Somehow got myself into a 6 figure job at 22 (still in college) young and have a lot to learn. Any advice would be really appreciated, concerning finances or just general life advice.

beigesun · 2020-07-09T18:34:40+00:00

6 figures @ 22? You’ve won

infamous3238 · 2020-07-09T20:14:05+00:00

Live below your means, save 30-40% of your income and invest it in low-cost index funds (stocks) so it compounds. With your salary you'll be a millionaire before you're 40.
Don't get anyone pregnant.
Don't get married.

Vizard47 · 2020-07-09T18:19:36+00:00

Sidebar man,also,don't waste your money.invest it into assets.

VasiliyZaitzev · 2020-07-09T19:13:41+00:00

Go to "CorporateLand" on the askTRP sidebar.

I have it on strong authority that that guy knows his shit.

Kabuki431 · 2020-07-09T20:43:33+00:00

Live like you have a minimum wage job, save and invest the rest. You could easily retire in 10 years.

michael1962-01 · 2020-07-10T10:52:08+00:00

Been there. Ran my first enterprise @15yo. Porsche@18

From my nowday experience

get a vasectomy. Freeze some sperm.
get a mentor
stay away from banks advices
educate yourself on leveraged real estate deals

If you want to go for family/women search for the non makeup natural haircolor no nail color types and make a lawyers agreement if you want to commit.

Buy cheap new cars you can pay cash -do not drain the money for useless luxury.

Always remember:

We buy luxury goods with money we do not have to impress people we do not like....

athrowaway-9001 · 2020-07-09T19:03:35+00:00

Build a rainy day fund first and foremost. Make sure you have enough money to cover for basic utilities, rent and groceries for at least 3 months.

From there you can start to look to invest in assets. Make your money work for you. The more assets you acquire, the more money you will make and let you invest your profits into more assets.

Since you are young you can look to invest into funds, stocks, or bonds. Time is the most important asset in terms of investing due to compound interest. Do not be afraid to fail and do not be so quick to pull out if the markets are looking bleak. Scared money does not make money.

If you have any existing debts, make sure you pay those off first, especially those with high interest rates such as credit cards. If you open up a credit card, just make sure you are able to pay off the full balance rather than just doing payments. You will barely be paying off the interests and credit cards purposely have the minimum payments so low so that they can make as much money off of you possible.

Do not be afraid to invest in yourself as well. This can be via skincare routines, hobbies, mental health, etc.

Just watch your spending and be smart with your money and you will be able to retire at a young age or even fulfill more ambitious goals if you had any in mind.

warrior641 · 2020-07-09T21:02:50+00:00

What do you do man?

lordmath256 · 2020-07-09T21:28:53+00:00

watch Graham Stephan on youtube. it helped me he has good vids on personal finance

thrwy75479 · 2020-07-09T22:36:11+00:00

You're already in sales, which will be great for your development.

Time is your greatest asset. It's also finite, and never comes back. Remain conscious of how you're spending your time.

Learn about all the various financial topics: debt, mortgages, stocks, options, derivatives, futures, interest, bonds, real estate, etc. Never stop learning.

Invest early, invest often. Take calculated risks.

red_philosopher · 2020-07-09T22:39:45+00:00

First things first:

MAX OUT YOUR 401K CONTRIBUTIONS. (19.5k/yr)

Open up a ROTH IRA and make your $6000 contribution every year. Do NOT skimp!

Save ~3 Months worth of expenses in CASH.

Open up a brokerage account and save as much as you possibly can afford in it after that.

Invest 90-95% of your saved money in Index Funds like VOO.

You can toy with the other 5-10% if you want, but I'd recommend against it.

Try and shoot to save 30-40% of your gross income every year.

You won't regret it.

Save and pay cash for big purchases, unless you can get an interest rate below what you are earning in your retirement accounts.

Don't be a dumbass and blow all your cash. Financial discipline is key. By the time you are in your 40s, you'll be able to retire. Or you can wait even longer and bank even more. You'll be a multimillionaire by the time you are 50. By 60, you may even have 8 figures stashed.

the1bythebeach · 2020-07-10T01:17:38+00:00

Don’t let any dumb fucker talk you into buying gold, it’s impossible to liquidate for market value

LilLoserFreny · 2020-07-10T04:08:06+00:00

Low key if I was you I would drop out. Nah jk, finish college and then after grind in your job and see how far that takes you.

takemetoan3wpl4ce · 2020-07-10T10:27:28+00:00

Have goals Have plans to execute those goals Create habits that support those plans Have discipline Repeat and flourish

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