How are you building wealth in this economy?

Building wealth, a lot of the time, is a slow accumulation of leverage in your environment in a lot of cases, taking a great deal of educated risk, and experimenting until you find a method that works for you in your environment.

A lot of time wealth building and discussion is generic because a one-seize fits all situation cannot be applied to everyone in every category. The advice given to a bachelor in his twenties does not usually apply to a married 30 year old.

I will, however, give you advice to the best of my ability. I am considered well off at 31 years old, and take my advice with a grain of salt and use what you believe is necessary.

>The Millionaire Nextdoor

with a bullshit net worth formula of age x annual income x .10, I know that it's a book written by an out of touch boomer fuckhead who graduated college with $400 in debt and was a total hippie.

Step 1: be a shitty person with no morol principals
Step 2: steal from kidsand rob old people
Step 3:lie about being rich

Consumption makes everyone poor. Even if you’re making six figs, you spend like you’re making six figs. I know so many people with good jobs but they all spend accordingly. Saving money, being frugal, and abstaining from consumerism is mocked and derided and people who do so are looked down on or considered poor. The reality is most people who have money don’t spend like they do.

I have zero personal debt, no mortgage, no college debt, zero credit card debt, no judgments, no liens, and no medical bills. I only make about $40k a year but I my net worth is roughly $500,000.

Living like a frugal, celibate monk is the only way for working schmucks to save money.
But I'm glad I did... I can semi-retire in about 3 years.

What do you suggest to accumulate wealth? Build a fucking app, buy into crypto ponzis, be a camwhore or instagram influencer / YouTube creator? It’s the only road to wealth being pushed at millennials and zoomers.

Attached: cartman.jpg (640x411, 32K)

sell options

Since I don’t have a thousand shares of company x to write 10 covered call options, what should I do? Sell naked calls and get my head blown off? Sell outs when we are on a verge of a recession?

How old are you? How much was inherited?

The fucking retards thinks a car is an ASSET.

FAGGOT.

you only need $3k to start writing AMD covered calls

>HURRR JUST SELL SOMETHING BRO!!!!!!!!
This sounds pretty accurate

Fuck Boomers, always saying LOL ITS UR FAULT FOR TAKING LOANS, you MADE The systems that said "TAKE LOANS GO TO COLLEGE AND WORK", you MADE that fucking system, you TOLD children, teenagers, to get the loans, you LIED.

How the fuck do I make money when Im barely surviving. I dont have spare money. Really what the fuck do I do.

Building wealth is all about your circumstances. For example, i was 23 years old, had very little money, and started sleeping on my sisters couch while saving enough money to rent a place and a car to get to work. I was $35k in student loan debt and refused to take on additional loans to go to graduate school, since i figured that a Bachelor's/two minor degrees were not enough to get a decent job than getting $100k in debt minimum was not going to help, no matter what my mother was telling me.

After I saved up enough:

The first car I had cost about $800. Rent was in a cheap part of town for about $330 a month and that was because previous tenant got murdered in my apartment, driving down prices and was near local bars/prison.

I had saved up approximately $3.5k in the first approximately 3 months and paying off my student loans. I worked in an Iron foundry making $11-13/hr for about 1-1.5 years working 60+ hours a week.

My total monthly expenses were about $800-1k a month for rent, food, utilities, etc, along with loan payments.

You have to remember you have to save up enough money to begin taking educated risks in your area. You (or I) did not have the wealth or resources to punch above your weight class, and economically, I was an ameoba in a sea of sharks. I did not have the monetary leverage or savings to take the risks necessary to move up until I had a sure footing. This amount can very according to your local economy.

How are you barely surviving?
What are your expenses?

Are you specifically and exclusively talking about material wealth?

Because if you are it's a fuck off kike from me.

People used to be able to build wealth as working class before the funny money arrived.

They still can now
People are just bad with money

Taking every thing you read serious.

Attached: 1540809140432.gif (500x267, 999K)

people are bad with money but they used to be worse.

