Can we get an advice for young people thread? There are many /biz/ posters in the 18-24 range like myself.
If there's one thing you wish you knew when you were my age (20) what would it be?
>>1226824
Fuck off spamming cunt
>>1226821
> Things I wish I could say to myself 4 years ago
Don't get a bunch of student loans you stupid cunt
Don't eat out so fucking much
Spend less on vacations
More crypto desu
>>1226821
Save your money.
Don't go into debt unnecessarily.
Don't do anything professionally without an end goal in mind.
Be wary of lifestyle creep.
>>1226977
What do you mean by lifestyle creep?
Look for love, but do it responsibly. Learn to find financial security and personal responsibility attractive. Don't consider any relationship serious unless both partners are gainfully employed in a career.
>>1226981
Google it faggot.
Which leads me to another point. Don't rely on others to do shit for you. Want to know something? Learn it. For fucks sake, kid, take some initiative.
>>1226821
As the child of a high-earning high-spending family, I would have killed to learn how to invest properly much earlier. That and how to live frugally is all you need to know to increase your net worth instead of squander your salary in bullshit.
Get in here:
>>1223990
https://www.bogleheads.org/wiki/Getting_started
Not exclusively finance related, since it spills into all the other areas of life:
Cognitive biases and behavioural economics.
https://www.bogleheads.org/wiki/Behavioral_pitfalls
I'd wish you good luck, but wise men don't care for luck.
Don't finance a car
If you need one, buy as used/old as possible. It's not work an extra 400 a month to have the coolest car on the road
Insurance and autopayments are rape.
make lots of mistakes fast and learn from them
>>1226821
I wish I had learned the power of compound interest, how to set up and start a Roth IRA, how to value living below my means, and how to value these same things in potential partners.
Seriously, set up your Roth and max it out every year.
>>1226977
>lifestyle creep
IOW, keep luxuries under control. Keep rich by living frugally.
>>1227172
>Roth IRA
Speaking of which, is there a cap on how much you have to give every year?
>>1227203
Yes. 5500/yr if you are under 65?
That might seem like a lot to a young person... but it is important to prioritize your future.
>>1227203
There's a cap on how much you're allowed to put in it, yes. There's no minimum, however, once you've reached the investment minimum for whoever you're using to service your IRA.
>>1226821
Don't go to college unless you absolutely need a degree for what you want.
Buy a home as soon as possible, but buy smart and buy during a recession.
>>1227272
>Buy a home as soon as possible
Where do you live where a house is cheap enough to buy ASAP?
>>1226821
A whole lot of people are going to tell you that you need to start saving money now. Don't over do it. If you have any sort of disposable income, take advantage of the fact that now is likely the only time in your life that you'll get to spend on yourself until retirement and your your financial responsibilities are only going to get bigger as you get older. Do yourself a favor and live a little now and understand that it won't last forever
>>1227308
In most parts of Canada (places that aren't the handful of huge cities like Vancouver/Toronto) you can get a modest but nice house for under 250k and you can go under 200k if you look and don't have a large demand list.
The mortgage payments on that are more than doable once you have a steady salary.
Not to mention there are areas (like the Maritimes) where the housing market is so depressed you can get a house significantly cheaper than even that, although finding solid work may not be so easy.
I can't speak for the anywhere else though.
>>1227322
okay.
In my area (Tri-state NJ/NY/CT) a house under $300k isn't even worth looking into because of how shitty it is and in need of massive repairs.
Still, I agree if you can get a down payment of %20, a reasonable $200k house is worth it.
>>1226987
>Learn to find financial security and personal responsibility attractive.
error 404 woman not found.
Date and have fun. Wrap it every time because no doctor will snip you at 20. Marriage is a gamble at best if you are not hardcore religious.
>>1227121
Don't buy new, but don't buy a beater if you can afford it. Read up on how to do your own maintenance and repairs. Anything outside of engine/transmission work can be done with a basic tools.
>>1227272
>Buy a home as soon as possible, but buy smart and buy during a recession.
This is hard to do the first few years out of school. FHA is pointless because of the insurance for life. Banks are not willing to lend to a 22 year old kid with next to no credit history or job history.
