Hi!
I am a 24 year old from Latvia (does anyone know where that is? Not in United States.).
My net worth's around 30K euros now.
With a mindless frugality it's been growing like this for the past two and a half years (yes, I have been tracking it every month just to follow if my expenses are not going out of boundaries).
The underlined text below is not necessary to read. Read it only if you're interested in what's my salary and approximate salary in Latvia.
My salary when I was working as a vehicle technical condition inspector trainee from Feb/15 to Jun/15 was 5375 euros (yes, that is per year).
I had a raise when I advanced from trainee to inspector from Jul/15 when my salary was increased to 9730 euros per year.
From Aug/16 I changed my job to sales assistant in a local truck dealership as it had more perspective in my opinion. My salary decreased a little bit (9300 euros per year).
Then from Dec/16 I got a raise to sales administrator in the truck dealership. My salary went up to 11750 euros per year.
From Apr/17 it is 12100 euros per year which is above average and quite OK by mediocre Latvia standards. By US standards with that kind of salary I guess I would be poor as f**k.
While 30K is not a lot of money its much more than average 24 year olds net worth in Latvia is. Latvia is about 4 times poorer than United States which will kinda boost my ego when I will retire with an 8-figure net worth (just kidding ... about the ego boost of course
).
90% of these 30K is invested in Real Estate with mortgage. I bought a two-room flat in Riga (capital of Latvia) in a multistory apartment house for 25400 euros in Dec/16. While I had only 18000 in bank account at the time I borrowed 8000, part from a friend and part from my parents. As this flat was bought in an auction I only got into it on 7th of March, 2017. The best day of this year so far was 8th of March when I found >5000 euros inside the flat (which I guess was savings of the previous owners. They have both passed away in their 90s in 2015 which is why this flat went on auction as there were no inheritors for it.) Of course I owe them a lot of respect and will visit their resting places when I will find out where it is and see if there is anything needed like gravestones or something which will of course be financed from their own savings which are now managed by me. After finding the money I cleared my debt with my friend and still owed about 2000 euros to my parents.
And then in May, 2017 I bought with a mortgage another two-room flat in Riga together with my parents (half for me, half for my parents). Down payment was 15% or 7000 which is 3500 for each of us.
The main idea is to repair both of these flats and rent them out to tenants but I am thinking of maybe flipping at least the first of both flats. Not sure yet because flipping is not passive.
OK, that's enough with the slowlane bullshit.
Now let's talk Fastlane. With this kind of speed and frugality I could probably make 7-digit net worth at around age 40 (which doesn't sound so terrible after all) but that means 20 years of my life (from age 20 to age 40), basically the best years of my life, I would be flushing down the toilet with mindless frugality and 70-hour work weeks. As said in the book - thanks, but no thanks!
While I am working in my opinion pretty much succesfully on my slowlane's wealth accelerator - my investments, my biggest problem in my slowlane formula is my own intrinsic value. I am just not that much worth in the marketplace and why should I be. I am just trading hours and days of my life of typing in numbers in a computer while getting a lousy but appropriate pay for it.
My original Fastlane plan is to add value to world by helping people investing their money and buying their own freedom with real estate, stocks, bonds, businesses, collectibles and commodities throughout the world. Although I would not say that I am anywhere near to be an expert in money investing I look forward to be irreplaceable in this field. The main condition for reaching this goal is to suck up as much information about investing and as fast as I can.
One of my major concern is that I read slowly. I kinda automatically go into this slow-analizing mode when reading books. I've been reading Fastlane Millionaire for about 6 months now and have reached only the 215th page. How fast do you read books? How much do you remember of the book if you read it fast? Do you read it from cover to cover? One day I watched Tai Lopez's video on how he manages to read a book a day. He basically just reads the first and last paragraph of every chapter and goes deeper only in those which seem more interesting because according to his words "most books have only one or two or maybe three golden nuggets in them". To be honest I have counted at least 7 golden nuggets in the Millionaire Fastlane but maybe this book is exceptional.
I understand that if I want to be any good in investment advising I have to go for at least multiple books per month which with my current reading speed seems like a speed of light.
So far I have read only:
- Rich Dad Poor Dad (read from cover to cover; a good read about how to manage money, but by reading only this book it is nowhere near enough to become a self-made millionaire in less than a few decades)
- Trump: The Art of the Deal (I read only the first half; didn't got much golden nuggets from this book, just an insight of Trump's investing style)
- Think and Grow Rich (listened to audiobook from beginning to about 2/3; got at least one golden nugget from it. Probably need to finish it until the end.).
- The Richest Man in Babylon (listened to audiobook from beginning to end; there were some golden nuggets throughout the book but saving 10% of your average salary and investing it even for 40 years won't make you nowhere near a self-made multimillionaire, well not at least in Latvia).
- A Few Lessons for Investors and Managers from W. Buffet (have watched series of youtube videos that analyze this book, but not all of the videos. Got some golden nuggets from this though.)
- The Millionaire Fastlane (from beginning to page 215th and continuing.)
My books in the must-read list after I finish The Millionaire Fastlane :
- The 4-hour workweek
- The Intelligent investor
- Security analysis
- Secrets of the Millionaire Mind
- A Few Lessons for Investors and Managers from W. Buffet (must read the book itslef)
- Autobiographies about self-made billionaires and millionaires
- Books on investing
I am a 24 year old from Latvia (does anyone know where that is? Not in United States.).
