I have aspirations to become wealthy enough to have a beach house and drive a nice car. Because other than that I’m not sure what I’m chasing for in life. I’m under 21 so my vision might be skewed. What can I do better to save and be wealthy? I have a hard time figuring out how I can get my first 100k. I think the market is gonna be f*cked soon. My monthly expenses come out to 2k and I don’t even pay rent, I live with my parents. Edit: I can’t max out my 401k because I’m not allowed to have one. This was the case with my previous and current company. Also in a HCOL: NYC TC: 130k #personalfinance
“under 21” “beach house” “nice car” “not sure what im chasing in life” 😆
In the history of the world no one has ever gotten rich by working for somebody else, they all got others to work under them and then extracted a small part of that value. You can make good TC by following blind and working in big tech or being a doctor, etc. But at the end of the day there is a difference between the two. You should choose which one you want to be. There is nothing wrong with choosing the latter, you can still live a great life working in FAANG
So about that, I thought about working on building a startup, but I don’t know how that will help if it is a total failure.
That's why you have to choose, there is no wrong answer but there is a limit to the wealth you can accumulate by selling only your labor alone. What kind of wealth do YOU want? What kind of life? These are not easy questions and you don't have to answer them in 5 minutes, just think about it and reflect.
How do you have monthly expenses of 2k living with your parents and not paying rent? I reached 100k at 1yoe making less than you but my expenses living with my parents was <1k a month. Max your 401k and ira and put money into spy and youd be there
This is great advice.
I can’t max my 401k, I can’t even have one according to my previous and current company because im not 21 yet
What do you define as a nice car? I saw on your other reply that you already have a Wrangler 4xe
Porsche Panamera is my near future dream car
When your lease comes due, walk away and buy a reliable used car to drive for a few years. Cars are a depreciating asset; the 20s are your time to build your wealth. That is a lot for a Jeep. You can actually lease a Bimmer for less, but as a car person, people that drive Jeeps usually have a specific reason for doing so. Max out your 401K and IRA. Depending on where you live, start saving for a down payment on a duplex. When you have 20%, buy a duplex. Live in one unit and rent out the other. Let someone else pay your mortgage or at least most of it. At the five-year mark, get another duplex. At 30-31, buy a house and continue renting out the now four units you have.
Can’t have a 401k because not 21 yet and I’m NYC. I would need 320,000 in order to have the 20% for a duplex.
Only do 10% then.
20% in crypto. Rest follow the traditional advice (vtsax, real estate etc). Marry someone making same or higher TC
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What are your monthly expenses?
800 on food 450 on car lease for Jeep Wrangler 4xE 570 on car insurance (new driver, u21 and not under parents because car title is under my name) 250 on subscriptions (gym, coach, tech subscriptions, etc) 200 on short term installments
I think living a little is important but 1k a month on a lease plus insurance is absolutely crazy imo.