Boomer Bob

Financially free since 93. Self-made millionaire. Retired at 45. Own 11 rental properties. If you’re still struggling financially, that’s a YOU problem.

[Boomer Bob @SelfMadeBob1948]

My 34 year old son asked how I managed to retire at 45.

Simple.

Bought my first house for $18,000.

Worked 25 years at Dad’s company.

Used a modest $250,000 family loan to buy rental properties.

Never took a handout in my life.

Kids today want everything handed to them.

[Boomer Bob @SelfMadeBob1948]

@DimitriAndinou @VegasMike27 I remember those fresh donuts!

I owned Dunkin’ stock for years. When management found ways to cut costs, I was pleased with the results.

Our cook still makes fresh donuts at home, so I haven’t noticed much difference.

Progress comes with sacrifices.

[Boomer Bob @SelfMadeBob1948]

Avocado toast wasn’t even an option when I was young.

Our cook prepared smoked salmon, poached eggs, fresh croissants, coffee, and orange juice every morning.

Nothing extravagant.

Dad taught us that financial success begins with controlling unnecessary expenses.

[Boomer Bob @SelfMadeBob1948]

@VegasMike27 Exactly! Avocado toast wasn’t even an option when I was young.

Our cook usually prepared smoked salmon, poached eggs, and fresh pastries.

Nothing extravagant.

Dad taught us that financial success begins with controlling unnecessary expenses.

[Boomer Bob @SelfMadeBob1948]

@q8m4ycfbpn @FinancialPhys Stupid?

Young man, I retired at 45 with a full pension.

The company’s board of directors approved it unanimously.

Dad and Grandpa Clem were both on the board, but they’re very discerning businessmen.

I think I’ll trust their judgment.

[Boomer Bob @SelfMadeBob1948]

@steverific @TerroirDuGolfe I understand inflation perfectly, young man.

Bought my first house in Santa Monica for $27,000 in 1974. It’s worth $3.7 million today.

That’s why I always tell young people to buy property before it gets expensive.

It’s not complicated.

[Boomer Bob @SelfMadeBob1948]

@ChrisP36172009 @AnarchoCougar If the Boomers are struggling have they considered sorting pennies for copper?

[Boomer Bob @SelfMadeBob1948]

My grandson says teenagers have no opportunities.

In 1964, at 16, I washed cars for $2/hr in silver coins. They’re worth about $85/hr today.

Gave him $25 in pennies to sort. Four hours later: $8.40 in extra copper value.

$2.10/hr. He still complained.

[Boomer Bob @SelfMadeBob1948]

I’ve always encouraged young people to buy used.

My motorhome cost $475,000, but it’s three years old

New one would’ve cost considerably more

Grandson says he can’t afford a $20,000 car

I told him that’s exactly why you buy used

Some people just don’t understand depreciation

[Boomer Bob @SelfMadeBob1948]

@jeremyct Jeremy, sometimes you need to liquidate unnecessary possessions.

In 1974, I sold my personal Cadillac to help buy our first house.

Fortunately, Dad let me keep driving the company Cadillac.

You’d be amazed what you can accomplish when you simplify your lifestyle.

[Boomer Bob @SelfMadeBob1948]

@famexbt Fame, your own budget shows $615 left every month.

Save that for four years and you’ll have $29,520.

My first three-bedroom house in Santa Monica cost $27,000.

You could have bought it outright and still had money left.

People make budgeting too complicated

[Boomer Bob @SelfMadeBob1948]

My 38 year old son asked for $35,000 toward a down payment.

Bad timing. We just spent $48,000 replacing the dock at our Tahoe place.

I told him owning a home comes with expenses nobody prepares you for.

He didn’t seem reassured.

[Boomer Bob @SelfMadeBob1948]

@uncvoss Just do what I do. Pay all cash. No need to worry about interest rate.

I’m 78 and own 11 rental houses all paid for.

If I want another I’ll pay cash.

If property taxes go up I’ll increase rent.

Not sure why Millenials and Gen Z don’t understand this.

[Boomer Bob @SelfMadeBob1948]

@ThomBrady5 Cantillon Effect?

I don’t know who Mr. Cantillon is, but Grandpa Clem introduced me to his banker when I was 26.

Dad lent me $250,000, and I bought several rental properties.

Retired at 45.

Never needed an economics degree. Just a little initiative.

[Boomer Bob @SelfMadeBob1948]

@ThomBrady5 Cantillon Effect?

I don’t know who Mr. Cantillon is, but Grandpa Clem introduced me to his banker when I was 26.

Dad lent me $250,000, and I bought several rental properties.

Retired at 45.

Never needed an economics degree. Just a little initiative.

[Boomer Bob @SelfMadeBob1948]

@Mestizo_Inc @punchbagstudios Mike, you have no idea the struggle

1974 I bought my first house in Santa Monica for $27,000. Was only making $22,000 a year at the time

Took me 4 grueling years to fully pay off the mortgage

We wanted beachfront, settled for 5 blocks away

Every generation makes sacrifices

[Boomer Bob @SelfMadeBob1948]

@human111x @ChowderGroyper Listen, I’ll give you the same advice I give my grandchildren. And this is free advice so you should listen.

-no more $8 coffees, make it at home
-no more avocado toast, plain toast
-pay cash for college tuition & books like I did
-buy a starter home
-budget better

[Boomer Bob @SelfMadeBob1948]

I made $2/hr washing cars in 1964. Saved every silver dime and quarter I earned.

62 years later, I bought a $100,000 Rolex.

My grandson says he will never afford a house at his current pay of $35/hour.

He just needs to be patient.

[Boomer Bob @SelfMadeBob1948]

@I_swampfaye @MomAngtrades I’m not lying, Swampfaye.

Dad hired me because he knew my character and work ethic better than any other applicant.

He’d known me for 20 years.

Most applicants are lucky if their references have known them for five.

Relationships matter in business.

[Boomer Bob @SelfMadeBob1948]

@liberscravola Yep, every month I have to tell my accountant to pay all of my bills.

-3 country clubs
-yacht slip and maintenance
-airplane maintenance
-RV maintenance

It’s exhausting.

[Boomer Bob @SelfMadeBob1948]

@RocsTalon @ThomBrady5 Show some respect, Rocs.

My son works 60 hours a week and still can’t afford a house.

At his age I worked 40 hours at Dad’s company and had to settle for a place five blocks from the beach.

Neither of us got exactly what we wanted.