My net worth's around 30K euros now.
With a mindless frugality it's been growing like this for the past two and a half years (yes, I have been tracking it every month just to follow if my expenses are not going out of boundaries).
The underlined text below is not necessary to read. Read it only if you're interested in what's my salary and approximate salary in Latvia.
My salary when I was working as a vehicle technical condition inspector trainee from Feb/15 to Jun/15 was 5375 euros (yes, that is per year).
I had a raise when I advanced from trainee to inspector from Jul/15 when my salary was increased to 9730 euros per year.
From Aug/16 I changed my job to sales assistant in a local truck dealership as it had more perspective in my opinion. My salary decreased a little bit (9300 euros per year).
Then from Dec/16 I got a raise to sales administrator in the truck dealership. My salary went up to 11750 euros per year.
From Apr/17 it is 12100 euros per year which is above average and quite OK by mediocre Latvia standards. By US standards with that kind of salary I guess I would be poor as f**k.
While 30K is not a lot of money its much more than average 24 year olds net worth in Latvia is. Latvia is about 4 times poorer than United States which will kinda boost my ego when I will retire with an 8-figure net worth (just kidding ... about the ego boost of course
).90% of these 30K is invested in Real Estate with mortgage. I bought a two-room flat in Riga (capital of Latvia) in a multistory apartment house for 25400 euros in Dec/16. While I had only 18000 in bank account at the time I borrowed 8000, part from a friend and part from my parents. As this flat was bought in an auction I only got into it on 7th of March, 2017. The best day of this year so far was 8th of March when I found >5000 euros inside the flat (which I guess was savings of the previous owners. They have both passed away in their 90s in 2015 which is why this flat went on auction as there were no inheritors for it.) Of course I owe them a lot of respect and will visit their resting places when I will find out where it is and see if there is anything needed like gravestones or something which will of course be financed from their own savings which are now managed by me. After finding the money I cleared my debt with my friend and still owed about 2000 euros to my parents.
And then in May, 2017 I bought with a mortgage another two-room flat in Riga together with my parents (half for me, half for my parents). Down payment was 15% or 7000 which is 3500 for each of us.
The main idea is to repair both of these flats and rent them out to tenants but I am thinking of maybe flipping at least the first of both flats. Not sure yet because flipping is not passive.
OK, that's enough with the slowlane bullshit.
Now let's talk Fastlane. With this kind of speed and frugality I could probably make 7-digit net worth at around age 40 (which doesn't sound so terrible after all) but that means 20 years of my life (from age 20 to age 40), basically the best years of my life, I would be flushing down the toilet with mindless frugality and 70-hour work weeks. As said in the book - thanks, but no thanks!
While I am working in my opinion pretty much succesfully on my slowlane's wealth accelerator - my investments, my biggest problem in my slowlane formula is my own intrinsic value. I am just not that much worth in the marketplace and why should I be. I am just trading hours and days of my life of typing in numbers in a computer while getting a lousy but appropriate pay for it.
My original Fastlane plan is to add value to world by helping people investing their money and buying their own freedom with real estate, stocks, bonds, businesses, collectibles and commodities throughout the world. Although I would not say that I am anywhere near to be an expert in money investing I look forward to be irreplaceable in this field. The main condition for reaching this goal is to suck up as much information about investing and as fast as I can.
One of my major concern is that I read slowly. I kinda automatically go into this slow-analizing mode when reading books. I've been reading Fastlane Millionaire for about 6 months now and have reached only the 215th page. How fast do you read books? How much do you remember of the book if you read it fast? Do you read it from cover to cover? One day I watched Tai Lopez's video on how he manages to read a book a day. He basically just reads the first and last paragraph of every chapter and goes deeper only in those which seem more interesting because according to his words "most books have only one or two or maybe three golden nuggets in them". To be honest I have counted at least 7 golden nuggets in the Millionaire Fastlane but maybe this book is exceptional
.I understand that if I want to be any good in investment advising I have to go for at least multiple books per month which with my current reading speed seems like a speed of light.
So far I have read only:
- Rich Dad Poor Dad (read from cover to cover; a good read about how to manage money, but by reading only this book it is nowhere near enough to become a self-made millionaire in less than a few decades)
- Trump: The Art of the Deal (I read only the first half; didn't got much golden nuggets from this book, just an insight of Trump's investing style)
- Think and Grow Rich (listened to audiobook from beginning to about 2/3; got at least one golden nugget from it. Probably need to finish it until the end.).
- The Richest Man in Babylon (listened to audiobook from beginning to end; there were some golden nuggets throughout the book but saving 10% of your average salary and investing it even for 40 years won't make you nowhere near a self-made multimillionaire, well not at least in Latvia).
- A Few Lessons for Investors and Managers from W. Buffet (have watched series of youtube videos that analyze this book, but not all of the videos. Got some golden nuggets from this though.)
- The Millionaire Fastlane (from beginning to page 215th and continuing.)
My books in the must-read list after I finish The Millionaire Fastlane :
- The 4-hour workweek
- The Intelligent investor
- Security analysis
- Secrets of the Millionaire Mind
- A Few Lessons for Investors and Managers from W. Buffet (must read the book itslef)
- Autobiographies about self-made billionaires and millionaires
- Books on investing
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