Anyone want to give me some financial tips?

[Sullysullinburg]

Title says it all. And yes I do know that most people pay for this info so you can save your time telling me that.

[aloneibreak]

buy low sell high

youre welcome

[IdahoCopper]

When flipping anything you make your profit when you buy, not when you sell. In other words always try to buy at the lowest price you can.

[Recyclersteve]

If you can find something that most people don't want to do and you don't mind doing, that could be a potential source of money. Easy jobs like being a flight attendant or hostess at a restaurant or working at Disneyworld don't pay well, even though they might be fun. Jobs that are either dangerous, disgusting or require superb mental skills are a better bet for making real money.

Try taking at aptitude test to see what hidden skills you may have. Also ask you family and close friends (or perhaps a counselor) what they consider to be your best strengths.

Best of luck to you.

[Shazbot57]

Listen to your elders. Chances are they have a great deal of knowledge or as I like to call it "wisdom". Listen more than you talk. You will learn a lot more that way. Wisdom will make you successful in all things if you use it wisely! Also, if you make any money, keep it for a while. Get used to the idea that it's YOUR money. You'll be less likely to spend it once you think of it as YOUR money! (then spend it on real money!).
Keep thinking, you're on the right track, just be patient. You have to walk before you can run... Just sayin'!

[Engineer]

You'll get a lot of pressure to borrow money through your life. Avoid being a debt slave whenever possible.

[Rustynail]

Keep minimal debt

[68Camaro]

Develop a strong sense to be able to recognize the difference between desire and need. Take care of your real needs; fulfill your desires only on your own measured terms (not on the terms of another), or even not at all.

[Diggin4copper]

Dont be afraid to walk away from deals.. even at the last minute.. not every deal is a sure winner...sometimes it is better to lose out on a profit than lose money on a bad deal....

[brian0918]

Never go all-in on anything OR all-out on anything. For example, that time I traded all my bitcoins for silver dimes... back when bitcoins were going for $5 a piece.

[brian0918]

I agree with others though, the best financial advice is to stay out of debt at all costs, especially student loan debt.

Not everyone needs to go to college. Find something you like doing, and become an apprentice or intern in that vocation. Show up early, work really hard, learn everything you can. You'll develop connections and get experience that are worth far more to an employer than a piece of paper.

If you absolutely feel you need to go to college, get as many AP credits as you can in high school, take as many courses as you can through community college (making sure the credits will transfer), all while working and saving your money. Then finish up in college once you have some savings. If you finish college with little or no debt, you will be far better prepared for the real world than most of your peers.

[Market Harmony]

The best financial advice you will get:

Figure it out on your own!

[johnbrickner]

Gven your young age, defer a car for as long as you can. Put aside and/or invest the cash you would have spent on the purchase, gas, insurance, maintenance, parts, AAA, etc.

As you go thru life you will start to see those who are making great things happen and those who things are happening to (most likely you are aware enough to see this already). [Wheat vs chaff, shakers and movers vs dead beats.] Start making connections with the <<DOers>>. We used to call this collections of names and contact information the million dollar Rolodex. Now it's your network and you store it on some digital techno-phone. Develop and stay connected to your network. In time, if you've filled it with the right people, it will truly be worth $1,000,000.00

And a "good job" to you for fishing for many financial mentors.

[natsb88]

The best financial advice you will get:

Figure it out on your own!

Mike makes a good point. Not only are the most effective lessons the ones you learn from your own experiences, but lots of people are willing to help those who are willing to help themselves. Just asking someone for help, advice, or to do something for you without demonstrating that you have already made an independent effort to educate yourself will burn more bridges than it will build.

In other words, don't expect anybody to go out of their way to hand you something just because you want it. Instead, learn what you can about a subject from existing resources, then articulate specific questions on the subject that suggest you have already done some research and are hungry for more information. Those are the type of questions that spark meaningful discussions and trigger experienced individuals to share their knowledge.

This applies to any subject, not just financial advice. Could be coin sorting, college, career, health, prepping, whatever. If you pose too broad or vague of a question, a lot of people (who have valuable experience) will just skip over it.

[thedrifter]

Sage advice from all. Even for those of us who have been doing it for awhile.

[Treetop]

If you pose too broad or vague of a question, a lot of people (who have valuable experience) will just skip over it.

indeed. I once asked here how I could use my understanding of specific commodities to profit. I just wanted pointers so I knew where to study, only 1 answered in a very general way that didnt actually help me much.

[barrytrot]

A lot of good pieces of advice! I'll take a few to heart myself!

[pennyguy]

Understand the difference between Assets and Liabilities.
Assets put money in your pocket.
Liabilities take money out of your pocket.
Buy Assets!

[silverflake]

Buy gold.


Buy silver.

Easy enough. But more to the point, buy things of value. And think of using your life to obtain assets, not with the goal of obtaining "things" but with the goal of obtaining "independence". So, make sure to 'play the game' as long as it lasts with the thought of having certain assets by the age of 65 or so that will replace your income. In other words, create passive income so you don't have to work your tail off into your "golden years". These include dividend paying (and growing) stocks, certain bonds, real estate etc.

But for God's sake and yours, keep stacking!

[IdahoCopper]

Develop a strong sense to be able to recognize the difference between desire and need. Take care of your real needs; fulfill your desires only on your own measured terms (not on the terms of another), or even not at all.

Put another way:

If its not in WalMart or Home Depot, its a want, not a need.

[IdahoCopper]

This may be unpopular advice in many's mind, but it is important to understand.

