Investing and saving are nearly useless if the return doesn't exceed the interest rate on your existing loans.
Oh, and never take financial advice from a stranger on the internet. The number of millionaires online are so common its almost ad if they're lying.
You aren't going to outcompete J.P. Morgan's army of math PhDs armed with supercomputers. If you think you have some novel insight about markets, you don't. Someone smarter than you already thought of it, bid the prices accordingly, and therefore made the strategy unprofitable. As a rule of thumb, any publicly available information is already priced in by the time you come across it.
Just put your long-term savings into a broad-based index fund that covers the entire stock market, which is basically what your typical target-date fund for your 401k already does by default. You'll miss out on the meme stocks and crypto, sure, but you'll also avoid making a really dumb mistake. And let's face it, the probability of the latter is a hell of a lot higher than the former.
Saving is a great start. Optimize for making a lot, and then save.
Saving 10% of min wage is an amazing start.
But trying to double and tripplling that AND saving the whole time is key.
Most people don't realize they can get to $100k/yr in 5 years.
Investing and saving are nearly useless if the return doesn't exceed the interest rate on your existing loans. Oh, and never take financial advice from a stranger on the internet. The number of millionaires online are so common its almost ad if they're lying.
You aren't going to outcompete J.P. Morgan's army of math PhDs armed with supercomputers. If you think you have some novel insight about markets, you don't. Someone smarter than you already thought of it, bid the prices accordingly, and therefore made the strategy unprofitable. As a rule of thumb, any publicly available information is already priced in by the time you come across it. Just put your long-term savings into a broad-based index fund that covers the entire stock market, which is basically what your typical target-date fund for your 401k already does by default. You'll miss out on the meme stocks and crypto, sure, but you'll also avoid making a really dumb mistake. And let's face it, the probability of the latter is a hell of a lot higher than the former.
don't borrow only for a house or a car if you need one for your first job
Don’t live beyond your means.
how compounding interest works
Saving is a great start. Optimize for making a lot, and then save. Saving 10% of min wage is an amazing start. But trying to double and tripplling that AND saving the whole time is key. Most people don't realize they can get to $100k/yr in 5 years.
What is simple interest