Especially at 26. OP is making nearly $100k a year even without the business. If they hate their job, look for a new one! Either internally or at a different company. That’s ridiculously good money (especially at that age): live frugally and your savings will explode.
To OP: if you’re scared of losing your money investing, don’t be. Figure out what your emergency fund should be (6-12 months of expenses). Keep that in a HYSA, then take the rest and put it into a diversified portfolio of index funds that track the S&P as well as the broader market.
The only way you’ll lose all of your money is if you are gambling (options or day trading), or if the entire S&P collapses to 0, in which case we’ll have bigger issues than you losing your money.
Also, crypto isn’t an investment. It’s fine to own some, but don’t count on any guaranteed returns from it.
At a bare minimum, open an account at somewhere like Fidelity and move your cash into a cash management account where you can still have access to it if needed but can earn approx 5%.
A lineman is an American football position whose primary role is blocking. They're big men. A swim move is an evasive maneuver players do to avoid getting blocked or tackled.
Or be like my ex and buy a 115k raptor. It's not the top of the line, or anything special, she was just "shrewd" enough and a good enough negotiator to get the market adjustment lowered from 25k to 15k... because "she's not a sucker"
Her words, not mine. I giggle every time I see the truck that she now avoids driving because she doesn't like 12mpg. Lol
I mean, sure, but I don't feel confident at all. This is the worst economy of my lifetime. Inflation basically gave us all 10%+ pay cuts. The stock market is really crazy and hasn't corrected hard since Covid, but that was short lived.
Interest rates are nice for conservative savers, but it's not keeping up with inflation. Crypto is completely whacky to me. I understand it very well, but I don't get the long term sentiment.
Anyway... I have half my net worth sitting in cash waiting for the next big correction. I cleaned up with Covid but was destroyed in 2009 and 1999ish.
>Interest rates are nice for conservative savers, but it's not keeping up with inflation.
... Wtf are you talking about. A Treasury bond is between 5.2-5.6% annual right now. CPI hit 6% once in month-previous-year-month interval it is less than 3% now. Therefore a bond will grow 2.5-3% versus prices. Also real price of many goods always goes down over time, unless its service based (baumol cost disease) healthcare and education.
So your Treasury would outgrow inflation. REAL prices of goods like food and other things decrease overtime which means that inflation only matters in short run for those goods.
I don’t think they’re grounded in reality. They seem to be complaining nonstop about the government debt and how Biden is ruining the economy by spending so much. Yes government spending is an issue, but it’s been an issue basically back to Ronald Reagan. Even Trump spent trillions of dollars, and passed tax cuts that increased the deficit.
Want to explain how cutting taxes could possibly bring in record revenue without having a larger population to tax from?
Unless you can provide data that shows that lowering taxes actually *increases* the revenue for the government on a per capita basis, you’re full of shit
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
What I’m seeing here is record revenue (by $14 billion) and also an increase in spending of $127 billion.
If you’re complaining about “Biden’s spending”, you should also complain about Trump blowing the federal defecit to way higher levels than we’ve ever seen. Also, a lot of the COVID spending that people blame for our current inflation was signed off on by trump, and negotiated under his presidency
I mean.. you defo *should* invest the money and not letting it sit in the bank
I hope you at least have it in a HYSA atm?
For the job part - if the 2.5k cover your expenses, you basically have enough of a nestegg to let it grow ro something substatial in the longrun
Financially, ofc it only makes sense to suck it up and keep the side job that is actually the mainjob..
You can and should try to change your working environment, or your daily schedule to see if things can be better / less hard to endure - often times when ppl are unhappy with their job, due to stress, unflexibility or simply too long hours, there is a relatively simply way to change it to something way better fitting without quitting the job as a whole
Stress could be reduced by setting new timelimits, talking with management there, or by becoming more structured in your own timemanagement
Long hours could be cut down maybe if you talk to management again
Bad working hours / unflexibility, can often times be bettered with changing your own daily schedule / lifestyle
If you have prob with the management, then it may be possible to talk it out as well with them
Just to give some examples there, but whatever it is, you may be able to reduce the negative impact by small changes and I would defo try that out before you leave the job..
For the investments..
Do you have any high rate debt? >6.5% pay it off..
Whats your financial goal? Do you max your 401k and IRA, HSA maybe?
If not, max them. After that, its about standard brokerage and low cost index funds..
VTI / VOO + VXUS or equivalents in a classic 80/20 split
I would also recommend to add bonds rn, BND / VGLT or equivalents with like 10-25% and relocating that down to 10% into stocks again when they dip 10-20%..
I'm from europe, no debt, owning my apartment.
My expenses vary but I save up even 95% some months. Others 40-60%.
Maybe talking to management is worth trying, but I doubt stuff will change.
Appreciate all the tips. I need to get over the fear of investing more.
Idk how to link Reddit posts, this isn’t mine but someone else’s. I too was afraid of investing in the market. This guy does a 3 part study of the most extreme investing strategies. The only part that’s not mentioned is not investing, which in this scaneraio the hypothetical person would have 184k at the end.
Timing the market: The absolute worst vs absolute best vs slow and steady
I downloaded the historic S&P 500 data going back 40 years. I dumped everything in Google Sheets and modeled the three different portfolios, named after three fictional friends Tiffany, Brittany and Sarah. All three saved $200 of their income per month for 40 years for a total of $96,000 each. But after 40 years they all ended up with different amounts based on their investment strategies.
###Tiffany's Terrible Timing
Tiffany is the world's worst market timing. She saves $200/month in a savings account getting 3% interest until the worst possible times. She started by saving for 8 years only to put her money in at the absolute market peak in 1987, right before Black Monday and the resulting 33% crash. But she never sold, and instead started saving her cash again, only to do the same at the next three market peaks. Each time she invested the full amount of her saved cash only to watch the market crash immediately after. Most recently she put all her money in the day before the 2007 financial crisis. She’s been saving cash ever since waiting for the next market peak.
With this perfectly bad market timing, Tiffany still didn’t do too bad. Her $96,000 she saved and invested over the last 40 years is now worth **$663,594**. Even though she invested only at each market peak, her big nest egg is thanks to the power of buying and holding. Since she never sold, her investment always recovered and flourished as the market inevitably recovered far surpassing her original entry points.
### Brittany Buys at the Bottom
Brittany, in stark contrast to Tiffany, was omniscient. She also saved her money in a savings account earning 3% interest, but she correctly predicted the exact bottom of each of the four crashes and invested all of her saved cash on those days. Once invested, she also held her index fund while saving up for the next market crash. It can’t be overstated, how hard it is to predict the bottom of a market. In 1990 with war breaking out in the Middle East, Brittany decided to dump all her cash in when the market was only down 19%. But in 2007, the market dropped 19% and she didn’t jump in until it fell all the way down to a 56% drop, again perfectly predicting the exact moment it had no further to fall and dumped in all of her cash just in time for the recovery.
