Is there any point in living frugally and saving up any cent intentionally when you are young and your income is around $1000?
Let's see. If that's your income, you'd save up 200-300 bucks a month, or around 2500 a year. In ten years, you'll have $25k saved, maybe with some investements it would be more. However, any white person earns that in a couple of months when they're 30, maybe half a year. So, why?
Also had a "cheap trip" a few days ago, it was pure shit. Shitty hostels, trains, cutting costs, etc.
Bump 2
>>1134014
the sooner you start saving the sooner you'll be rich and can retire.
good investments grow exponentially. One penny doubled every day becomes well over a million after just a month.
>>1134014
No, there isn't and you're correct.
Having an emergency fund is all that you should care about. Saving money to invest is a total waste of your time. You will never have enough to make a lot of money. Investors invest because they have a lot of money to invest so that they make a lot of money back.
You're so far better off saving the money so that you have money. You're barely have any money. Why would you go put it into an investment and take it out of your hands? I'm not trying to insult the OP, but how do you guys think investors operate? They're not putting every penny they have into something. If you don't even have an emergency fund or have to worry about paying for food/shelter in even the slightest, then you shouldn't even be thinking about investing. INVESTING, who the fuck do you people think you are with your $5,000, as if any company is going to think that your amazing $12,000 that you've been saving up is going to truly impact them in any noticeable way.
People want investors because they have lots of money. That's why investors exist. You don't become an investor unless you have lots of money. IF you put your $2,000 into crypto and being as volatile as it is, you make our with $8,000 then good for you, that's great. You're still not going to make enough for anyone to take you seriously and you'll be doing yourself a huge responsible favor by just saving your fucking cash so that you don't have to worry about going homeless and dying of starvation because you lost your job at the local mall for two weeks.
Let me say one more time to the idiots on here that keep posting that same shitty thread over and over that we all hate... Unless you have the dumbest, most retarded luck that anyone has had on this entire planet,
NO, YOU WILL NOT BECOME RICH OR WEALTHY FROM "INVESTING" YOUR UNDER $1,000,000 SUM OF MONEY INTO X INVESTMENT OPPORTUNITY. IT'S NOT HAPPENING. SAVE YOUR MONEY YOU FUCKING IDIOTS. READ A BOOK. STOP BEING STUPID!
>>1134014
Compound interest, my friend. Try to open up a stable portfolio and put away those 2.5k per year into good long-term bonds. If you do that instead of saving, you won't end up with 25k, but rather somewhere around 40k.
>>1134014
its not so much about the amount as it is about developing habits imo. If you do not know how to save and grow some couple hundred, all you practice is spending, then how will you magically be able topull that off with bigger sums?
>>1134097
Foolish post. The only correct point is that you need an emergency fund of 5 to 10k, this is correct. But having more money just lying around is useless. It will just get eaten away by inflation. Think about it, OP. Getting 3 to 6% of compounded interest per year or losing 1% of your money.
>>1134105
You're not going to beat inflation this way. Good luck getting 7% per year while you're inexperienced, let alone passively. Experienced, real investors aim for that shit and you think that you'll just pull it off because you're you? You people have such a narrow, fantasy-land understanding of finance it's ridiculous. You'll beat inflation very easily at the sub-million dollar level by having a job at all, genius.
If $5,000-$10,000 is all you have in your emergency fund, you might as well kill yourself now and get it over with.
>>1134161
Youre not beating inflation by NOT investing either. Lol.
>>1134161
What is your deal? You talk absolute rubbish. Inflation averages at 1% and parking money into bonds doesn't need experience. We are not talking about stocks here. This 1% is also 1%, no matter if you make 1k or 1m. So any cash just being in your bank gets slowly chipped away, that's why you invest it. How large your emergency fund should be depends on your location. I could survive an entire year with 10k, so having more than that is useless.
>>1134076
How do I get 100% interest compounding daily for a month?
>>1134014
The point is developing investment skills with amounts that seem a lot to you at the time, but are actually tiny in the big scheme of things.
Especially the experience of losing money is relevant. Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by reading about it. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures.
You need to do this, so you don't fuck up when it's your turn to invest relevant amounts
Better to lose $5000 than $50k or $500k.
>>1134161
You're being too emotional to take seriously
>>1134335
this is why I buy ethereum
>>1134014
If you have the frame of mind required to save money when young, you're most likely a pretty well-rounded person, who thinks ahead, and can refrain from letting his base instincts control his/her life and wants to keep moving upwards.
People like that do not earn $1000 for ten years. The discipline and rigor you develop when saving young is what will bring in the money later on in life, through job promotion and good decision-making skills. It's not about the digits, it's about training yourself.
>>1134014
honestly, i made about 1300/month and had anything to show for it when i was 16-20.
I barely had anything to show for it and wish i saved my money instead of spending it on shit tier clothing id wear once and fast food. Although I have no school debt or anything
