I applaud you for being so young and being so concerned with your money now and not later. Now is the time to do it and get a solid plan down too while youre young and working hard and youre healthy. Pay down your debt, try to live within your means, get an emergency fund started (some people say 6 months of your total monthly expenses, I say shoot for a year if you can with the way things are today trying to find jobs. When it gets bigger, then just invest half that money, and start over. Kind of a mindFck way on your self to save some money plus youll always have a backup supply of it in case something happens). Stay Healthy. Medical costs vs keeping fit costs, you decide.
Everybodies financial situation and their approach to managing money is totally different. Just ask 10 people and you will likely get 10 different opinions. How I have managed my finances over the years is not how someone else would do it at all most likely. Tailor make your own situation to suit your self. Do your home work. Find online free tutorials. Your bank has people you can talk to for free. Take a hobby or special interest in something and turn it into a small business with your extra money. Invest in friends small businesses (watch out tho, mixing money and friends or especially relatives has a weird way of turning things sour).
Im 46, yaa Im getting to be an old guy now, and one who is now looking at total retirement soon. Im luckily pretty healthy with just a few pesky wear and tear ailments so I havent spent that much money on myself on health care or medical bills in my life beyond regular 6 month checkups and the tests you do at certain ages. Ive stayed pretty fit and workout regularly so that has likely saved me tons of money, but, Im also always fighting the scale too trying to cut weight because even tho I workout I love to eat and my food costs for me probably have cut into my medical savings. Eating healthy isnt cheap either in addition to supplements, gym dues, home workout gear, etc.
I put in 25 years self employed in an industry where you make really good money when things are good but there arent any 410k or retirement plans or any health benefits. You took care of your own money yourself, your own health insurance, etc. Myself, when I was first starting to make good money and I had my debts paid down then I would just buy material stuff that could be sold later for profit. Cars, guitars, etc. It wasnt the best financial plan at all. It wasnt until I was in my late 20s and into my early 30s before I started getting really serious about doing something with my extra money that was not needed for survival or for my family and building some assets.
When I buy properties in my case it hasnt been for rental income but mainly for me to use but also with the intent that I will likely resell it later after some work in it. I havent bought that much over the years: a few houses, some land, a couple of condos, some retail stuff. I bought the 2 buildings both of our shops were in; a condo in Iowa to stay in near where we put in our 2nd location; a house I kept near our original shop in CA that I also rented rooms out to our employees or to have a room for guest artist friends coming thru visiting for a bit and wanting to work with us; a small place in northern CA with land and a small Aframe cabin in the mountains where I live part of the year; half of the worth of the home I live in with my wife here in OK; and then some small acreage we have down the road from our house here in OK. I just sold out my half in the 2 buildings our businesses are in, the condo, and the house in CA to my ex when they bought me out of the business and made a decent profit on the deal.
I cheated. I have an inhouse expert. My mother has helped me with my finances, investments, getting my insurances, etc. Shes a retired banker who ran a 2 location S&L with 2 college buddies, shes now working out of her home helping older people in her town maintain their retirement plans, so she has always helped me with the stuff I didnt want or know how to mess with.
I just sold my half of a successfull 2 location business I started in 1990 with my then wife to my exwife/co-partner and her husband. Im still young enough to consider maybe working another 10-15 years or so at something else so I need to make the windfall I now have make me money because its all I have to rely on.
Dealing with banks. Not my favorite activity. CDs, theyre really not my thing in the short term, I only mess with them if Im locking up a large amount for a longer time and money that I dont need, still its not alot of money to be made there, slowww money. My mom likes them tho so I do have them (A 60 month Fixed CD at my bank right now only pays 1.29%. I dont mess with variables or pop ups). I make 2% in a interest bearing checking account at my bank if I keep under 15k in it, so I have about 14 in it right now, I dont use it that much unless Im writing a large check for something, which is rare. A regular savings account that I have I only have it to use as an ACH transfer/direct deposit feeder account to my debit card/checking account, as it only draws .10%, not much sits in there. The debit card/checking account tied to it is a cash back rewards account that is basically my debit card acct that I use for all of my my daily expenses and all of my bill paying (mostly all internet). Under $10 purchases the bank gives me .05 for using the card and over $10 purchases I make .10, so I use that card for all of my daily expenses. I am an EBay seller so I have a PayPal account with a PP Mastercard debit card tied to that account to use if need to. Traveling I will use our regular CCs as well as for big ticket home items, etc, but we always keep them paid down. An account I have with the BIA in Albuquerque where I have an Individual Indian Account that holds my shares of mineral rights annuities, pays me 4% so I leave that money sitting there unless I really need it. In lieu of a 401k I have stock acounts, a money market account, a mutual, and some other financial stuff that my mother maintains for me. Smarter and more aggressive financially minded people like my mother might have fun with the stock, equity, futures, etc, markets, but not me, too time consuming and I admittedly dont even understand it all. When I get older and am retired then I will probably do my own home work and do some day trading or whatever.
