Foreword:
How to: Personal Finance, regular dude edition.
I am here to reach out regular dude, what I meant by regular is pretty simple:
You don’t have million dollars liquid asset, even in today’s standard, a million is really not much but as the liquid asset, it is substantial. I believed if you are high roller this will not help you. You can help by educating us fellow RPer how you made it.
You work a regular job, maybe high paying (Amazon for example cap out around 160k and rest of it will be stock, but if you live in SF is like in TX making 130k) but most importantly you work as a regular profession in his early years and around 20-45 yrs old.
You either live from paycheck to paycheck, or slowly save your college fund, or work on some dead-end jobs. I hope this can help you figure something out from your own.
First and foremost, I wrote some finance work before in TRP and since English is not my first language so I am asking you to bear with me.
I work in the IT security (CISSP/Security+ type) and just regular dude, I own a small business in my early 20s as construction subcontractor but 08 waves took everything from me so I went back to school and paid some bullshit paper and I am here. I did travel a lot (find job+move+single) and work on various projects. What it amazes me is how most people will spend money lavishly, as the exactly same way they spend their time without hesitation. How a nobody able to save money and live frugally and save money? It is actually quite simple. I cut out almost everything I can to make sure I fund the important big item first. Like RPG game, I would buy nothing and save money for the best item that would often cost insane initially but had good ROI.
ROI, Return Of Investment.
The core concept of my work to date.
Quite simple, but the 1st mistake is people often compare apples to oranges.
The easiest way to do is to ensure you compare apple to apple.
Should you consider name brand school with hard major an investment?
I would say it depends. Life never a straightforward game.
I did what makes sense to me, so I made the deadline and explore.
Search for my passion for 5 years. I end up doing 10, from 16-26
Passion.
Practically I save every penny. I only spend money on myself and absolutely necessary things.
My EX always surprises I can live like a monk and dump my hard earned money on books and stupid certification and VCE exam dump file. I never drink Starbucks, never buy soda, occasionally buy fruit and follow largely cheap protein/cheap meat diet. CHEAP.
My food spending rarely changes for the past 10 years, used to be 300ish per month (3700ish per year) but now is about 400 (inflation and location) so is about 5k per year.
The secret is to learn.
Learn how to cook, how to minimize.
I live off by 5 T-shirt, 10 pair underwear, 10 socks, few piece of outdoor item that I rarely need to replace, 3 set of cheap suit (I brought it in UNIQLO when I live in Japan, 150 each) and 2 very good suit (both brooks brothers) and 1 pair boots and dress shoes. I believe my closet is about 4k, but I spend years to build them, and I am pretty sure to stay POOR is actually quite expensive. Make your suit simple and spend money on the press and dry clean quarterly.
Price is what you pay, VALUE is what you get. Value.
I position myself globally. When I travel I often add value item I want to bring back.
Korea and Japan have very high quality and extremely cheap suit (custom fit and tailored)
Now you know your time is also very valuable, so you have to plan it out ahead.
I actually fly to Texas to buy my car, because it was by far the cheapest in the nation, and I add that to my trips. I also had 2 credit card for travel, they both great and additional benefit.
My annual spending is about 15-18k, depend on how much I actually travel. I have no student loan and live cheaply in the apartment, and I never bring the girl back to have sex. I often went to their place (90% of the time).
Most importantly, I have NO DEBT.
DEBT can rot you, I transfer my spending to credit card and paid it OFF right away.
Here is the first lesson, take debt only when you can secure the return.
If I have the cash to buy a car, I would swipe my credit card in a dealership to get the bonus.
I put most of my saving, now is 50% into 401K, and rest of them add to my investment.
I started only 10% for 401k because I barely make my living, I am not spending much, but also I am not making a lot when I was younger.
The trick is to NOT toe with people that spend their money lavishly.
I plan out my leisure money around 1k-2k per year. That is everything with friends, and I don’t go out to eat unless is company social event (that can get you a promotion) I only setup with friends on occasion and they all know how I lived. I am generous to help, but not in money term but my presence.
“Wow is that new motorcycle?”
“Yes” (Actually brought it slightly used and have a huge discount)
“I can’t afford that”
“If you stop drinking coffee outside, stop going to a restaurant, stop buying girl stuff, stop doing bullshit feel-good video gaming, stop pleasing people and be a bitch, and stop being lazy. You can afford it.”
I didn’t say tha, I just say you can definitely afford it.
Few rules I use:
Time is money, if I spend too much time I would spend money to get time. Like should I drive 25 minutes to save 10c? Nope. drive 25 minutes to save $50? Yes. My rule of thumb used to be 25/25, under 25 minute 25 dollar just buy it. 10/10 also works, 10 dollars 10 minutes rule. I don’t drive much and I run about 10 plus mile per week.
I put stockpile in the large box and put them away. I don’t really stock a lot of items, mostly household item I get from Costco. Mostly Amazon and Costco, I don’t have prime.
CUT every subscription, they are a waste of money.
Take control of your cell phone and internet bill. Seriously, if you pay phone and internet bill like paying the car loan you are done. My cell phone about $360 per year and I tether+wifi most of the time. I believe if you make over 200k then you probably need that Verizon because you are a busy living on edge of technology business elite.