Marriage 2.0 is a mantrap. In the old days, before 1960, marriage was much more balanced, divorce was difficult, and people tended to stay married, and were shamed for divorcing.

Today, most divorces are filed by women (75%). If your wife is not haaaapy, for any reason, she can divorce you on any whim, take 50% or more of everything you have built and saved, steal your kids, and latch a large claim on your future income for many years. Many women become vindictive and abusive, believing they are absolutely entitled to everything they can wring out of you, via lies, false accusations, and anything else they think they can get away with.

Deciding to marry, or allowing yourself to fall into a common-law marriage, is one of the most critical and financially dangerous things a man can do. It is almost always done while you are out of your proper mind, in love, lust, or other non-composed mental state.

Now for some good news. There is a place where men gather on-line to discuss all of the above. This place has 100,000 men advising each other about women, marriage, reproduction, and sexual strategies. You will not find a more valuable resource to improve yourself physically, mentally, sexually, and legally. Bookmark: http://www.reddit.com/r/TheRedPill/ Then read everything in the right hand sidebar, including all the content it links to. After a few months of intense study, you will understand women, why they are the way they are, and how to successfully deal with them as a real man.

I wish someone has told me about all of the above when I was 15 years old, but in 1972 there was no Internet and nobody, not even women, understood women as they really are.

[AlexTG]

Understand the difference between Assets and Liabilities.
Assets put money in your pocket.
Liabilities take money out of your pocket.
Buy Assets!

Thanks Rich Dad




I am really surprised none of you said create a budget. Maybe because you all thought it was just assumed you need to create a budget. Above all you need to understand where you are spending your money, and how you can reduce the unnecessary items. After that you can reallocate your income to proper locations.

There is some great advise above, nothing I don't know now. But knowledge I wish I had when I was 18. (only 8 years ago!)

I'm not sure how old you are sully but because this is the only advice I can give here it is!


As a Millennial...
1. Create a Budget.

2. Create a long term plan or trajectory.

3. Don't move out until you have to. When spending $500 - $1000 a month for rent depending on the area, imagine what you can do if you save that money.

4. Use the Car you have, the new one is not worth it until you have to by one.

5. Buy Assets not Liabilities, when you can help it. A home is a liability unless you are renting it out, however can be a better way of spending your living expense than renting.

6. Don't get married until you are at least 25. If ever. Don't have kids till you are 30. If ever.

7. Avoid Debt, you will need credit cards and accounts to build a history. But if you use them pay them off that month

8. If you work for a company with a 401k, make sure you are getting everything your company will match. Then choose a fund that resembles the S&P as close as possible.

9. Don't bother investing in individual stocks, buy the Market with an S&P tracking fund with super low management overhead. Trying to pick winners in losers leaves you as the loser.

10. Stack, and don't stop.

11. Absorbed everything you can learn.

12. Stick to it! As human beings we get bored. Want to see results, can't wait for our plans to bare fruit. Come to this forum, or some other medium of equal support, and talk to people about whats going on and your struggle to stick to the plan you have laid out. No need to disclose the plan just gripe about hiccups and brag about successes.


Notes: There a tricks and tips on how to achieve all of the above but that could take up the space of a book. If you're older than me, much of what I said still applies, but maybe one of the older members here could do an even better job of summarizing.

[Thogey]

3. Don't move out until you have to. When spending $500 - $1000 a month for rent depending on the area, imagine what you can do if you save that money

.

At what point does this occur?

[AlexTG]

3. Don't move out until you have to. When spending $500 - $1000 a month for rent depending on the area, imagine what you can do if you save that money

.

At what point does this occur?

The best financial advice you will get:

Figure it out on your own!

[barrytrot]

This may be unpopular advice in many's mind, but it is important to understand.

Marriage 2.0 is a mantrap. In the old days, before 1960, marriage was much more balanced, divorce was difficult, and people tended to stay married, and were shamed for divorcing.

Today, most divorces are filed by women (75%). If your wife is not haaaapy, for any reason, she can divorce you on any whim, take 50% or more of everything you have built and saved, steal your kids, and latch a large claim on your future income for many years. Many women become vindictive and abusive, believing they are absolutely entitled to everything they can wring out of you, via lies, false accusations, and anything else they think they can get away with.

Deciding to marry, or allowing yourself to fall into a common-law marriage, is one of the most critical and financially dangerous things a man can do. It is almost always done while you are out of your proper mind, in love, lust, or other non-composed mental state.

Now for some good news. There is a place where men gather on-line to discuss all of the above. This place has 100,000 men advising each other about women, marriage, reproduction, and sexual strategies. You will not find a more valuable resource to improve yourself physically, mentally, sexually, and legally. Bookmark: http://www.reddit.com/r/TheRedPill/ Then read everything in the right hand sidebar, including all the content it links to. After a few months of intense study, you will understand women, why they are the way they are, and how to successfully deal with them as a real man.

I wish someone has told me about all of the above when I was 15 years old, but in 1972 there was no Internet and nobody, not even women, understood women as they really are.

I disagree with this and the advice misses the TRUE mark.

Marriage isn't the problem. People are. So find the correct people to be:
a) married too
b) in business with
c) friends with

In all cases the wrong people always doesn't work and the correct people always does.

Being married to the correct person is so AMAZING! (Speaking from experience)
Being in business with the correct person or people is so AMAZING! (Speaking from experience)
Having friends you can trust is AMAZING! (Speaking from experience)