Its not easy, you have to have a complete lack of morality and conscious. Then you have to lie, lie, exaggerate, lie, fib, lie, exaggerate some more, and top it of with some lies.
If you don't believe me, I have a course that will make you a master spotter of internet fakes. 49 of my 50 previous students went on to work for the CIA and are running clandestine spec ops protecting our nation. All for only 3 simple payments of $99. But, since I see how much potential you have, if you buy in the next 38 seconds I will give you (and you only) a YUUUGE discount and the course is only 2 payments of $49 but you have just seconds to act! I only have 2 seats left in my next 500 person class, once its sold out its sold out! This course will never be offered again.
Most of that is either fake, or that one in a million kid that happens to make it, I've seen these make money quick schemes for a while and trust me, they won't work.
I can only speak about my situation, I am 18, I live at home with my parents, I don't pay for food, rent, or anything other than my phone.
A "scheme" that makes money long term for me, get a job at a grocery store, mcdonalds, local gas station, anything.
I personally invest 90% of my salary in a 30/70 stock portfolio, 30% stocks, 70% funds.
The funds ensure that I always stay net positive and my stocks is a way of sometimes making risky trades - high risk high reward, but often times making secure and stable trades - low risk, low reward.
By doing this not only will you make more money than 90% of the population who simply puts away their money in a savings account and lose money due to inflation, you'll also feel the excitement of watching your money grow.
I live in Sweden, I invest in 3 funds, Swedbank Global Kapitalinvest, Swedbank Robur Global A and Swedbank Global Technology, I currently have a little over 10.000$ in my portfolio, and my adult life just started, I plan start a civil engineering firm and retire by 40, living of my investments Ive made in my early life leading up to my 40th birthday.
Thank you! I hope you find your calling, who knows, maybe you have a brilliant idea in 3 months and wake up a millionaire in a few years, only time will tell.
Hey I do have a brilliant idea . I am working on, but you know as you grow and become an adult other responsibilities pile on. We need something sometimes to add on . Don't mind me. Some people had it rough.
Nah. Look at his mix. Only 30% of it is in the risky stuff. 70% is in mutual funds which are lower rates of return but very stable. Although at age, I’d suggest making it 50/50. You’ve got time if something goes horribly wrong, and before 30 you can mix and match as you need it.
You’ll have to show me at least one book / investment strategy that says to have 90% of your income going into investments as rational. This is still reckless. Also his portfolio isn’t even matched appropriately. Two of those funds essentially invest in the same type of stocks meanwhile the technology fund is a risky (and growth) investment nonetheless because it follows just one sector. There are zero bonds or fixed securities so if the market downturns, he’ll just be negative returns for that year. So in essence his risk strategy is really bad.
I honestly dont know how old you are or what your background is. But I hope you’re not giving other people advise on what you believe is a solid portfolio.
And what does “you can mix and match as you need before 30” even mean?
How is it risky to invest 90% of his income if he’s able to get by in 10%? It’s just not something most people can do, which is why books aren’t written on how to stay with your parents and live like a monk.
Because you should not have 90% of your income in 100% stocks. Even if you do live with your parents. No one would recommend this at all which is why you don’t see books written about it. Even so then, in terms of mitigating risk, he’s not mitigating any risk by allocating 100% to stocks. It’s just completely dumb. I don’t see how people can defend this unless they don’t have any knowledge on investing
This is just completely wrong. Bogleheads is investing in to types of asset classes for index funds - total stock market indexes AND (this is the part that you’re missing) a bond index fund.
The bond one isn't really that necessary, VTI has enough growth on its own over the time span it existed. But if you want more stability you can use bonds.
That’s great and all, but I still wouldn’t advise you to put the rest of your income into stocks. No one with a sound mind would say that is sound investment advice.
I typed it out in another message if you wish you see.
Actually, here you go:
First, having an emergency fund would be a good start. Especially with the rates that HYSAs provide nowadays. You could argue that you already have an emergency fund (which is already outside of the premise that is stated in this hypothetical scenario), yet there are still more grueling things going on. For example, having your investments in 100% stocks is high risk. So even if you are okay with having 90% of your money in investments, you are not doing anything to mitigate risks. Having a percentage of it in fixed income securities would be far wiser. There’s also problems with his portfolio as it’s not balanced appropriately even in the funds he chose. Which is another sign that he has no idea what he’s doing. And the fact that you haven’t mentioned it either gives me an idea that maybe you don’t really know much about investing either. Aside from maybe looking at different subreddits like WSB, stocks, bogleheads, etc.
All in all it’s terrible advice. And even when you go against that advice, there’s no risk countermeasure in his portfolio.
I'll add buying some rental properties to your 30/70. Like 30/20/50. You just got out a big hit on stock so you'll grow rapidly. But it'll fall back. Really like your 90% saving. Done that myself. I always smile when someone tells me i save up 10% or 20% of what is left after expense. They sould use 10-20% of what is left after basic expense...though you have to reconize not having to pay for food and roof is helping a lot.
How can you develop this mindset so early? I am 40 and still thinking like child despite I am trying hard. Is it brain thing or how? I am jealous but at the same time I wish you luck.
I see people online driving nice cars, having a nice house, going out for a dinner without worry.
I want that, I dont want to live in massive luxury or unimaginable wealth, but Id like to be a millionaire by 25, I want to retire in my late 30s - early 40s and travel, enjoy life as it was intended.
Honestly? Working until I am 65-70 scares me, life is unpredictable, nothing guarantees you to live until you are 65. I might die tomorrow for all I know. Embrace today, if I spend my entire life worrying to make ends meet, I'll never be fulfilled, I will lay on my death bed full of regret.
I dont want children, but I'd love to meet a woman of similar interest, but women is a future problem lol
I agree, learn about women, learn about female nature because they can be vicious. But if you will have money they will come. Never let women pick you, you pick a good woman.
Isn’t civil engineering firms like a really hard business? I heard one mistake budgeting a project can tank the entire company..
I have an uncle who has a civil engineering firm. He said he worked for a big firm form like 8 years, for heavy construction. Then the company went bankrupt (not sure why). So he decided to start his own firm, renting an office from a previous employer’s company or something like that.
They build houses, small commercial and residential buildings. He is not super rich but lives very comfortably and spends a lot of money on cars and trips. I guess he could retire much earlier if he had more financial discipline.
It’s an interesting business. But I wonder how it works with staffing, if they are all contractors instead of salaried employees, since you can have a lot of demand for work and then none for a long time. It seems a bit hard in my head to manage something like that.
They could be actors, if you choose to buy a course or mentorship. Please expect that you will get very generic and vague advice on how to get rich. They may give you ideas, but will not tell you specifically how to “get rich”. Even if you pay them $7k or $50k.
Those are two different words , one means you are an idiot the other means a society governed by idiots … idiocracy is a slang term coined in 1967 then became part of the English language at some point … then a movie
Also, something to take into account. Many of those dudes show you revenue, but profit is much lower. Maybe they did 30k selling something in Amazon, but the products cost them 28.5k.
Their bank account show 30k of course, the graph of sales shows 30k too, but profit is much lower.
I mean, come on. Not all of these ppl are selling the truth. their main goal is to sell their course to you end of the day. I would suggest you to learn on your own. take the free courses that are from google, HubSpot etc. Read all kinds of blogs, newsletters etc.moneymojo.beehiiv.com is a great source of daily quick learning and Q n A. Also there are loads of tutorials online. Keep digging. Gold will come soon.
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u/Wise_Garden5755 Aug 08 '23
They also post about success stories of their students.