Never do trend shopping, especially holidays. I buy things AFTER holidays and get an obscene deal all the time. Try at least one-month DON’T BUY anything except food.
I spend money on used books, recently read Ray Dalio Principles. I don’t do e-book well. I received a gift iPad from the company and I sold it to someone almost the next day. I also still use iPhone 4.
Plan your trip WAY ahead and AIM gap before/after actual peak season. You can get ticket/hotel in Bora Bora pretty cheap if you plan it, same as Hawaii, Tanzania, Mumbi, and Japan.
Invest, Invest, and Invest. You should almost even out your monthly paycheck. What I mean even is that you allocate it to proper division. I have a credit card division (I never carry a balance in credit card in my life.) and 1st/31st I paid them right away. I also put money into an emergency high yield saving fund (I stopped it after my account reaches my annual income) then you should put it in 401k and save aggressively, buy stock and learn index fund and start to follow the index.
Save for large item, buy them with a credit card and PAY off right away. I kept 1 no-fee credit card for over 20 years now, just use it sometimes to keep your credit history. Most of my quarterly goal is to shop the best deal travel card (my 3rd card) and save for the spending limit and spend them all in one month and use the bonus right away. Cancel the card in 12 months.
My personal goal is to live with less than 300 categorized item. Currently, I have 337.
If you can nail down your annual spending and keep it there for 10 years, every extra dollar you made should go straight to investment and ready to buy a house.
My next goal is to get a fix-upper house in a good area with a huge downpayment, approx 20-25% downpayment and find a roommate right away. Once house half paid, home equity against it to borrow more and buy a 2nd house in 25 miles radius. Probably not a good house but in a good area and be a fixer-upper.
Search and plan is the key, I am currently still renting is because I want to move again, rental if done correctly you save major cost.
At this rate, I will get pretty far ahead by 50ish, approx a few million totals that include house and extra. Probably more. I don’t need nor plan on getting married because she will probably rob me at child-point on first sight.
Retire in Phillpine or Texas. Probably open a small shop and run the errand and live with some girl to have few kids. I plan to get married when I am 60, if she made it with me she can take my property and ring, fuck it. Reverse marriage is what we should do. I put a ring on her finger if she rides or dies with me for half a decade.
Let me know if you have any question. I write this right after long working day so it might be pretty bad. I would edit it again when I wake up.
unluckybill 5y ago
Thanks for this. I wasn't born into any kind of money and I'm in college now so a lot of the financial advice on this sub goes right over my head, but this is pretty practical for my situation
uwey 5y ago
Finish your school, pay your shit off, and network to build you career. You got life ahead of you and future it is not as shitty as people preach. It is hard, but it is definitely not shitty.
Hope some of the ancient approaches work in your favor.
Hardest part is not how to live as being rich, is actually people stop live like they are normal and gain insatiable greed of consumption. Imagine why? And watch people defend consumerism blindly as it is the authority of happiness, which it is totally ridiculous.
Don’t buy into hype.
juddshanks 5y ago
I enjoyed reading this, there are some good tips in there- have no doubt that if the OP has kids he will leave them with a way better life than he had. If he wants to live his life that way good luck to him.
Depending on your own background and resources different people will be more or less frugal but one observation I'd make is that spending money, whether on food, drinks, games or whatever else, is often a distraction from working on yourself. You're getting a sense of gratification from the rush of consumption rather than from a genuine achievement.
There's something to be said for weaning yourself off those cheap sugar hits of consumption for a while and just trying to get satisfaction from improving yourself. Even if it's just for a month or two, try living on absolute basics. See if you feel more or less happy.
uwey 5y ago
Existence is a pain itself.
The core issue of pain in life is you will only experience less pain through satisfaction of what you desire but only temporarily. Philosophically speaking, live is full of consistent and prolonged pain and only handful of things we can do about it.
To either seek epicurean indulgence of pleasure to easy the pain, or you embrace it and cut out all external force that mimic the true satisfaction.
Most people pick lust over stoic virtue. Simply because it is easier. I am in no position bashing indulgence, for I also indulge occasionally and it is the temptation of affordability of indulging that weak my mind and presence. To remain strong and focus I had to do what I have to do. I build that habit loop and it is hard to reverse it.
Price is what you pay, value is what you get. Cut out consumerism and all sorts of brain washing and life itself will promise to set you free.
juddshanks 5y ago
I'm not really disagreeing, stoic philosophy is an excellent foundation to live your life on. Marcus Aurelius should really be required reading for anyone who is interested in TRP.
But fundamentally there comes a point where you have to question what is the point of a lifetime of self denial- at the end of it you're going to be just as dead as the epicurean who snorted cocaine off the backs of naked women every weekend.
I think a good rule is to ignore the little things and train yourself to get pleasure from things which require achievement and effort from you.
uwey 5y ago
Simple discussions is rare in today’s political environment. I do value and appreciated different point of view regardless other’s opinion of mine.