My thing has always been buying stuff with the intent to re-sell what I actually can use, enjoy before I sell. I will make repairs or mods, use, then its gone and Im looking for another project. For me that means cars, trucks and motorcycles; vintage and used guitars and gear. I started a small business I ran from my home shop/studio modding amps and guitar gear. It started by me just moddin my own gear that I use playing in bands, then did some for friends, and then went to a full blown custom shop I sold to a buddy. I started buying up coin-op game tables in the early 90s that I would then set up on locations and split the proceeds 50-50 with the establishment owners and then also help them run tournaments- foosball and bar size pool tables, sold all that out to a friend recently.
If I can make a little money off of something to justify my time doing it, then Im on it. I wont ever get rich doing this little stuff but it gives me something to do and I like messing with it all. And I usually just put the money right back into it anyways. Still, I get a chance to enjoy my favorite activity and make it pay for itself. I like to go out at night and drive. Just drive. Its relaxing just getting away from the house long enough to go grab a burger or a drink plus there are not too many idiot drivers out at night to run into me. Im from CA, thats what we like to do out there. Just drive. I get a chance to drive an expensive sports car or a hotrod, I put in the wrench time messing with them myself, then I sell em and start looking for another. Looking for my next project is always the other half of the fun for me. Ive been doing this since I got my drivers license. My father bought and worked on and sold cars on the side too so its kind of in the blood. I tried to explain it to my kid, he sees a hotrod sitting there. I do too, but I also see my money. And if all goes well I can make a little profit when I sell it. Win win.
Used guns for me tho have never been a for profit thing, for me anyways, I usually just sell them back for what I got them for or alot of a little less, I dont know enough about them to be aggressive with it.
Everybodies financial situation and their approach to managing money is totally different. Just ask 10 people and you will likely get 10 different opinions. How I have managed my finances over the years is not how someone else would do it at all most likely. Tailor make your own situation to suit your self. Do your home work. Find online free tutorials. Your bank has people you can talk to for free. Take a hobby or special interest in something and turn it into a small business with your extra money. Invest in friends small businesses (watch out tho, mixing money and friends or especially relatives has a weird way of turning things sour).
Im 46, yaa Im getting to be an old guy now, and one who is now looking at total retirement soon. Im luckily pretty healthy with just a few pesky wear and tear ailments so I havent spent that much money on myself on health care or medical bills in my life beyond regular 6 month checkups and the tests you do at certain ages. Ive stayed pretty fit and workout regularly so that has likely saved me tons of money, but, Im also always fighting the scale too trying to cut weight because even tho I workout I love to eat and my food costs for me probably have cut into my medical savings. Eating healthy isnt cheap either in addition to supplements, gym dues, home workout gear, etc.
I put in 25 years self employed in an industry where you make really good money when things are good but there arent any 410k or retirement plans or any health benefits. You took care of your own money yourself, your own health insurance, etc. Myself, when I was first starting to make good money and I had my debts paid down then I would just buy material stuff that could be sold later for profit. Cars, guitars, etc. It wasnt the best financial plan at all. It wasnt until I was in my late 20s and into my early 30s before I started getting really serious about doing something with my extra money that was not needed for survival or for my family and building some assets.
