CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH

[BaldingSoHard]

If I were you, I'd start off with 10% into a thrift savings plan. And every year, increase it by about 2%. Adjust your way of living according to your deductions.

If you want a Roth, start with any brokerage firm (td Ameritrade, Fidelity, etc) and start there. Or call their customer service and let them walk you through it. You're 21, you have the opportunity to save hundreds of thousands of dollars and earn compound interest. They didn't have open forums like this when in was 21. They didn't teach us shyt, I've learned everything on my own. You having access to this knowledge is the biggest blessing. Since you are under 50, yearly you can contribute 5500k to your Roth account. And if in were you, I'd do it. Check out index funds through Vanguard as well. Their fees are low as hell. Fees and taxes is the name of the game. Unless you own individual stocks, and you only pay a transaction fee, depending on the firm. You are way ahead of the game bro. Make it happen. Also, go to YouTube and check out videos on roth Ira accounts. The benefit is for them to grow tax free. So when you are 59.5 years old and you have over 1 million dollars for retirement, all that bread is yours. Roth accounts are PRE TAXED. All of your investments grow tax free. I tell these young niccas all the time, don't buy Jordans nicca, buy NIKE STOCK.

This shyt is gospel, breh... . Keep spreading the word, educating the youth.

 

[Klyk21]

Subs

Going to open a Vanguard account soon

 

[theworldismine13]

subs

 

[Sunalmighty]

NIKE STOCK is killing it!!! I told these niccas 3 weeks ago buy the stock instead of Jordans. The earnings report comes out tomorrow. That shyt is on fire and the Olympics are this year and World Cup think 2018. Long term investment hold!!!

 

[Hijo de luna]

NIKE STOCK is killing it!!! I told these niccas 3 weeks ago buy the stock instead of Jordans. The earnings report comes out tomorrow. That shyt is on fire and the Olympics are this year and World Cup think 2018. Long term investment hold!!!

I almost bought some Nike a few months ago but instead bought up some cheap energy stock (ETE). I have it on good authority energy will rebound this year

 

[Sunalmighty]

I almost bought some Nike a few months ago but instead bought up some cheap energy stock (ETE). I have it on good authority energy will rebound this year

I'm gonna check out ETE

 

[Skooby]

Who do you all have your Roth IRA's with? Currently I'm with T Rowe Price...but their fees and expenses are too high so I'm looking to transfer.

 

[Apollo Creed]

Do you all follow the 10% income to 401k and Roth rule?

 

[Dolla$]

Who do you all have your Roth IRA's with? Currently I'm with T Rowe Price...but their fees and expenses are too high so I'm looking to transfer.

Fidelity

 

[Dolla$]

Do you all follow the 10% income to 401k and Roth rule?

I did before but scaled back to build up my emergency fund. But slowing going back

 

[Skooby]

I rolled about 10k from an old 401k into an Td Ameritrade Roth and have yet to even invest it in anything since their system tools are so diverse it's overwhelming.

I want to be aggressive with it, I'm 38.

Anyone have some good funds to just grab?

Did you ever invest in any funds?

 

[BiggWebb79]

Who do you all have your Roth IRA's with? Currently I'm with T Rowe Price...but their fees and expenses are too high so I'm looking to transfer.

I started one with my credit union

 

[Black Nate Grey]

@bdizzle @BaldingSoHard
Help me, your lil bro needs advice.
I'm 20 and over the past 2 years I've managed to save about 27k in my 'savings.
I didn't know what I wanted to do straight out of high school, so I worked for 2 years. Now that I've applied and been accepted to Uni, I decided I don't want to just sit on this money and use it as an emergency fund. I want to watch it grow.

- I've been living at home the past 2 years, my wonderful parents helped keep me disciplined and I lived rent free. I'll be moving out for the fall though.

-I have no debt. No credit cards just a debit card. I bought a $16,000 car in 2014 and it's completely paid off. I could have saved more but my spending habits could have been better, along with circumstances out of my control (bought my parents a new fridge when old one broke) but that's neither here nor there.

