Young kid earning some buck | Need advice on money management

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May 19, 2020
71 upvotes

Hey guys, I'm a 19 year old who lives in a Third World Country. I've known about TRP for about 2 years now. I still haven't had any big success with girls, but I've improved on many ways. I've started developing all these useful habits 2 years ago (meditating, reading, working out) and I'm in great shape physically and mentally.

I've recently started Programming and I landed a job which brings me about ~1k-1.2k$ monthly. For a country where the average monthly salary is ~500$, this is great for me.

Last year, I moved out of my parent's home to go study at a University (Computer Science). I used to live on 300$ monthly (like most of the students in my country). I had to share rent with 4 other people (rent cost me 50$ monthly). They weren't the best, I picked some bad habits living with my friends. But since the pandemic, I've moved back to my parent's house. I've been working on my job and earning bucks. But when this ends, I'll have to move out again.

Now I have a lot more money to play around with, so I pretty much will share rent with only one roommate. I want to be very careful with choosing who I want to live with, since that affects me on a big level.

My first question is: What are some qualities to look for when looking for a roommate?

Also growing up, I wasn't poor. I always had clothes and food to eat. But I've never had this kind of money on my palm (always lived off what parents gave me)

So my second question would be: What are some things which I can spend money on, to increase my SMV but also to Invest in MYSELF.

Thanks askTRP


Post Information
Title Young kid earning some buck | Need advice on money management
Author llebe
Upvotes 71
Comments 58
Date 19 May 2020 01:12 AM UTC (11 months ago)
Subreddit askTRP
Link https://theredarchive.com/post/665590
Original Link https://old.reddit.com/r/asktrp/comments/gmenl8/young_kid_earning_some_buck_need_advice_on_money/
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Comments

[–]ViolentInteger29 points30 points  (5 children) | Copy

What are some qualities to look for when looking for a roommate?

Do they keep a clean living space, or do they create messes?

What is their schedule like? Do they stay up all night and make noise while you try to sleep?

Are they respectful of other people's boundaries?

Are they driven to succeed in life and take school seriously, or are they just interested in partying?

What are some things which I can spend money on, to increase my SMV but also to Invest in MYSELF.

Look into long-term stock investing. Even just $100 a month can turn into a lot of money if you're consistent, use your brain, and don't panic when dips occur. Stick to easy wins at first, like well-established technology companies. Then later you can start experimenting in higher-risk areas. Put money in, and leave it there for 5+ years. Never use money that you need in the short term.

Keep 6 months of living expenses saved as cash, too. That takes a lot of pressure off your life, which can really help reduce stress.

Overall, it sounds like you're doing really well for yourself! To learn English pretty well, land a programming job, and get into a university from a third-world country means you've got a lot of talent and determination. That will get you very far in life.

Oh, and if you're not taking any classes right now until the fall, spend some of your free time learning more computer science topics on your own. I hear Khan's Academy has some pretty good courses you can take for free.

[–]throwawayok27272849211 points12 points  (3 children) | Copy

Investing in yourself should start with 6 months income saved at a minimum before even thinking of stocks.

[–]Zero-Milk2 points3 points  (1 child) | Copy

Indeed it should. Always have an emergency fund first. After that, the great investing minds like Bogle and Buffett agree that the average investor need only invest in index funds over a long period of time to generate wealth. Single stocks are good for diversification but also much more of a gamble.

[–]throwawayok2727284921 point2 points  (0 children) | Copy

Learn how to do technical analysis if you want to pick and choose. Find your own strategy too, trading is a zero sum game.

[–]Harry_Fraud1 point2 points  (0 children) | Copy

Blast through all of FreeCodeCamp and that sometimes is enough to get you hired in the states. You might even be able to swing remote, and get paid a US salary and still pay 3rd world rent.

[–]ibhova50 points51 points  (3 children) | Copy

So many questions here but I will answer the one on money management: Read the Richest man in Babylon

[–]LavenderFish4 points5 points  (2 children) | Copy

I second this, that book is worth twice it's weight in gold.

[–]TheRedPillRipper7 points8 points  (1 child) | Copy

Third it! Rich Dad Poor Dad’s solid too. Taught me to shift my mindset set from saving to passively accruing. Ass for me these days means assets.

Godspeed and good luck!

