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There are interest payment calculators out there that break it down by how much it is in dollars per month. Put in different scenarios and write down the sums.

What if you paid $2000 this month from the rest of your savings? And then instead of paying $800/mo, pay $500 and put $300 into savings each month to replenish.

Run those numbers, and compare to not making that 2k payment but paying $800/mo going forward.

When I did this, the one big payment made enough of a difference for me to go forward with it. I suppose it depends on how much you would save and if it's worth it to you.

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People vastly underestimate the effect that interest rates have on purchasing power. If you locked in a mortgage last year with a $2000/mo payment that would cost you about $2600/mo for the same exact loan amount.

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Can you pay up a lump sum first, and then continue to make those high monthly payments? I've been in the situation where a high interest rate was burying me, and I just went for it and put most of my savings into that first payment. It felt better when I wasn't throwing as much money away on monthly interest. I basically stopped looking at what I owed and just read the interest for a while. Got it from $275/mo to $175/mo by throwing a lump sum at the card first. And then tracked it.... $150, 120, 100, 75, 60.... I was relieved to go under $100 and under $50.

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Other options you should consider:

  • public transportation
  • bicycle to work
  • relocate closer to work

Basically if your current spending is leaving you broke, replacing $1k/mo in Ubers with $1k/mo in car expenses (personal loan, classes, financing, tires, maintenance, insurance, taxes, gas) isn't actually leaving you any better off. I would consider options that would significantly cut your overall expenses here so that you can have enough money left over so that you don't have to contemplate a $1k loan for the next crisis.

I will say, though, that in the US outside of communities with good public transit it's really hard to survive without a car.

Good luck.

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Take the lower rate and the pension.

Here's why:

At 57 you will have a stress-free income. You can then decide what you want to do with almost no pressure. Let's assume in todays numbers: you'll be pulling in .70*90,000=63,000 in perpetuity. If you were 'given' $5000/mo, what would you do with your life? You could continue in the same job as a consultant/contractor (called 'doubledipping') for contractor rate which is usually 125% salary rate but can be more if you want real easy money. Or you can work an absolute zero stress job you want with no real regard to pay - be a dog catcher. Work at McDonald's. Work for your favorite non-profit for 35k/yr since that means you'll be making 98k/yr.

​

Government employees have to do something remarkably stupid to lose the pension, and very few things can take that pension away from you.

​

Become the base of your family; what I mean by this is: use your money to pay the steady bills. Use hers to take vacations, make large purchases, etc. This will allow you to operate on a stable budget early, and both your incomes now have a defined role for your family team. She knows if you two want to buy a vacation house it will take planning from her income. If she loses her job or wants to change to a lower paying job the two of you will already have your budget covered.

​

You are in the literal best possible financial situation possible, congratulations! Either decision is a plus for you.

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I not only held through March 2020 but I tripled by 401k contributions on March 23 so I could buy more. Left them tripled until I maxed out my 401k. This bear market? Increased my 401k contributions by 50% and slashed entertainment spending from my budget so I could put more funds into my taxable brokerage then I usually do. I also made the remainder of my retirement contributions last month in instead of sticking with $500/mo each month for the year. So yeah, I'm buying now and holding forever or until my investment thesis breaks or I retire and can start drawing down.

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In our neighborhood we saw a rise in property value of nearly 80%, some people got hit with huge increases on their mortgage due to the increase in tax properties, mine went up 700/mo!! I was extremely lucky to have been able to save some money and draw from there but some folk did move. Some sold for huge gains but then couldn’t find reasonably priced homes… even though they just sold their home for 2x plus 50k over list(cause blind auctions)

Wtf are we to do?

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You have an actual use for storage. A finite amount of time. Most people are just storing crap they don’t need and they do it for years.

My mom is a great example where she pays $215/mo for a storage unit of stuff we put in 5yrs ago when she downsized even though I told her she didn’t need that stuff. She has literally never gone to the unit. $12,900 and counting

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My total mortgage payment including insurance and PMI is $1404/mo. My 1 bedroom apartment was $1370 + $50/mo pet fee, $25/garbage fee, sewer fee, recreation fee etc added up to $1560/mo for 600 sq ft in Jacksonville which from what I’ve seen is about $300/mo more now…

What maintenance? House has brand new hvac/plumbing/floors/roof?

I’m an electrician and my wife is a plumber pipe fitter. Even then most general issues are easy to fix with a quick google search.

Worst part is cutting grass now that i have a yard…

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Right, but with an apartment, you're just paying $1500/mo., which includes taxes, insurance, and maintenance. If you take out a mortgage that's $1500, you're still on the hook for insurance, taxes, and maintenance on top of it. With a $2100 take-home, that ate up about half my monthly income, especially if I took part in my retirement program and had health insurance.

It's way too much to lend to someone at that amount because it doesn't give enough margin to be able to afford to take care of the asset they're buying.

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As you are working your current company try to learn not just about how to do the things but learn the why. (I imagine you are doing this already). Those processes will help you function smoothly in the future.

And then try to learning the same for financial reasoning, the cost of equipment + labor are just direct costs/Costs of Goods Sold but then you will have operating costs as well. I imagine you are familiar with the costs of parts and labor (if not then add that to your list of things to get familiar with) but try to take it a step further and increase your exposure and knowledge the operating costs that go into a business (taxes, utilities, professional services, legal fees, accounting, insurance, licenses, etc).