Our generation is so fucking fucked. My parents have a McMansion and a beach house on sticks, and they tell me I should really think about investing in property. Fucking how? $800/month in student loans, $1600 in rent, $150 in utilities, $65 on phone, $500/month on groceries, $300 on car, $100/month on medication, $150/month gas, $50/month gym, and who knows what else on random things required to be human each month. It’s all gone. It’s all accounted for. And I should be buying real estate?!

>live frugally in your prime years
>have money saved for when you’re old as fuck
>die with money in the bank
Nah niggy I’m livin paycheck to paycheck and havin a good time while I’m doin it

You think boomers were eating $20 avocado toast? No they were buying houses and cars

But what about your wife? How is she supposed to buy nice things for DeShawn when you drop dead at 40 from a heart attack?

>but they used to be worse.
What are you talking about
People are way less furgal now
>$500/month on groceries
how many kids do you have?

It's called a 401k nigger. 12.89% year to date

I was able to reduce my personal finances considerably by

1.) renting out my internet access to college kids. I worked most of the time, and was able to make money off of renting my internet speeds to other kids in the area.

2.) I was overweight and had gotten into nutrition and how the body actually functions/what it needs to be able to function properly. Cutting out sugary foods and knowing how to cook foods that were seasonal and on sale really helped me out. It dropped my food budget to about $40 a week with a cheat day where i spent $10-20 dollars a week.

3.) Self-educating. I went to my local bank and looked at local investment opportunities. I did not have any money at the time, I was looking at what I could do to start increasing money, from $401(k) options, to buying used books on investing and using my local library as a resource. I would shop amazon, look at a book that looked good to read, then borrow the book and scan the book onto my computer so I had a pdf of that book.

4.) Think about how to turn everything you do into a profit. You are the CEO of OP incorporated. You are your most valuable resource. You are renting your time every minute of every day, and if you aren't making money you are losing it. Your objectives are to either make money or prevent serious loss. Hell, even couponing helps, since you saved that extra 1-2 dollars on essentials. When I started making $20-30 dollars an hour, I stopped couponing because I used that extra time to actually start buying investing books.

5.) get out of debt immediately. No holds barred. I would have been able to pay off my debt in 1.5 years instead of 2.5 because I had tried to get into stock investing before i was ready and lost about 1/2 of my savings before i got out.

*gamble

I have no kids and $125/week is not expensive. That’s like $18/day or $6/meal. You can’t eat out for $6. And don’t give me a fucking lecture about how much I could save eating Ramen or going to soup kitchens. I’m a fucking human being

Nice straw man.

>And don’t give me a fucking lecture about how much I could save eating Ramen or going to soup kitchens.
Well then dont complain about being broke

>What do you suggest to accumulate wealth?

How everyone else has done it in the past??? Through either inheritance or building something. Since most of us here are not going to inherit some multi-million dollar estate from our parents, that leaves us with building something. That something is usually a business or decades of investing. Those two items will be unique for all of us and depend on what opportunities we can get.

The most logical way to wealth for me, since I'm an accountant, is by opening up my own firm and working for myself. Maybe I'll run into someone with a cool idea and decide to join them and strike it rich at their company, like a Microsoft or a Facebook. Maybe it'll be from a long career in accounting and climbing up the totem pole at another firm or corporation to become a partner or high level executive. It's unique for all of us.

It's a unique scenario for everyone.

Best of luck when they start downloading illegal porn or pirating shit and the feds throw your ass in the clink.

I bought a 91 oldemobile bravada for $300.

I’m just going to start putting things in my orifices while live-streaming like most people my age do. Shit is cash

If this is actually you're living expenses, you're a fucking retard. Get rid of the phone plan, get rid of the car, get a cheaper place, stop buying expensive fucking food and coffees, go to a cheaper gym, and stop wasting power/gas you dick smoking faggot. Jesus christ.

Yep.

On track to make about 150-160k this year. I sell products to boomers online. Lmao.