[–]hombredelmurir0 points1 point  (0 children) | Copy

Yes but kiyosak's writing is painful to read man

[–]PinacoladaSauce10 points11 points  (6 children) | Copy

Roommate qualities:

How do they live? Are they clean? do they stay up late? Do they drink and/or smoke? Do they have guests over? what is their daily routine like? Are they reliable? What do they do for a living? Do they have goals? Do you like them as a person?

Money:

Invest it. Either real estate or stock market. Or Cryptocurrency if your ballsy. Read about investing and learn how to do it right. Be careful about taking advice, but dude BUY LOW, and SELL HIGH. I saw a guy here the other day say he was going to buy into Facebook right now because of the Pandemic, everyone is on IG. Facebook is currently at a 3 year high. BUY LOW, SELL HIGH.

Invest in yourself by buying books and hobbies. If it’s music, or art, or whatever, find something that keeps you creative. I don’t fucking know man, making shit out of toothpicks, playing the flute, designing intricate models of Star Trek ships to be 3d printed as collectibles. Something that keeps you creative. Invest in martial arts. Muay Thai, Jiu Jitsu, Boxing, Wrestling, Sambo. Any of these or some combination of them.

That’s it. Don’t change your lifestyle. Don’t buy a car, don’t buy a house (unless you can consider buying a duplex or multi bedroom house and you use your extra spots to cover the mortgage), don’t buy shit just to impress people.

You sound you’re on a good path. Stay on it, don’t get distracted. Keep it up king

[–]llebe[S] 0 points1 point  (1 child) | Copy

Thank you for the detailed response. I appreciate it.

[–]PinacoladaSauce0 points1 point  (0 children) | Copy

Yep. Also... get good at setting goals. This is a skill.

You’re young and making money, so be willing to take risks, but don’t take risks that will ruin you for years to come, that what I mean with the house and car stuff. Make sure you calculate it out and make a smart decision when it comes to big purchases.

You’re doing everything right so far tho

[–]IBETITALL420-1 points0 points  (3 children) | Copy

Why not buy a house tho?

Renting is throwing money away

[–]oooKenshiooo5 points6 points  (0 children) | Copy

Depends a lot on the market and your living situation. If houses are cheap to buy and maintain.. Sure, buy.

But if they aren't, you are going to tie yourself to property you can not reallocate easily and which, once they have gone down in value, do not go back up again.

[–]TFWnoLTR[🍰] 2 points3 points  (0 children) | Copy

It depends on the real estate market and your situation. If you don't have the money saved up for a down payment, which is common at 19 years old, or you're looking somewhere where the house is going to be difficult to resell or rent out without taking a loss, renting is the better option.

[–]PinacoladaSauce2 points3 points  (0 children) | Copy

At 19 buying a house is good recipe for making a major financial mistake. At 24-25 you probably are a little better. Renting is throwing money away but it’s more so that he makes a smart decision about what house he buys, rather than not buying all together. Know what I mean?

[–]sasakuowo2 points3 points  (5 children) | Copy

If you’re making decent money and don’t have a lot of expenses right now, save that money so you can graduate with as little debt as possible. With a degree in CS, you can move somewhere in the US and comfortably land a job making 60k+.

As your roommate question, I really can’t help you there as I’ve never looked for one. Go out and get a drink or hang out with them, maybe a questionnaire

[–]Alcatraz-124 points5 points  (1 child) | Copy

for someone who lives in a 3rd world country, the hard part isn't landing a job in the US, it's actually getting to the US.

[–]hombredelmurir0 points1 point  (0 children) | Copy

Yea and now with the financial crisis, almost impossible

[–]BarcaLiverpool1 point2 points  (2 children) | Copy

$100K+ in Bay Area

[–]henry5890 points1 point  (1 child) | Copy

$200k+ in top tech companies in the bay

Source: me and levels.fyi

[–]blasterkid11 point2 points  (0 children) | Copy

You work at a tech company?

[–]pappymekk2 points3 points  (6 children) | Copy

I'm just like you, 19, i started to learn programming to earn some bucks, living in a third world country.

[–]Alcatraz-121 point2 points  (5 children) | Copy

where from ?

[–]pappymekk0 points1 point  (4 children) | Copy

Morocco

[–]hombredelmurir0 points1 point  (2 children) | Copy

I wouldn't say Morocco is a third world country mate.

[–]pappymekk0 points1 point  (1 child) | Copy

aha ?! :3 so what kind of country then ?

[–]hombredelmurir0 points1 point  (0 children) | Copy

2nd maybe?

