I believe by age 30 one should have such things such as life savings and investments and what not. For most people who don’t come from any sort of money or any college educated folks or skill laborers that could pass down their training or knowledge. They have to spend their 20’s getting themselves together and establishing themselves. That’s what I’m doing. I’m now 25 and I have a grand in cash for emergencies. And the rest sitting in the bank. I do have debts I have to pay off ( 60k in total from fed loan, private loan and car ) But I’m working on it and should be debt free by 29 or 30.
Now those who do come from some money or someone that can teach them a trade or discipline without them having to go to college or be able to really excell in school. Yeah they should be able to be better established in their 20’s since they had a better head start at life.
pretty much this, i have to penny pinch and not splurge when i do a bunch of overtime or get tax returns, all that extra money i just put back into stock market.
i blame RPGs growing up, turned me into a hoarder, that farms and farms more gold and never uses any of it, lol.
I’d argue that you can have a modest amount of savings by the time your 20-ish assuming you have a part time job when your a teenager(15-16) and saving your money. I know a couple of old coworkers that did that and have more savings then I have.
I still have some friends that think 30-50k is alot of money, I keep telling them its fuck all. That was before I even dabbled into day trading.
But for the most part, I think its more about how willing you are to bust your ass off to “succeed”.
I’ve notice that most people all want one big score so they never have work type thing. Its pretty funny and kinda sad at the same time. Might be cause I’m old fashioned but I like to think work builds character. Something I think most people forgotten or laugh at when suggested…
So that’s why I’m fucked. I hoard my gold on rpgs and spend them all at once on stupid shit.
I have no loans except for my mortgage and car. But I think it’s setting me back too cause now I feel I have a lot of money to spend shit on. I just don’t think much of what I’m spending and if I’m saving money. Hell one of my bank accounts that I use to save money just sent me an email cause they haven’t seen any activity for almost a year lol. I kinda live paycheck to paycheck cause I splurge on shit but if I really sat down and start budgeting I feel like I can save a lot of money pretty fast especially since I have 2 jobs that pay pretty well. I’m just stupid with money.
I’m actually very interested in stocks but I gotta read up on a lot of things just so I have a fucking idea of what I’m going into. Any suggestions on what’s a good read for dummies like me
-Investopedia is a good site. I got some of the basic knowledge there.
-http://www.swing-trade-stocks.com/stock-market-books.html
Another site with good info. I’ve read some of the suggested books.
-For find stocks to invest in I’d just use a search engine. IE: Say I wanted to invest in Steel. I’d just type “Stock Symbols Steel” or "ETF Symbols steel"
Then just sift through w/e the results are.
-http://www.marketwatch.com Good site that posts minute by minute updates on stocks.
-https://www.bloomberg.com/markets/commodities Good site to check the overall price of commodities, energy, metals and agriculture quickly.
And http://www.blogtalkradio.com/ghost Radio show. Listen to the first hour for stocks analysis. 2nd hour is politics (still good.) 3rd, I wouldnt recommend listening to. (Its ok for a laugh or two. But most of the time the people calling in arnt funny.Also, FUCK BRONIES)
Now I learned some of the ropes from Ghost cause back in later September he would do stock suggestions to watch on Twitter. https://twitter.com/PoliticsGhost
And I would sit down and follow along, He’d call out some dips and waves on the suggested stocks or when the machines/ other investors start attacking the stock. Made some good money off of that and learned a bit.
After that stocks are kinda like calling out BS or making educated assumptions. Like if you suspect a company is going to have a good quarter report you buy in a couple days before they release it. Then see that shit jump in the pre-market. Or if people are over speculating a sector you just hop on the wild ride for quick bank or even just try to short it when people start cashing out.
Other nuances to look for is what wallstreet is doing, those guys always cash out for their hour lunch breaks then buy back in. Dont buy in a stock right as the bell rings but watch it for the first 15 mins then either buy in or continue to watch. Make plays based on the weather or holidays for easy money. (Buy stocks in chocolate and rubber for valentines day, Turkeys and ham for Thanksgiving, heating oil when it gets cold.)
In closing if you can read all that shit, Theres alot to account for and I’m just scratching the surface, but the good thing about people is that the more you something then better you get it at! Just make sure when you do fuck up, learn from it and try to never do that again.
True. But some teens get a part time job and end up using that money to help parents pay bills. That was my situation for a bit. This is one of the things I’m talking about that makes it hard for a person coming g from that situation to be established lime that in their 20s.
This is like 98% of people. I know cardiologists that still buy lotto tickets. Even I think a lot about making enough money to “retire” abroad in a poorer country like Russia or Ukraine. With 400~500k in dividend paying stocks I can technically live off an allowance of like 30k/year which would easily be triple the average yearly salary over in these poor countries.
once you go through all that stuff freezing posted which is more fundamental/news driven based, then you can come join me on the dark side of technical analysis and buying/selling stocks just by doing chartwork and not really caring what the company actually does, lol. although this is where things get dangerous.
once your comfortable with the jargon in the markets and you want to step it up to the next level, you can follow along daily with these guys: Shadow Trader
There are smart ways in getting a car. Nobody needs to be in debt over a car…
@BB_Hoody I hear yuh. Funny thing is, do to some bad investments of mine and other dumb shot I’ve done, my 30s is where I was supposed to be in my 20s. I was more mature financially and overall in my 20s than I am today…
On another note from the other thread. Take the following with a grain of salt, but if you’ve been there or are close to family/friends that are in this situation then you’ll know that some if not most of this is true. Here it goes:
Capitalism is socialism for the rich and communism for the top one percent.
I honestly don’t think anyone in my family make even what I make or around it. Or maybe just a small few. For my immediate family, the only one making what i make is my younger brother. But he has to work 70-80hrs a week at two jobs to do so.
The stock market has a historical rate of return something like 7%. If you really, really know what you’re doing you may be able to do better. Otherwise just put your money in a low-fee index fund and let it ride.
Though at this particular moment I’m nervous as hell and will probably be putting new money in something lower risk for a while.
Well I am fucking lucky I got my degree from a different country which has dirt cheap education so I have no student loans at all. Which in turn I used to buy stupid shit like a luxury car lol.
Thanks for the links guys I screenshoted them all and going to start to read them so I’ll know the basics.
I’m actually also interested in a low fee index fund, that’s like Vanguard right?
Yeah, but the population of the US has been growing for basically that entire time. Our population is about to start decreasing. Go look at what happened in the Japanese stock market in 1990 when their population started falling off a cliff. Same thing happens with real estate.
It’s folly to assume the stock market will get 7% gains FOREVER.
i cant stress the low index fund thing enough, it is so good, returns are not insane, but it is steady growth, the stock market goes up overtime, no matter how many corrections, bear markets, in the long run, the overall direction is up for the major indexes, but the same does not stand true for individual stocks.
for instance, at one point this year i was up 20% , got some good plays in triple levered ETFs of gold and biotech , then i got cocky and started getting more agressive and taking on more risk, now im only up like 5% lol, its all a learning process though. but if you dont have the time or couldnt be bothered looking for different plays weekly or even daily, just dump your money into a low cost index fund on pullbacks.