When I buy properties in my case it hasnt been for rental income but mainly for me to use but also with the intent that I will likely resell it later after some work in it. I havent bought that much over the years: a few houses, some land, a couple of condos, some retail stuff. I bought the 2 buildings both of our shops were in; a condo in Iowa to stay in near where we put in our 2nd location; a house I kept near our original shop in CA that I also rented rooms out to our employees or to have a room for guest artist friends coming thru visiting for a bit and wanting to work with us; a small place in northern CA with land and a small Aframe cabin in the mountains where I live part of the year; half of the worth of the home I live in with my wife here in OK; and then some small acreage we have down the road from our house here in OK. I just sold out my half in the 2 buildings our businesses are in, the condo, and the house in CA to my ex when they bought me out of the business and made a decent profit on the deal.
I cheated. I have an inhouse expert. My mother has helped me with my finances, investments, getting my insurances, etc. Shes a retired banker who ran a 2 location S&L with 2 college buddies, shes now working out of her home helping older people in her town maintain their retirement plans, so she has always helped me with the stuff I didnt want or know how to mess with.
I just sold my half of a successfull 2 location business I started in 1990 with my then wife to my exwife/co-partner and her husband. Im still young enough to consider maybe working another 10-15 years or so at something else so I need to make the windfall I now have make me money because its all I have to rely on.
Dealing with banks. Not my favorite activity. CDs, theyre really not my thing in the short term, I only mess with them if Im locking up a large amount for a longer time and money that I dont need, still its not alot of money to be made there, slowww money. My mom likes them tho so I do have them (A 60 month Fixed CD at my bank right now only pays 1.29%. I dont mess with variables or pop ups). I make 2% in a interest bearing checking account at my bank if I keep under 15k in it, so I have about 14 in it right now, I dont use it that much unless Im writing a large check for something, which is rare. A regular savings account that I have I only have it to use as an ACH transfer/direct deposit feeder account to my debit card/checking account, as it only draws .10%, not much sits in there. The debit card/checking account tied to it is a cash back rewards account that is basically my debit card acct that I use for all of my my daily expenses and all of my bill paying (mostly all internet). Under $10 purchases the bank gives me .05 for using the card and over $10 purchases I make .10, so I use that card for all of my daily expenses. I am an EBay seller so I have a PayPal account with a PP Mastercard debit card tied to that account to use if need to. Traveling I will use our regular CCs as well as for big ticket home items, etc, but we always keep them paid down. An account I have with the BIA in Albuquerque where I have an Individual Indian Account that holds my shares of mineral rights annuities, pays me 4% so I leave that money sitting there unless I really need it. In lieu of a 401k I have stock acounts, a money market account, a mutual, and some other financial stuff that my mother maintains for me. Smarter and more aggressive financially minded people like my mother might have fun with the stock, equity, futures, etc, markets, but not me, too time consuming and I admittedly dont even understand it all. When I get older and am retired then I will probably do my own home work and do some day trading or whatever.
My thing has always been buying stuff with the intent to re-sell what I actually can use, enjoy before I sell. I will make repairs or mods, use, then its gone and Im looking for another project. For me that means cars, trucks and motorcycles; vintage and used guitars and gear. I started a small business I ran from my home shop/studio modding amps and guitar gear. It started by me just moddin my own gear that I use playing in bands, then did some for friends, and then went to a full blown custom shop I sold to a buddy. I started buying up coin-op game tables in the early 90s that I would then set up on locations and split the proceeds 50-50 with the establishment owners and then also help them run tournaments- foosball and bar size pool tables, sold all that out to a friend recently.
If I can make a little money off of something to justify my time doing it, then Im on it. I wont ever get rich doing this little stuff but it gives me something to do and I like messing with it all. And I usually just put the money right back into it anyways. Still, I get a chance to enjoy my favorite activity and make it pay for itself. I like to go out at night and drive. Just drive. Its relaxing just getting away from the house long enough to go grab a burger or a drink plus there are not too many idiot drivers out at night to run into me. Im from CA, thats what we like to do out there. Just drive. I get a chance to drive an expensive sports car or a hotrod, I put in the wrench time messing with them myself, then I sell em and start looking for another. Looking for my next project is always the other half of the fun for me. Ive been doing this since I got my drivers license. My father bought and worked on and sold cars on the side too so its kind of in the blood. I tried to explain it to my kid, he sees a hotrod sitting there. I do too, but I also see my money. And if all goes well I can make a little profit when I sell it. Win win.
Used guns for me tho have never been a for profit thing, for me anyways, I usually just sell them back for what I got them for or alot of a little less, I dont know enough about them to be aggressive with it.
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