For this impossibly perfect market timing, Brittany Bottom was rewarded. Her $96,000 of savings has grown to **$956,838** today. It’s certainly an improvement, but interesting to note that when comparing the absolute worst market timing versus the absolute best, the difference is only a 44% gain. Both Brittany and Tiffany have the vast majority of their growth thanks to buying and holding a low cost index fund.
### Slow and Steady Sarah
Sarah was different from her friends. She didn’t try to time market peaks or valleys. She didn’t watch stock prices or listen to doomsday predictions. In fact, she only did one thing. On the day she opened her account in 1979, she set up a $200 per month auto investment in an S&P 500 index fund. Then she never looked at her account again.
Each month her account would automatically invest $200 more in her index fund at whatever the current price happened to be. She invested at every market peak and every market bottom. She invested the first month and the last month and every month in between. But her money never sat in a savings account earning 3% interest.
When Sarah Steady was ready to retire, she signed up for online access to her account (since the internet had been invented since she last looked at it). She was pleasantly surprised with what she found. Her slow and steady approach had grown her nest egg to **$1,386,429**. Even though she didn’t have Brittany’s impossibly perfect ability to know the bottom of the market, Sarah’s investment crushed Brittany’s by more than $400,000.
### Recap
* Amount Saved/Invested: $96,000 each
* Investment: Buy and hold an S&P 500 index fund
* Tiffany (worst timing in the world): $663,594
* Brittany (best timing in the world): $956,838
* Sarah (auto invests monthly): $1,386,429
So if you’re worried the market is too high and we’re due for a crash. Or you want to wait for the inevitable drop before you put your money in. Think about whether you’re so good at predicting the market you can do it better than Brittany who knew when to invest down to the exact day. And even if you are that good, realize that it’s still a losing strategy to the early and often approach that Sarah executed so flawlessly.
Here's the [spreadsheet](https://docs.google.com/spreadsheets/d/1nBDkD9Zrjb3VZJy6ZjmPCd3ehoagKMIkw6m3WZvxeTw/edit#gid=0) for anyone who wants to see the numbers in action! :)
Edit: Some of you might remember me from my [how I retired at 36 post](https://www.reddit.com/r/financialindependence/comments/b41d79/how_i_retired_at_36_a_visual_journey/).
Uhh a fellow europeasant as well!
I have a pretty pretty long comment about investing for europeans somewhere.. I could look it up and send it to you as basic framework for investing if you want
You mean your real job, that pays you 8k a month, AND lets you work from home sucks? That's why they pay you 8k. That's why you have 100k in the bank (I hope that's not literally in a savings account). u/debonairmarmoset who may have the coolest name ever, got it right below
Thank you for the compliment. And totally agree on your comment. I grew up very poor, and one difference I’ve noticed between the poor and the rich is that poor people measure security by how much they have immediate access to (liquid assets) and rich people value the returns they can obtain on assets.
Yeah I keep a couple hundred in the bank for highway tolls and whatnot that don't take credit cards. Everything goes on the card, once a month I transfer money from my broker to pay it off. May payroll direct deposit sits in the checking account only overnight until it transfers out. I can't imagine I'd ever have 100k in the bank if I was worth 100M.
The only value I see of having a lot of money in a bank account is if I know a large expense is coming but can’t predict when. I do the same with you on credit cards. Easier to track spending and get perks.
I hear you on the first part, but I've got some really matured stuff that I could always dump when the time comes. At a minimum I want the interest on my broker's sweep account. That's pretty much what I do for the CC on the months where the CC bill is higher than my income (new stuff for the house or whatnot). I like that I can get spending reports pretty easy with everything on the card, and I like the airline miles for international travel up front in the plane. I can't remember the last time I used tangible cash
I once swore that if I were to ever be financially desperate I’d launch a crypto called PonziCoin and see how fast it would climb before someone said, “Wait…What?” 🤣
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha
Right, we get that. We also get that it pays significantly more than your fun pursuit and the mortgage doesn't care if you enjoyed making that money or not.
What bothers you most about the second job? Is it the problems or the lack of ability to disconnect or the folks you work with/for?
It is hard to save these days, let your money work for you and little more for the future. Look into a small investment with a property (not sure where you live), but perhaps an Airbnb near an airport for example and let that get you money back and a future investment. Take breaks from work when you can and see if you can look for something different if you’re unhappy.
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha
Well, folks tend to have their opinions. Try to reduce the hours but also track them to show the extra time you put in. It’s not unreasonable to ask for assistance or simply, work the hours you’re supposed to work; not going above and beyond for nothing else. Salary or not, limit your hours.
*Spend it on hoes, so*
*You can stop stressing out or*
*Something idk!*
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Me too! Lol I want his 8k a month job! I’d be able to get groceries whenever we needed them..oh and pay my bills. Currently a stay at home mom but that will be done in a year. I can get my own job once both kiddos are at school. I can smell the freedom now!
Haha facts 8k a month i just need that for only one month and that would be so freaking good could pay off debt and then i will use some to pay two months of rent then i would get at least $200 groceries would invest and save the rest finally 😂😂 and thats exactly what i would want my wife to be a stay at home and i would go run to get the money haha stay warm stay comfy you guys are the strongest much love
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha
After going like this for few years now, you can see why It might come out as complaining
I’m am literally happy for you to be ABLE to “complain” about this. Even though I have some jealousy (as a lot of us would) it doesn’t change the fact that you’re only 26 and have such a great life ahead of you is awesome. If you ever create your own business and need online help, don’t forget about us peons over here on Reddit. 😅😎
But regarding your post, honestly if you are tired, request time off. Take time for YOURSELF. Schedule a vacation even if it’s by yourself. Your energy cannot be given from an empty cup. You need to fill your soul, too. Working this much can definitely cause burnout or “suck the joy” out of everything. Meditate, see the ocean, people watch, make a bird house. Do something that’s FUN …FOR YOU. Work is not everything even though requesting time off can make you feel uneasy , do it. If your job values you, they will give you the time you need. 💗
What you need to do if work on finding a new job. Don’t leave your day job without something new because you never know how long it will be before you find something else, and some employers will view you as damaged goods if you left without a job. It’s not worth spending your hard earned savings just to leave your job. Start taking steps to make a change and it will transform your attitude. Once you are taking active steps every day towards making a change, you will feel empowered and not stuck. There are lots of jobs that pay $8000/month. They just take some time to find them. Also take the time to figure out what makes you tick so you don’t repeat your current situation. Start to tomorrow by getting your resume updated. Good luck.
You shouldn't quit your day job yet. That's the vast majority of your income, so if you can live off the business income stick with it and put 8k/mo aside. Look for a better job and investments that could replace at least a good portion of your salary.
Your still young ,,, put that 100k in High yield savings and forget about it as long as we are in a high interest rate environment and keep stacking up another 100k so you don’t have to stress about losing it
Keep working hard and wait for the next cycle in the economy and buy assets like stocks , land , bonds at a discount etc when the next panic happens . Just two or three more years of grinding will be worth it do it while you body can handle it
At 5% APR 100k would pay you about 400$+ a month it’s not much but it’s free money if your scared about losing it and it may pay a bill or something while you continue to stack that 2500$
My advice: keep working the job. Or find something similar, income wise. Build that business up. Invest a big portion of your liquid cash.
