I have a little info, I have trained a lot of stock market guys, usually retired, and became friends with many of them. Individual stocks are a gamble, you want to invest in the market as a whole, this means mutual funds, ETFs, etc. Your money will grow with the market, which is generally a pretty good return over the long term.
Really appreciate everything single reply. Thank you. Now I know a starting point. Any books you trust anc recommend, even just to get me familiar? Thank you again.
Someone summarized it as follows:Well basically at the rate I'm going I'll have to wotk up until at least lunchtime on the day I die.
I agree. That's great you bought a car you could buy outright with cash. I don't have that kind of discipline. We buy cars and pay them off in 2 years or less. We also never carry a balance on our credit cards. The credit cards pay us to use them. I like that! We average about $45 a month back in cash. Free money.Someone summarized it as follows:
Focus
Stoicism
Time
Diversification
Stoicism is where I think most people have a problem. While there are a few exceptions, the most assured way to get rich is to live on MUCH less than you make and invest the rest (and an S&P 500 index fund is a great way to be diversified)!
I have a few things that I'll spend some money on, but in many other ways I'm extremely cheap. When my son started driving, I gave him the Honda Civic that we bought used and I paid $9,500 cash for a 2016 Nissan Sentra.
I'm 54 and our house is paid for, we have no debt, and my wife and I each save 15% of our salaries with another 3% saved by our employers.
S&P Index Fund - Unsure of posts like these, its' not so much an opinion but a fact until you have access to private wealth management etc. Real estate is ONLY fantastic when utilizing the 1031 deferral advantage and swapping in and out of properties with the right given market sentiment. Paying your cars/properties off is a different generation of wealth management advice and really is not the best advice. You pay 2.3% interest (a write off also) vs. dropping that money in the S&P making 11%... It makes legitimately zero sense not to leverage tangible properties/goods.As in no portfolio at this point.
S&P Index Fund - Unsure of posts like these, its' not so much an opinion but a fact until you have access to private wealth management etc. Real estate is ONLY fantastic when utilizing the 1031 deferral advantage and swapping in and out of properties with the right given market sentiment. Paying your cars/properties off is a different generation of wealth management advice and really is not the best advice. You pay 2.3% interest (a write off also) vs. dropping that money in the S&P making 11%... It makes legitimately zero sense not to leverage tangible properties/goods.
Good place to begin: https://www.bankrate.com/investing/best-index-funds/
Since the inception of the S&P in 1957 the average return has been just a hair shy of 11%.
What you really need to do - Establish how much you need to live off of at retirement. Plan for that being a 4% annual withdrawal from your fund. Figure out how much you need in that fund. Begin. IE if I need $200,000 at retirement (not including inflationary changes) I need a portfolio valued at 5M.
Here is a good compounding interest calc to help get you started. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Over 30 years - $20,000 initial deposit. Monthly contribution of $1,900. 11% aggregate interest rate you will have 4.995M