1 note away - Posted by Blake (ID)

Posted by TeddyB_SC on March 23, 2006 at 08:14:55:

Thanks Ryan.

When I hit that mark I still don’t have any intentions of leaving my JOB, but it sure will feel good just having the option.
One thing that I have noticed is that I take a whole lot less crap now. LOL.

Thanks,
TeddyB_SC

1 note away - Posted by Blake (ID)

Posted by Blake (ID) on March 22, 2006 at 13:25:46:

1 note away from having my income from notes EXCEED what i spend every month. giddyup baby. it took about 5 months and i can see the light at the end. Thanks everybody who contributed the information to the forum. I’m looking forward to spending about a week on the couch and then riding the bumps again. I just gave tony colella $100 to learn what he has to say about MH land stuff (that’s probly what i’ll do on the couch, i’m looking forward to it).
Just wanted to let all the first timers and rail birds out there no that once you commit you can have a large amount of success in a relatively short period of time. Didn’t ever think i could afford to take 2-3 years off and maintain my lifestyle at just 23. Cheers Gratefully-Blake

Re: 1 note away - Posted by Ken L (MI)

Posted by Ken L (MI) on March 23, 2006 at 12:07:00:

Awesome job. I hope to be there one day. How many deals have you completed in 5 months?

Re: 1 note away - Posted by Ryan (NC)

Posted by Ryan (NC) on March 22, 2006 at 22:43:00:

Congrats Blake, it just gets to be more fun from here on out =)

Best wishes,
Ryan Needler

Congrats Blane - Posted by Tony Colella

Posted by Tony Colella on March 22, 2006 at 16:14:51:

Always great to see someone make themselves financially indpendent and to do so at 23 is a remarkable gift you have given yourself.

Keep us posted.

Tony

Re: 1 note away - Posted by TeddyB_SC

Posted by TeddyB_SC on March 22, 2006 at 15:20:45:

Blake,

What kind of health insurance were you able to find that is affordable. This seems to be a sticking point for some people.

Thanks,
TeddyB_SC

Heath Insurance Concerns - Posted by Tony Colella

Posted by Tony Colella on March 22, 2006 at 16:22:06:

Teddy, you are correct. I think health insurance concerns hold many Americans back from going out on their own, creating a new business and making this country an even better place.

Many of us have used Fortis and Blue Cross/ Blue Shield. As investors we need to view health insurance as a cost of doing business and weigh the risk vs. reward (in regards to premiums and deductibles).

I prefer not to spend anymore than I have to on health insurance (I have rarely ever had to use it thank god). I do however want to cover my assets in the event of a bad illness or injury.

For me a high deductible with lower monthly premiums worked. I can set aside the high deductible (there are a variety of plans for this as well) in a savings account (I simply use my own) so that as the money grows I can reinvest unused protions into more deals.

Cash flow sustains us but it is important to keep ourselves insured against health related catastrophe, however we need not over compensate with low deductible, high premium insurance.

Tony

Re: Heath Insurance Concerns - Posted by Steve-WA

Posted by Steve-WA on March 23, 2006 at 20:37:59:

wow! what a busy day on this board! I’m way down here trying to catch up on my reading!!

Tony, you say:

“”""“I can set aside the high deductible (there are a variety of plans for this as well) in a savings account (I simply use my own) so that as the money grows I can reinvest unused protions into more deals”""""

Two points: setting up a formal Health Savings Account health plan does this too, but every health care dime is deductible using a HSA, not that weird percentage of income that must be exceeded (and never is, especially for healthy folks like us).

Point 2: Equity Trust can set up an HSA that you can use to invest, just like a Roth.

Have you considered these two points, and if so, what are your reasons for NOT doing it this way? Cause I see no reasons not to - - - if you do, then educate me!

Re: Heath Insurance Concerns - Posted by TeddyB_SC

Posted by TeddyB_SC on March 23, 2006 at 07:29:32:

Tony,

Thanks for the response!! I too am one deal away from exceeding my JOB salary(offer has been made), so insurance is a big concern.

Don’t really have any plans to quit my job, but having the option to do so at any time is sure going to be nice.

TeddyB_SC

I meant - Health Insurance Concerns - Posted by Tony Colella

Posted by Tony Colella on March 22, 2006 at 16:23:23:

sorry for the typo

Re: Heath Insurance Concerns - Posted by IA Jeff

Posted by IA Jeff on March 27, 2006 at 10:59:51:

Hi Steve,

Have you set up the account with Equity Trust, and done any deals in it yet? How did it go?

I have a couple applications out for the high deductable / HSA ins. and am waiting for approval. I haven’t set up the HSA yet because I am still covered by a group plan…for the time being.

Jeff

Re: Heath Insurance Concerns - Posted by TeddyB_SC

Posted by TeddyB_SC on March 23, 2006 at 22:39:47:

Steve correct me if I’m wrong (like I need to tell you that), but if you put money into an HSA account don’t you have to use it all THAT year or else lose it.

TeddyB_SC

Re: Heath Insurance Concerns - Posted by Tony Colella

Posted by Tony Colella on March 23, 2006 at 22:03:02:

I am aware of the existence of the plans you mention and figured you would chime in. Glad you point these options out for others.

My reason for not using them are my own and may not apply to others but I did mention them as options.

I choose not to use them for a variety of reasons. One is I am a rental real estate investor. By leveraging my cash both figuratively and literally I can purchase rental real estate that provides the current tax benefits and the ability for me to obtain cash from the equity tax free via refi. Thus I have no use for the Roth or the HSA at this point.

Lastly I don’t care to have others restrict my use of my own money. Bankers like to see cash in the bank. I rarely have to use it but when I go to them for loans and then see that cash in the bank, they are much more willing to lend and I suspect on better terms. Thus in this case I turn that same cash into multiple deals without ever having to touch it. It is there, however for any reason that comes along be it a health related expense or otherwise (no one restricting my use of my own cash).

Tony

Re: Heath Insurance Concerns - Posted by Ryan (NC)

Posted by Ryan (NC) on March 23, 2006 at 07:39:38:

Congrat’s Teddy, as Peter put it to me when I hit this point “The power of F-U money is priceless” your life is about to become A LOT less stressful not having to worry about job security anymore. I look forward to hearing of your impending unemployment!

Best wishes,
Ryan Needler

Re: I meant - Health Insurance Concerns - Posted by osupsycho (OK)

Posted by osupsycho (OK) on March 22, 2006 at 16:51:01:

Good thing you cleared that up I was wondering why I needed to insure my candy bar… :slight_smile:

But all jokes aside thanks for the info.

talk to ET for specifics - Posted by Steve-WA

Posted by Steve-WA on March 27, 2006 at 18:56:26:

I havent switched over to a ET controlled HSA yet

nope - Posted by Steve-WA

Posted by Steve-WA on March 24, 2006 at 11:13:48:

go use Keith’s toilet for reading

;-)3

Re: Heath Insurance Concerns - Posted by Keith (OH)

Posted by Keith (OH) on March 24, 2006 at 07:13:51:

Teddy,

Not Steve but I just did an in-depth review this myself.

The “FSA”'s are use-it-or-lose-it medical savings accounts. The HSA’s allow money to be rolled over year after year. They are new accounts established by Congress in 2004.

For some good “toilet” reading on the subject go here:

Keith

good points - Posted by Steve-WA

Posted by Steve-WA on March 24, 2006 at 11:12:29:

the use of the health money prompted my reference to the managed HSA - nothing more

;-)3