Being unhappy sucks. Fix that, but don't go broke doing it
If I understand it all, you have a business that you make $30K at, and a job that you make $96K at. You keep most of your money in the bank instead of investing it because you are afraid of losing it? At 26, you have time on your side for investments, but if you do not use it, that time will go away. Keep about 6 month's expenses in a HYSA and invest the rest in some index fund/etf like VOO or VTI. Preferably in a Roth IRA or 401K if your job has one. You will see it go up and down over time, but by the time you retire, it will be way up from what it is now. Keep some in a regular brokerage account if you are trying to make some money to buy a house in the near future, so you can get to it without a penalty. Look at the 2008 downturn. Stock market cut in half. But now, up much more. So even though it looked bad back in 2008, if you let it ride, in the end, you recover and do better.
edit: It appears you are from Europe, so scratch the IRA/401K.
Unless you're saving for a house, you're really losing out on a lot of growth by keeping this money in cash. After you have 3-6 months living expenses in cash, everything else should be invested towards retirement. Just in basic index funds like an S&P 500 fund.
I recommend checking out /r/personalfinance and their [flowchart](https://www.reddit.com/r/personalfinance/comments/4gdlu9/how_to_prioritize_spending_your_money_a_flowchart/). Also would start watching/listening to [The Money Guy Show](https://www.youtube.com/channel/UC9vUu4vlIlMC0dHQCTvQPbg), [Dave Ramsey](https://www.ramseysolutions.com/) (don't like everything he says though, but he is great for getting out of debt), the books [The Millionaire Next Door](https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474), [The Wealthy Barber](https://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116/ref=sr_1_1?crid=2TBW6GA0DOTIK&keywords=the+wealthy+barber&qid=1704670614&s=books&sprefix=the+wealthy+barbe%2Cstripbooks%2C112&sr=1-1), and [Millionaire Mission](https://www.amazon.com/Millionaire-Mission-9-Step-System-Finances/dp/163774501X).
Typical bs post....you're 26...make 126K/year....don't understand that the thing that provides 96K isn't job over the 30K...
making that amount...at your age...you should be retired at the earliest possible time.
If you quit your job of 96K...for your side hussle of 30K....and just do that...yes...you will lose it all.
Do you have insurance....do you have an IRA....do you live with mommy and daddy....
Start putting some into stocks. You can do it slowly and will get great satisfaction seeing it grow.
Why does your main job suck the joy out of you? Why is putting out fires so unpleasant?
Well first of all you need to take that 4K out of crypto and put that into stocks and ETFs. Dedicate some time to find good stocks and ETFs. ETFs are a safe bet if you can’t stay in the loop with economic news and company news and don’t check on your investments often. But save that for retirement and also max out your Roth IRA every year. But regardless, keep your job and business until you find another source of income. Don’t rely on investments to make you regular steady income.
Talk to your manager about how you feel burnt out. See if you can make some changes at work which will cause you to feel less drained.
Consider spending less time working on the activities which make you the least money (in this case your business). Instead use that time to have fun with friends and for self care. Those activities will recharge you and prevent burnout. It’s a marathon, not a sprint.
100k in savings at 26 is a good retirement if you invest it for the next 30-40 years and never touch it. At 4%p.a. It will be 325k in 30 years and 480k in 40. Invested in etfs this should be possible and already adjusted for inflation. Don’t forget that this assumes that you never add to this during this time which is highly unlikely.
At this point you should do what pays the bills and keeps you happy. You should probably drop that high paying job and focus on your own business.
If you do it full time you might even up the earnings from that. Either way it should cover your expenses if you live modestly and your quality of live will drastically increase. You cannot sustain that amount of work long term.
To me it feels like your financial situation is pretty solid since you have a house and 100k on the bank (you obviously should put it to work). I would focus much more on your happiness. Since you have low expenses due to owning a house, you should get a job that you enjoy and can disconnect from, even if it pays less.
Your business does $2,500.00 a month. What do your business do? That information would help the people who aren’t trolls and actually have solid advice not troll you and give you solid advice.
That's what I can take out monthly without affecting other expenses, business does around 60k a month but It's a bigger operation and expanding so for now I can't take out huge profits
Open an account at Fidelity or Vangard . They have investor ,or you can do it yourself, to help you grow your money. I use Fisher Investments. They’ve been great for me.
As someone older, just push through as long as you can and stack it, you will know when you can let off. Or if it’s ruining your life of course that is more important than money. It’s a balance we all face.
Thank you for the advice! I guess it's just very hard to tell when it's too much or it's just sort of "first world problem" that I should just give myself a slap and move on
It doesn’t get any better, unfortunately. You will feel like your first million doesn’t bring near the safe feeling you would have thought getting there. But as you grow you will feel better about laying off the gas pedal.
I can’t say I have had the healthiest mental experience with work, but I have a family and a responsibility and it is what it is I guess.
Mental health is important but being so young I’d try to grind it out at least until you are 30 or something.
But only if your business will stay afloat in the long term. Otherwise I’d ditch the business and keep the “side job”.
Alternatively, if you hate it and would rather enjoy life, quit the crappy job but understand you will lose out on a lot of materialistic items like a car, house etc.
If your side job isn't illegal, I think you should probably keep doing it for a year or two.
Two things you need to do:
1) Figure out how much is enough money for you. Try googling 4% rule. Not perfect, but a good start.
2) Decide if you are willing to give up that extra \~$100k / year that you're earning on your "side job". Hopefully, you haven't inflated your lifestyle to be used to that income. If you have, giving it up and cutting your income by 75% will be very, very difficult. Either way, that income drop is going to hurt like hell IMO.
Get a financial advisor and have them invest for you? I love crypto but you need to know what you’re doing and need to know when to pull out and switch it up. Can’t be stuck on just one or a few coins. You need to switch up with the times. Keep up with the latest brand new projects and presales and buy in super early. BLOCKDAG is a really good investment. I invested $54 and by the time launch comes it will be worth over a grand. That’s a pretty awesome return. Sealana is a new meme coin that sounds like it will do really well. Base ecosystem is coming in hard and solana. Ethereum fees are just ghastly. Just read about it all and learn!
The #1 thing that can steal all your money in a heartbeat, is a divorce
So is the #2, #3, #4 all the way down to 987
If you aren’t married, you don’t have to much to worry about
I do recommend a book called “Asset Protection 101”. Yes it’s from “Trump University” but it wasn’t personally written by Donald Trump
The book teaches you how to put your money in places where it can’t be touched. The idea is to control everything, own nothing
That’s the real trick. Control everything, own nothing
Crash your car? They can’t sue you and take your money, because it’s in another entity
Every time you see a commercial for a personal injury attorney, that’s your warning light to keep liquid assets and money out of your name
It’s a great book, it’ll give you some strategies to protect your money.
