Advice on starting out

Got it, cyber augmentations to hustle Wall Street.

I’ll have to give that book a try. Yea I’d like to play around with crypto a bit after I get in a better position job wise. Yea that inheritance would help me out in my later years, but it’s probably/ hopefully something that won’t happen until my 50’s/60’s. Thank you user, you as well!

bogleheads.org/wiki/Getting_started

tell then to venusvalens

Bide your time during this market correction, keep your cash fairly liquid and safe in a savings account or short term bond. Once you feel equity prices have bottomed, and the interest rates have risen a bit, start to build a portfolio.

Go for index ETFs with a low IMF to get a decent amount of diversification with your relatively small amount of capital and use a discount broker with low or no fee ETF trading to avoid fees eating away at your gains. Also hold a small amount of investment grade bonds (100 minus your age is the maximum percentage of equities you want in your portfolio, the rest should be fixed income).

Rebalance at least once a year to keep the percentage of equities and bonds in check, or use a roboadvisor service to do this for you if you are too lazy/stupid to do it properly yourself.

Take advantage of any sort of matched contributions that you can (for example, employer matched pension contributions or stock programs or government matched contributions).

The last piece of advise is the most important, don't buy crypto, don't listen to the bagholders on this board.

What ALTs you are planning to hold ?

don't worry about savings until you're making 6 figs at least. Any chump change you save now is meaningless. Just focus on landing a 6 fig salary plus equity. Ideally you want to pulling in 20-30k in stock incentives. Double those numbers in SF / NYC. Almost everyone in any career can get there its just a matter of networking. Then live the same quality of living of live right now and put away 50%+ of your gross income a year. At $21/hr, any penny you save now... it doesn't really matter. Focus on getting a good job, then worry about saving.

terrible advice

I don’t know how realistic a 6 figure salary would be for me, my was kind of meh, and while the company I’m working for now is great I’m not sure if there’s a clear path to get that high without hopping departments, and I’d still need at least 3-4 more years of work experience/ shadowing for that.

This is retarded advice from someone that has a) never had a job, b) lives paycheque to paycheque.

My degree was kind of meh*

What's retarded is busting your ass to save $10k, when you could be saving literally 10x that by networking and getting a high paying job.

At $10k/year it would take you like 30 years to even save a mil, which will be less than $100k today after inflation. Pointless.

>23
>index funds
If you play your cards right, don't get raped by inflation, the world hasn't burned, and you don't get Madoff'd. You will get to retire comfortably at 80

What’s your suggestion then?

>Any advice on investing, financial planning, renting vs owning a condo, Roth IRA vs mutual fund, etc... is greatly appreciated.
hello user,

i am 32 years old and not so long ago i was also in my early 20s asking the same questions you were.

i got my start in online poker in 2009 which i studied and played while i was still a first year uni student. i dropped out in 2010 to play full time because i was making 5k a month and it seemed to beat anything i would have been able to do with a degree straight out of uni. i knew that the game might not be around forever so i read a lot about economics, finance, investing, etc.

i came across bogleheads which touted the idea that you should just invest in the top performing american companies as a means of safeguarding your money at 5% yearly for the rest of your life. i didn't know enough about investment at the time to be able to argue against this, so i just kept all my money in a tax free savings account and bought low management fee index funds. 4% a year gains were pretty insane.

i had made 100k from poker at the time and came across bitcoin. similarly to bogleheads arguments, i didn't enough about economics then to really come up with good counter-arguments against it and i decided, as suggested by bogleheads, to invest 2% of my net worth into a highly speculative investment. i bought 2k worth in 2011. i also ordered 25 casascius coins thinking how i could be one those granddads one day who would be telling his grandkids about how he became a millionaire during the gold rush.

i was going to write a long long tl;dr but i got bored just now so i will summarize the most important things i have learned:

1. get rich from online poker

take more risks when you're in your early 20s. i am not saying this because i could've slammed 100k on bitcoin in 2011 and retired not only for myself but for my several future generations. i am saying this because if something goes wrong, you have the time and the health to recover whereas someone in their 70s does not have that luxury. i experienced a huge downswing in poker and in crypto in 2013. i lost a huge amount of money but i was still fine physically and mentally and even if i didn't have poker to rely on, i would have gone to school or done something to improve my earning potential. even right now, i'm down huge from crypto but i am still doing fine because i am still healthy and young enough to learn new things to make money off.

bogleheads and indexing as a primary means of saving your earnings is stupid. r/investing and the rest of them 'play it safe' subreddits don't get it. your primary focus should be to increase your earning potential, not to scrimp and save every last penny. because life is for living. indexers have this mantra of scrimping and saving in the prime of your life so you can scrimp and save when you're out of your prime. and that's a shitty life. look at the ways that people are making money and emulate them: start a business, learn how it works so you can make 50k a month and not have to worry about using coupons or loyalty rewards cards at the supermarket.

renting vs owning: up until a year ago i thought owning was the ultimate manifestation of the american dream. but all my friends making 100k/month off business all rent. why? because their ROI for they money they could've spent on buying their own homes is so much greater than what they can get if you buy a house. this is different if you're in your 70s and you have nowhere else to put it. then you can buy because you don't have the stamina to run a business anymore. but if you're 30 and you buy, your money is locked up in a downpayment.

e.g. i'm in vancouver, property costs 1 mil and you can rent it out for 3k a month.
you can take that mil and open up your open fitness gym. it will take some time to get used to running it, but it will bring 50k a month.

if you're young and capable, you'd be stupid to buy property because the ROI is so low.

>unironically asking biz for financial advice

you're fucked, op

I’d be fucked if I took the advice of one source. You need to gather as many sources of advice you can get to give you a better outlook on how to plan, and a better outlook on what you’re getting into. You could study how to use a gun all day long, practice with it, learn how to maintain it, etc... but if you’re stepping into unknown terrain good luck finding a buck.

Buy link. Wish I would’ve asked this question when I was 23.