Hey Guys, what is one thing that makes you rich and wealthy in money no matter you go. I know owning a Business can help you earn profit but what’s one thing that you have/ carry no matter where you go, it will always makes you rich, wealthy and earns you money even if you relocate/ move to some other places?
Alright wealthy folks, I want to know your daily habits, I want to see if there any patterns, I want to understand your fundamentals
When do you wake up? When do you sleep? What do you do first thing in the morning? Are your morning the same every day? How about your nights?
What habits you do everyday that you feel it is literally a compounding machine?
Please looking forward to hear from you wealthy folks
Is it so wrong to went to be wealthy? To me it’s not about the designer bags or the shopping but it’s about the freedom attained….to do go where you want, provide what you can to who you want. Like what!?!?!! I want to retire my mom, invest, visit all the sacred sites, build businesses, fly in a private jet, eat bone marrow and oysters daily, open an orphanage to protect the vulnerable. I feel like the world let the wrong people get wealthy……..
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Idk, thoughts before bed
I just got my first bonus from my first full-time job, and I’ll have about $30k in my checking account. That’s literally all the money to my name.
My current situation:
- 23 years old
- $30k cash (all sitting in checking)
- No savings account or investments
- Contributing enough to my 401(k) to get my employer’s full match
- ~$200k in student loans that enter repayment in a few months, with interest rates ranging from about 3% to 9%
After all my monthly expenses, I’ll have around $1,500 left over each month to save, invest, or put toward my loans
If you were in my shoes, how would you allocate the $30k?
I’m trying to make smart financial decisions from the start instead of looking back in a few years wishing I’d done something differently. I’d appreciate any advice or different perspectives!
I’m 21 years old and I feel like I’m ahead of most people my age but I’d like insight from others. I purchased a house a few months ago for $195,000. I put $20,000 down. I have a truck that I bought in cash that’s worth about $18,000 and a car that I bought in cash worth around $5,000. I’ve got $6,500 in my 401k and $3,000 in my Roth IRA. I’ve also got around $17,000 in my regular savings and most of that is in ETFs. I also have a tractor that I paid for in cash worth about $5,000. I didn’t get any handouts. I worked straight out of highschool and saved aggressively while living with my parents. I had to pay them rent and everything that was not a necessity. Would you guys say I’m pretty ahead of the game?
Hey everyone, hope you're all doing well.
So a bit about me, I'm 21, studying CS, live in a developing country. I've always wanted to actually build wealth, not just talk about it, but I don't really know where to start in a practical way.
I still live with my parents, they cover like 90% of my expenses. We're middle class, not rich but comfortable. I'm grateful for that but I really want to get to a point where I'm not depending on them anymore.
I guess what I'm asking is, for people who actually built something from not much, what did you do first? Did you save aggressively, learn some skill that paid off, start a side hustle, get into investing early? I have a technical background but basically no capital, and honestly the currency/economy situation where I live makes saving or investing harder than if I was in the US or Europe.
If you were starting over in your early 20s with not much money but some time and skills, what would you actually do first? And is there anything you wish someone told you back then instead of you having to learn it the hard way?
Appreciate any real answers
My dad's always been very money and status driven, and he's almost 80 now (widower), and has been mostly supported by me and my siblings for the last 20 years.
I recently lost my job, (i'm pretty much fired, have enough money to), but i don't ever tell him how much how much i have because i know he'll just ask for more. I think since losing my job, he thinks i'm down on my luck (i'm not, i'm considering retiring).
but i can't tell him for the reasons above. so i just go on pretending like i don't have much money (enough to live on), even though i'm a multi millionaire.
Not sure what advice i need, but here to say it kind of sucks that i can't tell him, but it is what it is.
Good stuff. Comp sci degree. I quit the job after I paid them off. Been bedrotting for a while. No job anymore
Long story short, in a few weeks, my mother will receive a very large payout from a medical malpractice lawsuit. We were originally thinking a few hundred thousand but the insurance company screwed up and now we are looking at realisticly somewhere between 3.5 million to 6 million dollars.
