Financial advice

the2xstandard · 2019-07-10T08:58:50+00:00

Honestly the best advice I have for you at your age are to work hard in school learn a valuable skill, trade, or if you go to college go for a STEM field that will make you lots of money and something you enjoy.

Most importantly enjoy the last few years you have before adulthood. Make friends, develop hobbies, raise some hell. Don't focus on girls they are not the goal they are a side effect of a successful life, remember the mgtow principles and engage with them at your own peril. You will meet a few that will have you question yourself. That maybe she isn't 'like that'. These women are dormant volcanoes who at some point will erupt and destroy everything you have worked for. Do not settle near them, do not marry, do not cohabit, and do not procreate. It is a trap.

After you graduate do not live above your financial means. Avoid lifestyle inflation, budget like crazy, and pay off any student debt first. there is an excellent flow chart in the sidebar of the personal finance subreddit. I would follow those exact steps.

felix_g_ · 2019-07-10T09:00:21+00:00

Check out a few Dave Ramsey videos on YouTube. He can seem abrasive at first but he's great for helping you get in a better place with your money and stay that way.

Personally I'd suggest finding a lucrative job that you don't hate. This will hopefully be easy for you.

beltwaytr · 2019-07-10T11:18:44+00:00

I'll tell you want I learned from a rich friend's dad when I was around your age. Quick disclaimer this takes a small bit of dedication so be mindful.

Divide your money up 5 ways.

60% Necessity Fund: This is responsible for your day to day living. Rent, food, etc.
10% Emergency Fund: Unexpected things happen. The average American doesn't have $500 - $1,000 in case of an emergency. When it comes to this I recommend putting it into an account and never touch it unless you are depositing.
10% Investment Fund: Consider this your retirement fund.
10% Learning Fund: Use this to pay for learning new skills, classes, books, etc. Anything that would increase your skill set.
10% Fun Fund: This is for your games, hobbies, toys, etc.

I recommend making at least one of these funds accessible in CASH only. I find that when you have cash, you accumulate more of it for some strange reason. I can't explain it but psychologically you'll be prone to stockpiling your cash.

Quick example:

A couple of months ago when ever I got $5 in change, I just put it in an envelope and left it on my desk. I now have a small pile of 5's sitting here. I don't remember what sparked the idea but for whatever reason it just keeps piling up. I never get tempted to spend it and chances are I'll just let it pile just to see how big it gets.

Pic For Proof.

theoracleofosiris · 2019-07-10T09:18:11+00:00

r/leanfire

OurHeroXero · 2019-07-10T11:03:39+00:00

Learn to cook. And I don't mean instant-noodles or frozen pizza. I see my room mates spend/waste an insane amount of money in food. They consistently order more than they can eat and toss the leftovers. Cooking your own meals also has the amazing side-effect of a healthier lifestyle so bonus points.

Buy quality items rather than cheap. You'll spend more in the long run replacing inferior products. Which also leads into the caring for said items as well. (Cast iron cookware will last generations)

Also, an ounce of prevention is better than a pound of cure. If you foresee a potential problem deal with the situation as soon as possible. A few bucks now is better than several hundred in damages and repairs.

A fool is easily parted with his money. Educate yourself about common scams. So you don't fall victim and spot the red flags.

martynhare · 2019-07-10T12:10:47+00:00

Simple: Get a decent STEM job or learn a good trade and don't waste your money.

Save up a Freedom Fund that's at least equal to your (equivalent) annual salary. This empowers you in many ways:

You will be happier in the knowledge you can now tell your employer to go do one at any point
The above means you will now be more confident in negotiating as at-will employment is a two-way street
You will see the "time value" of your money, giving you a better basis to judge your purchasing choices
It is automatic insurance in the event your life takes a turn for the worst (1 year of extra funds)
You will save more money because you have the funds to make bulk purchases (e.g. of processed food)
You will also save even more money because that Freedom Fund earns you money from interest
You will save yet more money because that Freedom Fund can replace your life insurance policy (stay single)
Want to game the credit system to get a decent credit rating? You'll no longer be borrowing on credit cards, you'll instead be using credit to delay repayments to reduce spikes in your outgoings!

By scaling the Freedom Fund based upon your annual salary, you will always adopt a default financial position of living well within your means, regardless of how much or how little you earn.

Once you have excess cash saved beyond the limits of your annual salary, you then want to prioritise the following:

Bulk purchasing long-lasting food, toiletries and other consumables while they are at their cheapest
- Try to keep a 1 year supply of everything that lasts for at least 2 years and repurchase when pricing is low
- Don't buy cheap and nasty, buy good quality consumables at cheaper prices instead

Investing in good quality shoes and other clothing that's designed to be rugged, not fashionable
- Dr Martens, not dress shoes if your work/lifestyle permits
- Machine-washable clothes not dry cleaning only

Investing in good quality DIY tools
- You will need these to repair your appliances and the like - to save on buying twice
- Having tools makes you useful to other people in your life who lack them, good way to bank IOUs/favours
- Saves thousands on paying "tradesmen" for things you can do yourself if you have the right tools

Saving as larger deposit as possible for a cheap house to live in if you're currently renting
- Don't buy leasehold, buy outright - you want to own your own land
- Make sure there's spare land to build a building at the maximum size allowed (w/o planning permission)

Legally off-shore spare money so that you can claim any state pension you're entitled to when you retire
- The government owes you what you paid in taxes for all the money spent on others
- By doing this, you can still guarantee you're not dependent on government handouts
- Don't be loyal to any one country, just as you shouldn't be loyal to any one company!

BTSNP4th · 2019-07-10T13:26:10+00:00

Here's some basic advice that I live by:

After you get paid, always split the money into multiple categories, whenever you need to spend money on a specific thing, you withdraw from that category (a category can be a different card, or just money physically being split into a different place.)

For example, I made 6000 kn last month (around $900) and split it into 4 categories;

500 went into "Sustain fund" (This is for buying bus tickets, phone bills, anything to get you out of a pinch in the moment.)

3000 went into "savings" (I put this aside and don't touch it no matter what.)

1000 went into "spending money" (I get to spend this however I want to guilt free.)

And the remaining 1500 went into "wants" (This is for hobbies, PC parts, stuff I don't need but want to have.)

The whole point of splitting up your money like this is because this way you'll never have to worry about if you can afford to go out with friends at an event because maybe you won't have enough money tomorrow for a ride to work or whatever.

Another piece of advice I have is ALWAYS TRACK YOUR MONEY. Write down everything you spend your money on and from what category you withdrew from. This way you'll get to learn what your spending habits are. It's one thing to make money.. but it's way more important to know how you handle it. You could make a million dollars a month but if you spend almost a million dollars a month, you're not a millionaire.

iseehot · 2019-07-10T12:02:24+00:00

Do not let anybody (this includes your family) know you are considering MGTOW. If you do, you will make it extremely difficult to do what you want.

Right now you are living a low expense life. Start learning about all the bills your parents pay, the amounts and when they are due. Start the habit of putting a small amount of money away every time it comes in from any source. Again, this is your business and not one else's.

At your age, you are starting to reject what you have been taught is normal. Be very careful in picking confrontations with others about your new knowledge. It is not your job to teach them. Look up "grey rock".

CoinSwapTrader · 2019-07-10T12:04:42+00:00

Read as many books about accounting and Warren Buffet!

Title	Financial advice
Author	felix_g_
Upvotes	11
Comments	44
Date	July 10, 2019 8:30 AM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/cbe3xc/financial_advice/
Archive Link	https://theredarchive.com/r/MGTOW/financial-advice.431135 https://theredarchive.com/post/431135

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