The last piece I would encourage you to start thinking about. Understand the value of time. For example my business is helping businesses with their finances through CFO and bookkeeping, business owners can do their own books… they usually have a bunch of errors but they can get by. But if it takes them 10 hours each month and their hourly rate is $100/hr they just spent $1,000/mo when they could have hired a professional to do it better and for less.

If you start training yourself to think along these lines, it will most definitely help.

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I mean… that’s like $1500/mo…. My 1 bedroom appt. Was more than that so me and they wifey said fuck it. I’d rather pay $1500 towards a mortgage than rent.

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i think it's the kind of thing we'll only get one chance to start regardless of the value, and we should be pushing for something like 2k. programs like this are in the trillions of dollars anyway. $200/mo would still be a big deal to a lot of people but not when we are starting to see systemic failure like we are now - the world is too volatile for a small UBI to bring the stability that it needs to catch on

disclaimer not an economist or intellectual

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> Has anyone else pretty much given up any hopes of FI?

No...I think that's why we're all here, bud.

> As someone who hasn't bought a home yet, it means right now in my early 40's buying a "starter" SFH/TH in my area would mean a 30yr mortgage at $4300/mo+.

Might mean you need to move somewhere else if you can't afford your current locale.

> My only hopes of FI would be a new job with much higher paying salary or relocation to a cheaper city.

Sounds like a plan

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The personal loan isn’t a bad idea, but be careful. Ten years ago, I had about $5500 in credit card bills, with 18-28% interest. I got a personal loan at 5%, paid off my credit cards.

But I was only making $900/mo then, and I didn’t change my lifestyle. I started using the cards again. Within two years they were maxed again. So I not only had the $5500 loan (minus whatever I had paid at that point,) but another $5500 on credit cards.

The personal loan is a great idea, but lock away that Amex and make whatever lifestyle adjustments you need to, to avoid getting yourself in a worse situation like I did.

Good luck. Getting out of debt is a lot of diligence and hard work. But you can do it! (I paid off $13k in 15 months, making $34k before taxes. You can do this!)

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Has anyone else pretty much given up any hopes of FI? As someone who hasn't bought a home yet, it means right now in my early 40's buying a "starter" SFH/TH in my area would mean a 30yr mortgage at $4300/mo+.

My only hopes of FI would be a new job with much higher paying salary or relocation to a cheaper city.

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"You can't rent for $300/mo in any 1st or 2nd world country."

Sure you can. Thailand, Mexico, Colombia, etc. Could do a 1br for that in a safe and walkable area outside the city center.

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I’ll be your nanny for $4500/mo

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A lot of factors here

  1. Hedge against inflation, especially if you plan to retire

  2. Store of value

  3. Marketing

  4. Your sister just bought a shitty property

  5. $300 mo for property tax is incredibly cheap.

  6. You can't rent for $300/mo in any 1st or 2nd world country.

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My stonks that are up right now:

MDLZ, PFE, T, XOM, VZ, MO, DUK, PM.

We had a lot of days like this when the dotcom bubble was popping.

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Exact same thing happened to me. The silver lining for me right now is that housing prices have now far surpassed rent. While I want o own and build equity it’s getting to the point the sunk costs of owning (property tax, HOA, PMI) are now approaching the same amount as rent so it’s just not worth it. I can suffer another year or two renting when I can find a 1 bed apartment around $1,300/mo but owning will be $2,500/mo plus

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I don't mean this is a derogatory way in any sense, but foreign workers will cram 4+ people into tiny apartments. That's who you're competing against. $2100/mo split four ways or more

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If you were in your early 20s and had 20k to invest right now and were planning on investing 400/month for the next 4 years, then 800/mo for the following 6 years, how would you invest that money?

I would like to start building up my liquid assets now so I can get a dental practice loan around 2032. Banks will want to see cash on hand.

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My accountants depreciated 50% during those years, which is why they are saying I will owe 50% to cap gains.

I offered a hypothetical situation: An old woman owns a home for 40yrs. Bought for $50k. She rented one room for 3yrs at $500/mo, and then sold it for $550k this year.

She would owe $100,000 on $18,000 of income simply.

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Let me introduce you to KO MO and SHEL

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if you can't afford it without a renter in this market i'd label this an absolute casino gamble.

you could be fine if everything works out perfectly... but if the many variables outside of your personal control stop aligning, you're fucked.

i own within 300 miles of you and my $525k mortgage is $2900/mo and I put like $20k down or something small. your taxes and (probably) PMI are going to bend you over man.

I love the house hack idea for those in that living situation... but this feels like an over-extension in very uncertain market conditions.

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My numbers are based on expenses. My monthly total expenses are about $4k. Hers is essentially $0. That makes our combined 6 month emergency fund $24k.

But if I lost my job, her $2k/mo is basically a supplemental income on top of the emergency fund to fund the $4k/mo need.

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Their healthcare benefits are a loss based on the info I have. I just have more options here and more overall benefits. The company only offers HSA-eligible plans, the cheapest being $75/mo with no contribution. Not sure what the actual plan details are. But my currently plan is $50/mo (there is a free one available) and my company contributes $1000/yr to my HSA; deductible is 7.5k I believe.

