As I slowly restore the first property my mother owned 10% of when I was 5, I can’t help but quietly go over the experiences of my life. Good, Bad, and Indifferent. I’d paid the owner $125k. I spent another $45k for a trailer that sits on clay to one of her other business partners. This might sound crazy, but I’ve done everything I ever want to do. I’ve accomplished everything I wanted to achieve. I’m not a millionaire.
When I was a kid, I was taught you work, save your money, pay cash for everything, own your own home, and retire with a pension. Then pensions went away and got replaced with 401k’s, the government saying I might not get social security when I turn 62, and some guy on the TV is saying I need to work harder and save more money. I’m 25-years old being told I need $300,000 in my retirement account by 62, to retire and do nothing. Then the twin towers fall.
I’m a Gen-X’r, you know the Generation that alway got the shaft become our parents practiced population control and had to deal with 2-Recessions like adults. Here’s an easier way to remember Gen-x: I was 45 during the 45th President of the United States and turned 46 during the 46th President of the United States. They ended the Vietnam war for US!
So apparently if I have $1,000,000.00 at 50, I never have to work again. I actually had a conversion with a Stepford Husband about how his mother in-law was only left with a Million dollars and he doesn’t know how anyone could retired on just a million dollars. He didn’t have a lot of friends and his wife is pretty private. That whole corporate path “Women who have it All” theme. They could have more kids but he doesn’t have the hips for it
Most important, college never taught him about passive income, tax shelters, and death.
What’s passive income you ask? So my best friends mother talks us into going to Woodstock 94′, she always wished she went to the first one. We find one more person to buy the block of 4-tickets, the 3rd bails and says, “do want you want with my ticket.”We’re waiting for the shuttle buses and some guy is asking if anyone has a spare ticket? All he had to trade was an ounce of mushrooms. Give me a hot plate and I can cook us up three customized omelets. Apparently, these weren’t the mushrooms you buy at your local Trucchi’s. We didn’t exactly give away the tickets for some extra food. We made about $800, which in 1994 is a good amount of money to spend at a 3-day musical festival. That’s passive income. It’s taxable but you didn’t have to do anything for it. Maybe have a friend or two that respects and knows each other. Maybe a favor to repay when your crazy brother starts a fight with the Walker St. gang at the Taunton Cinemas.
Let’s get back to the Stepford Husband. He couldn’t survive if his wife kicked to him to the curb with only a $1,000,000.00 … or could he? Have you encouraged your wife to buy real estate rental units? How about a coffee shop with a small one bedroom on top? How about a strip mall in the Black part of town, Maybe even Brockton. If you bought a 3-family in Brockton 7-yrs ago for $160,000k it’s worth about $600k today. If you rent the other 2-units to two families you trust in that Brockton Community you’re probably paying the mortgage, clearing about $2000k a month, and working doing whatever the fuck you want to do. That’s about $3600 in passive income. This is why you keep receipts. The caveat to passive income is there’s to do work here and there. That stuff is tax deductible. Which isn’t tax credit, tax credit are next level stuff. Think Tesla.
My community respects dads who pay child support. That is all.
Back to being 45. I felt like I’ve done it all. I found my three great ones. I helped everyone I could until I couldn’t help them no more. I experience everything I thought I wanted or needed. I have this great, great beautiful daughter. I even I this big big beautiful family other than the Newes’s. I love the people who I decided to keep in my community and the new ones that i decided to let into my community.
If in one instance, everyone disappeared and it was just you, how would you rebuild your community? I’m 45.
How was your 2020? How did you improve your community? I’m not even old enough to live in an over 55-community. I run my own stock portfolio. One stock that’s going to pay the heating bill for next year. Maybe I’ll play with a thousand, Alex.
Passive income. How are you going to have passive income by the time you’re 45? How are you going to afford you next 45-years?
Who wants a fairy godmother?