. I did not make the stupid mistake of buying a car or expensive toys.
So to date I'm set ok financially:
-$80,000 I saved from earnings, have loaned under a promissory note to a very well respected colleague who was in dire need of a quick hard money loan at 13.50% interest rate. I'm making a great return on that money now and will be doing that for about a year, so I'm beating inflation for now with that money However I don't what to do with the that money when I get it back in a few months. Savings accounts are lame, and I don't like CD's, but I might have to do that.
-$5600 in a ROTH IRA with VANGUARD - Target Retirement 2045
-$9500 in a SEP-IRA with VANGUARD - STAR Fund, but I want to invest 50% of that into maybe VEXMX or VUVLX and get more aggresive exposure.
-Virtually have no debt, only a few balances on some credit cards, maybe $2,000 or $3,000 that I forgot to payoff.
-Great credit history
Quick Run Down -
-$80,000 loaned at 13.50% rate earning monthly of $900.
-$15,000 in my checking
-$5,600 in my ROTH IRA
-$9,500 in my SEP-IRA
-$1,000 in Ameritrade Izone Account, do a little day trading every now and then with penny stocks.
I WISH I COULD OPEN TWO ROTH IRA's!!!
I'd say my interest in and background in Loans and Real Estate, studying in accounting, has really taught me to be financially conservative and not spend money on useless things.
I can tell you countless stories of family members, friends who felt that they made some great money a month or two, then go out and buy all this stupid stuff.
But I'm very happy to have found this forum. So many friendly folks on here. I look forward to making many new friends, and continue towards my goal of an early retiremnet with you guys! I am also a devout christian of the Pentecostal faith, and a pianist. I love learning about investing and financial info.!
Thanks to all, take care and God Bless!
-Frujinator