I am putting everything online, for everyone to see but keeping or at least trying to keep my identity hidden.

I am 30 year old, married male with a kid in a third world country.

Here's what the numbers look like, on top of my head and will edit & add as i gather more information. Quite frankly, personal finance is a mess right now.

Assets
House worth $245,000
Real estate investment A $1,500,000
Real estate investment H $61,500
Real estate investment S $70,000
Real estate investment W $40,000
Real estate investment M $62,000
Real estate P $15,000
gold & watches $23,000
on going investment K $26,000
Bank accounts $3,000

Total $2,045,500

Liabilities
Loan against house $165,000
interest free loan from a friend $115,000
G Loan $10,000
Car loan $10,000
To be paid against real estate M $20,000

Total $320,000

Net worth = $1,725,500

monthly income side
Real estate investment A - $10,000
Business V - $1000
Business S - $3000
Rent from house - $500

Net monthly - $14,000

monthly expense side
Mortgage - $1970
Rent - $1246
Utilities - $150
Car loan - $478
Grocery - $500
Kid - $500
internet, phone bills, cable etc - $400
Cleaning lady, baby sitter, driver - $500

net expenses monthly $5744

I am sure there is more to everything, in my first few days i will try to get all the numbers down to every penny.

I do not have any insurances of any sort, no car, no house, no personal, no life, no nothing. i self insure everything. Questions/comments/opinion?

I will post all my P & L, income & receipt every month for personal & businesses and watch the net worth grow.

Suggestions/Questions?

mbn

sorry, i am new to the community... what does mbn stands for?

MBN = Must be nice

BTW, it is

A few things immediately jumped out:

Do you own business v & business s and if so why aren't they listed as assets?

I like the idea of self-insuring, but you really take it to the extreme.

You are insanely heavy in real estate. Only $26k in other investments?

Where do you find friends that lend $100k+ interest free?

Are you renting out part of the house you live in (for $500/mo)?

It is nice in the sense i don't have to worry about day to day bull**** of life. Everything is paid for and will be paid for on time, if i miss a payment its because money came to another account and payment was going to some other account. Its nice that i don't sleep with my alarm clock, never have in last 3 years. It's nice that we travel to couple of new countries every year.

On the flip side, i am miserable because everything is a mess. I do not see growth, my net worth has been pretty much same, even if it grows i am not measuring it right. I think we are over spending. I do not like how things are not tracked. I do not like how after 10 years of work in a industry, my business V & S are not established and are bringing in only pennies.

You've got monthly income of $14,000 versus monthly expenses of $5,744, yet you've only got $3,000 in the bank?? How does that happen? Makes no sense...

Appears that you're doing great financially (especially for someone only 30 yrs old) but where's your "rainy day/emergency" fund, especially if you've got a wife & kid & are 100% self-insured?

Generally-speaking I'm a fan of investing in income-producing real estate, but a little diversification might be something to consider.

Carve out a dedicated amount of time each day to devote to getting organized. I understand it might seem overwhelming at the moment. How do you eat an elephant? One bite at a time.

But I don't understand the last sentence you wrote, specifically "business V & S are not established and are bring in only pennies." In your OP you wrote that business V & S combined produce $4K/per month. While that may be far from what you think they are "capable" of &/or you feel they should be producing, that's far from pennies. Which is it--are they producing $4,000 a month or not?

Short answers, they are both service related business and really don't have any/much assets.
Business V is actually only 3 months old, its something i was researching for a while and running all own my own with a help of consultant who gets 30% of profits, so no overhead or big expenses. So it doesn't have any assets or any value. As long as i keep the day to day operations up, it will bring in money.

Business S has some assets, but they are so industry specific that you will have very very hard time selling them on 2nd hand market. Imagine something like, manufacturing molds for a certain part of certain company, not really worth anything but its expensive.

I am very embarrassed by the fact that after working 11 years in the industry, i do not have established businesses. I am trying to improve and get better at everything, one day at a time.

