Money Advice For Younger Guys

Cervantes

Woodpecker
I'm going to be the contrarian here, but here goes anyway:

1. Don't accumulate a lot of college debt. Go to a cheap school, get a degree in something practical.

2. Nobody gets rich by saving money. They do it by making smart investments. If you have no money when you start you should try to get som e at first by saving a little (like to get a down payment on a house). Stop scrimping and saving after you get your first $50k to use as an investment.

3. Buy a decent house in a good area and mortgage yourself to the max. Real estate is a great leveraged investment that can only lose in areas of rising diversity. Real estate is the safest way to short the dollar - a sure bet so long as (((bankers))) print money to serve themselves. At 5% down you're literally shorting the dollar at 20x leverage with very little downside risk - and you can actually live in your investment. It is even a tax advantaged investment since you don't pay taxes on interest paid.

4. Don't pre-pay your mortgage. (why would you want to unwind any of that 20x leveraged dollar short position?) Take extra any money and buy more real estate - rental property in a white area, land, commercial property. If you're a tradesman use it to buy equipment - a second van so you can hire a second crew, some specialized tool that gives you access to high paying specialized work etc.

5. Don't put your money into 401k. Even with matching. Your money will be locked into a limited pool of investments controlled by a pozzed financial corporation. Once it is in, you'll pay a penalty to get it out for great ideas like buying crypto, buying more real estate, investing in a business etc. You want to get surplus money out of their system so you can invest it in good practical things yourself.

6. Buy whatever car you can afford to pay cash for. Generally buy used unless you're rich enough it doesn't matter any more.

7. If you're a corporation drone: early on don't worry about salary. Get a job working for the best quality company you can - even if the job is lower tier and pays less. Just get exposure to the best people you can. The difference between earning 30k, 50k or 70k in the first 5 years will not matter that much if it gets you into a job tier paying $150k a few years earlier. Take a job with more potential to move up (e.g. has more management track potential) over one that doesn't regardless of compensation. Take responsibility for things that are outside of your job. You'll be surprised at how fast you'll get promoted. Compensation in corporations scales non-linearly. It's worth sacrificing early if it gets you into the higher tiers sooner. In good quality corporations or start ups always prefer stock over salary once salary meets your survival needs.

8. Prefer marrying a woman with low or no debt. Imagine spending years paying off a woman's college debt that she accumulated sleeping with other men for 4 years at college.

9. Marry a woman who wants to stay home and raise your children. Ideally you should be planning for 4+ children. Very few women earn more than the cost of having other people take care of 2 kids. It becomes very difficult to afford more than 2 kids with a working wife.

10. Don't marry a woman who is materialistic and spendy. Don't marry one that wants to know your salary, watch your bank account or wants to have any say in how you spend your money. Materialistic women will spend down every penny you earn on the absolute dumbest possible stuff. (But do spend liberally on the legitimate needs of a good woman who is a staying at home raising your children)
 
Study at a good university, take a hard undergrad and look at post-grad salary expectations, hardest subjects like computer science and biology, and physics, and chemistry. If you can get into grad school, definitely go, it's well known that the longer you study for the higher your salary. For example in Bermuda there is only 2 ways you can live there if you're not born there. I heard its crazy wild out there, but the only ways you can live there is if one, you buy property there, but the only houses for sale are in the top 10% of price, the other is to work there, but they need doctors and software if you can code. Cook at home when you can, and limit the amount you eat out, eat healthy as well. Exercise, play sports, this will keep you healthy and energetic. Work hard, read books on subjects that you find fascinating, keep good friends around that well help you achieve your goals. Take up hobbies to keep busy, invest your money in stocks as well, look for consistent stocks that will make you money in the long term. Make your days busy and try and learn different skills, and find high paying in demand jobs, Google the jobs that pay the best, do a career aptitude test to find a job that suits you best, understand your MBTI personality to help find your most suitable jobs, or the state and country best for you, I did a test and the states that came back for me were, Georgia, Washington, and New York. Georgia's economy is like Italy, so those are my skill sets. Jobs that are in demand now such as, physicians, civil engineers, software engineers, construction work, 3D printing technician, energy related jobs, nursing, statistician, mathematics. Math is very useful in every career so make sure you work on math skills, learn a programming language, like c++, c, java, ruby, R, swift, matlab etc. Software is very crucial because it is applied in every industry and every step of business processes require software.
 