[–]Alcatraz-120 points1 point  (0 children) | Copy

khouya maghrbi haha

[–]aaveshdagar2 points3 points  (1 child) | Copy

If you can name the country , people coming from the same country or cultural background can help you better.

[–]llebe[S] 1 point2 points  (0 children) | Copy

I’m from Kosovo

[–]Yusuf182 points3 points  (0 children) | Copy

I’d recommend reading Rich Dad Poor Dad & The Barefoot Investor. They teach about financial intelligence and provide valuable strategies on how to manage your incomes for financial success

[–]soldiertroy1 point2 points  (0 children) | Copy

I use a software called YNAB. It’s changed my life financially. There’s also a subreddit for it.

[–]NeonCricket1 point2 points  (2 children) | Copy

Watch this video: https://youtu.be/AvnGMlRPBNc

It's quite insightful

[–]llebe[S] 1 point2 points  (0 children) | Copy

Thanks. I love this guy.

[–]lexileone0 points1 point  (0 children) | Copy

Wow he is my favourite.

[–]Taproot880 points1 point  (7 children) | Copy

Hello man i'm from Italy but my parents are from north africa! Where are you from? What kind of programming did you learn to be able to make money?

[–]llebe[S] 1 point2 points  (3 children) | Copy

I’m from Kosovo. Basically learn Python, get into Data Science and/or Machine Learning. That’s on high demand. Also Python is one of the easiest languages to learn

[–]pappymekk0 points1 point  (0 children) | Copy

I got into Python too, but I wanna get involved into Cybersecurity

[–]Taproot880 points1 point  (1 child) | Copy

thnk you man! And how do you make it a job? Do you create programmes once you lear and sell them to people hwo pay?

[–]llebe[S] 0 points1 point  (0 children) | Copy

Thats a retarded question

[–]Alcatraz-120 points1 point  (2 children) | Copy

nice, are you tunisian ?

[–]Taproot880 points1 point  (1 child) | Copy

yes man, and italian, i ws born in italy

[–]Alcatraz-120 points1 point  (0 children) | Copy

ah lucky you I wish I had double nationality lol

[–][deleted] 0 points1 point  (1 child) | Copy

I dont know shit about investment. But with corona, I started cutting my own hair and invested 200 euros in a minimalist home gym. I calculted the expenses I save and i got 1000 per year

[–]llebe[S] 0 points1 point  (0 children) | Copy

Nice. What stuff did you buy for your gym?

[–]Alcatraz-120 points1 point  (4 children) | Copy

Where are you from ?

[–]llebe[S] 0 points1 point  (3 children) | Copy

Kosovo

[–]Alcatraz-120 points1 point  (2 children) | Copy

is it that bad tho ? And how did you manage to get that job ?

[–]llebe[S] 0 points1 point  (1 child) | Copy

Is not actually bad. I would really consider still living here. Yes, the avg salary is low but the expenses are low as well. You can live like a king with 500€ by yourself.

I managed to get my job by networking. Talking with other programmers/developers. Offering them value. Always lead with value.

Edit: my employee is from the US, so I work online

[–]Alcatraz-120 points1 point  (0 children) | Copy

So it's better than my country .. lol And what do you mean by offer value ? And what does a programmer do anyway? Does your employer give you ideas and you just turn them into a program ?

[–]bleepbloopdrama0 points1 point  (1 child) | Copy

If you would be interested in moving I would highly consider that. Coming to the US with a degree and software experience you can practically live in any state and get a really good paying job

[–]llebe[S] 0 points1 point  (0 children) | Copy

I might do so in a year or two. I think for that I might need to finish my Uni first (im on my first year and Im not paying much attention to it)

[–]xxx69harambe69xxx0 points1 point  (0 children) | Copy

roommate

same sense of humor

same career goals (are they disciplined and shut the fuck up at night)

yourself

getting to the US by investing in studying for grad school and learning AI

[–]anonbudy0 points1 point  (0 children) | Copy

How the f did you manage to get this job? Where did you find it?

Third world country resident here :D

[–]omegaXXIV-1 points0 points  (0 children) | Copy

I don't have much to add since previous commenters have already said what I would have said, but congrats on the gig! It's refreshing to see an actual unique question in this sub for once instead of these thousands of dumb questions that could be answered by reading the sidebar.

[–]IBETITALL420-1 points0 points  (1 child) | Copy

How'd you get the job?

Congrats

[–]llebe[S] 0 points1 point  (0 children) | Copy

Basically from networking online, chatting wih other programmers



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