What financial advice would you give to a 19-year-old?

redpharma7789 · 2018-06-20T10:56:59+00:00

Get a job (part time, summer, whatever). It’s a plus if you can get something related to your C/S degree. But really at this age, all you need is spending money.

IMO your still too non-secure to invest in a passive income... that’s just like throwing money into the fire. Once you have a couple of grand saved up look into that.

skahki · 2018-06-20T11:31:54+00:00

Start looking for internships. Seriously. I see kids in their sophomore junior and senior year with internships. You van do it too.

The impressive resumes I have seen were kids coming out of college with 3 years of internship experience.

Also I had a guy get a full time job offer with me and hes still in college. I'm glad I took him under my wing because hes a good guy and very much deserved it.

JamesP2018 · 2018-06-20T11:13:02+00:00

Get your career going first. Don't become responsible for other people's money as a general rule. Avoid debt as a general rule. If you have free time educate yourself for when you have money. If you buy stocks a Vanguard account is a good way to go. Consider a Roth IRA. There are lot's of books on investing, go for books written by people who have done well for a loooooong time like Benjamin Graham. Look at your finances and figure out what kind of overhead for living you are going to have. Eating in has slashed my food bill to a third of its former amount. Buy a used dependable car vs buying a new car. See the end from the beginning. Cable television is a waste. Renting with roommates is not a bad way to go, lots of exposure to different lifestyles. Buying a house has alot of expenses no one talks about like cutting grass, buying a mower, fixing a leaking toilet, repairing the roof, etc. It can still be a good way to go, can rent the house and move somewhere else as well. You'll probably want to avoid marriage. Alcohol puts a big drain on resources, water is practically free. You do you.

FearGarbhArMait · 2018-06-20T15:09:53+00:00

Buy a duplex in an urban area. Remodel the basement live in the basement. Rent out the two units, one pays your mortgage the other pays your utilities. You live for free 80% of any money you make will be 'play' money, to go out, to invest, to save.

cl3537 · 2018-06-20T15:49:37+00:00

Forex is a scam. Day trading is very difficult.

Both are just gambling the way that 99% of people try to do it and are not careers.

Become an entrepeneur and learn about businesses, if your relatives will help you buy a business that is a whole different ballgame. You have to find a good business(good cash flow) that you are passionate about and think you can maintain and grow and that the previous owner will groom you for the transition in a few years time.

Governor_Humphries · 2018-06-20T11:48:24+00:00

Read A Random Walk Down Wall Street. Then read The Millionaire Next Door.

shitpommesfrites · 2018-06-20T12:08:35+00:00

Get a part time job.
Put 50% of the money you earn from this in some sort of low-cost index-fund.
Spend the rest on being young and have some fun.

will_berttttt · 2018-06-20T13:13:12+00:00

For stock advice head over to /wallstreetbets

monsieurhire2 · 2018-06-20T15:04:40+00:00

Read everything you can on the subject of trading and investing so you understand things like the time value of money.

(Asking me for a list of books to read is akin to saying you're too lazy to use google. If you start researching the subject, you will find the right books to read. It's part of the initiation process.)

Don't skimp on the reading. Start watching the markets, but don't trade. Look for patterns.

Go to the library and research what might be a lucrative career that you can tolerate. Look for something in an emerging field in the STEM vein. But don't expect that this will be a sure thing.

Learn the difference between "schooling" and "education." Understand what it means to purchase a credential. Seek to educate yourself as much as possible, and only pay for credentials if you absolutely have to, meaning you cannot educate yourself in that area.

FearGarbhArMait · 2018-06-20T15:21:32+00:00

don't work. take out student loans and get straight A's.

some poor ass retard whose father was a poor ass retard but read lots of zig ziglar books is going to tell you otherwise but just remember that he's just a branch from a poor ass retard tree and you should do just fine

fnordsnord · 2018-06-21T00:23:13+00:00

Debt is the life-killer. A man with a year's salary in the bank has options. A man with a year's salary on a credit card is a slave to his job.

Punch anyone who offers you a credit card in the mouth.

FlyingSexistPig · 2018-06-20T20:02:51+00:00

If it appreciates in value, buy. If it depreciates in value, rent or buy the cheapest you can get by with.

A car depreciates in value over time. Buy the cheapest thing you can get that’s reliable. Manual transmission honda with hail damage and 100,000 miles on it? Great! New Yellow Camaro convertible that’ll get all the babes? Hard pass.

A woman depreciates in value with time. Lots of fun when it’s new, but the maintenance will kill you if you buy it.

ValorElite · 2018-06-21T01:05:15+00:00

Start working. I make more money than any of my friends because I bust my ass 25-30 hours during the school year and 50+ during the summer. Get any job to start with and move up from there.
Do not spend any money on anything stupid.
Do not go out. Or don't drink when you go out because bars are cash toilets.

bob13bob · 2018-06-20T13:59:12+00:00

The key is realizing that you will become vastly more valuable a you progress in your studies. Top-tier firms in the US pay outstanding CS grads as much as 250k+ in their first year nowadays. It's very unlikely you'll be able to make anywhere near that as a 19 year old student, so best to not stress too much about making a few extra bucks right now. Instead, focus on building up your abilities in CS and also math/stats/A.I. or whatever else you are interested in that pays.

You mention some interest in trading/investing. You don't really have money to invest right now and taking time away from your studies to work a low wage job or put into a long-shot venture doesn't make sense. Are you interested in a career in trading/investing? There are high-tech firms in that space that go for top CS talent. I'm 33 and make seven figures at an algo trading shop. Try to get a relevant internship if you can.

A drawback of what I'm advocating is that you won't have much immediate spending money. Is what it is. You're in college so there is a lot of fun to be had cheaply...

Title	What financial advice would you give to a 19-year-old?
Author	meme_poacher
Upvotes	4
Comments	31
Date	June 20, 2018 10:21 AM UTC (8 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/8sh70r/what_financial_advice_would_you_give_to_a/
Archive Link	https://theredarchive.com/r/askTRP/what-financial-advice-would-you-give-to-a-19-year.100531 https://theredarchive.com/post/100531

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