I have no student-loans. I am studying for a degree in Computer Science(2nd year). I only have $100 in my personal savings account(I don't have a job). I have generous relatives who are willing to support me invest in a business venture. What I am currently considering:
Forex trading
Stocks
(A good source of passive income I can automate)
Any suggestions?
redpharma7789 5y ago
Get a job (part time, summer, whatever). It’s a plus if you can get something related to your C/S degree. But really at this age, all you need is spending money.
IMO your still too non-secure to invest in a passive income... that’s just like throwing money into the fire. Once you have a couple of grand saved up look into that.
skahki 5y ago
Start looking for internships. Seriously. I see kids in their sophomore junior and senior year with internships. You van do it too.
The impressive resumes I have seen were kids coming out of college with 3 years of internship experience.
Also I had a guy get a full time job offer with me and hes still in college. I'm glad I took him under my wing because hes a good guy and very much deserved it.
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JamesP2018 5y ago
Get your career going first. Don't become responsible for other people's money as a general rule. Avoid debt as a general rule. If you have free time educate yourself for when you have money. If you buy stocks a Vanguard account is a good way to go. Consider a Roth IRA. There are lot's of books on investing, go for books written by people who have done well for a loooooong time like Benjamin Graham. Look at your finances and figure out what kind of overhead for living you are going to have. Eating in has slashed my food bill to a third of its former amount. Buy a used dependable car vs buying a new car. See the end from the beginning. Cable television is a waste. Renting with roommates is not a bad way to go, lots of exposure to different lifestyles. Buying a house has alot of expenses no one talks about like cutting grass, buying a mower, fixing a leaking toilet, repairing the roof, etc. It can still be a good way to go, can rent the house and move somewhere else as well. You'll probably want to avoid marriage. Alcohol puts a big drain on resources, water is practically free. You do you.
JamesP2018 5y ago
And for the love of god don't loan money to friends.
FearGarbhArMait 5y ago
Buy a duplex in an urban area. Remodel the basement live in the basement. Rent out the two units, one pays your mortgage the other pays your utilities. You live for free 80% of any money you make will be 'play' money, to go out, to invest, to save.
blister333 5y ago
He’s 19 and in college, no need to play landlord when he’s got school
FearGarbhArMait 5y ago
He wanted good passive income, thats the way to do if at his age.
blister333 5y ago
Where’s he getting the money for a down payment? What about income verification?
FearGarbhArMait 5y ago
"I have generous realtives that will help me invest. . . "
Realestate is one of the most secure investments and it's almost immediately profitable.
blister333 5y ago
Real estate has returned inflation over the last 100 years
FearGarbhArMait 5y ago
When you buy a duplex with a $800/mortgage and you can rent each unit for $1100-1400, you are instantly in monthly profit. One unit pays for your mortgage post tax and the other unit pays for your utlities post tax and you earn 'free' equity. Your money is literally working for you. Doing this with my first home, gave me the income to buy a triplex, which has snowballed my income and I'm about to come into a qualifying time for another triplex.
I'm 23, own two properties. My Duplex is paid off and my triplex is 30% paid, I will have another Triplex then my passive income will be the same as my salary. I have effectively doubled my income and quadrupled my networth.
blister333 5y ago
Are your return that’s much better than investing or borrowing and investing? Market has been soaring the last 5 years and unless you’re in a hot market and making a total killing off appreciation and rent profit, I don’t see how it’s a better option. Ntm significantly more work
FearGarbhArMait 5y ago
It is virtually no maintenance for me and both properties are on the same block. I am in a good market, will talk specifics in PMs because of doxing but only if you have interest.
cl3537 5y ago
Forex is a scam. Day trading is very difficult.
Both are just gambling the way that 99% of people try to do it and are not careers.
Become an entrepeneur and learn about businesses, if your relatives will help you buy a business that is a whole different ballgame. You have to find a good business(good cash flow) that you are passionate about and think you can maintain and grow and that the previous owner will groom you for the transition in a few years time.
Governor_Humphries 5y ago
Read A Random Walk Down Wall Street. Then read The Millionaire Next Door.
shitpommesfrites 5y ago
Get a part time job.
Put 50% of the money you earn from this in some sort of low-cost index-fund.
Spend the rest on being young and have some fun.
will_berttttt 5y ago
For stock advice head over to /wallstreetbets
monsieurhire2 5y ago
Read everything you can on the subject of trading and investing so you understand things like the time value of money.