I'm currently 19 and I've alwase had a big intrest in investing and finance as a side hobby to just have fun with, but now with all this money is coming in my bearly knows the first thing about investing. A few days ago I suggested the S&P 500 and possible index funds as a means of investment and from that she has just assumed i would know what to do and essentially just told me to 'take care of it for her'.
I'm really greatful she trusts me this much but equally I'm only 19, I don't know what to do with even a few thousand dollars let alone potential millions and now I'm at the stage where I will litteraly take any advice I can get... I've heard there are portfolio managers that specialise in high networth individuals so mabey that's an option but I don't even know where to begin looking for one or how to go about it... or should I litteraly just pay off the debts and chuck the rest in an index fund for the next 15-20 and by the time she retires she'll have a few tens of millions.
I'd really apreciate any advice anyone could give me on this one, I need help, thanks a ton everyone
*Edit - thanks a ton for all the advice everyone!!! It's really appreciated!!! Here's some more details for some comments I've seen a few of. Firstly my only goal with this money and what to do with it is to ensure she lives the rest of her life as comftablely as possible. Preferably I'd like to do that whilst increasing her net worth as much as possible if I can (with minimal risk of course) or at the verry least just minimise the amount lost as much as I can and make it last. I may be 19 but I don't plan on blowing it all on a weekend In Vegas or some big dumb purchase trust me!!!
For people interested in the details of the lawsuit, essentially the large sum of money was from future loss of wages as she can no longer pass the minimum level of fitness required for her roll and the difference in what she was making to what she can only make now is around 200,000 dollars less then she was on before. Ontop of this she is only 40 years old meaning she stills has roughly 26-28 years of working life left based on age of retirement (put simply 200,000 dollars a year in lost income over 26-28 years) for all the details I left a reply on someone's comment if you can find it but that's basically the gist of it.
I really apreciate all the advice everyone's given me and thanks so much.
P.s. surprisingly yes this is real and yes I am freaking out, thanks for the concern though.
I already have a brokerage account and hysa emergency fund going. I want stay some what liquid should I put some in my taxed account? in case I need to sell rather than the Roth?.
I have some savings, 1500 dollars, I was planning on putting it all in SP500 for retirement, i've already put 3000 dollars into it but I am increasingly worried about the AI bubble... how does reddit feel about it?
Looking for a mentor..
Property tax is universally accepted. Home ownership represents the vast majority of wealth for a vast majority of people in the US. Why is taxing all wealth the same so different?
My (27F) husband (27M) is currently in grad school in the medical field, and will have a guaranteed job in 2 years that will be bringing in about $250K a year, with many places offering up to 100K sign on bonuses.
Once he starts, I will be quitting my current position to handle the house and eventually children. Our income is currently around 60K a year, so this significant increase seems a bit overwhelming to think about! I have plenty of time, so I’d love to be utilizing the next two years to educate myself on how to best manage that kind of income.
He will be graduating with no debt, and we currently have about 30K in a Schwab account, and 50K invested into our 401Ks.
What suggestions would you have for a newbie in finance? Courses, books, etc to start accumulating the knowledge required?
Thanks so much for reading.
Looking for perspective from people who have been through a similar transition.
I'm 28 and recently sold my business.
Current situation:
Current assets are a mix of public markets, cash equivalents, and private lending opportunities. I'm also building relationships with local operators and business owners.
The challenge is that I'm struggling to determine what game I should be playing over the next 10-15 years.
I don't want to:
I do want to:
I've been exploring:
The question I keep coming back to is this:
If you were 28 years old, had a recent liquidity event, ~$2.6M net worth, wanted to stay in a mid-sized NC market, and wanted to build toward $10M+ without returning to a 60-hour work week, what would you focus on over the next 5-10 years?
Would you:
Interested in hearing from people who have actually gone through the post-exit transition and what worked (or didn't work) for them.
I am traveling to Napa this fall with my wife. I recently started making materially more money. Are first class flights worth it? What life style improvements are worth it and which are over rated? TIA.
33 partner no kids, marriage isn't common where im from (north eu)
I have few commercial real estates that make about 5- 7%
One of them is a sports hall that's rented by the city, i'm going to keep that and the other is this storage/garage for a mechanic shop.
After everything is paid, yearly free money falls somewhere around 80k, that means i have a useless 80k a year.