Reposting – please don’t be rude I do not have any investments, my parents are not from this country, I research on my own but wanted to go to Reddit for help not to be attacked for being unknowledgeable on this subject.
My family grew up poor as well as their parents
how do I learn how to like manage money when I’m making more than surviving for the first time?
I have debt I need to pay off but I have a plan and no interest
Do I need a trust or an llc to purchase a house in? I’m looking to build out a business on the property.
In terms of asset management – should I hire a financial advisor I worry because many people have been scammed
I have a bachelors and 7 years corporate finance and tech experience
I’m seeking advise from those with experience
Not looking to get into rage bait with a redditor
Thank for your time
Im 30 make 6 figures live alone –
Rents about 2-3k where I’m at so now I’m in a place I can finally save and build for me
How to build long term wealth?
byu/BidSuccessful9144 ininvesting
Posted by BidSuccessful9144
11 Comments
Ignore all advice here and find a professional.
See https://www.bogleheads.org. That’s it.
Dont take on bad debt.
Invest for the long term, not the short term.
Dont try to time the market. Time IN the market is more important than timing the market.
Dollar cost averaging is a great way to slowly build your stack without having to stress about market timing.
Almost no one has gone wrong investing in well balanced index funds like VTSAX and others.
Dont put all your eggs in one basket.
Be extremely, extremely wary of crypto. Do a ton of learning before you touch anything crypto related. Its extremely volatile and a lot of it (not all) is a straight up scam.
Build a saving account that covers your living expenses for 6-12 months. Then start placing money regularly into good broad index funds like the S&P500 or VT from vanguard. Look into what those are. Always have a long term mindset, keep your job, strive to earn more, and always always keep investing. Tune out the noise. You are young and have decades left to retire. Keep investing. Do this, and you will be more than fine later.
Slowly, with compounding over decades.
buy high quality equity stocks and hold them. look at DRIP’s & dividend aristocrats
[kiplinger.com](http://kiplinger.com) is pretty good.
as a young person, you want get rich quick, ‘investments’, But only do that with a very small % of your investments. things like crypto or margin, are where you should only invest 3% of your total.
Find rich parents.
Follow the r/personalfinance prime directive flowchart
Read “The Simple Path to Wealth” by JL Collins
Reddit isn’t the spot for advice, lol. You’re going to get a lot of different takes here. Get a clear understanding of saving and investing. Books, articles, anything you can consume knowledge wise. A good chart to follow for starters
https://u.cubeupload.com/demonlesondledon/FinFlowChartv43.jpg
Keep it simple and automated, my friend. Good luck!
read jim cramers book how to make money in any market. cramer doesn’t always give the best tips but you should know how to identify growth stocks worth your investment $$$. another book that i’ve been told is good is intelligent investor.
Highly recommend simple wealth inevitable wealth by nick murray. It’s short and easy to digest but explains DCA, investing on a general scale, and advice for long term wealth building. The only caveat is that it strongly recommends a financial advisor which most people on Reddit would say do not get as over the course of your life you’ll end up paying them a lot of money. I think it’s more of a personal choice but still a very solid easy read.
after you pay your high interest debt off (credits cards especially!!!) then you need to have a Roth IRA and max it out as soon as possible.