Monty_Brogan

Woodpecker
Gold Member
I'm going to be the contrarian here, but here goes anyway:

1. Don't accumulate a lot of college debt. Go to a cheap school, get a degree in something practical.

2. Nobody gets rich by saving money. They do it by making smart investments. If you have no money when you start you should try to get som e at first by saving a little (like to get a down payment on a house). Stop scrimping and saving after you get your first $50k to use as an investment.

3. Buy a decent house in a good area and mortgage yourself to the max. Real estate is a great leveraged investment that can only lose in areas of rising diversity. Real estate is the safest way to short the dollar - a sure bet so long as (((bankers))) print money to serve themselves. At 5% down you're literally shorting the dollar at 20x leverage with very little downside risk - and you can actually live in your investment. It is even a tax advantaged investment since you don't pay taxes on interest paid.

4. Don't pre-pay your mortgage. (why would you want to unwind any of that 20x leveraged dollar short position?) Take extra any money and buy more real estate - rental property in a white area, land, commercial property. If you're a tradesman use it to buy equipment - a second van so you can hire a second crew, some specialized tool that gives you access to high paying specialized work etc.

5. Don't put your money into 401k. Even with matching. Your money will be locked into a limited pool of investments controlled by a pozzed financial corporation. Once it is in, you'll pay a penalty to get it out for great ideas like buying crypto, buying more real estate, investing in a business etc. You want to get surplus money out of their system so you can invest it in good practical things yourself.

6. Buy whatever car you can afford to pay cash for. Generally buy used unless you're rich enough it doesn't matter any more.

7. If you're a corporation drone: early on don't worry about salary. Get a job working for the best quality company you can - even if the job is lower tier and pays less. Just get exposure to the best people you can. The difference between earning 30k, 50k or 70k in the first 5 years will not matter that much if it gets you into a job tier paying $150k a few years earlier. Take a job with more potential to move up (e.g. has more management track potential) over one that doesn't regardless of compensation. Take responsibility for things that are outside of your job. You'll be surprised at how fast you'll get promoted. Compensation in corporations scales non-linearly. It's worth sacrificing early if it gets you into the higher tiers sooner. In good quality corporations or start ups always prefer stock over salary once salary meets your survival needs.

8. Prefer marrying a woman with low or no debt. Imagine spending years paying off a woman's college debt that she accumulated sleeping with other men for 4 years at college.

9. Marry a woman who wants to stay home and raise your children. Ideally you should be planning for 4+ children. Very few women earn more than the cost of having other people take care of 2 kids. It becomes very difficult to afford more than 2 kids with a working wife.

10. Don't marry a woman who is materialistic and spendy. Don't marry one that wants to know your salary, watch your bank account or wants to have any say in how you spend your money. Materialistic women will spend down every penny you earn on the absolute dumbest possible stuff. (But do spend liberally on the legitimate needs of a good woman who is a staying at home raising your children)

This is some of the best hard-hitting Heritage American advice I’ve ever read. Roosh needs to put it on the front page for young bucks.

I was always skeptical of 401ks and thought they were a racket, this was even before I was complete aware of (((()))). I’m a tradesman and all the older men I work with always brag about how much they’re putting in their 401ks and I just grin on the outside.

I married the perfect woman for me, and even though she’s left leaning -which woman isn’t these days? She still has my back. She is also a stay at home mom and loves it. It’s very tough on her caring for a young baby, but I couldn’t fathom dropping my kid off at daycare in the morning.

On a personal level, I just need to figure out an investment. You’ve made some good points though!
 

C-Note

Ostrich
Gold Member
I was always skeptical of 401ks and thought they were a racket, this was even before I was complete aware of (((()))). I’m a tradesman and all the older men I work with always brag about how much they’re putting in their 401ks and I just grin on the outside.

On a personal level, I just need to figure out an investment. You’ve made some good points though!
My 401k was basically flat for 12 years while the market went up and down from 1999-2012. However, with the huge bull market since then it has more-or-less doubled in value, including the matching. You do have some control on how your money is invested, and I've basically used mine as a total stock market index fund. So, I'm happy with what it has done for me.

I understand, however, the reasoning behind putting that money instead into investments with higher return potential, such as real estate or bitcoin. If you want to have a chance at real wealth, as in being worth more than $3 million by the time you're 40 years old, a 401k isn't going to cut it. A 401k will get you to about $2 million in 30 years, if you max it out. So, if you want more than that, then I agree that a 401k is not your best option.
 
