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10 Questions with Getting a Rich Life

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Today is the 19th edition of our periodic guest post series called 10 Questions and a Pizza Place. (The 1500′s are pizza fanatics.) We have a list of 17 questions we pose to fellow financial bloggers, and they are free to pick and choose 10 or answer all 17. Let us know if you would like to be featured in a future edition of 10 Questions.

Today’s 10 Questions features Charles from Getting a Rich Life. Charles hails from Hawaii, one of my favorite places on earth. He went from growing up in government housing to investing in real estate in one of the most expensive places on earth. Most impressive.

garl

Tell me about your blog and why it’s great.

I’m a blogger from Hawaii and I blog at Gettingarichlife.com.  Despite living in one of the most expensive states in the country I have been able to accumulate an above average net worth.  I don’t give frugal or budgeting tips, my blog is about wealth building ideas.  I will share with my readers my wealth building journey and hopefully help them make some money.

What is the worst financial mistake you made?

At my first job I had a mini-van as a company vehicle.  At the time I was looking to buy a condo, instead I bought a BMW. I went from no car payment to $600+ a month expense. When I moved away I looked up the value of the condo, it had appreciated by $250,000.

What would you do if you inherited $1,000,000 (after taxes) today?

With $1 million dollars I would buy two triplexes in Portland at $150,000 a piece in down payment.  I would finance the rest.  I would invest $500,000 in stocks and the remaining in intermediate corporate and emerging markets bonds.

What is the best financial move you have made?

Best financial move was marrying someone who has the same aspirations as I do.  Another is buying my first property and leveraging it to buy others.

What’s your favorite tip for saving money?

Buy investments and get a good accountant.  A great investment will produce income and lower your tax burden.  A good accountant will find you ways to save thousands, which is worth more than save a few dollars here and there.

What is your favorite pizza place?

Round Table Pizza in Kailua.  Great crust and flavorful.

If you could go back in time and give yourself one piece of advice, what would it be (don’t say ‘buy Microsoft,’ everyone says that)?

Save and invest immediately.  Let time work for you and not against you.

What is your favorite movie?

Favorite movie is Forrest Gump

What advice would you give to a 24 year old, just out of college?

Advice to a 24 year old.  Invest in yourself and build you career.  Work your ass off before life responsibilities get in your way. Don’t get into bad debt.  Pay off all the bad debt you have.

What are your favorite personal finance websites?

Financial Samurai,  Control your Cash, 1500 days, Club Thrifty, money.com and CNBC

 

Thanks Charles! Be sure to check out Getting a Rich Life on Twitter as well!

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    • In Hawaii the return you get on rent is much lower than the purchase price. I also only purchase in areas that I will understand or have people I can trust to manage. In Portland there are duplexes and triplexes that cash flow and we know a few real estate people.
      charles@gettingarichlife recently posted…What Working At Walmart Taught MeMy Profile

      • Hi Charles. Great answers!

        I know it’s hard for you to say but for myself, based in the Uk, would you recommend always going for an area that you know/think will cash flow over somewhere in your own area where the cash flow might be worse, but maybe you can save money by doing your own maintenance and management. I’m near London which is basically a nightmare to get a property to cash flow from my initial and very brief calculations, but up north or down west it may be easier. Bit worried about owning properties 400 miles away though…. Sounds like yours are even further away though?
        theFIREstarter recently posted…How to cut your car petrol costs in halfMy Profile

        • London real estate is insane and you definitely would be negative. If you can get into a flat that has a rental or rent out rooms I would start that way, as I rent a part of my house out.
          For a rental I wouldn’t go more than an hour due to your high gas prices and time in case something happens. Going too far out is a bigger risk, when I first started real estate investing I only bought where I knew.
          charles@gettingarichlife recently posted…10 Questions With Mr. 1500 And Other Good ReadsMy Profile

          • Thanks for replying, really appreciate that!

            Yes it is insane. It’s just picking up again and a friend of mine is selling his small 2 bedroom house for around £500,000 – he bought it for £280,000 about 4 years ago. Shrewd/lucky move on his part there!

            How come you say you’d buy propery in Portland yet don’t recommend buying propery more than 1 hour away? (I don’t know US geography off by heart but pretty sure Hawaii is not near Portland?). Is that just because you are a property guru, and I am clearly not, just starting out? 🙂

            Thanks again!
            theFIREstarter recently posted…Free E-BooksMy Profile

  2. OUCH on the condo/BMW mistake – that one must’ve hurt, but you learned a valuable lesson from it and turned it around. Love what you said about marrying someone who has the same aspirations as you do – that’s so important. Rick’s over-frugalness drives me crazy at times, but it’s SO much better than him going out and buying crap every day.
    Laurie @thefrugafarmer recently posted…Best Personal Finance Articles for the Week Ending 1-18-14My Profile

  6. Growing your net worth AND living in Hawaii is pretty impressive! From everything I’ve seen it’s so expensive. Great job!

  7. Growing up in So Cal, I have found memories of Round Table. I loved hearing what you would do with the $1M, it sounds like a smart strategy, despite the fact I know very little about Portland real estate. And Forrest Gump is simply an amazing film. The more I learn about you Charles, the more I dig you as a person. Keep it up buddy.
    Ryan @ Impersonal Finance recently posted…what will be your legacy?My Profile