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Making money young age (self.asktrp)

submitted by Lifedrem96

I’ve been disciplined in making money. Get a good job and make money, invest it and let it grow. This is a proven science that has been working for years. However, there have been some in the younger generations just making an absolute killing doing some reckless investing and some other things. Wall street bets has had a number of users that got lucky on Tesla, NIO, and other stocks and going from 50k to 1.9 mil(currently on front page). Some people do dropshipping and make 200k a month. There are some other super lucrative options out there. It seems like that the traditional line of getting a good job and working your way up with the corporate ladder is too slow nowadays. What do you guys recommend learning and doing in order to get ahead the curve and make a lot of money like some are doing today with the aforementioned methods?


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[–]Flaky_Lakey5 points6 points  (1 child) | Copy Link

a number of users that got lucky on Tesla, NIO, and other stocks

That's exactly how you get rich when you're young. You get lucky. No other way around it.

[–]clickherebaby0 points1 point  (0 children) | Copy Link

Exactly lol

[–]cunningcaring4 points5 points  (0 children) | Copy Link

If it was easy to get rich every one would be rich. For all the stock market winners you read about there are more losers.

[–]comcain1 point2 points  (1 child) | Copy Link

There's always Bitcoin. The trick is timing it right.

[–]Lifedrem96[S] 0 points1 point  (0 children) | Copy Link

I’m in crypto heavily, but it’s only one income stream. What else?

[–]clickherebaby1 point2 points  (3 children) | Copy Link

Ive made 100k this year from selling pokemon cards. In a matter of months, the product i was holding 3x, 4x, 5x, 6x'd in value.

I didn't have any credit to leverage. I had just graduated college paid off, and had 400$ in my bank account.

Better to take risk in yours 20s than any other period.

[–]harmonicpinch0 points1 point  (2 children) | Copy Link

Did you buy early and the value exploded this year?

[–]clickherebaby0 points1 point  (1 child) | Copy Link

Yeah exactly.

[–]harmonicpinch0 points1 point  (0 children) | Copy Link

I have a ton from back in the day. Mostly holographic OG (charizard etc) but not first edition. Wonder how much they’re worth.

[–]Electronic_Ad_15451 point2 points  (5 children) | Copy Link

It’s not luck. Tesla will win EV, robo taxi, future car operating system, battery manufacturing, solar, have the highest margins because of focus on scale, I could go on and on, just watch some YouTube videos. Do the research and you will see that Tesla is leagues ahead of their competitions this was known for years. If you aren’t willing to do the research on the companies, then you don’t get to profit. Tesla is a once in a decade company, so I wouldn’t attempt finding the next Tesla. I bought Tesla last year and during the corona dip. I took a loan. Went from $90k to $600k from Tesla stock this year. You buy when people are afraid(April corona dip). I learned the timing from rule #1 Phil town. It’s not easy picking the next Tesla though. But dump your life savings into Tesla, you’ll probably double within a year or two.

[–]Lifedrem96[S] 0 points1 point  (2 children) | Copy Link

It is luck, your talking hindsight bias now. I also got in Tesla early. I got a call options three months out at $58 split adjusted. This was last year in august I believe. The timing was luck.

I believe that you think Tesla will take you to become a millionaire(probably even multimillionaire) but it is heavily overvalued right now. I doubt I can convince you to take your money out, as that is near possible, but I suggest you start thinking of the possibility of a looming market recession and what it would do to tech companies. Would you be fine if Tesla went to $175 by Q2 2021?

[–]Electronic_Ad_15451 point2 points  (1 child) | Copy Link

Yeah I would be fine. Betting on clear industry winners appears to be an extremely profitable strategy. Apple, amazon, Tesla. 2x was reasonable. The 10x in a year was 70% luck yeah. I’m still not selling due to the sp500 inclusion. Maybe when the mass profit taking happens after the inclusion.

Dumping your entire net worth during the bottom of a recession/massive pullback into winning/emerging companies is an easy way to double or triple your net worth.

[–]cunningcaring0 points1 point  (0 children) | Copy Link

The timing is the problem.

[–]Protectix0 points1 point  (0 children) | Copy Link

this Tesla and Bitcoin is all you need son

[–]Tommynopants0 points1 point  (0 children) | Copy Link

Even if you win big in the stock market, there is a time comes for everyone when the market takes everything back and more...

You can kill a man, but you can't kill an idea.

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