Financial Decisions

DangZagnut · 2019-02-02T23:17:30+00:00

Bitcoin is a pump and dump scam and is useless other than just gambling on speculation theories. It has no actual value other than what someone marketing it wants to be so they can buy and sell.

What are some wise financial decisions young MGTOWs in their 20s should make?

My advice is "extreme" but then not getting married is apparently "extreme" these days, so take the good parts and ignore the bad parts.

Regardless of what you make, live like you're on minimum wage and budget for that. If you're extra smart, and work somewhere that can do direct deposit, direct deposit the minimum wage amount into the account you use, and redirect the rest into savings/investment/retirement and do not touch it unless you are literally facing death.

Why do I say this?

If you live your life as a low income lifestyle you'll be used to living on a low income lifestyle. You don't become acclimated to pissing your money and your future away every pay day. You decrease your savings so you can go to that concert that only is $450 to go see. When problems come you have a weeks worth of money until every bill comes due. You're covered with liabilities and monthly expenses that you have to juggle around that are sucking you dry. You can't go down in income because you normalized spending every dollar.

If you were used to living at minimum wage, and some massive economic issue happened to you (and if you're smart its rarely possible) then you can go flip burgers to make ends meet, because you've always lived at that level. You can move anywhere at virtually any income because that's what you're used to spending. You will be constantly saving, either manually or under the "out of sight, out of mind"

Now a criticism of this, which I think is nonsense obviously, is that you should piss your money away when you're young and not when you're old. You're supposed to enjoy yourself while young, which means living paycheck to paycheck.

I'm not sure how this prevents you from enjoying life, it just prevents you from pissing money away on things you don't need. Subscription plans to crap, mindless entertainment, monthly expenses for shit you don't need, the things that actually keep you broke. It isn't the "big concert" or "trip to mexico" that fucks you, it's the slow bleed of the constant $20 here, $10 a month plan, "car insurance" that is what really takes you down.

The longer you make smart financial choices, the better off you are with your choices down the road.

Alternately, go into debt up to your eyeballs and buy a McMansion you can barely afford, because that's what you need in life. A bunch of rooms with a roof.

Having less "income" in your budget means you'll be more tactical and strategic in your thinking.

It feels a lot better if you get fired or have issues having a big chunk of cash and few income requirements to get past it.

Just an opinion.

Tonyb33 · 2019-02-02T23:42:13+00:00

Make a decision to save a minimum of 10% of your earnings. It’s easy to do so now whilst your earnings are rapidly rising. You will find it incredibly easy to spend the extra money that you earn so keep some back. I would rotate out of stocks and into gold. Use an ETF. The gold never changes in value a Roman gold coin will still buy as many sheep as it would do when originally minted. What will change is the value of the usd. Currently the fed is paying 2% interest on its borrowing but that still constitutes 16% of the country’s taxation income. Whilst paying the interest the us is going into debt at a rate of over 1 trillion a year. Say interest rates go to 4% and they will that’s 32% of tax income just to pay interest on a debt that cannot be repaid. The usd, stocks and bonds will crash gold will soar.

roxon89 · 2019-02-02T22:39:07+00:00

If you are that young, invest as much as you can as early as you can. The value of compound interest can not be overstated.

deathtocontrollers · 2019-02-02T22:19:33+00:00

but I heard it was too volatile of a currency.

That shit is volatile.

Older_Miggy · 2019-02-03T02:33:32+00:00

Bitcoin is a scam. Avoid.

Being young, you could take a bit more risk in stocks in return for a possibly higher reward. Right now time is in your favor.

And save save save.

MichaelSkarn_FBI · 2019-02-02T22:38:56+00:00

Contribute the max you can into 401k and/or Roth IRA every year.

thottttttttttttt · 2019-02-03T13:14:03+00:00

Max out your 401K, build a 6 month emergency fund, enjoy yourself a little bit, you only get to be 20 once.

Crypto is risky but I made a lot of money off of it, if you put any money in crypto pretend that it is already lost.

Title	Financial Decisions
Author	MGTOWMayhem
Upvotes	11
Comments	23
Date	February 2, 2019 10:17 PM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/amj3sa/financial_decisions/
Archive Link	https://theredarchive.com/r/MGTOW/financial-decisions.399169 https://theredarchive.com/post/399169

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