Hello I hope all is well. Today I wanted to tell You about how I made 150k plus on a investment. It started about ten years ago when I first turned eighteen and started out on my own. I started with a full time job that paid only $14 a hour. I saved all the money I could and even took all the side jobs that came my way. I evaluated all my expenses, finding out what I spent most of my money on. As a young adult I was living with my parents paying a really low rent of $100 having a car a phone and needing to eat.
I first moved out with friends and it was a bad choice. I spent more money and partied way to hard. After my friends and I lost the first place. One other roommate and I moved into a small one bed room apartment. It was uncomfortable and another bad choice. after so much time I moved back in with my parents and realized I needed to save money to buy a place of my own, saving in the long run and building equity.
I went on a hard core money saving strategy. I saved on everything! Eat dinner at my parents every night, made my lunch for work, eat cheap cereal for breakfast not spending a dime unless I had to. I bought the cheapest cell phone plan, the cheapest car insurance for a cheap car that I bought for $1500. I worked everyday saving all that I could until I was at $25,000 the most money I have ever saved as a young adult.
This was all in 2009 so it also came down to timing. The economy was in a low of two years. I knew that it was my chance to get a cheap condo. I started looking to get approved. I needed the approval fast cause time was passing, places were selling, banks where tightening up loans. I was unable to get approved by the realtors recommendation cause my income was low. I decided I would go to my local bank and see what they could do for me. It was as if the stars aligned. The lady who approved me had the same name as my realtor and made a little joke about it. Next thing I knew I was approved, and in a two bedroom condo for 117k pretty much unheard of in California and a dream come true.
I was able to get into the loan on a FHA putting a down payment of 15K which gave me 10,000 as a cushion. I lived in that place with my girlfriend for the next seven years. after the seven years my girlfriend of ten years decided she wanted to buy a place. She was able to do so and I moved into her place because it was bigger and better. I then decided to sell my place and take the equity that I built. I sold the place making 154,XXX off of that place and since it was less then 250K I didn't have to pay capital gains since I lived there for so many years before selling.
I now have made the profits from that house and made new investments mainly into Gold, Silver and Cryptocurrency. It has been a bit of a wild ride, but I cant wait to see where this takes me. Who knows what the future will hold for me so many new things to come and more investments to be made but the main lesson to this is, when you buy into an investment don't expect it to double, triple or go up over night, it doesn't happen that way, just hold on to what you got and wait for the right time, you will know when it comes.
My key advise is to work hard, save as much as you can, live with in your means, and wait for a low in something you know is valuable. Ride the Wave
Thank you for reading and this is not financial advice
Very inspiring story!
Thank You @plumandrain