You may already realize being extremely frugal in today’s standards is just live normally 50 years ago. Pre WW1 era the consumerism is for anyone to consume responsibly. The social shaming of wasteful life is so strong it prevents many today’s propaganda. Unfortunately family was attacked and it weakened its social function so now rampant dialogue of extreme took over and filled the void in everyone.
Btw most interesting and fun thing in the world today are either illegal or extremely costly. I love Charles Bukowski’s indulgence point of view. I used to, but I still do.
But if that is the mentality of entire generation I would be very concerned. World never build because the rise of elite, it is build by average ethical point and leadership of silent working majority. I hate to say it but enjoy the decline is just another bitching session of self-exile.
Stay strong my friend, Middle East and Chinese can’t wait to undermine West and return it back to medieval feudalism but under their control.
PS2Errol 5y ago
Debt is the killer. Get yourselves debt free as quickly as you can.
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volvostupidshit 5y ago
Depends on the kind of debt that you have.
reluctantly_red 5y ago
I agree with a lot of this. However, guys need to remember life is for living. There is no need to put off living until your 60 and retired. Get married and have kids while you're still young enough to chase them around (which is actually lots of fun and doesn't cost anything). Make sure to spend enough on yourself. No need to get carried away but if you enjoy hanging out at the local coffee house five bucks a day isn't going to break the bank. Also, pony up for physical activity. Gym memberships, bicycles, surfboards, hiking boots, ... all this stuff costs but its money well spent provided you actually use them.
Bottom line -- live frugally -- but live -- start now!
uwey 5y ago
I can’t say it better. You nailed it.
I am no advocate for extreme, although my life example seems extreme. I just plan it and I get used to it. You need your own version of plan, don’t copy mine because what works for me don’t necessarily works for you.
It is your life, own it, extremely.
If you are white, I highly encourage don’t buy in this ENJOY THE DECLINE bullshit, go make kid and I beg you to seek and man up in order to take the best white women out there, future war is about to be anti-white and white genocide. Look Europe Hijra, and look Minnesota. How is anti white is agree not racism bog my mind everyday.
Btw I am definitely not white, English is not my first language.
thewrecker8 5y ago
We all (should) have our hobbies and interests. But saying "fuck saving money I could die tomorrow" is how most women go through life. It's the old "i'm here for a good time not a long time" mentality. Then they hit the wall and wonder why they can't find a good man.
Your hobbies should be part of your budget. If you can't swing doing your hobby one month so be it. Cash is king always has been always will. If you don't have it on hand you're fucked.
reluctantly_red 5y ago
Never said don't save money. Just make sure you're actually living while your still young.
reluctantly_red 5y ago
Never said don't save money. Just make sure you're actually living while your still young.
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uwey 5y ago
The painful part is to get to that more money, we all agree on that.
If you can get your 10 years back, btw that 10 year of youth SAVING is actually separate you from retired at late or retire early. A person really needs to save aggressively to achieve this because you don't guarantee to make 200k and most my buddy make 200k don't get all cash, at most 160k. If your spending HABITs went AMOK long ago, this new found cash of new fancy job will net you 0 saving because all other habits of reckless spending also went skyrocketing. You will chase and borrow against your future for expensive things just because your neighbor, friends, and family had them. I am advocating to build the absolute corner of minimalist spending habits, if I can live with under 17k adjusting with inflation 5-7% per year, then I should able to save around 130k cash and retire 10-15 year of work. Usually, that is not the case and I am building it to reality, meanwhile, keep my life happy and eliminate distraction. Stoic life and spend time on the gym, outdoor, reading, host a dinner party, build a motorcycle, build a 3D print prototype, engineering, and figure out philosophy.
Life is still very much enjoyable and full of joyfulness.
nebder 5y ago
Why eat a smaller piece when you can have a bigger pie
triplewitching2 5y ago
Because the saved pie (investment) grows, and pretty soon you can save up enough pies that the amount that they grow together is more than your total annual 'earnings pie', basically, this lets you eventually have vastly more pie per year than you could earn with your labors alone, and that makes you financially independent, which gives you a great deal of control over the parts of your life that you can control, and makes life's random stings and arrows simple to resolve, if money can solve them, and most of them can be solved financially.
farshadnm 5y ago
basically, we need "Fuck You Money".
uwey 5y ago
If your spending and wants not under control, you will be poor by have fuck you money.
Ask celebrities, why they move back from France? Too much tax?
triplewitching2 5y ago
Basically. And everyone can have it, too, if you only wait on unneeded crap until you save and earn enough that you can just buy it later with dividends alone, and let the principle ride !
panconquesofrito 5y ago
Damn you ruthless lol agree in a lot of points and see the value, specially in the travel. People need to know that this is a process which takes time however. It’s a mindset that needs to be developed over time for most. I am in that journey now. Unlearning years of consumer behavior. Paid off my student loan this year, and I am now formulating how to pay off my car. My biggest mindset shift came after reading “Set For Life”, I highly recommend it.
uwey 5y ago
Imagine 80% people had no self-control and MUST have their morning Starbucks.
You get my point. For the majority of their consumer behavior, people basically need to entertain themselves to death. That dopamine hit is a real drug.
panconquesofrito 5y ago
Yes, it’s pretty deep rooted and most of us are cruising through it all. I woke up very recently so I am running around like my hair is on fire getting read of debt.
uwey 5y ago
You should and watch people fail hard in 10 year.