As for WLB, it’s no on call and core hours from 6-6, with some after hours work that’s just the nature of this field (network engineering). However, it’s a small footprint and not something I’d be too worried about. I don’t have any on call where I’m at but I’m not exactly happy where I’m at, either. Definitely feel you on the junior/senior role though, as this would be a senior architect role that I believe is the highest IC role before management.

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Kids make a huge difference... Childcare we're paying $1875/mo for our 1yo and ~$400/ for our 6yo for before and afterschool care.

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This is the fake guru movements. They are everywhere. I am sharing my insights about digital marketing in my blog, and I don't sell any courses. But I sell my services in digital marketing, I am trying to get to making $2K/mo.

After 2 years, I will create a course and start selling it...

Fake gurus aren't bad, they just aren't completely honest about all the things, but you can still learn a lot from them. But, first, you'd be better off if you take some specific udemy courses for a fraction of the money they ask for.

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Yeah, I feel like Gold gives us a bit of wiggle room. Unfortunately no HSA. I did update the link with the costs of the two insurances. Critical Illness is up to ~$36/mo for the 20k coverage. Accident is flat $25/mo. This is for the whole family.

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What brand of vehicles do you own? Do they have a lot of miles? I have a 2007 Impala and I budget $60/mo for maintenance and registration- it had the quintessential little old lady first owner and just rolled to 100k. I'm not expecting to be able to find that again, so I'm going to hold onto it until something devastating happens or until I get fed up renting trucks to haul outdoor and DIY gear.

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What? September is only 3 mo this away

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San Marcos is a smaller college town so may not be the best for your “real” or full time job- there’s also a pretty competitive labor pool of folks willing to be bartenders, lifeguards, and in the service industry for summer tourism floating the river as they make extra money during their time off. San Antonio is a much bigger city with a really strong tourism base and probably more work (in general, both part time and full time) opportunities available. Based on your field, San Antonio also has a good number of corporate offices such as H‑E‑B (our best grocer in the state), USAA, and some energy companies.

Don’t forget the cost of the actual move, as well as apartment application fees and security deposits (probably close to 2-3k if they’re asking for first and last months rent, plus a couple hundred in app fees if you have to apply to multiple places). With gas jumping close to 5$ a gallon in Texas, the cost to drive from Ohio to Texas is probably a couple hundred dollars at a minimum. I also didn’t see gas in your breakdown but most major Texas cities aren’t super public transit friendly and you’ll likely be relying on your car a lot more than you may be used to. I would budget at least 100/mo for gas. It may also be worth calling to get a few insurance quotes in some prospective zip codes to see if your insurance is going to jump.

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I got several quotes from several local lenders listed as working with the first time homebuyer program I used. That selected for lenders who are friendly towards first time homebuyers, and they all tended to have very low PMI compared to what I'm reading here ($21-$100/mo on $140k). I don't know if your lender only works with one loan provider, but if they're only giving you one quote go get a quote from someone else. Heck, regardless, go get another quote or three. It seems like it's a pain but you can easily pay yourself $100/hr to do the legwork, and there's too much money on the table to be loyal to one lender or another. I'll save nearly $1,000 cash the first year I own the house on PMI thanks to the second lender I got a quote from. I mean back of the napkin math the $80/mo I'm saving would allow me to increase my amount borrowed by $15k and have a similar payment, or I can put that money into retirement, or home improvement... Best of luck with your home buying process!!!

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Absolutely you can!! You can actually pay it off in 4 years. I replied in another comment but if you pay off your car debt using inheritance and then send the $250/mo you used to pay on the car to the student loan instead, you can pay off your loans in 4 years.

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At $90 per month, your repayment does not even cover the monthly interest of the student loan. This means that your student loan will actually go UP every month even though you’re making payments.

Get on the IDR plan, but then pay more than $90 per month. That way if you ever have a bad month, you can always pay the minimum payment until you get back on track.

What I would do is pay off the car loan then use the $250/mo you were throwing at the car and put it at the student loan instead so you pay $90 + $250 per month = $340 per month. If you do this, you will pay off your loans by January 2026–that’s less than 4 years!!!

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Hey everybody stop buying that 15 year old used car for 60% the price of a new car because it's the only thing on the lot and you have to get to your $13/hr job from the only $2000/mo studio you can afford 90 minutes away from work

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Where do you live that you have 25% inflation and spend 1425/mo on lentils?

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I feel that. Almost bought a house last year too and with the rising interest rate the mortgage I'd pay now seems unaffordable. Looked into buying the house im in from my landlord and the mortgage which would've been 1800/mo is now closer to 2200.

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Fair and free market right? Same rate the added to the balance sheet … remove $120BB/mo for the next ten years.

This is capitalism after all. /s

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Single family income in low COL area. Make $75k pre-tax. Have 5 kids. Wife stays at home. No debt besides home. Almost fully re-funded emergency fund after having to dip in January for new washer/dryer.

I put 3% into my 401(k) (great matches and profit sharing), have top tier health care (necessary as I need specialty medication), and put money into an IRA, a separate savings account, and a bit into Robinhood.

Things are tighter now with inflation but we budget very well and we make some sacrifices, and I'd like to put more into liquid savings. but nothing feels onerous at the moment.

One big difference besides our incomes is probably the mortgage. I only pay $465/mo and then I put another $200 or so into my savings each month for property/home owner's (no escrow).

Most families I know also do the single income, many children thing and make it work, although I'm probably on the lower end of income in that cohort.