I am not, not in this country. The worst that can happen to me is my nicer car (the one with loan) gets stolen and its worth around $20,000 even 2nd hand... So extreme?
healthcare is relatively cheap if you pay for cash, life insurance? i don't think my wife & kids will need more than what i have if i ever to die.

i do not believe in diversification, not at least at this stage of the game (age & net worth) i might diversify if either i had few more millions or i was late in my life. I believe in mastering at one thing and then going all in with that.

Ha ha, funny story. The guy got sued and had no where to hide his money.... shipped it all to some one offshore, and then had no way to get it back... Got to me and now we are both thinking about ways to get it back to him, small bits at a time... He is a life long friend, so no issue there.

No, i rent out my house that i own for $500 and rent in a much beautiful place for $1246. I want to sell out the primary but can't until June this year for tax reasons.

Number 1 problem in my life is no good accounts of personal finance, business, rental income or anything for that matter. I am good man, with no bad habbits and very good family values but i am failing as a business man and personal financial guy. I am suppose to be the guy with all my ducks in the row given my history but things have gone out of hands, i will improve this and that is why i am starting this thread.

you are right about rainy day/emergency fund but i have a line of credit for 50k that i have never touched i can always use that....
response about self insurance from few mins ago
self insurance isn't that bad in this country. The worst that can happen to me is my nicer car (the one with loan) gets stolen and its worth around $20,000 even 2nd hand... So extreme?
healthcare is relatively cheap if you pay for cash, life insurance? i don't think my wife & kids will need more than what i have if i ever to die.

i do not believe in diversification, not at least at this stage of the game (age & net worth) i might diversify if either i had few more millions or i was late in my life. I believe in mastering at one thing and then going all in with that.

How is losing a car your worst case scenario when you could have 75% of your net worth wiped away in a fire?

I'm not suggesting you diversify just to diversify. You said you want to stick with one thing and master it, but if your net worth has been flat for a decent amount of years maybe you need to find something you are better at.

You absolutely must get insurance, especially the health kind. Liability for everything (including driver)

Ok, things are different in this part of the world than they are in US/Canada. My biggest real estate investment is a commercial office building and i would break down the value of property into 3 parts
Land - $1,000,000
Concentrate building - $350,000
interiors - $150,000

If it was to catch fire, i doubt all 4 units will be burnt down, as each unit is separated because its all made of concrete and also, each unit has its own fire safety equipment. So can't wipe off my 75% net worth.
Real estate H - 100% Land
Real estate S - 100% Land
Real estate W - 85% Land
Real estate M & Real estate house are apartments in concrete building. There is nothing that will be burnt down. If a peace of furniture catches fire, usually it end up burning that peace and not entire house, that always makes me wonder why are houses in america not make of concrete.

ok, so my net worth has been flat for couple of years and even then there has been appreciation. I was basically saying, when i was 23 i thought i would grow to multi million dollars every year and growing 100k or so 200k a year to me is sort of flat. I think i am very good at real estate A type of deals. Find those, get them rent out and repeat. Pretty soon, i am starting the process to dump everything to get another deal like A.

Disagree.... health cost is pretty low when paid in cash. If i get a heart attach and have to get a open heart surgery, i doubt it will be more than 20-30k... by the way, we are both pretty healthy.

Liablity for driver? Not in this country. The guy gets $220 a month in salary.. If he dies driving my car, i am not liable for anything, i loose my car if its a wreck but thats pretty much it. This is why people in third world country don't drive if they can afford it. No liability if driver kills some one driving.

You're vastly underestimating your risk. There are adverse events other than fire (expropriation for example) and cardiac arrests (anything that requires a transplant for example). Some such events can actually wipe out your investments. Do you have a permanent driver on payroll? You could be liable for him as well.