When I buy house like mad in 2008 crisis. People get mad because I spend money on investment not with them, I don’t toe my life with anyone and yes is all my fault.
You need to look people’s life in long run, because ONLY during the low tie you realize how many fake swimmer or naked people swim around you, they are sinking and blame everything around them, don’t be that guy.
How laughable is for a free human fall as slave to consumerism, relentlessly pursuit something so empty and waste money, time, social life on some “things”
I fail to understand, and continue to observe my life around me for people live in the dream.
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HardTruths83 5y ago
I agree that this is now way to live, but it never hurts to run lean and live beneath your means. This is just a little extreme, but if it works for him, sweet.
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Auvergnat 5y ago
.. said the grasshopper to the ant.
ex_addict_bro 5y ago
Really?
I think both sides of argument have their own rights and both are wrong at the same time.
Grasshoppers: "have fun now, because who knows what will come"... I don't see anything wrong about it. That Aesops tale showed the grasshopper as an idiot, because we all know that the winter eventually comes... really? People who live closer to the equator perceive time differently. Perhaps the winter is the reason why whites had no problem with colonising the world. So, in the tale grasshopper is an idiot. How big are your chances of cancer? Your DNA plays an important role, environment plays another. Do you plan to die in an accident? Are you going to loose a limb only or do you plan for something more serious?
Watching chronically ill people at a few institutions shows clearly, that when you're fucked - you're fucked. A few stories from fellow TRPers also seem to back this up.
Ants save. Can you loose when you save? Doesn't look like it... really?
I suddenly realised that maybe the point of the tale was not exactly to show that one of the animals was wiser... unless you take the circumstances into account.
Our whole subreddit shows, that it's the grasshoppers ("Chads") who get the pussy. Ant was beta buck and lived a beta buck life.
The truth is... you can know that some things are coming your way. Like winter. You can prepare for them.
"But I am going to be old". You don't know that. And if you get old, maybe you'll be happily drooling and breathing through a tube after your 3rd stroke or so.
On the other hand, "fuck-ya-all" attitude has its obvious downsides.
Personally, I think I could save more. On the other hand, my reason not to is: "my life is miserable anyways". Oh well, that's just as good argument as for saving...
Auvergnat 5y ago
I think the answer is a painfully obvious one of moderation. You enjoy your youth AND you save for your old age. This should be enough common sense to everyone. But the tale illustrates what happens when you go to an extreme or another. If you go full Scrooge Mc Duck like OP, your life won't be too much fun that's sure, but at least you cover your ass for every issue life will throw at you. If you decide to go the way of the grasshopper though, it'll be all fun and dance until shit hits the fan. The tale illustrates the dire consequences of both idleness and lack of forward thinking. If the author wanted to make it a "no animal was the wiser", then it would have emphasised how the ant's work life is miserable despite it surviving winter after winter. This could have made a great tale, but it is not this one. The tale is a clear lesson to be more ant-like, whether you agree or not with that philosophy of life. It was probably meant, as all other tales, as a lesson to teach to the young.
​
As for comparing to alpha/beta, this is really over-stretching it. "Not saving for old age" is not a trigger of female sexual desire, nor it is a trigger of female need for security. OP being extremely ant-like doesn't make him a beta. Wha if he is tall and strong and hot and assertive and has great game? Even further, his lack of willingness to spend money in other ways that bare survival will make him a poor choice as a beta provider indeed. In the tale, the ant prefers that the grasshopper die rather than sharing the bounty of its hard labor.
ex_addict_bro 5y ago
Agreed.
Flying with your private pilot, swimming in your own money, in a safe that's huge as a building... nah, NO EXAMPLES FROM FICTION OR LYRICS, you almost got me here.
If you change from "every" to "a lot of", I agree.
I never analysed OP in terms of alphaness or betaness. Just that ant from that tale looks pretty beta to me. Can't even play an instrument.
Grashopper? Or OP?
You've lost me here. Sorry.
That's the red pill for you and me: people don't give a fuck. Be an ant - don't give a fuck. Be a grasshopper - don't be a boring fuck.
Moderation.
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witchcoin 5y ago
I'm 21 and I earn £1.5k a month, and I'm usually broke a week before payday.
I could probably save half of my monthly pay if I tried, but it would mean dropping my favourite hobby, going out very little, and just being bored in general.
Probably a stupid idea but hey, I'm having a lot of fun and there's no temptation for some girl to divorce rape me because she'd get practically nothing.
thewrecker8 5y ago
If you're burning through money that quickly you're going to set yourself up for failure. Not only for the fact that you're not banking money while it's the easiest time of your life to do so. But also for the fact money management is a habit. It's like going to the gym. If you don't develop the discipline to do it it becomes hard to stick to. There's a very simple mantra to follow and it's this: Pay yourself first.