Things that really help us are cheap phone plans (Ting), making our own yogurt, pickles, etc. No TV. I have great internet but also get $30 off per month from the governmental internet program.

Just some tips/thoughts on my end but agreed, savings is the #1 challenge. It can be done.

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A new $600/mo car is not a necessity. Keep making excuses tho

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A few things to do/think about:

TSA precheck. A lot of credit cards have reimbursement as a perk, so if you have a card, check. Even if not, it's worth $100 not waiting in line or dealing with all the hassle. If your card reimburses, may as well go for Global Entry (the international-returning-to-the-US version of precheck) if you're planning on going outside the country in the next five years. You automatically get Precheck with GE.

May as well say, d/t above and below points: credit card with travel perks. If you're in a situation where you can tack on a credit card, get one with miles or points or whatever. Free flights. Also a lot of them offer free lounge access and other perks. Mine has travel insurance, travel life and health insurance, etc. If any part of my trip is paid for with the card, I can be reimbursed for cancellations (for that part), have health coverage, or if anything happened to me, my beneficiary gets a life insurance payout.

Stick with one airline, get status. With status, you get perks and upgrades. I personally like Delta. I also have a lounge pass ($50/mo) because I have to connect a lot and rather than sitting on a terminal floor with expensive food on my 4hr layovers and at the origin, I'm eating/drinking/charging my phone free in comfort. Some airlines offer free admission as a status perk, some cards offer it as I said above.

Direct flights. Good god, direct flights where available. ORD and SFO are large airports, whoever has the direct flight: do it. I've flown transcon plus a connection so many times this year, it's exhausting after a while. Redeye 12 hour travel days kinda suck after a while. But mine's closer to weekly, where you're flying monthly, so YMMV.

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they mad at us cuz we declined to work and demanded mo money. so now everyone git fucked.

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I'd put it on a Costco Citi visa card to get maximum warranty (extends factory warranty by 2 years) and cash back and do the balance transfer to chase slate for zero fee and 18 mo zero interest to pay off. But this involves getting two more credit cards.

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Anyone taking bets to just wager on or against the idea - that most billionaires might not even be real people vs just govt stooges used to terrorize populations?

Like here's the situation - pools / odds w/e I don't gamble on shit idk the lingo....

50:1, 25:1, 2:1 etc that the little swinging fence man keeps promoting bio terrorism within the next 3-6-12 mo etc...

Maybe dippy mc shit face in NY gets jail for killing all the elderly in 2020-2021 odds within 12 mo 3:1 etc...

Spaceship man makes it to mars within 5-10 yrs 4:1 etc...

​

​

Every single billionaire owns a corporation that takes money via govt in some way shape or form is all I'm sayin... it's mega suspicious.

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A couple of things: 56yo.

From high school I never wanted kids.

A lot of things people want or claim they need I had no interest in or could live without when I put my mind to it. F150, video games, sports tickets.

I'm gay so peer pressure advertising has less impact.

Prior to 2000, travel, laptops, cell phones, cars were too expensive so I didn't buy.

My hobbies were/are "modular". High end audio, records, CDs. Only now can I afford concerts and theater.

Ordinary clothes, small toaster oven disposable Japanese cars.

Renting inexpensively. No house.

Never had a credit card. Paid in cash.

Saved and invested like mad.

Easier to do if your an outsider.

Only now starting to spend mo

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No. Cooking for 2 is cheaper than cooking for 1. Cars and other expensive possessions (like furniture) can be shared. And the quality of a 1200/mo apartment is better than two individual 600/mo units.

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It can be done and as soon as it's over, it's like getting a raise on your money. By relieving yourself of the high interest, you just got some of your monthly spend back in your pocket.

Here's a trick I've always used on things. I'm not saying you need it. I'm not saying anything at all like that. But when I buy things, I don't look at what it costs now. I look at what the future value of that money I spent will be in 5, 10 years.

It helps me keep higher ticket, more frivolous purchases at bay. If I buy a care, but can save $200/mo by buying used rather than new, or one with fewer accessories, or just a loyal Toyota rather than a Lexus, then I can take that $200 savings from the monthly payment and invest it. What does that money grow into in the 5/6/7 years the car is financed? What would that $200 a month look like in a properly invested mutual find.

Even more importantly, what does that $200/month mean for your new family?

Again, not preaching or anything else; but it seems like with the new family on the way, you're really looking to get things in order and have a less stressful life than heavy debt affords you. Cheers.

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Bankruptcy isn’t necessary in your scenario. Your expenses are probably less than $500/mo. You have a big shovel; you can definitely dig yourself out.

Don’t let the other 2 cards go to collections and try to settle the one with Chase. You could probably pay off the Discover this month.

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We have a screenshot of the original listing which stated:

This [location] view home has been given a modern facelift with sleek Kitchen cabinets, SS appliances, and modern lighting. Fresh paint inside and out. Light filled rooms throughout all 3 levels. Open concept living room, dining & kitchen with cork flooring, main floor offers full bath and 2 additional bedrooms, top floor master suite with sitting area. The 1050sqft basement features a large, renovated flex space that has been used as a bedroom/studio, 2 private entrances, a full bath, and a full kitchen. Use it as extra space or rent it as a studio-ADU! Pro forma rents: $1000/mo. Terraced and fully fenced back yard with shed and patio. Sits on cul-de-sac, minutes to [other things]"

This was the listing description up until the day before we closed. It now shows that it was edited May 12th. We closed May 13th. Everything else about the description is the same but the 3 sentences about the basement were removed and it no longer says anything about the basement.