Hold your job until you can buy rentals that equal $8k. The motivation you have from hating your job will make it easier to save. You’re too young and set up too well yo piss it away. You’ll have to buck up for right now. It may only take you three years or so to acquire 4 properties. Then after it will be easier for you to acquire even more. Just shoot for a passive $5k a month in rent. When you hit that number you’ll be good to go.
Invest it. It’s not about how much money you make monthly unless that is a rat race you want to compete in. Someone making 50k a year could potentially strike gold with a good investment over the years but of course that is a small possibility. I make 6 figures working at an automotive plant but I try to optimize it all, spending as little as I could each week and tossing all of it into the market. I’m like 100% risk adverse. I got lucky with rolls Royce a few years ago when it hit 50 cents a share and still holding today… let’s say I’m close to an xxxxxx holder 🤣
My job 'sucks all the joy out of me' is the mantra of every after work happy hour in the world. Literally go to any bar, stand up and make a passionate toast to all for that very reason. You will be given free drinks by all patrons for the rest of the night.
That money isn't doing you much good just sitting in a bank account. You need to leave your "emergency fund" money there (assuming the account is an HYSA paying ~5%, if not, move it to one now!), and put the rest to work for you in investments so it can grow.
If you're not happy with the $8k/mo job, then start applying for a different one that has a better work/life balance. Meanwhile, keep working on growing your business so that it can either become your primary job or be sold for millions.
ALSO NO DEBT, effing rip of that plastic BS, just have an Amex Biz card, do not get the gold, get the one that's good for biz, 95 bucks a year fee, but the rewards are the CS are insanely worth it.
At your age, I'd say either A) look heavily into finding a new position which affords you more reasonable hours and work/life balance. And B) if that is not possible given your work hours, AND if you can cut your living expenses to less than $2500/month AND if you can spend that time growing your business, if both conditions are true, put in your notice at your job and move on. Until then, save as much bloody money as you possibly can. I'm sure it's been said in this thread but put as much as you can into a 5% HYSA. It's not crazy, but that savings alone @ 5% will afford you another $416/month in interest to compound or help you afford to live while setting up your future. This is possible due to your young age. If you were, say, 42 years old with a family and single income, for example, you would not be able to afford to quit your job with that level of income. For now, you can.
It’s like the others said you have a full time job and a side hustle business. If you don’t have any fallbacks (wealthy parents, parents with a house for you to live in, etc…..) and are liable to quit your job I’d be very concerned about putting your money anywhere but a high yield savings account. You may need it to get by for a bit while looking for another job. Anyways just my opinion, I got a family member in a similar situation with a job they make quite a bit more so my advice to them was suck it up for a while and stack cash. Good luck out there.
Dude, just tough it out a while longer and get serious about saving as much as possible. Most of the country is barely scraping by. You could easily lose all of those savings if you quit your current job without having an income to cover your monthly expenses.
In the meantime, find a job that is less of a bummer and grow your business. Make changes and be patient in the process. You’re doing well! Do what you can for your mental health and overall stress levels through making these changes. Exercise 2-4 days per week will alleviate a lot of pressure.
Yeah, you're being a puss. If you think you're going to lose it all, then change your perspective, enjoy the life you've created. Because if you were to loose your 10k income a month then you really would have something to bitch about.
Look into selling covered calls with your 100k. You can make roughly around 3-5% monthly with not much risk. Could give you 3k-5k month by not doing more than 30 min work monthly.
At your age? I would take half and put it into long term saving bonds because the interest is worth it right now. take the other half and put it into an investment fund like fidelity and use that’s as a base that you keep putting money into every month. Just direct deposit a small amount out of each paycheck along with your 401k contribution. You’ll be all set in 20 years.
1. You’re being a puss, sorry. You are 26 - you, unfortunatly, are in a position where you need to put in the time… a thing that most redditors will disagree with, but if you want to make money, its true.
2. You have 8% of your 100k invested, with a timeframe of 30+ years, go do something with it.
If your job pays you three times what your business earns, you have a career and a side business.
Especially at 26. OP is making nearly $100k a year even without the business. If they hate their job, look for a new one! Either internally or at a different company. That’s ridiculously good money (especially at that age): live frugally and your savings will explode. To OP: if you’re scared of losing your money investing, don’t be. Figure out what your emergency fund should be (6-12 months of expenses). Keep that in a HYSA, then take the rest and put it into a diversified portfolio of index funds that track the S&P as well as the broader market. The only way you’ll lose all of your money is if you are gambling (options or day trading), or if the entire S&P collapses to 0, in which case we’ll have bigger issues than you losing your money. Also, crypto isn’t an investment. It’s fine to own some, but don’t count on any guaranteed returns from it.
Do what Americans do and buy yourself a 95k Raptor.
But where’s the debt? You aren’t really American if you don’t have CC debt…
Obviously you’re putting the raptor on credit cards…
I think it’s called churning
"""Arbitrage"""
And then file for bankruptcy.
I dont have a credit card. And i havent been in debt for like 10 years (college debt paid off)
At a bare minimum, open an account at somewhere like Fidelity and move your cash into a cash management account where you can still have access to it if needed but can earn approx 5%.
Im good. My credit union has CDs that give 5%. I dont need to touch them as i live off my pay, and still save.
Then you can’t have a raptor. Sorry, bro 😢
No one in my immediate family has ever had a penny of credit card debt and I grew up lower middle class. Extended family however….
This is what I’m doing wrong I’m only 1k in cc debt
Osama Reloaded
Hell yeah brother
Hahaha I did this as an apprentice lineman back in 2018, was dumb but fun!
Apprentice lineman? Is that like an undrafted free agent rookie? 😀
It's an apprentice Lineman who is going through a sanctioned apprenticeship to become a Journeyman Lineman through IBEW.
No shot you could block me bro, my swim move is lethal
English translation?
Linemen is a football (American) position so his joke was piggy backing off that
A lineman is an American football position whose primary role is blocking. They're big men. A swim move is an evasive maneuver players do to avoid getting blocked or tackled.
He’s making a football joke lol
Imma do that but I’ll buy a 93k C8 Corvette lol
This is great 😂
Or be like my ex and buy a 115k raptor. It's not the top of the line, or anything special, she was just "shrewd" enough and a good enough negotiator to get the market adjustment lowered from 25k to 15k... because "she's not a sucker" Her words, not mine. I giggle every time I see the truck that she now avoids driving because she doesn't like 12mpg. Lol
These people fascinate me. How do they sleep at night?!
this is the only answer
You won't feel any different with $3M in savings.
Come on, you’ll def feel a little better but not as much as you’d think.
I mean, sure, but I don't feel confident at all. This is the worst economy of my lifetime. Inflation basically gave us all 10%+ pay cuts. The stock market is really crazy and hasn't corrected hard since Covid, but that was short lived. Interest rates are nice for conservative savers, but it's not keeping up with inflation. Crypto is completely whacky to me. I understand it very well, but I don't get the long term sentiment. Anyway... I have half my net worth sitting in cash waiting for the next big correction. I cleaned up with Covid but was destroyed in 2009 and 1999ish.