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paninaro

Pelican
401ks vary widely based on employer. Some give you a small menu of funds to choose from, and others let you buy any stock listed on the market if you like. Don't avoid 401ks automatically -- look into the details before making a decision.

Compared to taking the money and investing using a usual brokerage account, here are the benefits of a 401k:
  • Your employer may match your contribution, so you double your money invested for "free".
  • The money you put in is pre-tax
  • No tax on dividends until you take a distribution. This is likely to be when you are older and probably retired so you'll be in a lower tax bracket.
  • 401k assets generally cannot be seized by creditors (because it's an ERISA)

The big drawback to a 401k is there are huge limitations and penalties on withdrawals before you reach 59 1/2 years old. If it's a long-term investment, then that may be OK though.

In short, research carefully exactly what options you have with your 401k -- some are better than others -- and think closely about tax benefits. A lot of investors never consider tax implications of their investments and a good tax strategy can add another 1-2% overall return easily. Some examples are tax loss harvesting and making charitable donations of appreciated stock instead of cash.
 

Coja Petrus Uscan

Hummingbird
Gold Member
3. Buy a decent house in a good area and mortgage yourself to the max. Real estate is a great leveraged investment that can only lose in areas of rising diversity. Real estate is the safest way to short the dollar - a sure bet so long as (((bankers))) print money to serve themselves. At 5% down you're literally shorting the dollar at 20x leverage with very little downside risk - and you can actually live in your investment. It is even a tax advantaged investment since you don't pay taxes on interest paid.

What would be your take on my situation.

I am going to be living between two countries, bar intervention from Claus Schwab. I want to buy a property in both and am highly averse to renting, which I have never done.

In one I may require to have a permanent address (ownership or min. 12 months rental contract). I probably won't live there that much and if I get a rental it will be temporary before buying something next year, when I will have more money. Something in an area I'd want to live will be $100,000 to buy. You can get them for $80,000 in good, but out of the way areas which will leave me isolated and having to take lengthy journeys to get anywhere. These would not be properties I would want to stay in long-term and I'm not overly keen on looking into rental options for lower-end units

I am also eyeing two other units, which I would live in a bit, but would be used for vacation rentals most of the time. There are two options: a studio, which would net about $19,000 for rental and a two-bedroom, which would net $40,000. The studio has a much higher ROI, but it would not be long-term, the two bedroom would.

So here I am looking at either putting off buying until next year, in which case I might need to get a rental which will be empty for a considerable portion of time; buy a small unit temporarily and use it as a vacation rental (won't turn much cash); buy a better small unit temporarily (which could be a long-term good vacation rental); or just buy what I want straight away.

Then I am looking at a large house with land in a much cheaper country. This will be in the future, not this year, maybe next or the year after. That would be my primary residence.

Though I can afford to buy, I have considered getting mortgages as the interest rate is about 2.7% USD-pegged. The main reason is I get much higher interest than 2.7% and could pay for the apartment via either vacation rental income or via my other interest or my usual income or unused savings.

On the primary residence I don't know what mortgage options there are, but I don't want to buy in a single payment as I don't trust the financial bodies in question, so I'd be looking to pay it in installments, just for safety.
 

paninaro

Pelican
I am going to be living between two countries, bar intervention from Claus Schwab. I want to buy a property in both and am highly averse to renting, which I have never done.

Though I can afford to buy, I have considered getting mortgages as the interest rate is about 2.7% USD-pegged. The main reason is I get much higher interest than 2.7% and could pay for the apartment via either vacation rental income or via my other interest or my usual income or unused savings.

On the primary residence I don't know what mortgage options there are, but I don't want to buy in a single payment as I don't trust the financial bodies in question, so I'd be looking to pay it in installments, just for safety.

Have you actually talked to mortgage brokers in both countries to see if they will even lend to you? A lot of banks are very hesitant to lend to a "foreigner" (non-permanent resident) with no steady, verifiable income from the country they want to buy in.
 

Coja Petrus Uscan

Hummingbird
Gold Member
Have you actually talked to mortgage brokers in both countries to see if they will even lend to you? A lot of banks are very hesitant to lend to a "foreigner" (non-permanent resident) with no steady, verifiable income from the country they want to buy in.

Country 1) I am resident; I can provide proof of funds, but it does not make sense to buy outright when money earns more. ROI on rental is 9%, while a mortgage is 2.7%. Though I am very averse to debt.

Country 2) I think the best option is to buy an old home and then build a new one into it, that way it can be paid for in installments, avoiding the risk of one large transfer into the country.
 
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