The person we spoke to at the city said they called and spoke to the seller directly twice. Once to inform them that they needed permits for the ADU, and another time to inform them that their permits were denied and that they needed to remove the current tenants. It was about a month after the second call that the house went on the market so we potentially have the guy from the city to corroborate.

We'll definitely find a way to get it permitted one way or another. But you're right, we're furious. At ourselves for not looking into things, the seller for definitely being deceptive, and our broker and agent for not catching something so easy to find.

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Help! I posted something similar a while ago but it was in the wrong sub, and I think this sub is the one for me. I’ll do me best to follow the template.

-I’m 32 years old and currently a USAF reservist and full time firefighter/paramedic. I also used to do construction and rental housing. I currently still do a little renting.

-My goal is to earn passive income as soon as possible. I would like to be able to make about $4-5k/mo passively, preferably with a COLA.

  • I guess that also covers my target age (asap) and desired withdrawal. I’m located in Florida.

-General goals are to have a kid within the next five years, but I’d REALLY like to not have to work so I can be a stay at home dad while the wife pursues her career. That said, she’s a flight attendant and the money isn’t good enough to support a family. I need to hold up my end.

  • I have an AA and most of a bachelors in biomechanics, but I never finished it since I decided to work in another field. I have no plans to further my education unless it gets me FI faster.

-Currently I work as a firefighter, and I have about a decade on the job. I’ve been in the USAF for about 4 years and I fly on helicopters when I’m there. The fire department is my home, but I’d like to quit when I have a kid. The Air Force is less of a time commitment, I fly about 5 days per month and I can take that or leave it post kid.

  • Current income is about $50k/yr from the fire dept, $15k/yr from the Air Force, and $40k/yr from the quadplex which I live in and rent three units.

-Budget is very fluid depending on which projects I’m working on, but the quadplex is my only real consistent payment. It’s $2800/mo, and I take in about $3k/mo.

-I have $180k in cash, four cars, two motorcycles, one quadplex (which I’m adding an addition to currently, making it a quint).

  • Only debt is the house, which I owe $405k on.

  • No health concerns I’m young and fit.

  • My family situation is just as stated above, I have a wife and no children but we’d like to try in the next few years. She makes about $35k/yr but our finances are completely separate so that’s almost a non-factor.

  • Other info would just be that I’ve got like a “jack of all trades” thing going on. I rebuild cars, build houses, fix people, and fly in medical helicopters. I’m not stranger to tech and things like cryptocurrency but currently have no holdings there. Point is, I have a ton of skills that I could parley into building something, but if I do that I’d like to build something I can put on autopilot once we try for a child.

  • My question is - what’s the best way to build passive income? I don’t need a whole lot, the quad is basically self supporting so I don’t pay any rent. I’ve got no car payments. I can live very comfortably on $4-5k/mo. I’m just looking for the fastest way to make that happen. Thank you!

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That's what I'm really not sure about. Honestly, we only plan to stay in the home for 2 years so 24,000 (1000/mo*24 months) would be great. Moving/buying right now would really put us in a rough spot. We were able to get in at 3.7% because we locked our rate once they started going up and 5% or whatever interest rates are now would really be a bummer. I also said husband, but he's actually my fiance and we get married in July so there's already a ton on our plate. Another thought we had was potentially the cost to dig out the basement so it would be the permissible height. That would be ideal because we don't really want to sell once we decide to move out but if we can't rent the basement and the main house, it doesn't really make sense to keep it.

Who knows, we'll get in contact with an attorney. Just wanted to make sure I wasn't being naive for assuming we may have a case.

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You're making $600/mo if I read this correctly? Either you're being paid below min wage or you're not getting 40 hours a week, neither of which are good situations.

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You could set it to autopay. It could autopay the minimum (e.g. $25/mo) rather than to pay the balance in full if you want to review the balance before paying

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9.99/mo

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Maximum benefit in Florida per week is $275. I don't know that anyone can survive off of ~$1,100/mo in Florida unless you're renting a rural room and trim all of the fat. And that's if you can even manage to get it, given that our governor intentionally sabotaged the applicant process. Incredible.

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for sure energy has been the play, i felt like i missed the boat so i got in on MO at 46, figured it could weather the storm

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MO? Cigarettes? I'm talking oil/gas stocks.

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I chose MO, XOM and OXY looked attractive too

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The money spent would have to significantly boost your income. For far less you can get near the same benefit as you'd get out of a personal trainer costing $800/mo.

I'd only use someone costing that much if I had exhausted all of the fitness gains from cheaper methods. Until that point the amount I'd spend would be zero.

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Those figures seem awfully high. 30 years of 600/mo works out at 216,000.

3% interest on 80k is only 2,400, and every year that amount would drop. 80k even at 4% could be paid off in 15 years for under 600/month

Equity release may be a worthwhile alternative?

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Yeah my wife worries. I tell her our payments (we've been here 10 years) are $800/mo, you can't rent a studio shitbox for less than that.

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Oh my goodness, from your first paragraph I was expecting like $20k in debt!!

You’re going to be okay. $7.3k is a lot but definitely possible for you to pay off.