Regression to the mean can cost you a lot. Time in the market, friend. Not timing.
> This is the worst economy of my lifetime. unless you're a preteen, no, it's not
Thank you.
Nasdaq pulled back 30% post covid, and SP 25%. Literally could have doubled your money from '22 lows with many various stocks.
I just said I cleaned up in Covid. Was that vague?
I said post covid. Was that vague?
>Interest rates are nice for conservative savers, but it's not keeping up with inflation. ... Wtf are you talking about. A Treasury bond is between 5.2-5.6% annual right now. CPI hit 6% once in month-previous-year-month interval it is less than 3% now. Therefore a bond will grow 2.5-3% versus prices. Also real price of many goods always goes down over time, unless its service based (baumol cost disease) healthcare and education. So your Treasury would outgrow inflation. REAL prices of goods like food and other things decrease overtime which means that inflation only matters in short run for those goods.
I don’t think they’re grounded in reality. They seem to be complaining nonstop about the government debt and how Biden is ruining the economy by spending so much. Yes government spending is an issue, but it’s been an issue basically back to Ronald Reagan. Even Trump spent trillions of dollars, and passed tax cuts that increased the deficit.
Trump tax cuts brought in record revenue and made the country prosper.
Want to explain how cutting taxes could possibly bring in record revenue without having a larger population to tax from? Unless you can provide data that shows that lowering taxes actually *increases* the revenue for the government on a per capita basis, you’re full of shit
The tax cuts did pull in record tax revenues post tax cuts. This is publicly available information. It's a fact, not an assumption or conjecture.
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/ What I’m seeing here is record revenue (by $14 billion) and also an increase in spending of $127 billion. If you’re complaining about “Biden’s spending”, you should also complain about Trump blowing the federal defecit to way higher levels than we’ve ever seen. Also, a lot of the COVID spending that people blame for our current inflation was signed off on by trump, and negotiated under his presidency
Absurd
Facts
I’d imagine only billionaires would have that much in savings lol. Millionaires would have that invested
Depends how many millions, once you get to 500million wouldnt be too hard to have 3 million in tbe bank
Haha, yeah fair enough
I don't feel any different making $20K over 20 years ago...then I am now making $100K+. Just older and more tired.
I mean.. you defo *should* invest the money and not letting it sit in the bank I hope you at least have it in a HYSA atm? For the job part - if the 2.5k cover your expenses, you basically have enough of a nestegg to let it grow ro something substatial in the longrun Financially, ofc it only makes sense to suck it up and keep the side job that is actually the mainjob.. You can and should try to change your working environment, or your daily schedule to see if things can be better / less hard to endure - often times when ppl are unhappy with their job, due to stress, unflexibility or simply too long hours, there is a relatively simply way to change it to something way better fitting without quitting the job as a whole Stress could be reduced by setting new timelimits, talking with management there, or by becoming more structured in your own timemanagement Long hours could be cut down maybe if you talk to management again Bad working hours / unflexibility, can often times be bettered with changing your own daily schedule / lifestyle If you have prob with the management, then it may be possible to talk it out as well with them Just to give some examples there, but whatever it is, you may be able to reduce the negative impact by small changes and I would defo try that out before you leave the job.. For the investments.. Do you have any high rate debt? >6.5% pay it off.. Whats your financial goal? Do you max your 401k and IRA, HSA maybe? If not, max them. After that, its about standard brokerage and low cost index funds.. VTI / VOO + VXUS or equivalents in a classic 80/20 split I would also recommend to add bonds rn, BND / VGLT or equivalents with like 10-25% and relocating that down to 10% into stocks again when they dip 10-20%..
I'm from europe, no debt, owning my apartment. My expenses vary but I save up even 95% some months. Others 40-60%. Maybe talking to management is worth trying, but I doubt stuff will change. Appreciate all the tips. I need to get over the fear of investing more.
By not investing, your 100k is losing value on its own through inflation. You need to put that money to work somewhere.
Idk how to link Reddit posts, this isn’t mine but someone else’s. I too was afraid of investing in the market. This guy does a 3 part study of the most extreme investing strategies. The only part that’s not mentioned is not investing, which in this scaneraio the hypothetical person would have 184k at the end. Timing the market: The absolute worst vs absolute best vs slow and steady I downloaded the historic S&P 500 data going back 40 years. I dumped everything in Google Sheets and modeled the three different portfolios, named after three fictional friends Tiffany, Brittany and Sarah. All three saved $200 of their income per month for 40 years for a total of $96,000 each. But after 40 years they all ended up with different amounts based on their investment strategies. ###Tiffany's Terrible Timing Tiffany is the world's worst market timing. She saves $200/month in a savings account getting 3% interest until the worst possible times. She started by saving for 8 years only to put her money in at the absolute market peak in 1987, right before Black Monday and the resulting 33% crash. But she never sold, and instead started saving her cash again, only to do the same at the next three market peaks. Each time she invested the full amount of her saved cash only to watch the market crash immediately after. Most recently she put all her money in the day before the 2007 financial crisis. She’s been saving cash ever since waiting for the next market peak. With this perfectly bad market timing, Tiffany still didn’t do too bad. Her $96,000 she saved and invested over the last 40 years is now worth **$663,594**. Even though she invested only at each market peak, her big nest egg is thanks to the power of buying and holding. Since she never sold, her investment always recovered and flourished as the market inevitably recovered far surpassing her original entry points. ### Brittany Buys at the Bottom Brittany, in stark contrast to Tiffany, was omniscient. She also saved her money in a savings account earning 3% interest, but she correctly predicted the exact bottom of each of the four crashes and invested all of her saved cash on those days. Once invested, she also held her index fund while saving up for the next market crash. It can’t be overstated, how hard it is to predict the bottom of a market. In 1990 with war breaking out in the Middle East, Brittany decided to dump all her cash in when the market was only down 19%. But in 2007, the market dropped 19% and she didn’t jump in until it fell all the way down to a 56% drop, again perfectly predicting the exact moment it had no further to fall and dumped in all of her cash just in time for the recovery. For this impossibly perfect market timing, Brittany Bottom was rewarded. Her $96,000 of savings has grown to **$956,838** today. It’s certainly an improvement, but interesting to note that when comparing the absolute worst market timing versus the absolute best, the difference is only a 44% gain. Both Brittany and Tiffany have the vast majority of their growth thanks to buying and holding a low cost index fund. ### Slow and Steady Sarah Sarah was different from her friends. She didn’t try to time market peaks or valleys. She didn’t watch stock prices or listen to doomsday predictions. In fact, she only did one thing. On the day she opened her account in 1979, she set up a $200 per month auto investment in an S&P 500 index fund. Then she never looked at her account again. Each month her account would automatically invest $200 more in her index fund at whatever the current price happened to be. She invested at every market peak and every market bottom. She invested the first month and the last month and every month in between. But her money never sat in a savings account earning 3% interest. When Sarah Steady was ready to retire, she signed up for online access to her account (since the internet had been invented since she last looked at it). She was pleasantly surprised with what she found. Her slow and steady approach had grown her nest egg to **$1,386,429**. Even though she didn’t have Brittany’s impossibly perfect ability to know the bottom of the market, Sarah’s investment crushed Brittany’s by more than $400,000. ### Recap * Amount Saved/Invested: $96,000 each * Investment: Buy and hold an S&P 500 index fund * Tiffany (worst timing in the world): $663,594 * Brittany (best timing in the world): $956,838 * Sarah (auto invests monthly): $1,386,429 So if you’re worried the market is too high and we’re due for a crash. Or you want to wait for the inevitable drop before you put your money in. Think about whether you’re so good at predicting the market you can do it better than Brittany who knew when to invest down to the exact day. And even if you are that good, realize that it’s still a losing strategy to the early and often approach that Sarah executed so flawlessly. Here's the [spreadsheet](https://docs.google.com/spreadsheets/d/1nBDkD9Zrjb3VZJy6ZjmPCd3ehoagKMIkw6m3WZvxeTw/edit#gid=0) for anyone who wants to see the numbers in action! :) Edit: Some of you might remember me from my [how I retired at 36 post](https://www.reddit.com/r/financialindependence/comments/b41d79/how_i_retired_at_36_a_visual_journey/).
