All Forum Posts by: Fradel Schaechter

@Chase KellerI think being 'in the game' is more important than 'not being late' :)

Good luck!

@Derek Luttrell You've got a solid financial foundation going! Hope your post inspires others here to achieve what you have done :)

@Pinaki M.- I would chime in to suggest you build your network by attending meetings, being active on Bigger pockets and trying that route to find local, successful investors that might take you on as an intern before you pay someone to do that. Coaches can help you stay motivated, but there are some drawbacks to them as well (if they are greedy, they might set it up so that you are a little dependent on them, can't do deals on your own...)

Just do your due diligence before signing up for anything and you should be OK.

Good luck!

@Tony Tonev- I wish you the best of luck in meeting your deadlines! 

I would put some of your time towards building connections with investors who do the kind of deals you are most interested in, and once you have a relationship and they don't directly make money from your deal, you will hopefully get 'objective' advice... 

I guess the only thing you need to keep in mind is that saving on taxes is important, but getting a great deal is too! 

@Account Closed- If there was a way to vote a few times for a post, I would have done so with yours. Anyone with a lot of cash and under pressure to do a  deal is in a vulnerable position, and having that knowledge cuts down the extent of how vulnerable you are.

@Dmitriy Fomichenko nice, detailed response! I'm glad I read it because I almost wrote one or two of the links you mentioned :)

One more link that might be useful is the link for events: Events post on BP

I also wanted to comment that I have listened to many podcasts (sometimes 8-10 a week) listening to older ones as well and feel I've learned a lot from them. The new Money Show podcast is excellent as well.

Good luck!

@Chase Keller I never even new DM was used for multi-family as well.

Nice deal you had there :)

@Thomas S.- I respectfully disagree. I actually think that when I look back at how I was generous with my money even before I got rich, I will know that the generosity I feel is real (i.e. I gave before I had that  much to spare). I know this sounds naive and idealistic, but it is simply what I want to do until it proves to be an obstacle to getting rich. I would agree that savings should be a high priority and I am working on increasing my income so that I can save a larger percentage of my money for the long term goals I have.

It also happens to be that many of my 'whys' for getting rich are related to the things I can do for others with my money, but that still doesn't explain why I insist on giving 10% even now. The truth is, I have a savings account I transfer the 10% to, and do not necessarily give it/ make a donation right away (the account has a few thousand currently) because we don't like to give to just any cause out there, choosing the ones meaningful to me.

Also, can you clarify what it means 'when I have no use for it' (the money)? Because I can imagine that once I have more money (i.e. wealth) I will likely find more and more uses for it (nicer home, nicer clothes, nicer and lavish vacations, more investments etc.)

What financial barometer would you say is when I've hit that level?

@Ian Walsh- I agree! I just spoke to a friend today, she is saving a small amount for each of her kids weddings each month. I asked her about putting it into an index fund and after I explained it she said she might do that someday. She had had no idea what these were...

I think many of my friends and family just view investing of any kind as 'very risky' (with nightmarish stories of great-aunt Molly that lost her life's savings with a bad Investment/investor flashing through their minds)...

Savings is a great first step, but it is the financial education and subsequent investing that will make the wealth happen!

@Ola Dantis as a side note, Discover online savings bank offers just over a percent for accounts. It is still a tiny percentage, but at least I get $10.00 for every $1000 and not $0.10 like I did in Chase Savings :)

What I like about Discover is that I can have multiple accounts under one user-name and that allows me to nickname them with the categories I save for (outlined briefly in the first post above) and the transfers are super easy to execute.

Keeping your money in investments sounds good, I think these savings accounts are just for being 'responsible' and saving for an emergency.