If you don't have many bills now you eventually will. Rent/mortgage, heat, electric, water, phone, internet, car payment, etc. You need to also pay yourself. If you could save 750 by living "boring" there's no reason you can't save 100 a month. If you get paid bi weekly it's 50 bucks a paycheck. Consider it a bill. Open a second bank account and every time you get paid put 50 in it. If you can do a little more do more but do something. And don't touch it. If you bank online you can set it up where it automatically comes out when you get paid you'll never have to do a thing once you set it up. But consider that a bill you HAVE to pay.
But make saving money a habit. After a year or two set up an investment account and start making it earn money for you and keep growing it. You'll be thankful you did. Shit happens and when you need money for an emergency or to buy a house you'll have it. There's no better time to save money than when you're young and have little responsibility.
RIP_Betty_White 5y ago
Broke bitch/defeatist mentality my friend The best day to start investing in your further financial independence is today! You have to sacrifice now in order to achieve greatness in the future.
witchcoin 5y ago
I disagree. Earning minimum wage in my country puts you in the top 9% richest people globally, would hardly call myself a broke bitch. There are millions of people across the globe that would probably kill to earn that sort of money. I already have financial independence that most of the world could only dream of.
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witchcoin 5y ago
It’s hardly a wage I will lose at any time. It’s a very stable career, just doesn’t pay as much as others. And comparing myself to poorer people isn’t because I’m insecure or not confident, it’s to make me humble and appreciate what I have rather than be a snob who looks down my nose at people less well off than me even though I live a comfortable life that very few people can enjoy. I think you need to go and enjoy all the money you’ve saved rather than put down random people on the internet for earning less than you.
uwey 5y ago
-being bored in general. everyone had the different ideology of bored. I find it fascinating in study economics and philosophy.
I am not bashing anyone here, thing is that we all going to die. Being rational and make the best decision for every situation is often painful and uncomfortable.
witchcoin 5y ago
That's where we differ. I get my fun from working on/driving cars and going out. The most fun I'd get from an economics textbook is making paper aeroplanes out of the pages.
But in terms of "redpill attitude", I think just doing what makes you happy and gives you personal fulfilment, whether it be studying, or spending more money than you can afford on cool cars, is the best thing to do.
Auvergnat 5y ago
Enjoy that attitude. By the time you’re 35 without a cent in savings, you’ll start slapping yourself for your shortsightedness. By the time you get your first health issue or redundancy before you hit 50, you’ll be straight up banging your head into a wall. More likely you’ll wise up by 25 and start saving and budgeting then.
uwey 5y ago
Most people don’t.
So does most people never a day homeless. I thought about running experimental homeless camp to recruit people to live like homeless for one year in large city America.
Once you are homeless, you never be more scare for the rest of your life. Poverty is the worst violence. It will permanently emotionally damage you.
L0nerizm 5y ago
It’s not one or the other... I’m past 25 and I spend a good amount of money on hobbies and experiences. That doesn’t mean I don’t save a bit. You don’t need to make it impact your life so you can have a lavish retirement. save but don’t have to go overboard
Auvergnat 5y ago
And I agree. The comment I was responding to did not say "don't go overboard". It said
"Do what makes you happy" is the moto of western youth. It's what get people into heavy debts to get a useless degree. It's what get people addicted to loans. As usual, the answer is one of temperance. Of middle way. Of course you gotta do the things that you enjoy, but it would be wise to do this with a sound understanding of personal finances. You seem to have this. OP seems to have this. But not the guy I was answering to. Let's just hope that he does not follow his youthful philosophy into getting heavily indebted for his later self to be burdened with.
uwey 5y ago
You just explain why we had to do this RP shit and explain to anyone why we need it........
Feel good normally is just warm water that yet to cook you alive.
Nicolas0631 5y ago
This is complex issue.
A good strategy is for example is to go for studies, so you likely make nothing or goes into debt until you are like 23-24 years old. Your first salary is likely between 50K and 100K. At 35 you should make at least 100K$/year, maybe 200K$+ if you managed it well.
Except if the you guy actually create a very successful company or is warren buffet level of investor, there no way the 25K$ saved as best on a low salary from 18 to 23 would compensate for the difference in income later on.
At 23 the guy that made study can save at much the first year if he is willing to!
To me somebody that is 21 years old should think how he could significantly improve his salary so that he make at least twice when he his 35.
uwey 5y ago
I see it in 2 side of coin way:
1) if you are bootstrapped, and prep young to do elite route (Ivy, get into a designated professional field) take it and make damn sure don't get married because that is how you fail. Stay put and invest and play as you like, by 35-45 you should at least have few mils and few mils coming up soon.
2) If you are, just a regular dude, belong to middle percentile line average on EVERYTHING..... you have a few ways to kill it. Not mean most ideal, but you can try. 1st you need to find what is your best sell point. Are you on par with communication (totally not in my case, English is my worst and I just get by because my body language and eye contact pass the intention check for most of my professional case) or sell. Be warn, communication is the key, I am non-white so I can play that racial stereotypes card and get away with it. If you are white and your English sucks you are done. I know it is not fair.
