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]

@tortapounder148 @VegasMike27 Yes. A 15-year-old Camry with 180,000 miles.

That’s the beauty of buying used. Someone else already paid for the depreciation.

I applied the same principle when purchasing my $2.2 million private jet.

Different budgets. Same financial discipline.

[Boomer Bob @SelfMadeBob1948]

My 38-year-old son says he’s putting off having children until he can afford a house.

Told him I understand delayed gratification.

I had to wait until I was 78 to buy my first private airplane. And it’s USED, 😩.

Picked it up yesterday. $2.2M cash.

Good things take time.

[Boomer Bob @SelfMadeBob1948]

My tenants are upset about the $200/month increase in rent.

They should consider ramen noodles. A hot meal for just 40¢.

When I suggested this, one tenant asked if I eat ramen myself.

At my age? Absolutely not.

My doctor has me watching my sodium.

[Boomer Bob @SelfMadeBob1948]

@WSmith2016 @ThomBrady5 Winston, these kids have Zillow and still can’t find affordable houses.

In 1974, I had to rely on Grandpa Clem’s personal real estate contacts, my father’s banker, and a stack of paper listings.

No app could do the work for me.

I had to pick the properties myself.

[Boomer Bob @SelfMadeBob1948]

@expat405 @VegasMike27 John Doe?!

Young man, you’re questioning MY identity while using a name they give unidentified people at the hospital?

I’ve been Robert since 1948.

I’ve been Boomer Bob longer than you’ve probably been alive.

Show some respect.

[Boomer Bob @SelfMadeBob1948]

@chipatriot17 Glad you’re enjoying yourself, son.

Now get that ass back to work.

My Social Security checks aren’t going to fund themselves, and Martha has grown accustomed to our six cruises a year.

[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]

@backinmyday37 @FinancialPhys Watch your language, son.

Dad taught me to adapt when the world changes.

That’s why I have money invested in BlackRock, Vanguard and State Street funds.

You say they took over the country

I say they’ve done a fine job managing my retirement

Have you considered eating ramen?

[Boomer Bob @SelfMadeBob1948]

@LosDLF_ @uncvoss Nobody said you need to buy multiple houses.

Start with ONE.

I bought my first three-bedroom house in Santa Monica for $27,000.

Five blocks from the beach, mind you. I couldn’t afford oceanfront.

Sometimes you have to lower your expectations.

[Boomer Bob @SelfMadeBob1948]

@Nbzeil @Tekeee Of course houses don’t cost $27,000 anymore, young man.

Mine is worth $3.7 million now.

That’s precisely why I tell younger people to buy BEFORE prices go up.

You can’t wait until something becomes expensive and then complain about the price.

[Boomer Bob @SelfMadeBob1948]

@pio_oraetlabora @JoelWebbon I EARNED my Social Security.

Paid into it for 25 years. Been collecting for 16.

That check covers the $1,700 monthly slip for my yacht.

Without it, I’d have to use some of the income from my 11 rental properties.

Is that really what you want for America’s seniors?

[Boomer Bob @SelfMadeBob1948]

@TMesser1261966 @JoelWebbon Troy, watch your language.

That $250,000 wasn’t a handout. It was a loan.

I had to sit down with Dad, explain my investment plan, and give him a handshake.

He waived the interest because we were family, but I still took all the responsibility.

[Boomer Bob @SelfMadeBob1948]

@CraigAMarshall1 @jeremyct Exactly!

That’s why I tell young people to negotiate better employment benefits.

Dad provided my company Cadillac, covered the insurance, and paid for gasoline.

I never had to worry about transportation expenses.

Sometimes all you have to do is ask.

[Boomer Bob @SelfMadeBob1948]

@jonbrooks Step 6: Boomers like me pay cash for the short sales.

Call it a falling knife if you want. My generation calls it a clearance sale.

I bought three houses in 2008. Two of the former owners still rent from me.

Good people. Always pay on time.

[Boomer Bob @SelfMadeBob1948]

Step 6: Boomers like me pay cash for the short sales.

Call it a falling knife if you want. My generation calls it a clearance sale.

I bought three houses in 2008. Two of the former owners still rent from me.

Good people. Always pay on time.

[Jon Brooks @jonbrooks]

The housing market doesn't crash overnight.

It freezes first.

Step 1: Buyers disappear
Step 2: Listings sit longer
Step 3: Builders cut prices
Step 4: Owners get trapped
Step 5: Short sales rise

We're somewhere between Step 2 and Step 3.

[Boomer Bob @SelfMadeBob1948]

@KushPatil_ My “holy shit” moment in 2008.

I bought 3 houses for what felt like a box of raspberries.

Younger generations had the same opportunity, but instead of buying property they were “processing trauma.”

You either buy the dip or sign the lease.

[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.