My own business. Starting on my next business. So much opportunity and money out there. Too bad if you’re a wage salve tho lmao maybe you can sell your tears to Yang.

Its hard to build wealth because of the depressed salaries in the lionshare of fields. Self employement is realistically the only path to accumulating millions but that takes a lot of determination and drive which most spergs don't have here.

Looking back, yeah it was a dumb move. Don't get me wrong but I didn't really have much other options to make a buck. Also I was making sure to check downloads on my connection to make sure everything was okay.

Also, I moved to a small ass town. Cities are for the rich and their servants. In a smaller town, financially, it is easier to save up in. Not much room for advancement, but easier to save.

Bullshit. Selling what and where?

avocado toast is a meme, it's supposed to be haha funny.
they were buying a house, not houses and buying many cars when they were just a few years old (cars a liability) not to mention a bunch of stupid shit for their kids (atvs, snowmobiles, TVs). if they were smart they would've bought every single house in their neighborhood as soon as they could afford it and bought 1 new car (used cars sucked back then)

Yea, live like a hobo or migrant. Maybe I should share a broom closet with six others?

It's what you should have for your retirement in order to be on track to... retire! Retirement should be enough to maintain your standard of living without relying on outside sources like welfare.

If you can't save... you are overspending

Td bank, dividends for 150 years uninterrupted. Average returns 13-15%. Or Altria, will return you 20% a year.

My own website/Instagram/Facebook

A certain antique/ music item

Seriously, you are an entitled fucking faggot prick. Suck up your bullshit and stop doing stupid shit. If you are able to pay those expenses there is absolutely no reason why you can't make it ahead. I make about 80k usd a year driving a fucking forklift, it took me one fucking week of trying to get this job, I used it and started 2 side businesses making about 20k profit a year each and bought 2 decent houses with it. Rented out the rooms for about $150 a week and that covers the mortgages. Currently my living expenses are about $160-$200 a week. Get fucked.

$125/wk is expensive.

chicken is $4/ilb if not on sale and a bag of rice is $5 for 10/ilb.

2 ilb of chicken, 2 cups of rice is approximately 2.5-3k calories a day for less than $10 dollars. Meaning you could weight about 215-220 pounds and not lose weight on $10 dollars a day.

You can't afford chips. You can't afford exotic foods and you definitely cannot afford much variety.

Your staples are going to be: bread, Potatoes, Meat on sale, rice, Lentils, Vegetables (carrots/broccoli), and fruits if you are feeling luxurious. Learn to season your foods and learn how to cook properly.

You have to realize that you lived with boomers who had a golden age. You have to downgrade your mentality. You can't afford a living room, and a TV. You just need a place to sleep, a place to wash your ass, and a place to cook.

Our current economic circumstances are similar to the greatest generation about 2 years after the great depression than anything between 1950-1900. You need to adapt to it.

It isn't fair. It does suck. But it's what you got to work with.

Bro are you selling records to boomers? How badly are you raking them over the coals?? Please tell me that you're taking every last penny from the boomer menace

*between 1950-1990

Bitcoin won't make you money unless you buy after a crash. The only cryptocurrency worth investing in is XRP because of Ripple's technology that will increase the profits of banks and international money transfer companies.

All it takes is a few new laws for cryptocurrency to be the most centralised payment system on Earth. Each wallet address and transaction ID is unique. If your government outlawed cash and required all citizens to have one wallet address and only one, every transaction you make will be traceable.

Cryptocurrency is a great system for the banks. The banks never hated it, they hated people making money of it.

As for investing. Only buy shares for a company that is partnered with Ripple such as MoneyGram. If you think you know another company that has big potential like Ripple, go ahead and buy its shares.

Regardless whether or not the economy will be stable within the next ten years, its best not to invest in blue chip stocks just for the heck of it. Only companies you know has big potential.

It's better to day trade stocks. Buy after news and sell after market opens.

And for the record, I live pretty decently asides from a very busy schedule. I even buy a coffee once or twice a week. You are just fucking lazy.