Use that skill to either go business or go to school. School just a paper to get your signal up so you CAN be visible to HR. In few year HR will us AI that filter out most people don't have college, maybe trade school will be ok but eventually, that will need a credential to bar people to enter the trade to lock their benefits and salary by artificially inflated the price and drop available workforce to curb the over demand. (a wage drop)
GO to a cheap state school is the option, and make sure you save money so your MASTER will be impressive. I recommend this because of the following reason:
Master will soon to be a new Bachelor, which it seems like it is already happening. I am working on my Master now and I saw how many people have the master and don't know jack shit.
Get a good master is LESS effort than your first degree, just make sure you know your stuff and your first degree is the good ROI school. MOVE to the state and work there to get the school actually make good sense. If you rush it you need to make sure your GPA is at least 3.0-3.5, I never see a 3.0 getting accepted unless you have military status and your background is a super minority and interesting.
Get a professional degree? I think is an all-in gamble. If you pass you are set, if you fail you are in trouble. I know people can't match (John Hopkins) and yeah it wracks him because he can't get into a large hospital (kaiser needs experience) and he decided to join the military for this reason.
Plan but watch out, and ready to change course if it doesn't work for you. Embrace the suck is such good motto......
Nicolas0631 5y ago
Agree that you do not need necessarily to go elite route. In France where I live there 16% of people that get aways with Master degree or better. 2-3% of people get aways with engineering school that is more selective, and among engineering school there will be maybe one thousand a year (so like 0.1%) that will be in the elite engineering school. I don't know the rate in US but to me it means that while elite is hard, just getting a master degree is quite achieveable.
There two way to succeed there, either to be quite smart and you'll manage naturally (from what I understood something like 5-15% of overall population) OR to work a lot to compensate for being a bit less smart OR to find your niche: the area that will interrest/motivate you and where your way of thinking would shine.
I think that one way or another, at least half of the population can manage it if they really put themselve to it. Not spealing Ivy league or whatever elite, but a decent Master degree in a field or another that will give you lot of knowledge for your field of choice and that will open many doors for high paid job.
There likely a chance that among the one that try but can't, many would at least get a bachelor degree and they should manage a decent salary after a few years thanks to hard work. Even the other can likely just be practical, check for a more technical field or specialized field that pay well.
One way or another, I think most people, say 80% can achieve a good salary if they put themselve to it. Managing that help a lot on self respect and as well on how others perceive you. Not only it will allow to live a comfortable life, to get more money while still working the same or less than others but it will a significant asset when dealing with pussies too. Not saying you should be a sugar dady, but this is just that nobody want to be with a sucker that is at the bottom of the society. And everything will just be easier.
There no point to play life on hard difficulty your wholee life in exchange of playing world of warcraft a few more hours or drinking a few more beers as a teenager and waste your future.
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uwey 5y ago
I would also add if you can play politic and sustain enough academic brainwashing then PhD is for you to unlock.
Economic PhD is actually really good ROI, almost a guaranteed job, a shining Dr.Title if you like the title (which can fool most general population because of social construct and elitism caste assertion) and enjoy the consultant work.
I am considering Econ Ph.D., and if the additional 5-7 year school can net you a guaranteed 30-year work that is actually not a bad ROI.
People should get as much free education and get that title because it builds the false signal will only benefit you IF you are male.
L0nerizm 5y ago
I don’t get the mentality of dumping everything into saving for retirement, especially when it means you are so frugal that you can’t do your hobbies or go out with friends and travel when you feel like it. I would much rather live it up and enjoy my money while I’m young then when I’m old. Just my opinion.
uwey 5y ago
I am not advice you to do that, but I am totally ok if you are not with me on this one. I am frugal, but I have plan our occasion get together, my friends are not social media friends and I travel to met them all the time. I combine, consolidate, and manage my time/money/relationship in most efficient manner.
If you survive making 30k USD and live in small town and if you feel like your life need to be more lavish and have more “hobby” or more spending, your money is not matter anymore, you need discipline. Because I guarantee you you can make half million like most my buddy do and spend on new car new house every few year to just “catch up” in their city.
At what end? American Dream?
Those spending time are long gone. Read how this all happened: https://www.collaborativefund.com/blog/how-this-all-happened/?fbclid=IwAR3-v2dmD9Npy6AVV7AduIvvgs4733-grCKx44xnEZ8LtgEoKcu0lxya08A
Don’t buy into live your youth bullshit, because by the time you realize what social engineering and pursuit your happiness does to you, it is too late.
Most American today if not in top 30% had ill prepared retirement plan and likely work into their 70s.
If you save more now you might retire normally, and don’t dream about social security, that will be end in our life time.
Stay healthy, stay put and focus, don’t buy into that bullshit everyone tell you what to do. If you are happy spend money, so be it. But I am here to counter offer, instead spend it, you should manage and swallow that finical RP and live stoically and pursuit your real happiness. Because all our environmental sell today are fake.
Fake women. Fake news. Fake education. Fake title. Fake social interaction.
Think about it, and deliberately make your decisions.
We don’t regret, we just move on. Strong.
Nicolas0631 5y ago
You have put lot of details but it can be sumarized to how much you make, what percentage you manage to save and how much you can extract from your investments.
To make the most of it, you'll need also to get into heavy debt, as long as what you invest on produce more than what the credit is costing you. This is the fastest way, but also of course the most risky way.