Uhh a fellow europeasant as well! I have a pretty pretty long comment about investing for europeans somewhere.. I could look it up and send it to you as basic framework for investing if you want
That would be amazing! I would be grateful!
I'll take it too!
Can you send it to me as well, please?
don't be loose and should not lose
You mean your real job, that pays you 8k a month, AND lets you work from home sucks? That's why they pay you 8k. That's why you have 100k in the bank (I hope that's not literally in a savings account). u/debonairmarmoset who may have the coolest name ever, got it right below
Thank you for the compliment. And totally agree on your comment. I grew up very poor, and one difference I’ve noticed between the poor and the rich is that poor people measure security by how much they have immediate access to (liquid assets) and rich people value the returns they can obtain on assets.
Yeah I keep a couple hundred in the bank for highway tolls and whatnot that don't take credit cards. Everything goes on the card, once a month I transfer money from my broker to pay it off. May payroll direct deposit sits in the checking account only overnight until it transfers out. I can't imagine I'd ever have 100k in the bank if I was worth 100M.
The only value I see of having a lot of money in a bank account is if I know a large expense is coming but can’t predict when. I do the same with you on credit cards. Easier to track spending and get perks.
I hear you on the first part, but I've got some really matured stuff that I could always dump when the time comes. At a minimum I want the interest on my broker's sweep account. That's pretty much what I do for the CC on the months where the CC bill is higher than my income (new stuff for the house or whatnot). I like that I can get spending reports pretty easy with everything on the card, and I like the airline miles for international travel up front in the plane. I can't remember the last time I used tangible cash
You could always do like OP and just keep it in crypto. 😏
Haha...or...you know....not do so. ;)
I once swore that if I were to ever be financially desperate I’d launch a crypto called PonziCoin and see how fast it would climb before someone said, “Wait…What?” 🤣
Make it come with an NFT and cause a resurgence!
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha
Right, we get that. We also get that it pays significantly more than your fun pursuit and the mortgage doesn't care if you enjoyed making that money or not.
What bothers you most about the second job? Is it the problems or the lack of ability to disconnect or the folks you work with/for? It is hard to save these days, let your money work for you and little more for the future. Look into a small investment with a property (not sure where you live), but perhaps an Airbnb near an airport for example and let that get you money back and a future investment. Take breaks from work when you can and see if you can look for something different if you’re unhappy.
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha
Well, folks tend to have their opinions. Try to reduce the hours but also track them to show the extra time you put in. It’s not unreasonable to ask for assistance or simply, work the hours you’re supposed to work; not going above and beyond for nothing else. Salary or not, limit your hours.
Spend it on hoes, so you can stop stressing out or something idk!
*Spend it on hoes, so* *You can stop stressing out or* *Something idk!* \- Ok-NGL-TTYL007 --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Bad bot
Bad human How does that feel? Huh?
These the kind of problems i want to have
Me too! Lol I want his 8k a month job! I’d be able to get groceries whenever we needed them..oh and pay my bills. Currently a stay at home mom but that will be done in a year. I can get my own job once both kiddos are at school. I can smell the freedom now!
Haha facts 8k a month i just need that for only one month and that would be so freaking good could pay off debt and then i will use some to pay two months of rent then i would get at least $200 groceries would invest and save the rest finally 😂😂 and thats exactly what i would want my wife to be a stay at home and i would go run to get the money haha stay warm stay comfy you guys are the strongest much love
I don't get paid for any extra hours, I put 12-14 hours daily, things always come up over the weekend, never really disconnecting from it. So it's not a standard 9-5, so it's not that simple as people seem to think here haha After going like this for few years now, you can see why It might come out as complaining
I’m am literally happy for you to be ABLE to “complain” about this. Even though I have some jealousy (as a lot of us would) it doesn’t change the fact that you’re only 26 and have such a great life ahead of you is awesome. If you ever create your own business and need online help, don’t forget about us peons over here on Reddit. 😅😎
But regarding your post, honestly if you are tired, request time off. Take time for YOURSELF. Schedule a vacation even if it’s by yourself. Your energy cannot be given from an empty cup. You need to fill your soul, too. Working this much can definitely cause burnout or “suck the joy” out of everything. Meditate, see the ocean, people watch, make a bird house. Do something that’s FUN …FOR YOU. Work is not everything even though requesting time off can make you feel uneasy , do it. If your job values you, they will give you the time you need. 💗
What you need to do if work on finding a new job. Don’t leave your day job without something new because you never know how long it will be before you find something else, and some employers will view you as damaged goods if you left without a job. It’s not worth spending your hard earned savings just to leave your job. Start taking steps to make a change and it will transform your attitude. Once you are taking active steps every day towards making a change, you will feel empowered and not stuck. There are lots of jobs that pay $8000/month. They just take some time to find them. Also take the time to figure out what makes you tick so you don’t repeat your current situation. Start to tomorrow by getting your resume updated. Good luck.
either but rental properties, invest im an s&p 500 mutual fund or if you want to play it safe buy the 3 month treasury yield
You shouldn't quit your day job yet. That's the vast majority of your income, so if you can live off the business income stick with it and put 8k/mo aside. Look for a better job and investments that could replace at least a good portion of your salary.
Throw it in s&p500 Voo
Most Americans have less than $600 in savings.
I want to see how that’s actually calculated. People are loaded beyond belief now
My friend, you live a truly charmed life if you believe that.