- I did the math and I should be able to reach 30k by August, and that's when I will quit my job.

So what I'm asking is for your wisdom in helping me make some decisions.
The problem is I'm a Canadian breh, our equivalent to the Roth IRA is the TFSA
(Tax Free Savings Account) which is basically the exact same thing but it is a lot more lenient as in I can take out the money at whatever time and age without a tax penalty. (Another reason why it's the GOAT country) I'm pretty sure the interest rate is less than a Roth IRA, I will double check.

Can I open and benefit from a betterment account even though I'm Canadian?

If it helps think of what you would do if you were in my exact situation at 20, what would you do?

You can PM if you want.

 

[↓R↑LYB]

@bdizzle @BaldingSoHard
Help me, your lil bro needs advice.
I'm 20 and over the past 2 years I've managed to save about 27k in my 'savings.
I didn't know what I wanted to do straight out of high school, so I worked for 2 years. Now that I've applied and been accepted to Uni, I decided I don't want to just sit on this money and use it as an emergency fund. I want to watch it grow.

- I've been living at home the past 2 years, my wonderful parents helped keep me disciplined and I lived rent free. I'll be moving out for the fall though.

-I have no debt. No credit cards just a debit card. I bought a $16,000 car in 2014 and it's completely paid off. I could have saved more but my spending habits could have been better, along with circumstances out of my control (bought my parents a new fridge when old one broke) but that's neither here nor there.

- I did the math and I should be able to reach 30k by August, and that's when I will quit my job.

So what I'm asking is for your wisdom in helping me make some decisions.
The problem is I'm a Canadian breh, our equivalent to the Roth IRA is the TFSA
(Tax Free Savings Account) which is basically the exact same thing but it is a lot more lenient as in I can take out the money at whatever time and age without a tax penalty. (Another reason why it's the GOAT country) I'm pretty sure the interest rate is less than a Roth IRA, I will double check.

Can I open and benefit from a betterment account even though I'm Canadian?

If it helps think of what you would do if you were in my exact situation at 20, what would you do?

You can PM if you want.

First off congrats on having enough discipline to save up that kinda money and staying out of debt. You're a million miles ahead of most people

If you don't have a retirement account, that's the first thing you should set up. I'm not familiar with Canada, but if TFSA is anything like the ROTH IRA in the US then I'd highly recommend it. After you're roth is funded (in the US the max is 5k/yr), start investing your money in the stock market. Find some no load mutual funds to invest in that has a good performance history, or if there's a company you believe in, buy a couple shares of their stock. I'm still kicking myself in the ass for not buying Apple stock right before the iPhone dropped. I had about 3k in the bank at the time and I knew it was gonna take off. That 3k would have grown to like 30k by now

Also I'd really recommend purchasing some real estate if you can afford the down payment and are ready for the responsibility. If I had the chance to do it over again, when I moved out I would have bought a duplex, lived in one side then rented out the other to pay for the mortgage.

 

[BaldingSoHard]

First off congrats on having enough discipline to save up that kinda money and staying out of debt. You're a million miles ahead of most people

If you don't have a retirement account, that's the first thing you should set up. I'm not familiar with Canada, but if TFSA is anything like the ROTH IRA in the US then I'd highly recommend it. After you're roth is funded (in the US the max is 5k/yr), start investing your money in the stock market. Find some no load mutual funds to invest in that has a good performance history, or if there's a company you believe in, buy a couple shares of their stock. I'm still kicking myself in the ass for not buying Apple stock right before the iPhone dropped. I had about 3k in the bank at the time and I knew it was gonna take off. That 3k would have grown to like 30k by now

Also I'd really recommend purchasing some real estate if you can afford the down payment and are ready for the responsibility. If I had the chance to do it over again, when I moved out I would have bought a duplex, lived in one side then rented out the other to pay for the mortgage.

Adding to this... I can't imagine being in your position at your age.

Paid off car with almost 30k in the bank and no debt? I'd probably have fukked that up .

Everything @bdizzle said was on point. Esp the part about the duplex.