I have a friend who does this and it's made me pretty much ostracize and dislike him. He always wants to partake in activities but refuses to spend a dime and tries to guilt trip you into paying for him every fucking time.
We went to a big huge barbeque and this nigger showed up with a pack of bar s hotdogs. He thought it would make him look like he's contributing I'm sure, but no adult is going to eat your fucking hot dogs when we have actual food. He took them home with him.

>earn 70k/year
>half of it is taken away from me

a a atleast wE HaVe fREE hEalThCare rrright?

Attached: 1555721698963.jpg (590x510, 33K)

>I started reading more personal finance books, and it made me feel really bad. My net worth is supposed to be Age x Annual Income x 1/10, but I am fucking nowhere near that.
>Fucking feels bad, man.

it's practically impossible to be in your calculation, you must have managed to save more than 50% of the money you have earned ;)

are you a fucking mindreader op? Today I went to Jow Forums to see if something is up. I was looking at things today, first at car prices, then thinking of a car, then thinking of I could get a loan, but then remembered your op pic, from the book "rich dad & poor dad" and thought "well if I can get a loan for 30k how could I increase my assets with 30k, what can I buy with it"

and of course, Jow Forums had nothing. For 30k you could buy quite a lot of things really. Maybe a caravan, and then rent it out? But then I thought "how long could you rent one, are those kinds of business only in season, do I have to clean them? What are the common damages and upkeep of those things"

some garages sell for 15k, but only give you like 50 bucks a month...asset prices are not what they are used to be lol?

Pretty good.

They love buy expensive nostalgic things. When ever a rich white man makes it, he buys back his childhood.

I’ve gotten very good at selling expensive items online and how to make boomers rush to give you thousand of their dollars

I'm about in the same boat (31 making 72k) But it doesn't mean you should have $210k in cash in a savings account. It means when you add up all of the value you own (car, property, precious metals, stocks, anything considered to have value) and subtract your debts, you should have about that much. I have maybe only 20k cash in the bank but my stocks, car, property, gold and platinum, and firearm arsenal are worth quite a bit when combined together. And besides my car payment, I have no debt.

From the 80's when we weren't an oligarchy.

We now are flooded by r/TheDonald cucks who don't know that college used to cost fucking peanuts and houses were half as expensive as they are now.

Apparently asking for the old American way of life is now "Commie".

Ironic. Because we're supposed to be fucking making AMERICA GREAT AGAIN.

Real advice here:

Get on Income Based Repayment.

You pay 10-15% of WHATEVER it is you make. If you make less than $30k a year (I think) you pay ZERO. After $25 years, the rest of the loan, whatever it is is forgiven.

It will take a war to bring it back. But most of our generation isnt involved on the system.

This is the best advice so far, starting a business that sells goods/services.
Literally that's all you have to do. You will make bank in no time and will become a millionaire.

Our generation is so fucking fucked. My parents have a McMansion and a beach house on sticks, and they tell me I should really think about investing in property. Fucking how? $800/month in student loans,

>$1600 in rent
Get roommates. You are either in San Franshitsco or some over priced dump. Move out or spilt a place.

>$500/month on groceries
You can easily eat well for yourself for 150 to 250.

>$300 on car,
Sell it and buy a beater. Car payments are usually for morons. New cars lose 20% when you buy and you are still paying sticker price plus interest.

$100/month on medication, $150/month gas, $50/month gym, and who knows what else on

>random things required to be human each month. It’s all gone.
Stop comparing yourself to your parents. Stop giving a fuck about other's financial situations.

>It’s all accounted for. And I should be buying real estate?!

Cutting that rent and groceries down should save you up enough for a 3.5% down payment house that you can rent some rooms to someone else. And then your main living expense is covered.

>>$300 on car,
>Sell it and buy a beater
beaters arn't that great for saving money. I used to have a beater and something broke on that piece of shit all the time, I spent literally every single weekend working on it. if you're not mechanically inclined the costs for repair at a shop can add up to well over $300/mo
$300/mo isn't a lot for a reliable vehicle