How to best use income to my advantage?

ScooopWoopScoup · 2019-11-05T19:35:55+00:00

I'd live in a shit hole for a year or two and pay off your debt as fast as possible.

BrodinsOats · 2019-11-05T19:54:28+00:00

1500 for housing on 200k salary leaves so much leftover income. You could probably be able to aggressively pay off your student loans and pay off a condo at the same time.

Once the student loan is paid off you could move onto buying a house and keep the condo for renting out if you’re so inclined.

gGrillz · 2019-11-05T19:36:22+00:00

If you don’t mind me asking, what were you studying?

vreshbaby · 2019-11-05T19:53:33+00:00

Boast with cars on instagram I guess?

Massap24 · 2019-11-05T19:54:56+00:00

Financial advisor get one ASAP, I was in a similar situation to you. Not nearly as much money as you but, I’m 25 now making around 70k and it’s definitely more money than I knew what to do with. I started using my moms financial advisor best decision I’ve made yet. They will assess all your goals and put you on track in the mean time you can start reading up on finances.

Bear-With-Bit · 2019-11-05T19:57:24+00:00

RP Personal Finance is a gray overlap. Not much to say here besides not getting married, not shacking up with a girl. Best to look up stuff in personal finance that fits your values.

Red_Pill_Brotherhood · 2019-11-05T20:00:55+00:00

Ask this on Wall St Playboys dot com(they do require purchase of one of their books to ask a question during Q & A but their books are top notch). I would recommend living low for 2 years with roommates, pay off the debt as much as possible, do well at your job(learn the politics game and get ahead there) and buy a place in a couple years when it makes more sense financially.

gGrillz · 2019-11-05T20:02:25+00:00

Holy shit is dentistry ever hard to get into. Only 38 seats in Sask and every blind man and their dog wants to be a dentist. Me however, wish to practice in oral-maxillofacial surgery. Congrats dude, hopefully I’ll make it in to the program one day. Any tips for the DAT and interview?

Cody_Silver · 2019-11-06T02:31:18+00:00

You need to assemble a mastermind team (Think and grow Rich, Hill): CPA, Lawyers, Tax Attorney, Real Estate advisor, other Dentists for advise.

Talk to a lot of people and decide what you want to do. What appeals to you.? Stocks, Commodities, Precious Metals, Bonds, and all the forms of real estate. Then form your team around that. I had a Dr that owned his office buildings and always built extra offices to lease out to other medical services, etc.

For example, 20 years ago most Drs and Dentists were into real estate for the tax write offs before they put an income limit on it in the US. If you liked this approach, you should only use a CPA that also owns rental properties etc.

Also, diversification does not mean buying different type of stocks.

Personally, I read and watch everything I can from Jim Rogers.

Once you get rolling, you need to setup trusts, charitable, non-revocable, that are to be used to provide for you and any children you may have to lessen the chance of divorce rape. I would also spread the investments out around the world. This will not only protect you from your wife, but others that will try to steal from you.

You need to accept that you are going to get married and have kids. You are the target of professional wives. You are going to meet the best looking women who will win you over with 2-3 times your SMV and proceed to setup protections just in case you cave and marry. I could not resist the type of trim that it going to throw itself at you.

LeEbinConchShell · 2019-11-06T03:06:04+00:00

pay off your debt completely before you buy any property. When you do buy it, make sure your downpayment is fat as fuck (close to 50%). Then you're golden

Title	How to best use income to my advantage?
Author	LimpJongUn
Upvotes	2
Comments	14
Date	November 5, 2019 7:29 PM UTC (6 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/ds46ru/how_to_best_use_income_to_my_advantage/
Archive Link	https://theredarchive.com/r/askTRP/how-to-best-use-income-to-my-advantage.294142 https://theredarchive.com/post/294142

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