CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH

[Black Nate Grey]

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.

Surprisingly a lot of people have been telling me to buy some real estate.
Thank you and @BaldingSoHard I will take what you said into consideration

 

[Silkk]

Somebody told me invest in the contrafund, shyt been dropping all week

 

[Silkk]

@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.
.

 

[Black Nate Grey]

Lived rent free with my parents.
Uncle hooked me up with a mechanic job making about 22/hr
Did my damndest to not spend money on things I didnt 'need'. shyts hard I failed a couple times. Most expensive things I bought were
Car
Fridge
Grad gift
PS4 (I regret this, no good games after final fantasy 15 I'm going to try and throw videogames to the bushes, waste of time).

I realized I would most likely never again have the time and leisure to save money as I do now, so with my parents help I managed to do it.

I hope I don't fukk up though.

 

[Silkk]

Lived rent free with my parents.
Uncle hooked me up with a mechanic job making about 22/hr
Did my damndest to not spend money on things I didnt 'need'. shyts hard I failed a couple times. Most expensive things I bought were
Car
Fridge
Grad gift
PS4 (I regret this, no good games after final fantasy 15 I'm going to try and throw videogames to the bushes, waste of time).

I realized I would most likely never again have the time and leisure to save money as I do now, so with my parents help I managed to do it.

I hope I don't fukk up though.

Very good for 20.

At 20, i was at a bum ass sprint call center making 9.75 an hour

 

[Black Nate Grey]

Very good for 20.

At 20, i was at a bum ass sprint call center making 9.75 an hour

Nah but now you on the coli
The 6 certs, 6 figures, 6 series, 6 pawgs life awaits us all

 

[MillionMills]

Just opened a Roth IRA

 

[FatherSimp]

Bump useful thread here

 

[Skooby]

Just opened a Roth IRA

Good stuff!

Who did you go with? What fund(s) are you investing in?

 

[Wiles]

Aggressive as fukk. 93% stocks 7% bonds in 401k. 66% stocks 33% commodities in IRA. 90% stock 10% bonds in my other brokerage acct.

I'm only 36 so there's plenty of time to weather the coming crash.

Can u recommend some books to read for a younger breh..

 

[MillionMills]

Good stuff!

Who did you go with? What fund(s) are you investing in?

TD ameritrade

I just threw cash in there, I didn't select an investment yet. Got any ideas?

 

[Hijo de luna]

TD ameritrade

I just threw cash in there, I didn't select an investment yet. Got any ideas?

Energy/Oil. You might double or even triple your money by August. You definitely won't lose any.

 

[NormanConnors]

Good shyt breh. I think Betterment offers a ROTH IRA option as well if you don't wanna save the Vanguard minimum investment amount.

Just opened up one of these with betterment

 

[Skooby]

TD ameritrade

I just threw cash in there, I didn't select an investment yet. Got any ideas?

I don't really. I have had a Roth IRA for a few years now but I have always just invested in a target retirement fund (target retirement 2040 for me). They make sense to me since they self-allocate for you over time.

But I'm starting to think maybe I should diversify.

 

[Skooby]

Energy/Oil. You might double or even triple your money by August. You definitely won't lose any.

Ahhh..so you're the "The Official Financial Advisor of The Coli"...? lol

Question: I have a Roth IRA (with T Rowe Price) and I invest in a target retirement fund (2040). Are target date funds diversified enough or should I add another type of fund?

BTW, the expense ratio is .64