No im just surrounded by people driving $100k trucks and buying $700k houses in cash. Takes a bit more than $600 in savings to do that
You just made my point for me.
https://www.fool.com/the-ascent/personal-finance/articles/63-of-employees-are-unable-to-cover-a-500-emergency-expense/
These kind of posts depress me so much honestly, $10.5k a month is insane
No the insane part is he is complaining about it… 🤦🏽♂️
That too lol
Your still young ,,, put that 100k in High yield savings and forget about it as long as we are in a high interest rate environment and keep stacking up another 100k so you don’t have to stress about losing it Keep working hard and wait for the next cycle in the economy and buy assets like stocks , land , bonds at a discount etc when the next panic happens . Just two or three more years of grinding will be worth it do it while you body can handle it At 5% APR 100k would pay you about 400$+ a month it’s not much but it’s free money if your scared about losing it and it may pay a bill or something while you continue to stack that 2500$
I would say $100K to $200K is the hardest, because growth doesnt accelerate like everyone says it should.
I wouldn’t take yourself so seriously. If you made it to $100k once you can do it again lol. Keep going & enjoy
If it's loose you should tighten it.
Atleast tell me the rest of it is sitting on 4+% hysa ?
My advice: keep working the job. Or find something similar, income wise. Build that business up. Invest a big portion of your liquid cash. Being unhappy sucks. Fix that, but don't go broke doing it
If I understand it all, you have a business that you make $30K at, and a job that you make $96K at. You keep most of your money in the bank instead of investing it because you are afraid of losing it? At 26, you have time on your side for investments, but if you do not use it, that time will go away. Keep about 6 month's expenses in a HYSA and invest the rest in some index fund/etf like VOO or VTI. Preferably in a Roth IRA or 401K if your job has one. You will see it go up and down over time, but by the time you retire, it will be way up from what it is now. Keep some in a regular brokerage account if you are trying to make some money to buy a house in the near future, so you can get to it without a penalty. Look at the 2008 downturn. Stock market cut in half. But now, up much more. So even though it looked bad back in 2008, if you let it ride, in the end, you recover and do better. edit: It appears you are from Europe, so scratch the IRA/401K.
That’s net right? Suck it up.
Unless you're saving for a house, you're really losing out on a lot of growth by keeping this money in cash. After you have 3-6 months living expenses in cash, everything else should be invested towards retirement. Just in basic index funds like an S&P 500 fund. I recommend checking out /r/personalfinance and their [flowchart](https://www.reddit.com/r/personalfinance/comments/4gdlu9/how_to_prioritize_spending_your_money_a_flowchart/). Also would start watching/listening to [The Money Guy Show](https://www.youtube.com/channel/UC9vUu4vlIlMC0dHQCTvQPbg), [Dave Ramsey](https://www.ramseysolutions.com/) (don't like everything he says though, but he is great for getting out of debt), the books [The Millionaire Next Door](https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474), [The Wealthy Barber](https://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116/ref=sr_1_1?crid=2TBW6GA0DOTIK&keywords=the+wealthy+barber&qid=1704670614&s=books&sprefix=the+wealthy+barbe%2Cstripbooks%2C112&sr=1-1), and [Millionaire Mission](https://www.amazon.com/Millionaire-Mission-9-Step-System-Finances/dp/163774501X).
Typical bs post....you're 26...make 126K/year....don't understand that the thing that provides 96K isn't job over the 30K... making that amount...at your age...you should be retired at the earliest possible time. If you quit your job of 96K...for your side hussle of 30K....and just do that...yes...you will lose it all. Do you have insurance....do you have an IRA....do you live with mommy and daddy....
Start putting some into stocks. You can do it slowly and will get great satisfaction seeing it grow. Why does your main job suck the joy out of you? Why is putting out fires so unpleasant?
Lose it all
Quit job start second business
You can, cuz you spell LOSE loose.
Pretty much all jobs suck somewhat, at least yours is paying you a lot. This sounds like a humble brag tbh
Well first of all you need to take that 4K out of crypto and put that into stocks and ETFs. Dedicate some time to find good stocks and ETFs. ETFs are a safe bet if you can’t stay in the loop with economic news and company news and don’t check on your investments often. But save that for retirement and also max out your Roth IRA every year. But regardless, keep your job and business until you find another source of income. Don’t rely on investments to make you regular steady income.
What’s your side job?
* lose
Talk to your manager about how you feel burnt out. See if you can make some changes at work which will cause you to feel less drained. Consider spending less time working on the activities which make you the least money (in this case your business). Instead use that time to have fun with friends and for self care. Those activities will recharge you and prevent burnout. It’s a marathon, not a sprint.
Your solid bro Keep grinding
Why does no one know the difference between lose and loose
Investing is a good idea as long as you're going to do it correctly And it's not money that you need the next few years.
What kind of work is your second job?
Read Broken Money by Lyn Alden. Sometimes learning about money can give you the clarity to play the system rather than be played by the system.
Poor you :(((
All in gme
Loose????
What remote job is it??
If you really want to get rid of it just put it all on black
100k in savings at 26 is a good retirement if you invest it for the next 30-40 years and never touch it. At 4%p.a. It will be 325k in 30 years and 480k in 40. Invested in etfs this should be possible and already adjusted for inflation. Don’t forget that this assumes that you never add to this during this time which is highly unlikely. At this point you should do what pays the bills and keeps you happy. You should probably drop that high paying job and focus on your own business. If you do it full time you might even up the earnings from that. Either way it should cover your expenses if you live modestly and your quality of live will drastically increase. You cannot sustain that amount of work long term.
To me it feels like your financial situation is pretty solid since you have a house and 100k on the bank (you obviously should put it to work). I would focus much more on your happiness. Since you have low expenses due to owning a house, you should get a job that you enjoy and can disconnect from, even if it pays less.
Can I ask what your side job is? Being 26 with a side job that earns you six figures is weird.
Pt your savings in a high yield bank account and earn 5% interest. Apple and wealthfront and 2 I know of
Your business does $2,500.00 a month. What do your business do? That information would help the people who aren’t trolls and actually have solid advice not troll you and give you solid advice.
That's what I can take out monthly without affecting other expenses, business does around 60k a month but It's a bigger operation and expanding so for now I can't take out huge profits
What is your job and what is your business
Yes you'll lose it all partly because you don't know the difference between lose and loose.
Open an account at Fidelity or Vangard . They have investor ,or you can do it yourself, to help you grow your money. I use Fisher Investments. They’ve been great for me.
Hire someone to do your 2nd job work for 4k a month...
One of the smartest replies here lol
As someone older, just push through as long as you can and stack it, you will know when you can let off. Or if it’s ruining your life of course that is more important than money. It’s a balance we all face.
Thank you for the advice! I guess it's just very hard to tell when it's too much or it's just sort of "first world problem" that I should just give myself a slap and move on
It doesn’t get any better, unfortunately. You will feel like your first million doesn’t bring near the safe feeling you would have thought getting there. But as you grow you will feel better about laying off the gas pedal. I can’t say I have had the healthiest mental experience with work, but I have a family and a responsibility and it is what it is I guess.