Making a budget is the right first step, so is increasing your income. Be strict but allow a little excess spending just to feel okay, such as $50/mo on something that brings you joy (could be a coffee once per week, a massage once per month, a new shirt, etc.)

Don’t be afraid to say no to people during this time. If people invite you out to eat, suggest that they come to your place for a movie night instead, etc.

See if you qualify for a card with a 0% intro APR and do a balance transfer, it will probably come with a fee but it might be worth it depending on how high that fee is.

Once you do your budget, commit to a number for debt payoff. How much will you pay towards debt each month? Fully commit by setting up automatic payments of that number each payday so it’s the first thing you pay.

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I see that on the links but my friend pays ~$300/mo, still steep but not at the same level. The last link shows $320/mo which is more in line with the neighborhood afaik.

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HOA FEES OF $680/MO make up for low purchase price. and I bitch about paying 150/yr in Omaha for HOA

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I would max out a Roth IRA first, which is $500/mo. Then if you want to be contributing more to retirement (you should probably be doing at least 15% of your gross income), put it in the 401k. It's tax advantaged, so it will reduce your taxable income, and you are effectively able to invest maybe $500 both only really costs you $300 (depending on your tax brackets). This lets you invest the "government's money" since some of that money would've been paid in taxes but now is invested.

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Also, how is the profit on Flippa listed at "USD $222 /mo" if this is not monetized?

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First, I would say a minimum of $10k for any emergency fund. Second, just work out what expenses would be if you had to live by yourself. How much to rent a 1 bedroom apartment in the area (go with median rent maybe), how much for groceries for a week, how much for electrical bill, etc. Once you work all that out, build up that as an emergency fund. If median rent is $1800, you'd spend maybe $300/mo on groceries, $75/mo on cell phone, $150/mo on electricity, $200/mo on insurance (car and rental insurance), plus your schooling costs (lets say $1800/mo), and $80/mo for internet that's $4405/mo in expenses, comes out to $13k for a 3mo emergency fund. I've no idea if these are realistic, but just an example.

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If it makes you feel better I was shopping early 2020 looking at 3 bed townhomes. COVID hit. Had to postpone bc my job was heavily affected. I moved into my friends basement paying $350/mo in Denver. Saved over $500 a week for 2 years and i still can’t buy anything. Getting outbid on every house I’m giving up. Can get a 1 bed apartment for $1,400 and any place with $60k at closing will still cost me over $2,500/mo. Not worth it I may never own:

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You'll have a hard time in VT/NH with those numbers. Go check out those subs. Less than $1500/mo and a pet? Very unlikely to find. I would not consider new england as a place to go to save money.

The Midwest, probably.

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OP doesn’t have a 6-month EF, only a 3-month EF.

Option was save up to a 6-month, or put that money towards a house down payment (OP can only save $500/mo, or $6k/yr, so not certain where you’re getting $17.5k from).

The bottom line is the OP likely won’t be in a position to buy a house in 12 months time. $6k isn’t even a 3% down payment, and they still have the cash-to-close to worry about. OP should not raid their EF to cover cash-to-close (there likely isn’t enough in there), because if they did, they’d have a house with no money to cover any emergency that pops up in the immediate future (either with the house, or with their life in general).

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Wen SPYG crash mo?

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The smart money thinks it's inevitable and is planning for it, what I want to hear from Biden is:

  1. Creative solutions to help those who are most affected (the poor) and weren't able to partake I'm the equity asset runup without just pumping more money into the system and making things worse.

  2. How he is going to claw back some trillions out of the economy with the majority coming from households that are $200k+, but that includes student loans too. Yea I know, on Reddit, but that's all money that's been fueling inflation and if you are in dire straits you can apply for a deferment anyways.

Every indicator of what's coming is really, really bad as the food issues haven't even ramped up yet (look into fertilizer and wheat) and we've boxed ourselves in on spending. Price controls don't work, cutting checks makes it worse. I know people in the NE that could barely heat their home due to the price of oil and gas, and yes I understand people think things like pipelines are bad because then we'll just use the gas, but we're going to use the gas anyways -- normal people can't pay $500-800+/mo to heat their apartments, and they can barely afford their apartments due to zoning issues created by my fellow Democrats with their BLM signs in the yard.

There is real work to be done here to help people that doesn't require cutting a check, at least twice now he's said something akin to "next patch is gonna be rough!" but I need to hear what the damned plan is. If there isn't one, sit down and make one.

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The important thing during a recession is to remain employed, more than anything else. For me, as someone working as a salesman (AE job), I had a stellar 2021 and this year has the same pace, which means maxing out the 401k, maxing out the IRA, and putting well over $1k/mo into a brokerage.

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Living with parents till they die rent free, saving $2k/mo will never ever have enough to buy in my market unless there’s a major depression

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You just have a discretionary fund where one-offs go. For budgeting, it will take you a minimum of 3 months of budgeting before you get a budget that is decent. Another thing is you need to look at trends. If you find you spend, on average, about $150/mo on discretionary stuff (one off tux rental, etc), then just add 150/mo to your budget for it. Months where that 150 isn't used (or isn't used all the way), just carry over to the next month.

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It will be a high CoL area in an NYC suburb. I'm deciding between some westchester county towns, northern NJ towns, and long island towns. I'm probably looking at a minimum of $3k/mo for an apartment, or 4k/mo for an average SFH.

