Question:
I currently have about 10,000 in land, 130k in stocks, 401k IRA and personel accounts, 15 thousand in cash and ownership in 2 rental properties worth about 500k. I dont own my own residenance yet as I live in Big city that I dont see myself staying here forever. I have 65k job plus bonus and other options. I am only 24 and ideally would like to settle down into the suburbs and run a full service car wash after I have soaded my oats a little bit, and am in commited long term relationship. Am I doing ok? I want to continue to buy rental properties, then in 2-3 years leverage my equity to buy a service business. Is this possible. Am I just building a house cards that will collapse. I live in very expensive metroplitian area, I want to be millionare by 30. Is it possible?
As long are your rentals don't go upside down, you seem to be on a pretty good track - A millionaire by the time you're 30, maybe - it's hard to tell, because you don't say how much you started with. But given the rule of 72's, to double your net worth in 6 years means a 12% rate of return on assets - that's the historical return of the stock market.
What you're doing makes sense to me - sounds like you have a good head on your shoulders - do you really doubt your ability to continue to be successful, or did you just want to "share" the good news of your success?
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