So I saw a post today about changing the focus on the sub to be more positive and figured I'd contribute my peice. Not that long but tl;dr at the end anyway.
I swallowed the red pill forcefully towards the end of last year when my ex assaulted me in my sleep. Yeah, not gonna go into the full story but I'm glad for the year and a half of my life I lost to her because I learned a few very valuable lessons that I don't think I would've otherwise.
I am 23, and have always been a planner. I used that side of my personality to save and buy a multi-unit property that I've been using to make money for almost 2 years. I have debt from the property obviously, a few thousand on a card (paid off all of my other cards), and about $10K on a loan I used for remodeling. Priority #1 for me is to get rid of the debt, and I'm also in the process of getting ready to sell my property for a profit so I can use the capital for investments.
Now, my question for you gentlemen is for those of you aiming for financial freedom or those of you already there, what are some ways I can work towards that goal?
Some important notes:
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I am moving out of my expensive apartment and into a roommate situation and ditching my car to save more.
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Real estate isn't realistic in my area for multiple reasons.
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I will have around $50k once I sell my property to use.
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some ideas I already have are Dividend Stocks, REITs, holding established cryptos.
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I am young and can afford some aggressive investments but don't want to throw money away on extremely risky bets.
Any advice or ideas or critiques are welcome. This community has already helped me a great deal and I look forward to the future as a MGTOW.
TL;DR: I'm a young man looking for ideas on how to build wealth to achieve financial freedom. Not opposed to risk, but not looking to gamble my money away on hot investments either. Any help is appreciated!
[–]derp-derp-doof-derp4 points5 points6 points (1 child) | Copy Link
[–]Chosen_Meme1 point [recovered] | Copy Link
[–]HorusEyeDrops3 points4 points5 points (2 children) | Copy Link
[+][deleted] [recovered] (1 child) | Copy Link
Getting rid of the consumerist hive mind took a while but I think I'm getting there lol. Cooking is a hard habit to change but I'm definitely taking steps in the right direction there as well. It's kinda fun bring able to play around and come up with new dishes.
I haven't thought much about gold, silver, or other solid investments. Definitely worth considering. As to your last point, I may have to set aside a percentage of my income for speculation because I know it's fun and the potential for huge gains is there. I'll just have to figure out how I want to limit it.
[–]HorusEyeDrops2 points3 points4 points (0 children) | Copy Link
[–]time4vipassana1 point2 points3 points (2 children) | Copy Link
[+][deleted] [recovered] (1 child) | Copy Link
I'm sure some others in the sub are more qualified than me to answer but I can give you my thoughts. Your #1 focus should be getting rid of debt. Getting rid of a debt payment is the same thing as making more money with the added benefit of no more accumulating interest. That said, depending on how much you have (sounds like a lot) it will take time. You can approach this by increasing income, like with a new coding gig, but don't forget about how beneficial lowering expenses is.
As of right now I'm paying quite a bit for an apartment, car insurance, gas, maintenance, and a ton of other random crap. With a few changes I'm eliminating the majority of my expenses which has the same effect as increasing your income. Think about subscriptions as well. Netflix you don't use much? Ditch it. I got rid of Spotify premium, vrv premium, Amazon prime, and several others. Don't go too crazy and cut out everything you enjoy, but really take some time and think about what you could live without and where you are wasting your hard earned cash.
Once you have your debt gone, find a passive income source that makes sense for your life, which is what I'm trying to accomplish now.
Edit: I can't spell.
[–]time4vipassana0 points1 point2 points (0 children) | Copy Link