For normal people, the best way, at least to start, is real estate because this is where the bank will accept to give you the most money and you need a place to live anyway.
After a few years, you can usually convince your bank you can afford a second mortage to buy another one because you salary increased a bit and because you'll be able to rent it.
The more trust your bank has into you, the more you can invest, the fastest you capital grows.
uwey 5y ago
I had non traditional curve of salary growth, I begin to climb corporate ladder later in my life so it hurt me a little.
I don’t think put out numbers means anything, if number game is all you care, there are better book out there speak directly to the folks that are interested in only numbers.
I believe in broad spectrum of overall human social aspects, which means my choice are only works for me, although the number are the same, but no two person will ever have same path, same career, and same situation, so why my saving percentage and growth curve even matter at this point? If you miss the important part, the pain and agony is to cut out, not numbers in general, but focus on how to pin point the financial damaging habits. Cut them out, invest your money, and everything should be in its place once you start seeing things in the trimming sense.
Honestly if you asked me what I know about life is most important, this is it. The detail or insignificant trivial moments. Summarize is great, but I don’t want to miss a thing which may bring impacts and echo with someone. I am speaking to larger audience and not everyone feel the same.
Hope this helps.
Btw succinct input for growth, real estate is not only fit for beginners, but also the moot for advance investors. Real estate by far the best investment in my portfolio. If you do it correctly and study it, it can grow exponentially.
Nicolas0631 5y ago
The detail of what you do or how you managed is irrelevant. The result will be a strict function of how much you actually make, how much of it you save and what the interrest of the investment you make.
I agree we are all different, so we have different priority. As for having the right habit their are nice, but most of them will only have low influence.
On the contrary, buying your home sooner, at the right price/moment and if it ever happen, to sell it at the right moment is going to have more effect than all the other saving you could do, at least at the begining. Because this means hundred thousand dollars.
Also taking care to make significantly more is going to have tremendous effect on the end result. You'll also be able to both save AND have a good life so that make things easier.
uwey 5y ago
When to buy/sell is the biggest dilemma to me.
I admit I was simply lucky during the time.
ConservativelyRight 5y ago
Sorry, couldn't help but burst out laughing when you defined a "regular dude" as a guy making 160k in SF.
And a million dollars "isn't much?"
Wtf world are you living in, man.
uwey 5y ago
If you get into, most OK state school. 50% from your high school for STEM engineering especially, will result first job out of college around 50-80k.
What I say that is communication skill. If your interview and personality don’t show overall confidence and fitness, you will not get paid. You get paid for your overall performance, everyone have a price.
If you think 160k in SF is a lot, you need to make more friends that make that much money, because more friends you have, you realize you are the average of your friends combine.
I don’t make that much but I got more vacation time. I work 36-50hr a most, and live frugally. I volunteer soup kitchen to feed homeless and travel 3 times a year to either dive or hike.
1 million is average house pricing in my zip code. If you need advice to get out where you at to move to better paying job, I may able to help.
-credential signaling Have a good paper, literally do whatever you can to get that paper. What you know really don’t matter much, just know ONE thing very well can make you a lot of money.
-network proof Social with winner, not loser. If someone is always out of luck and actually always unfortunate and complaining, stay away. Go find people you like and actually move up the social rank. Because you will learn from them and they will help you if you are capable.
-move, move, and move around. Move to big city and try to survive, it will change your life. Later in life you can move to country side. Have a plan.
Money is not everything, you will know it eventually. When you first break that 100k, then 200k, you getting numb. It just a fucking number, it doesn’t do shit to you, you just a better paid slave.
Own your life by distance yourself from toxic behavior downward spiral. Be free.
Andgelyo 5y ago
dude, are you from America? Your english sucks. I feel like I'm reading a japanese haiku
uwey 5y ago
I think haikus suck.
Has to be five seven five.
Who came up with this?
triplewitching2 5y ago
In the first world, a million dollars isn't that much, I'd say comfortable middle class, but a single bad illness or accident could still wipe you out. If you own a single family house and save 10 % of your income in your 401k, you are probably going to have a net worth around $1 million at 40. The fact that most people never reach that is because of the massive consumerist matrix we all live in. By opting out of the Keeping up with the Joneses / White Picket Fence / Brady Bunch template, you can free up large amounts of capital to blow past that level, in time. Its very possible, even with a low salary.
uwey 5y ago
My best buddy, a lawyer, used to be public defender. Harvard law. Old money.
Pretty savage dude, you would not expect this guy had that much digit in his net worth, we still compete to be as cheap as possible in our annual spending matrix. The dude pull a 300k close deal to sell his property back when we both brought it after 2008 crisis. I bet some cash too but his vision is psych.
Once I get my 5 million I retire. That should be around 50ish.
Really funny is people thought I have bootstrap. Nope I am no longer want to explain. They all live the life style I can’t compete, so I bottom out, save all, live cheap and win at later life.
If anyone think save money is painful, your later life will be more painful than you ever imagine. Your health, your relationships, and your money all will be in danger.