Median 3BR SFH in these areas is at least 1mil+ with 2% property tax on the low end. I'm also considering condos, probably will still be in the 500-800k range and they have like a 1.5-2k/mo HOA fee...

​

My OP was oversimplified because I can't come up with 20% down right now (most of my money is in the stock market and we all know how that's going currently), so I'd be looking at a PMI, but I think I may be able to come up with 20% down within 3 years from my income stream or if the stock market recovers, I can sell my stocks, so maybe the PMI isn't a huge concern. I think I would just have a difficult time to committing to a purchase without experiencing the area for a year or so.

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Look I can already tell you’re primed for something beyond my master class and private group. You need Private Mentorship. For 1 hour of my time it’s only $5,000/mo (hot value). Remember knawledge is the only barrier to crushing it.

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LEAPS on COP and CVX Puts. Oil won't be up here in 6 mo to a year.

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A useful datapoint:

Owning a reasonably economical car is likely to cost about $600/mo, each and every month, once you've included all costs. Maybe $500 if you're lucky.

So you can do the math and figure out how much you're spending on Uber. You can take an awful lot of Uber rides every month and still come out ahead of owning a car.

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I work PT from home so I don't make a lot : ~$1800/mo but I live within my means. Rent is only ~$700 at the moment so I have a bit of wiggle room in my budget which is what made me consider a car

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A couple things to consider. For one, the CC is bankruptable, as it's unsecured debt. The house is only bankruptable if you are willing to give up the house. So you are taking unsecured debt, and securing it against your house, a bad idea. For two, have you solved the actual problem of how you got 20k in cc debt to begin with? If you don't change your behavior, you'll just keep behaving that way, and now you'll have 20k more on your house and another 20k in cc debt.

I personally prefer methods that make it a bit more painful, so you never ever make that mistake again. You and your wife get 2nd, 3rd, 4th, whatever jobs, temporary jobs, to pay down the CC debt faster. Also visit your budget, see what you can squeeze out. If you can both get a job making 1k/mo more, and squeeze maybe $200/mo out of your budget, you have it paid off in 9mo. That plan may not be feasible depending on your situation, but it's just an example of other ways you can do this without putting your house at risk for past mistakes.

A consolidation loan would be slightly better as it doesn't put your house at risk, but it still has the issue of running up more cc debt. That is something that happens frequently to people who use consolidation loans. They end up with twice as much debt.

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Looking juicy. Nobody wears their gay ass polos no mo

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A 60 month loan at 5.75% will cost you $19.22/mo per $1000 financed. So if you finance $20K (I have no idea how much a tractor costs) it’d be $384/mo.

You should expect a purchase payment to be higher than a lease payment, with the key difference being that with a purchase, you own it at the end.

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$5.5k down on a $225k house is not even 3%. To get to 5% down, you’d need to have about $12k saved up.

Also, you need to be aware that money down does not count towards all of the closing costs & fees that come along with the buying process (cash to close).

Honestly, I’d say it’s unlikely that you’d be able to buy a house a year from now, as you realistically need to save up about 2 years worth of your current savings rate to comfortable purchase a home regarding cash in hand.

The second aspect of it is the total cost. PITI on a $225k house with $12k down, 30 yr @ 5.5%, $6k in annual taxes and $1k in homeowners insurance comes out to about $1,800 a month, not including any of your utilities, which would probably add another $300-400/mo (water, sewage, trash, electric, gas, internet/tv). Are you comfortable paying $2,200 a month?

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That's just the game they play. If disaster hits, they say to buy cause market looks 6 mo out when it'll be better. If they see disaster coming, they say to buy now cause it's still 6 mo away, plenty of time.

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Yup. We have renters in our first home. Because of our 3% interest rate, mortgage is manageable and we bring in about $300/mo over mortgage.

The rent for them is cheaper than anything comparable by about $500. It's a win-win.

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At some point the cost of maintenance will rise so it might not get to the 111/mo you are planning even if you do all the work yourself

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Milwaukee, WI or Springfield, MO

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I would not try to time the market especially with a process that has a 30+ day lag. If you would rather it invested with the rest of your assets do the rollover. Yesterday was the best day to be invested, today is the second best day.

Side note: the 460/mo benefit (if indexed to inflation in future years) is a pretty solid benefit. You may wish to keep it.

$43K invested for 11 years @ 11% (using nominal not real since I assume the monthly benefit first year is in then current year dollars) is $135k which at 4% would let you draw $450 a month. If it is not indexed to inflation (for year 2, 3, etc) then much better to roll it over.

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Everyone shit on me for buying 'at the worst time' possible. But my $140k house is already worth over $200k less than 8 months later. I get cash offer calls for $200k, close in 7 days, all the time. I'm definitely not selling for a while, I'm locked in at 2.8% for 30 years and a nice $600/MO payment.

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380 square feet? Yes, I think it should be less than a 1000/mo mortgage. Good lord.

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Fuk bulls, get money, fuk bears, get money.

You wanna sip mo' on my living room flo'

Play Nintendo with cease and nino

Pick up my phone say "Poppa not home"

Sex all night mad head in the morn'

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California is like NYC, average apartment is $4000 but most people have never held $4000 in their hands before, they are living in grandmas $400 apartment.