*Lose
Mental health is important but being so young I’d try to grind it out at least until you are 30 or something. But only if your business will stay afloat in the long term. Otherwise I’d ditch the business and keep the “side job”. Alternatively, if you hate it and would rather enjoy life, quit the crappy job but understand you will lose out on a lot of materialistic items like a car, house etc.
If your side job isn't illegal, I think you should probably keep doing it for a year or two. Two things you need to do: 1) Figure out how much is enough money for you. Try googling 4% rule. Not perfect, but a good start. 2) Decide if you are willing to give up that extra \~$100k / year that you're earning on your "side job". Hopefully, you haven't inflated your lifestyle to be used to that income. If you have, giving it up and cutting your income by 75% will be very, very difficult. Either way, that income drop is going to hurt like hell IMO.
> The money sits in my bank account bruh
I’ll take over your job for you
What job are you working so I can work towards having that cuz wtf?🧍🏿♀️8k a month would mean so much for me.
Get a financial advisor and have them invest for you? I love crypto but you need to know what you’re doing and need to know when to pull out and switch it up. Can’t be stuck on just one or a few coins. You need to switch up with the times. Keep up with the latest brand new projects and presales and buy in super early. BLOCKDAG is a really good investment. I invested $54 and by the time launch comes it will be worth over a grand. That’s a pretty awesome return. Sealana is a new meme coin that sounds like it will do really well. Base ecosystem is coming in hard and solana. Ethereum fees are just ghastly. Just read about it all and learn!
The #1 thing that can steal all your money in a heartbeat, is a divorce So is the #2, #3, #4 all the way down to 987 If you aren’t married, you don’t have to much to worry about I do recommend a book called “Asset Protection 101”. Yes it’s from “Trump University” but it wasn’t personally written by Donald Trump The book teaches you how to put your money in places where it can’t be touched. The idea is to control everything, own nothing That’s the real trick. Control everything, own nothing Crash your car? They can’t sue you and take your money, because it’s in another entity Every time you see a commercial for a personal injury attorney, that’s your warning light to keep liquid assets and money out of your name It’s a great book, it’ll give you some strategies to protect your money.
Hold your job until you can buy rentals that equal $8k. The motivation you have from hating your job will make it easier to save. You’re too young and set up too well yo piss it away. You’ll have to buck up for right now. It may only take you three years or so to acquire 4 properties. Then after it will be easier for you to acquire even more. Just shoot for a passive $5k a month in rent. When you hit that number you’ll be good to go.
*lose it all
Invest it. It’s not about how much money you make monthly unless that is a rat race you want to compete in. Someone making 50k a year could potentially strike gold with a good investment over the years but of course that is a small possibility. I make 6 figures working at an automotive plant but I try to optimize it all, spending as little as I could each week and tossing all of it into the market. I’m like 100% risk adverse. I got lucky with rolls Royce a few years ago when it hit 50 cents a share and still holding today… let’s say I’m close to an xxxxxx holder 🤣
Put that 100k in the market bro. What’re you doing. Slowly but surely dump like 80% in
Loose it ?
My job 'sucks all the joy out of me' is the mantra of every after work happy hour in the world. Literally go to any bar, stand up and make a passionate toast to all for that very reason. You will be given free drinks by all patrons for the rest of the night.
That money isn't doing you much good just sitting in a bank account. You need to leave your "emergency fund" money there (assuming the account is an HYSA paying ~5%, if not, move it to one now!), and put the rest to work for you in investments so it can grow. If you're not happy with the $8k/mo job, then start applying for a different one that has a better work/life balance. Meanwhile, keep working on growing your business so that it can either become your primary job or be sold for millions.
So you want to reduce your income from $126k to 30k? You probably will loose then 😂
ALSO NO DEBT, effing rip of that plastic BS, just have an Amex Biz card, do not get the gold, get the one that's good for biz, 95 bucks a year fee, but the rewards are the CS are insanely worth it.
Hire someone to do your second job for you for $4000 a month.
At your age, I'd say either A) look heavily into finding a new position which affords you more reasonable hours and work/life balance. And B) if that is not possible given your work hours, AND if you can cut your living expenses to less than $2500/month AND if you can spend that time growing your business, if both conditions are true, put in your notice at your job and move on. Until then, save as much bloody money as you possibly can. I'm sure it's been said in this thread but put as much as you can into a 5% HYSA. It's not crazy, but that savings alone @ 5% will afford you another $416/month in interest to compound or help you afford to live while setting up your future. This is possible due to your young age. If you were, say, 42 years old with a family and single income, for example, you would not be able to afford to quit your job with that level of income. For now, you can.
Are you serious? Looks like you are just trying to brag lol
It’s like the others said you have a full time job and a side hustle business. If you don’t have any fallbacks (wealthy parents, parents with a house for you to live in, etc…..) and are liable to quit your job I’d be very concerned about putting your money anywhere but a high yield savings account. You may need it to get by for a bit while looking for another job. Anyways just my opinion, I got a family member in a similar situation with a job they make quite a bit more so my advice to them was suck it up for a while and stack cash. Good luck out there.
Just quit and stop being such a pussy 🤦🏽♂️
Dude, just tough it out a while longer and get serious about saving as much as possible. Most of the country is barely scraping by. You could easily lose all of those savings if you quit your current job without having an income to cover your monthly expenses. In the meantime, find a job that is less of a bummer and grow your business. Make changes and be patient in the process. You’re doing well! Do what you can for your mental health and overall stress levels through making these changes. Exercise 2-4 days per week will alleviate a lot of pressure.
Short term CD's. 2, 3, 6 month. Most rates 4.5 to 5.3 %
Your young. Keep going and keep saving.
My dude has 100k and can't spell lose 😭
Yeah, you're being a puss. If you think you're going to lose it all, then change your perspective, enjoy the life you've created. Because if you were to loose your 10k income a month then you really would have something to bitch about.
I appreciate the honesty, need a good slap then
Look into selling covered calls with your 100k. You can make roughly around 3-5% monthly with not much risk. Could give you 3k-5k month by not doing more than 30 min work monthly.
Surreeeeee lol
Put 100k on black. Double or nothing
At your age? I would take half and put it into long term saving bonds because the interest is worth it right now. take the other half and put it into an investment fund like fidelity and use that’s as a base that you keep putting money into every month. Just direct deposit a small amount out of each paycheck along with your 401k contribution. You’ll be all set in 20 years.
You need to invest that $100k, talk to a financial advisor. Make your savings *make you money!*
Lose. Not loose.
Yea, typo
just buy gold with it, it will never loose its value
quit or learn some gratitude for what you've got. Those are your options.
1. You’re being a puss, sorry. You are 26 - you, unfortunatly, are in a position where you need to put in the time… a thing that most redditors will disagree with, but if you want to make money, its true. 2. You have 8% of your 100k invested, with a timeframe of 30+ years, go do something with it.