For what? A few cup of Starbucks? That mental weak coffee own your life. It is dangerous notion, obsession of consumerism and addiction of anything.
ex_addict_bro 5y ago
You assume you’re going to be alive in a few years.
Bad things happen.
uwey 5y ago
Haha bad things always happen.
How you deal with it is the key to unlock questions of life.
If I already assume death, and live as I embrace death, to wear death on my sleeve, as a deadman that every day is just a addition and my life have a purpose.
We all can be free, would you willing to die for it?
I die long time ago, and never one day look it back.
Besides, if you are dead, would you still agonizing not drink, fuck, smoke, indulgent as much? No you wouldn’t, you probably just remain dead.
Fear death is childishness, go experience something in life so death would no longer bother you.
ex_addict_bro 5y ago
Yup, but make sure it's damn cheap, because you're saving for that great life that's yet to come, just need 30 yrs more and you're set.
uwey 5y ago
Love your sarcastic input. Hope you never make it.
Your experience must associate with money. Ever fuck a chick for free?
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itsam 5y ago
As an older millennial, I'm freaked out by owning property again. I worked 2 jobs in my early twenties, never went out, never drank, lived with my parents and was very frugal. I saved over 4 years so I could put down 20% on a decent property to avoid PMI. The value was about half than the previous year when I was able to put it down in 2008. Held it for 8 years and still took a loss on it. I missed out on a lot of friend time, travel time and watched everything I saved circle the drain.
uwey 5y ago
That financial scar will hurt you, like puppy don’t get programmed correctly it will scar for life.
I make mistakes before, not to bash you for your hard work and feel of lost. Human psychology is heavily affected by lost aversion. I use that for my advantage so I can differentiate better between hidden gain or hidden lost.
I buy house and often start bidding small, some house my realtor find me is bizarre. They advice me not to mess with it, but it is my time to pay my tuition. If you already paid tuition, it will be stupid twice to refuse to play again because you lose before. You either put too much into it, or not recognize hidden risk like area zoning, possibilities of natural disaster, subprime unresolved issue.
Trust me most people I know don’t want to own home anymore, this is great for people have good credit to continue to own home and rent out. If I have way to make it work and keep risk low. I will be fine and eventually just quit my job to collect rent. If I failed, I lose everything.
So get used to sit on the table and be totally ok with your pants on fire or hair on fire is a start. Welcome to my world.
I used to imagine chew glassware and drink acid because every morning I wake up I am counting on bank bail on me, and I fail to pay it. Not anymore. I was just immature back then, now I am better and wiser.
Everyone lose, some stay in the game. Some just don’t. This is life, want it or not but you have to play on.
Did I mention a story I have a choice after I lose everything in 2008? I can move back to with my parents, or I can go homeless. I would rather die than move back so I went homeless and begging on the street. That will change your life.
Fear will make you grounded and jail you. By not scare of any outcome you can set yourself free.
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WeddingCrasher91 5y ago
Iam 27 and have around 50k in savings . How you ask, well i work in remote areas, oil and gas, so basicly i have no expenses as my company provides everything. Had i discovered redpill before my failed marriage, then i would have around 100k now
uwey 5y ago
Not too late brother.
I red pill someone in their late 30.
He turn 45 last month. The dude had fail marriage, typical divorce wrack, all shit happened. In 3 year we work and communicated, I provide sound support and advice for career change.
In last 2 year the dude lift, fuck bitch, build wealth, and win custody. RP save you anytime brother.
Man win by working, women win by controlling.
Save, and refuse been told or influence your stoic mind. Agree people but #walkaway and #walkhard
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Affini7y 5y ago
I found the part about going to Texas to buy a car interesting. So you fly all the way there, and drive it back. What kind of car did you get and how much did you save? Was it really worth the plane ticket and cost in gas?
uwey 5y ago
My ticket cost free because gift card and my credit card point. Delta.
14k car. Original price 16k 2k tax. 1k tag and fee. Get few add on item for free, plastic stuff. Get 2 spare car key for free. Get OEM stuff for free or I would not sign. Down payment 5k credit card swipe. Get credit card point I can use. Get 72 month 0% finance, fico 820. Monthly payment about $159 Insurance about $800 annually. So my total per year is 159x12, add 800 That is about $7 per day to drive, and add 15k per year average mile, gas 3 bucks that is another $1500
That is $11 buck a day if I drive everyday. People don’t realize 3 new car in life time can cost you for the missed investment window, this is my first new car in over 15 years. I always drive car 3-5k but recent gas hype is no longer worth to me. So I get a cheap new car for another 10-15 year.
Hope this helps.
Kurush559 5y ago
As a young guy with less than $50 in my bank account, I really appreciated the useful and practical lessons from this post. Cheers.
Side note: its usually obvious where someone is from based on how they write, but I can't figure you out. What's your native language?
uwey 5y ago
I had an existential crisis during high school, and after I ran away from my legal guardian I then find a job in order to rent my place. That was in Cape Town, South Africa. the rest of it is history.
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faustian_talos 5y ago
Damn I needed to read this today.
uwey 5y ago
Do it. Make plan. And watch people spend the money they don’t have, and save yours....
Highly recommend listen Seneca: in shortness of life.
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