[nyalpine90]

medalion deal seems interesting..how much do you need to start, 90gs

[Mr_T]

Originally Posted by ZGirl4U

I dont contribute much but we also have a profit sharing plan so technically its not my money... im only putting in a few hundred a month.

Standard 401K adivice is => put in the MAX you can afford; if your company matches your investment...even better. I personally invest the maximum allowed under the current tax code. This is one of the very few gimmies from our govenment, take advantage of it as best as you can.

[F87LUV]

ugh i just paid $400 for mets tickets and i dont even like them

[cycler]

Ok medallions work like this. You buy the the rights to the taxi cab and you get a working medallion. Of course you and I dont want to drive them. So we rent them out to the taxi companies who in turn rent them out to the drivers in shifts. You get paid $550 a month while the cab company gets about $1200 a month but thats cause they have pay insurance and maintenance costs. But each year the medallions prices go up and every 2 years your rent goes up. So within 10 years you should be getting about $1300-$1500 a month per medallion.

You can also borrow against them like a mortgage so you can buy more. 3 years ago chicago medallions were $45k now they are $90K. So people are selling them in order to make a profit. I just left chicago this week and saw how many new condos and houses people are buying there. Within 5 years there will be almost double the cabs. Right now there are 6000 cabs. NYC has 25,000 cabs. And in NYC my parents friends are getting $2200 a month on cabs they bought 10-12 years ago for $90K. Its one of the few markets that never die or go down. As populations grow more cabs are needed.

[Mr_T]

Originally Posted by ZGirl4U

ugh i just paid $400 for mets tickets and i dont even like them

Who they playin' and when are we going???....

[Mr_T]

Originally Posted by ZGirl4U

ugh i just paid $400 for mets tickets and i dont even like them

You could have bought me my UR CAI...

[cycler]

Right now i have 5 medallions that i bought 3 years ago. And after leaving chicago i want to buy 5-10 more within a certain amount of time. This is an investment that you leave your grandkids

[F87LUV]

Originally Posted by Mr_T

Standard 401K adivice is => put in the MAX you can afford; if your company matches your investment...even better. I personally invest the maximum allowed under the current tax code. This is one of the very few gimmies from our govenment, take advantage of it as best as you can.

I know this but after i ran some calculations and its not that much of an advantage for me right now.

[cycler]

Originally Posted by ZGirl4U

ugh i just paid $400 for mets tickets and i dont even like them

R u taking me? I can always txt you a pic of me so you can find me at shea LOL

[F87LUV]

dodgers

[F87LUV]

nevermind.... its the reds now...

[F87LUV]

Originally Posted by cycler

R u taking me? I can always txt you a pic of me so you can find me at shea LOL

No Im taking the man of my dreams who doesnt know I exist yet.

[cycler]

Guess my post didnt even call for a answer

[cycler]

Originally Posted by ZGirl4U

No Im taking the man of my dreams who doesnt know I exist yet.

So what your saying is im not the man of your dreams? Is it because i loved that movie bring it on

[nyalpine90]

eww Mets hater..

so why did u buy them...so the real Mets fan cant go

[cycler]

Originally Posted by ZGirl4U

No Im taking the man of my dreams who doesnt know I exist yet.

I dont think that british guy is coming to queens to watch a game

[F87LUV]

My company has sick season tickets and ive never been that close so i got em!


No that dood isnt the man of my dreams... the man of my dreams is the dood from last weekend.

[Mr_T]

Originally Posted by cycler

Ok medallions work like this. You buy the the rights to the taxi cab and you get a working medallion. Of course you and I dont want to drive them. So we rent them out to the taxi companies who in turn rent them out to the drivers in shifts. You get paid $550 a month while the cab company gets about $1200 a month but thats cause they have pay insurance and maintenance costs. But each year the medallions prices go up and every 2 years your rent goes up. So within 10 years you should be getting about $1300-$1500 a month per medallion.

You can also borrow against them like a mortgage so you can buy more. 3 years ago chicago medallions were $45k now they are $90K. So people are selling them in order to make a profit. I just left chicago this week and saw how many new condos and houses people are buying there. Within 5 years there will be almost double the cabs. Right now there are 6000 cabs. NYC has 25,000 cabs. And in NYC my parents friends are getting $2200 a month on cabs they bought 10-12 years ago for $90K. Its one of the few markets that never die or go down. As populations grow more cabs are needed.

Cycler...I hear you on this. However, $550/mth on 90K is about 7.3% return on your cash today. You need to think about where you would be investing your 90k else ware and the compounded return on that cash over the same 10year period. I think the cash flow would be comparable if the 90k was invested properly; however the medallion as an asset has potential to appreciate on top of that cash as an added return....like a house. I’m not sure this is a wise investment for a 25 year old. JMO…

[fizzle]

oh vey....the mets huh?

i hear they got rickrolled...lol

my yanks are doing any better so i cant really say anything...tho subway has $5 tix for the mets if u go in there. at least in NJ.

[F87LUV]

yeah im a yankees fan... but theyre awesome seats

[Mr_T]

Originally Posted by ZGirl4U

I know this but after i ran some calculations and its not that much of an advantage for me right now.

What are those calculations? Pretax dollars, growing tax free = free money relative to any other ivestment opportunity that is available.

Sorry for the boring discussion....just looking to help....I done.

M

[F87LUV]

Originally Posted by Mr_T

What are those calculations? Pretax dollars, growing tax free = free money relative to any other ivestment opportunity that is available.

Sorry for the boring discussion....just looking to help....I done.

M

basically, annual tax savings, amount due, etc.... makes sense to pay down debt right now.

since i cannot really control where they are investing my money... id rather open a roth ira where i want... plus when i buy my first home, i can withdraw money with OUT penalties