Need advice, the pursuit of money is ruining my life.

[BillZButcher]

Hello all after lurking though forums for a few months I decided to make an account and ask a few questions about what I should do about my current financial situation.

If you're not aware I'm 19k and just landed a job in which I make around 5400$ a month before tax. I don't pay bills except for my phone and a few traffic violations. I save between 2500-3000 a month and live on a few hundred bucks for two weeks. However, the love for the money is sort of running my relationships between people who ask to borrow money and they never pay back, buts that's my my questions.

My main question is how should I approach setting up financial security, currently my job offers most types of 401k but I need a year to qualify for that. I want to have a lot of money, I love money, I want to improve my socioeconomic status and I was born miserable.

I want cars, lots of money and houses. But what strategies can I implement to get even more money? I know nothing all I have been doing is saving my pay checks, I am still reading around the forum, but I am lost I don't know where to begin? What would you do if you were me?

Thanks...

[97guns]

What would you do if you were me?



i may sound like a broken record to some but i would save money like a madman then get it into some kind of income producing asset, keeping it out of 401k/IRA structures, at 19 years old you would have to work 35 years to take full advantage of these types of savings. if you could sock away 4k a month that is 50k a year, in 3 years you could be drawing an easy $7500 a year with a dividend, 4 years worth of savings would net 10k a year, keep compounding and in around 12 or 15 years its a million tappable dollars, pick the right asset and cut that number in half

[sv2007]

Hello all after lurking though forums for a few months I decided to make an account and ask a few questions about what I should do about my current financial situation.

If you're not aware I'm 19k and just landed a job in which I make around 5400$ a month before tax. I don't pay bills except for my phone and a few traffic violations. I save between 2500-3000 a month and live on a few hundred bucks for two weeks. However, the love for the money is sort of running my relationships between people who ask to borrow money and they never pay back, buts that's my my questions.

My main question is how should I approach setting up financial security, currently my job offers most types of 401k but I need a year to qualify for that. I want to have a lot of money, I love money, I want to improve my socioeconomic status and I was born miserable.

I want cars, lots of money and houses. But what strategies can I implement to get even more money? I know nothing all I have been doing is saving my pay checks, I am still reading around the forum, but I am lost I don't know where to begin? What would you do if you were me?

Thanks...

I was like you many years back, where I loved money and the things I buy. I wasn't born miserable but somehow I've developed a real liking for money; but I wasn't too smart and went into engineering. Somebody once said if you want to make a lot of money you should at least get a job closer to money, i.e. wall street (too bad I heard it too late).

At 19, you've got everything ahead of you; get an education from a decent college and go into wall street. That's what I'd do. If that's not an option, then I'm afraid that it'll be much harder to get into money (well, I guess it depends on how much money is a lot of money to you).

You can always run some numbers based on your salary/raises/bonus/stocks and your savings/investments; and project what's to come.

[BillZButcher]

What would you do if you were me?



if you could sock away 4k a month that is 50k a year, in 3 years you could be drawing an easy $7500 a year with a dividend, 4 years worth of savings would net 10k a year, keep compounding and in around 12 or 15 years its a million tappable dollars, pick the right asset and cut that number in half

What kind of savings is that? Sounds like a great idea.

[BillZButcher]

I was like you many years back, where I loved money and the things I buy. I wasn't born miserable but somehow I've developed a real liking for money; but I wasn't too smart and went into engineering. Somebody once said if you want to make a lot of money you should at least get a job closer to money, i.e. wall street (too bad I heard it too late).

At 19, you've got everything ahead of you; get an education from a decent college and go into wall street. That's what I'd do. If that's not an option, then I'm afraid that it'll be much harder to get into money (well, I guess it depends on how much money is a lot of money to you).

You can always run some numbers based on your salary/raises/bonus/stocks and your savings/investments; and project what's to come.

lol Wall Street that's impossible I want to get get into some kind of investments but I don't know where to start, some real estate maybe? This year I already saved 30k$ maybe I should dump half somewhere.

[MakeAStash]

If a pursuit is ruining your life, stop doing it. Spend less than you earn. Widening your interests will enrich your life in more ways than money can, plus make you more admired by and attractive to others.

