Financial advice?

jb_trp · 2015-06-01T18:28:16+00:00

I'm following the Dave Ramsey plan. You should start by assessing where you're at now. Then he suggests following these "baby steps:"

Have 1000 in an emergency fund
Get completely out of debt.
3-6 month savings in emergency fund
Invest for retirement
Save for children's college fund
Pay off home early
Continue to build wealth

Now, depending on your goals in life, your steps might be a little different. You said you have 10k? Are you out of debt?

nemaxofredpill · 2015-06-01T17:56:51+00:00

First idea would be to give it to me. Second idea: invest, start a business, do whatever you want. Your problem is that you are seeking validation from everyone on here. Stop. You know your options, now be a man and take a risk. Alphas take risks and sometimes fail. Betas never take the risk. They play it safe and just keep saving for nothing. Sounds like you hate your job so start your own business doing something you are passionate about. Like basket weaving....start a business and find a buyer that will buy that shit like a candy factory that sells candy in baskets during Easter. Like weed, start legally growing that shit. Invest in seeds, a warehouse, and irrigation...get high and own your hours. And that shit is always in demand. More so in the future as it takes hold in the medical field. Read about any successful business owner and he will tell you about two businesses that failed before his successful one.

SenorArchibald · 2015-06-01T18:13:50+00:00

the subreddits r/personalfinance and r/financialindependence should be able to help you out

monsieurhire2 · 2015-06-01T18:59:39+00:00

Use some of the money to buy books on the subject.

The Intelligent Investor Techincal Analysis of Financial Markets The Discplined Trader

Once you have read these books cover to cover, things will start becoming a lot clearer. If you want to become rich, you're going to have to take calculated, educated risks with your money, one way or another.

wanderer779 · 2015-06-01T18:07:59+00:00

Read Ben Graham. He will explain how to get rich slowly. As for how to get rich quickly, if you figure that out let me know.

relationshipdownvote · 2015-06-01T18:25:16+00:00

The only way to turn that $10k into a lot of money fairly quickly (5-10 years) is for you to put a lot of work into it. You just won't see those kinds of returns on an sort of investment you just buy and wait to cash in on unless you are VERY lucky. Do a lot of research, then gather up all the money you can and spend about half of it starting your own business, then spend pretty much every hour of the day you aren't asleep or at your day job doing work for your business.

paviva · 2015-06-01T23:49:52+00:00

First, pay all your debts.

Second, take the habit to invest a fixed amount of money every month. This should be money you will not need for the next 20-30 years. If your investment horizon is less than 10 years, and you're investing just a few thousands bucks, don't bother, really.

If you can find some money you will forsake every month, buy 50% VIG and 50% VOO (Vanguard ETFs) every month, and never, ever, sell/change your investments before 2040. Never read any news about the stock market.

Unless you have the discipline to consider your monthly investments as a monthly loss, and don't care about your portfolio changing valuation, you will make stupid mistakes, and you will loose money.

redpillbanana · 2015-06-01T19:38:06+00:00

First, read this: I have $5. What is the best way to invest and grow my money?

Key excerpts:

"What would you do to earn money if all you had was five dollars and two hours? This is the assignment I gave students in one of my classes at Stanford University, as part of the Stanford Technology Ventures Program...

Here’s a clue: the teams that made the most money didn’t use the five dollars at all. They realized that focusing on the money actually framed the problem way too tightly. They understood that five dollars is essentially nothing and decided to reinterpret the problem more broadly: What can we do to make money if we start with absolutely nothing?

Here's what my friend did, as an example:

Tried a bunch of little things in his spare time. Started little businesses, tried importing stuff and reselling, tried to start a blog, did a site for ad traffic, etc. Basically he learned how things worked and how to make money. He didn't sleep much.
Did the bare minimum at work. This gave him more free time while giving him a steady salary. He even took calls for his side business at work. He got reprimanded but never got fired. I don't necessarily advocate this but it paid off for him. He was basically betting that his own business would be a winner compared to his 9-to-5 job.
Hired friends from work to do small jobs like design and artwork.
When he found a winner, he abandoned the lesser projects and put his resources into the winner.
Quit his full-time job and became a millionaire.

Title	Financial advice?
Author	Terd_Ferguson69
Upvotes	3
Comments	37
Date	June 1, 2015 5:37 PM UTC (11 years ago)
Subreddit	Posted in /r/TheRedPill
Original Link	https://old.reddit.com/r/TheRedPill/comments/383u3v/financial_advice/
Archive Link	https://theredarchive.com/r/TheRedPill/financial-advice.33159 https://theredarchive.com/post/33159

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