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Updated about 1 year ago on . Most recent reply

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Andrew Zhang
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Best strategy for high W2 income earner?

Andrew Zhang
Posted

Hi, first time posting here. A little story about me is, I am unmarried, and late 20s. I was fortunate to make about $750k this year and next year the expected salary is $900k. I have a 1.2M house with 25%-ish equity, and no other assets. My yearly spending rate is low like 30K ish, besides the mortgage. I like my W2 job but I don't see myself keeping this high salary forever, so I am thinking of ways to create income streams. I've been reading posts here and was looking at low priced markets for cash flows, but even if I buy 10 of these and paid fully, it's nowhere near the income I am making. I also thought about buying more pricy homes in California and bet on the appreciation - but this doesn't seem like the most efficient way to use my liquidity. Maybe I should go into multi-unit homes? but I absolutely have no idea how to get started on this. My ultimate goal is to make 30k/month income apart from W2, but without working hard like STR owners.

Long story short, if you were making a high 6-digits a year, what asset would you buy to create incomes? 

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Scott Mac
  • Austin, TX
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Scott Mac
  • Austin, TX
Replied

A prenuptial agreement.

Even though you are not married currently,

It would be wise to start to look around for someone locally in your county who can advise you about such things.

Then when you are in the market for this paper product you will be ready to go out the gate with it. 

Good Luck!

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