All Forum Posts by: Albert Okagbue

Great story. Great great story. Love to hear about people taking advantage of the VA benefits too. Thanks for your service. Your family will benefit from this for generations. I appreciate this for it's inspirational value, but really two things seem to explain most of your success:

Super high savings rate on a really high income.  I guess you had no financial obligations to individuals, children, or communities beyond what 30% of your income could meet, and no time commitments either.  Saving 70% can make you really rich; most people investing that much get rich regardless of asset class, returns, etc.  Some less than you, sure.

Just posting because you made a comment that you couldn't point to one thing that has made you successful.  I can.   This discussion shows the importance of how much you invest 

https://www.biggerpockets.com/forums/12/topics/583...

I just advised a client's girlfriend about to go from $50K to $220K income to live on $10K a month and save the rest.  She couldn't believe how much she'd have in 5-10 years.  She hadn't considered any of this!  I don't care what metro area anyone lives; for the most part real people are living there on way less than $100K so people earning $200K, $300K etc can create massive wealth if they live like the top 5% at even $100K a year.  I have clients doing this and they invest in all sorts of things and do very, very well.  Obviously some do better than others...but that's another story.

Bottom line for anyone reading this, savings rates over 50% on top 1% income levels will make you VERY rich in 5 years.  I have assessed the ability of folks to pull this off...and it works regardless of what they want to invest in.

Still struggling with this issue Mr Pitts?  Let me know...

Hello Ayo - if you still need this, let me know.

Buffett's rules imply sticking to what works for you and what you're expert at.  Whatever the return, you can maximize the rewards from it by other activities.  It's best to stick to what works for you -- whatever it is.  Something else might be able to make more money, but often it's not worthwhile to engage the learning curve and risk losing capital.  

Money is far harder to earn than it is to lose.  It took me a few failures to really get this.  But it's true.  I have seen clients "learn" and wipe out.  Most businesses don't just fail because people are idiots -- they fail because people lose all their money in the learning curve.  When you use your own hard-earned capital to "learn", there is a great chance [unless you are RICH] that by the time you learn, you'll be broke.

Stick to what works for you and if you want more money from doing the same thing inbox me and we'll brainstorm it....

From another CPA, welcome!

Suggestion for partner?  Everything should be done in an arms-length format but if you guys are already "there" in your relationship you can just keep it simple and BOTH assume you own everything 50-50.  That's how I might look at it.

Why not do multiple?  Credit union, mortgage broker, bank? You'll know from all three - they'll pretty much cover all your bases.

If you don't get a response, please reach out to me - I have some pointers for you finding one.

 Well....with this site and all the resources you've absorbed, you have lots of mentors.  Seriously.

@Niyi Adewole I don't use a registered agent for any of my entities.  However Bizfilings is on the list of companies that CPAs use or refer clients to.

Contact me for information about someone who can do this for you.  Just spoke to him.