The rest of the country not so much. What happens in subvisition 30 miles outside Houston or Atlanta. The people who bought the McMansion in 2019 for $300,000 at 3% interest were paying $1600/mo. Is someone going to pay $6000/mo for the same $500,000 house at 6%?

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Cutting into returns may vary. I have two rental homes with $2400/mo rents and I pay $120/mo in property management fees for each.

Thing about it is if your mortgage and costs are 2200 it’s devastating but if your mortgage is $1000 it’s nothing.

Rents tend to (not always) increase over time and thus a fixed mortgage allows the spread to widen over the years

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Yeah and who pays $500/mo for repairs?

Another option is to get a shed or two just for tools. Hard to find quality sheds that dont break the bank, but one decent brand on Lowes I think, and the Mennonite ones, but those are expensive last I recall.

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$2k/mo is reasonably easy to earn in many parts of the country :/ the further I scroll the more it seems like this guy just doesn't want to engage life because it's been forced upon him

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Recent Tweets
Earnings reports today before the markets open,,..~ https://t.co/4KZHSGm23U $MO
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$MO ✈ All that you need to know' Shorts haven't covered a single share..✈ ✅ ..✍️.. https://t.co/uvacTWaKfM
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$CCI $PM $JPM $MO $PFE all doing decent. All are in the American Funds Income Find $AMECX, a fund which I've held since the 1990's. These days you can buy classes of this fund with no front load.
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Net profit PER employee: 629K - $MO 530K - $V 390K - $AAPL 305K - $MA 297K - $GOOG 293K - $NFLX 270K - $MFST 228K - $NVDA 188K - $INTC 158K - $PYPL Trust me, you deserve a raise. Your boss is paid to convince you they can't afford it.
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Swedish Match investor abrdn says PMI offer may not reflect full value https://t.co/KUotTGGjOd Abrdn is the 18th biggest shareholder in SM and held a 0.4% stake totaling $48.7Mn as at March 31, according to Refinitiv data $mo $pm $bti $bats
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$MO $XLP - Consumer Staples Panic: XLP And Altria In Focus. https://t.co/RU6PLgpco2 #stockmarket #stocks #economy
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$MO management today reiterated 2022 guidance; 4-7% growth rate. https://t.co/zxrvrQvnex
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16 May 22 Watchlist ⏰ $CLX 🧉 20 May 22 $165 Call 📈 ABOVE $160.59 $MO 🚬 20 May 22 $55 Call 📈 ABOVE $53.99 $KR 🥣 20 May 22 $50 Put 📉 BELOW $52.25 $UPST 💵 20 May 22 $40 Call 📈 ABOVE $38.29 https://t.co/MRVE72bqJW
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Here’s a list of some recession-resistant dividend stocks💰 Healthcare💊 $JNJ $UNH $PFE $CVS Consumer🧍 $PG $TSN $GIS $KO $DEO $MO Utility⚡️ $NEE $WM (total trash 🗑) $AWK Retail 🛍 $WMT $DG $HD $DLTR $KR $COST What would you add?👇
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Inflation still running hot which will cause the Fed to continue taking an aggressive approach Planning ahead can save your portfolio during a recession Here are 10 stocks to consider 🍎 $AAPL 🛒 $COST 🛍 $TGT 💉 $ABBV 💊 $JNJ 😷 $CVS 🛒 $WMT 🛠 $HD 🏦 $BAC 🚬 $MO
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Here’s some of my favorite Dividend Kings 👑 $PG Procter & Gamble $KO Coca-Cola $MMM 3M $JNJ Johnson & Johnson $TGT Target $ABBV AbbVie $LOW Lowe’s $PEP PepsiCo $MO Altria Group $ABT Abbott Labs Are you holding any of these?
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Earn a Dividend EVERY month with this 3 stock portfolio: $MO Altria Group $AAPL Apple $CVX Chevron https://t.co/3G1tqvSnXd
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❓Which 5% Plus Dividend Stock❓ Yield Followed by Simply Safe Dividend Safety Score $VZ 5.3% Yield Dividend Safety Score 87 $MPW 6.17% Dividend Safety Score 70 $WPC 5.32% Dividend Safety Score 73 $MO 6.40% Dividend Safety Score 55 Which stock do you like most?
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Here is how many shares you need to own of these stocks to earn $1,000 in annual Dividend Income from each of them $AAPL $MPW $SBUX $MSFT $O $MO $PEP $ABBV https://t.co/WowjwvEqi9
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$SCHD Top 20 Holdings 👇 $KO ~4.37% $PEP ~4.32% $MRK ~4.29% $AMGN ~4.26% $IBM ~4.09% $TXN ~3.94% $PFE ~3.93% $AVGO ~3.85% $HD ~3.76% $VZ ~3.70% $CSCO ~3.63% $LMT ~3.56% $MO ~3.32% $ADP ~3.13% $BLK ~3.13% $MMM ~2.80% $USB ~2.25% $UOG ~2.14% $ITW ~1.91% $NEM ~1.90%
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My portfolio generated $859.38 in dividends (after tax) during April 2022. $RIO $294.58 (including a special dividend) $MO $68.85 $VICI $67.50 $STOR $63.34 $CNQ $60.03 $PM $59.06 $WPC $47.56 $BBY $46.20 $AQN $46.06 $MRK $36.22 $OMC $36.22 $FRT $24.07 $EMN $9.69 (1/6) https://t.co/y6gHltXg0j
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