[97guns]

What kind of savings is that? Sounds like a great idea.

its pretty easy to find a 4-5% dividend paying stock, you get the dividend income and the possibilty of growth in the stock. contrary to the thoughts of the forum, personally i like your idea of lots of houses, again you will get income from rent + the possile gain in equity, thats what i like about income producing assets, the potential double whammy from the investment

but the key to everything is saving and you got a grip on that, without saving you cant make your money work for you and you will always be working for it. corvettes can come later with ease if your smart. scareface even said it... first you get the money, then you get the women, then you get the power

[97guns]

and dont lend money to friends, quickest way to lose them and your money

[BillZButcher]

its pretty easy to find a 4-5% dividend paying stock, you get the dividend income and the possibilty of growth in the stock. contrary to the thoughts of the forum, personally i like your idea of lots of houses, again you will get income from rent + the possile gain in equity, thats what i like about income producing assets, the potential double whammy from the investment

but the key to everything is saving and you got a grip on that, without saving you cant make your money work for you and you will always be working for it. corvettes can come later with ease if your smart. scareface even said it... first you get the money, then you get the women, then you get the power

Thanks man I see what your saying your right about saving money but it just sucks to start out with nothing. hope I can reach around 160k by the time I'm 24 or 25, and purchase a business I want so much things and there's not enough money to do it all but hopefull someday there will be.

[snafu]

I believe people need balance in their lives. Focussing on one aspect like $$$ can be self destructive. Does your employer offer bonuses? What are the parameters? What can you do to increase your value to your organization?
Do you know your risk tolerance? There are lots of questionnaires on the subject online. Before you risk money, I suggest you learn more about cost factors of different investment options. Does your bank or financial gurus offer free seminars?

Please understand a vehicle is a depreciating asset. Value goes down as soon as you drive it off the lot. Taking a loan to buy a car adds the cost of the loan to further reduce value. I suggest you look at using a Credit Union for day-to-day banking which is often the most cost efficient.

When I read biographies of successful people, they seem to have more than one income stream. Can you manage a 2nd job? Do you have a hobby that has potential to earn income? What steps can you take to eventually create passive income?

[BillZButcher]

I believe people need balance in their lives. Focussing on one aspect like $$$ can be self destructive. Does your employer offer bonuses? What are the parameters? What can you do to increase your value to your organization?
Do you know your risk tolerance? There are lots of questionnaires on the subject online. Before you risk money, I suggest you learn more about cost factors of different investment options. Does your bank or financial gurus offer free seminars?

Please understand a vehicle is a depreciating asset. Value goes down as soon as you drive it off the lot. Taking a loan to buy a car adds the cost of the loan to further reduce value. I suggest you look at using a Credit Union for day-to-day banking which is often the most cost efficient.

When I read biographies of successful people, they seem to have more than one income stream. Can you manage a 2nd job? Do you have a hobby that has potential to earn income? What steps can you take to eventually create passive income?

Thanks for your reply, I've only been at this job for 5 months and they really like me I get along with bosses and supervisiors and they think I work hard, only way to move up is with job bids but that's mostly through seniority. However I have been trying to find ways to generate more income but really I haven't, I don't really have any hobbies the except my buddy likes to work on cars but I just watch him maybe I can be a partie mechanic but that takes time, other than that I have no ideas what I can do to generate more income. Most partime jobs in my area want to pay like 10-12for a few hours might not/might be worth it in my opinion.

[ygrey]

You should definitely look into investment opportunities. Not the share market types, but the ones with the security. Try bonds and FDs etc. They have longer lives and do give bigger returns too.

[Outdoorsygal]

Thanks for your reply, I've only been at this job for 5 months and they really like me I get along with bosses and supervisiors and they think I work hard, only way to move up is with job bids but that's mostly through seniority. However I have been trying to find ways to generate more income but really I haven't, I don't really have any hobbies the except my buddy likes to work on cars but I just watch him maybe I can be a partie mechanic but that takes time, other than that I have no ideas what I can do to generate more income. Most partime jobs in my area want to pay like 10-12for a few hours might not/might be worth it in my opinion.

The more solid close friendships you make, the more fulfilled you will be.
And this is a great form of networking which often results in additional opportunities.

[Jovanny]

Why don't you invest in real estate?

[ThinkingCapital]

I agree with others. Focus on getting a good education, spend less, invest what you can and then start applying for jobs that pay well. Your advantage right now is that you're young, so you have time to get money and watch it grow.