Need to be weighed against the costs (in premiums) and benefits (in terms of probability that you'll actually be covered) of policies available to you of course. It is however silly to not think about insurance or diversification in some form at your level of net worth and the nature of your net worth (property, and not really transferable skills if you go busto or the market you deal in goes south)

I am not totally denying that looking into health insurance might be worth the time but we also have to understand we are dealing with 2 different planets here. Things in this side of the world doesn't work like they do in your countries.
expropriation doesn't exsists in our country.
Transplants - I did a quick google search on most expensive medical treatments and heart transplant shows up in around a million dollar range. In my country, at the best hospitals its around 30k.. isn't that why the
entire 'medical tourism' industry exsits?

i do have a permanent driver on payroll and i know i am not liable for him under ANY circumstances. Checked with my CPA just now, who checked with a lawyer.

I am in a large metro city of a developing country owning real estate in a very prime location of city. If that goes south, i will take my chances.

again, i really apprecaite all your opinions but you have to look at things from different standpoint. Its just not another country, its another planet. Things are way different here.

By the way, everytime i travel to western countries, i take travel insurance before i leave from here.

Not sure if I'm reading this right, but it looks like real estate A is valued at 1.5 mil and you're bringing in 10,000 a month??

Seems very low

Nitpick: you are NOT self insured. With a small amount of $$ in the bank, you are uninsured and there is a very big difference between self insured and uninsured.

ya as people said you do not have $ put aside for accidents so you are uninsured not self insured. If liability in your country is as you say then insurance really isn't necessary because I can imagine you can afford to lose any assets lost to an accident/cover health expenses if need to. Main point of insurance in US is to protect against liability related to others damages as the liability is infinite (if its not capped its usually extremely high). Usually people in US create separate corporations for all their assets to limit liability but even still a lot of times you can be personally responsible very easily (they claim you didn't make repairs and are personally negligent). Healthcare costs are insane here as well. I would keep more liquid assets even if this is the case but if you have friends who will lend large amounts interest free whenever you need it I guess it's not really necessary.

Why are you paying rent when all your real estate is owned? Everything else seems in line except the cash flow on your investments are on the lower end but really depends on the market I guess and not familiar outside USA. And depending on interest rate of mortgage/car probably want to pay those off as they are probably higher interest rates then the return on your investments.

I keep coming back to the fact that you have ~$2M in RE that is generating $10.5k in income. I understand some of it is just land and therefore speculative, but do you really think it will grow faster than other asset classes?

Are those RE values what you purchased them for or where did you get those numbers? Plus how long have you owned them and how much are you guessing they are up?

Obviously I can understand why you would prefer to keep your identity private, but it would be helpful and/or interesting to know what country you live in (is this your home country?), or if you're not comfortable revealing that (and why would you not be?) can you at least tell us what continent?

You claim to be bad with the management / accounting side of things, and expressed disappointment / frustration with the fact that your businesses & investments haven't performed as you feel they could have or should have; in your opinion is that primarily your fault?

Where / how did you get the start-up capital to buy all these properties?

As others have pointed out...you are being foolish with your approach to insurance/risk.

Even if you could cover or survive a big loss, why would you want to have that kind of variance? I've continued to INCREASE my insurance coverage as my net worth has growth, because I want to minimize the potential variance for myself and my family.

I also agree with those that pointed out that $3k in cash seems really light for your situation / net worth / cash flow. Maybe you have easy access to additional cash if needed.

Finally, you should definitely consider taking advantage of tax-advantaged retirement investing...depending on what is available in your country and the EV of continuing to grow your real estate holding instead. I like diversity of assets and the passive growth of investments to complement real estate / businesses.

Great job on your success so far. Get organized and get some insurance.

$3k in cash isn't too low of an amount for a lot of people (including a lot of people making around OP's income).

I can't fathom that someone w/ $1.7mill net worth has only $3,000 liquid on hand, and I disagree with your statement.

It depends what his non-real estate investment is. I assumed it was liquid which I probably shouldn't considering what we've heard from OP so far. $30k in cash & liquid assets may be a little light considering his friend may want his $100k back sooner than he thought.

No matter what my income is for the rest of my life there aren't many scenarios where I'd want more than a few thousand in cash assuming I have a line of credit and a decent chunk in liquid assets (stocks, etfs, mutual funds, or something similar that I can get in