>>1227172
Seconded. $1 now could become $29 by the time you retire, if return rates remain the same.
You might think that energy drink is only $5 today, but 365 of those energy drinks turns into $52,925 30 years down the road.
Would you rather have an energy drink everyday or $52,925 when you're too old to work?
>>1227046
>https://www.bogleheads.org/wiki/Behavioral_pitfalls
Thanks man, and also thanks to everyone else so far! Good shit
>>1227121
Why not just buy it all at once after saving up? I'm getting a motorcycle soon so i don't desperately need transportation, I can save up until I can get something I like
>>1227319
Definitely something I've always thought about. I really enjoy havign fun and fucking as many girls as possible but I know I can't do that forever and I think I'll be mature enough to know when I have to stop fucking around so much.
>>1227397
>Date and have fun
Yeah that's gunna be the game plan for a while, no downside to being with women casually until i find a really good one.
>>1227397
Buying a slightly used car is way stupider than buying a new car imo. You incur all the risk with no warranty.
Also I wouldn't call a floor jack, jack stands, rachet/torx bit sets, etc. basic tools. If you want to fix your own car it will cost a non insignificant amount of money to tool up
>>1226988
so edgy
if only i bought KNPD......
>>1227729
You lose money on cars regardless of any deal whether it's bought out right, leased, financed, new or used. Cars are over valued and depreciate like crazy. Point is, get something you're comfortable paying for because it really doesn't matter when it comes with cars.
>>1227397
>Date and have fun.
I want normies to leave
>>1227772
I'll add, 4x4s and trucks are probably the only vehicles capable of paying for themselves. Heavy, snow winter, some people can make good money using their trucks to plow snow. Taking garbage or moving/delivery, a truck could do it and be useful making you money.
>>1227744
>edgy to tell people they need to think on their own and not rely on others so much
Fucking hell what is this world coming to.
>>1227785
It was sort of a strong reaction though
>>1227722
Until you find someone you really enjoy being with and actually genuinely care a lot about. Shit sneaks up on you bro
>>1227888
What do you mean? If I really enjoy being with her and care about her then I won't pump and dump her. Seems pretty simple to me but I've only been doing this for a little while so share your wisdom
>>1226821
It's actually really simple, OP. Find a job or several jobs that you don't mind doing, maybe even enjoy a little (like working in a book store or whatever) and save as much money as possible. Live as frugally as you possibly can and save save save. Invest aggressively, just throw your money in index funds.
Try to get some enjoyment out of this life but you're going to be living like a poor student until about 35. By then, you should have 300-400K saved up. At that point you can save a little less and enjoy your money more. You still won't have flashy things, but it's okay, because by 40 you would have a good 700k. My friend did that. He's 38 and has 800k in his portfolio, all he has done is worked as a bartender and security guard. Me, on the other hand, I went to uni, got a 50k debt and earn only a tiny bit more than my friend and I hate my job anyway and now I have very little savings compared to him.
>>1227722
don't spend money on them
99.9999% of women are not worth your time or money. When you've made it in life it will be a little easier finding the worthwhile ones. For now, it's about the same probability as finding a unicorn
>>1227712
I'm glad to help. I didn't stress enough about frugality. Your income will always be rigid (hard to control), but your expenses are extremely flexible and only limited by yourself.
i.e. It's easier reduce your expenses a 30% than getting a 30% raise.
Somebody already mentioned lifestyle creep. If you focus on keeping a low-expense lifestyle you'll be better off than most people with higher incomes than yours.
>>1226988
I'm gonna take everything you say as utter bullshit. Don't offer advice in the first place if you're not willing to explain it, jackass. Fuck off and take your worthless, copy paste advice with you.
>>>>1227785
OP creates tread, asking for advice from multiple people, I'm assuming so he can then form a better personal understanding.
Everybody in thread has valuable convo, asking questions and providing answers.
Someone asks a question from you and your response is to "Google it"
Yup, everybody else needs to think on their own, you, you're golden...
Either this is a painful attempt at trolling, or you have absolutely no idea what you're saying
>>1226988
I respect this
>>1226961
this