(Asking me for a list of books to read is akin to saying you're too lazy to use google. If you start researching the subject, you will find the right books to read. It's part of the initiation process.)
Don't skimp on the reading. Start watching the markets, but don't trade. Look for patterns.
Go to the library and research what might be a lucrative career that you can tolerate. Look for something in an emerging field in the STEM vein. But don't expect that this will be a sure thing.
Learn the difference between "schooling" and "education." Understand what it means to purchase a credential. Seek to educate yourself as much as possible, and only pay for credentials if you absolutely have to, meaning you cannot educate yourself in that area.
blister333 5y ago
“Look for patterns?” That’s dumb. Just throw it in an index fund. Following the market looking for patterns is a fools errand
monsieurhire2 5y ago
There are many ways to get rich, my friend. When you study the markets, what you notice is, under certain circumstances, certain movements happen, like clockwork, because the laws of market physics are in your favor.
While buying an index fund can work, if you buy at the wrong time, you can slit your own throat and rationalize staying in a losing position, as in the people that bought at the relative top of a Japanese Index. The beginning of the bear market always happens at the top of the bull market, and vice versa, and one must always be prepared to face up to the possibility that one has made a horrible mistake when one's position goes slightly underwater. Of course, it's great if you buy after a giant bloodbath, because then you can sit back and watch your equity curve grow for years.
When Jim Cramer was making his bones, supposedly the only thing he was interested in was imminent upward movement in a position. Traders are constantly looking for imminent upward movement and trying to avoid "holding bags."
There are always things moving up, and there are always things moving down. Things move down twice as fast as they move up typically. Also, share count influences movement.
I could go on and on about this.
That being said, is it the most rewarding thing to do with one's time?
Not exactly, but it beats slaving for a paycheck. The key is to find a way of doing it that minimizes the time investment required.
[deleted] 5y ago
don't work. take out student loans and get straight A's.
some poor ass retard whose father was a poor ass retard but read lots of zig ziglar books is going to tell you otherwise but just remember that he's just a branch from a poor ass retard tree and you should do just fine
FearGarbhArMait 5y ago
Having debt when you don't have to, doesn't make sense. The only sensible debts are mortgages and revolving credit. Ie 10% credit card balance.
[deleted] 5y ago
found the poor ass retard's son
[deleted] 5y ago
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blister333 5y ago
God this is stupid. The sub has some really idiotic personal finance advice. Having a credit card allows you to build credit and earn cash/points that you wouldn’t have otherwise by spending cash
[deleted] 5y ago
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blister333 5y ago
I see plenty of people not go into credit card debt, it’s not that difficult.
FlyingSexistPig 5y ago
If it appreciates in value, buy. If it depreciates in value, rent or buy the cheapest you can get by with.
A car depreciates in value over time. Buy the cheapest thing you can get that’s reliable. Manual transmission honda with hail damage and 100,000 miles on it? Great! New Yellow Camaro convertible that’ll get all the babes? Hard pass.
A woman depreciates in value with time. Lots of fun when it’s new, but the maintenance will kill you if you buy it.
ValorElite 5y ago
Start working. I make more money than any of my friends because I bust my ass 25-30 hours during the school year and 50+ during the summer. Get any job to start with and move up from there.
Do not spend any money on anything stupid.
[deleted] 5y ago
The key is realizing that you will become vastly more valuable a you progress in your studies. Top-tier firms in the US pay outstanding CS grads as much as 250k+ in their first year nowadays. It's very unlikely you'll be able to make anywhere near that as a 19 year old student, so best to not stress too much about making a few extra bucks right now. Instead, focus on building up your abilities in CS and also math/stats/A.I. or whatever else you are interested in that pays.
You mention some interest in trading/investing. You don't really have money to invest right now and taking time away from your studies to work a low wage job or put into a long-shot venture doesn't make sense. Are you interested in a career in trading/investing? There are high-tech firms in that space that go for top CS talent. I'm 33 and make seven figures at an algo trading shop. Try to get a relevant internship if you can.
A drawback of what I'm advocating is that you won't have much immediate spending money. Is what it is. You're in college so there is a lot of fun to be had cheaply...
bob13bob 5y ago
Finally, someone who knows what they are talking about. Lol at poor people telling cs majors to work during college in anything except jobs towards your career. Borrow the money and get the valuable skill set.