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Any EV ETF recommendations? Looking at DRIV.
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Pro
Bowl Leader
Rip anyone with a variable rate mortgage
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Thoughs on LMND?
Pro
Just got an in house offer annnnnnd
Take a look at Lessontrader.com. An online marketplace for teachers to buy and sell resources. All of your hard earned work for virtual learning can be posted on lessontrader and make you some extra money! FREE membership with discount code “vipfree”. Once you upload a lesson there is nothing else needed. Just wait and collect once someone buys your stuff.
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Chief
Anyone can get rich slow. Started my first retirement account when I was 19 when they were first introduced. Be smart about career and advancement - take the long view based on building a professional foundation, skills and reputation. And take that seriously. Decide which markets you want to focus on for investments - equities, real estate etc... and believe in them and invest for the longterm.
I recommend side gigs. I had a commercial building and 2 restaurants with partners for several years. Really jump started my nest egg when I sold.
If you choose to raise a family, understand the expense and make sure you adjust your lifestyle to provide great opportunities for your kids while continuing to grow your career, save and invest.
Some folks here day trade, short the market etc... which is awesome and you can make serious bank with that. That's another way to go. You can also start a great business and devote yourself to it.
Don't get spooked by downturns. After 9/11 I shortsightedly took money out of the market and cost some serious gains. Ride it out and continue to invest smartly.
Hi C1. I started by chatting up owners of food businesses in my neighborhood - places I thought were clean and well run. I lived in NYC at the time so there were a lot. If you sit at the bar and order an app and a drink once or twice a week, owners and mangers get to know you and open up. Franchises have local networks of owners and if you apply to the franchise - which I did, to several - you meet the regional marketing manager and their teams from the corporate side and also franchise owners. In fact that's how I met my future partner. I also asked around for accountants who work with restaurants and food companies and paid them for an hour or two of questions. They won't tell you specifics on any one client but they can tell you in broad strokes what to expect in terms of revenue, expenses, taxes. margins, trends etc... Banks (SBA dept) can also give you general info. Then you can model the business. Based on all these discussions I made a simple excel tool with a ton of variables and played around for a while til I understood the dynamics of the business. Only then did I feel comfortable putting $ against it.
I'm working on my second million. Gave up on the first.
Rising Star
My father gave me a small loan ($1M), and I did the rest all by myself.
D3 thought pwc was the orange one
I’m 14 years in with $3m saved up. Married, Single income, 3 children. Hit my first million 9 years in. Key was consistent saving, taking advantage of matching programs and tax advantages (401k, 529, etc), and making sure to move up and keep my compensation on the higher side of market average. When I first started my savings rate was probably 20% or so. Now it is about 60-70% as my lifestyle hasn’t increased nearly as fast as my income or net worth.
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C1 - no inherited wealth here. Dad was an actor then car salesman. Always food on the table but frequently on unemployment and averaged about $35k a year. Public school education for me. Scholarship for the first two years at NYU based on need and merit - paid for everything. Last two years Reagan eliminated the needs based federal scholarship and I took a loan for the balance - worked during school and paid off the loan upon graduation. Am with you on leaving something to our kids. I plan on living well but sensibly in retirement so as to retain and even grow my wealth before i go.
Got lucky on my spouse choice. We started dating in college. His parents gifted us 100k for a down payment on a house and 50k we used to start a college fund. However the real kicker is that my husband is really good at his sales job. He started making around 500-600k at 25.
Ah awesome!!
I’ve been saving 50% of my net income since I started out. In retrospect, should have spent more on housing at first, as I went through a series of very dodgy housemates.
Pro
I don't want to get married either. Not ever.
Joined Google. $160K initial grant grew to $640K over 6-7 years. The rest was refreshers and savings 20-30% of income and investing it SPX indexes.
Rising Star
Several times over. The first million came after many years of investing savings in the stock market. The second million came in about half the time as the first. And the third again came half as fast as the second.
Every year, I maxed out on 401(k) and IRA contributions whether traditional or back-door Roth’s. And I invested in non sheltered accounts as well.
There were many years when my shitty 401(k) has zero returns but when you keep adding to it, eventually you have a large sum invested and when the market takes off, the pile of your hard-earned money starts working harder than you.
Does half millionaire qualify commenting over here?
All I did was start saving since day one, every year I start additional mutual fund investment and more saving. Put that extra cash into something meaningful.
lottery
Chief
I have a cousin that won 8 million in the lottery.
Chief
Went to Turkey on holiday.
Lol that was like 15 years ago.
Pro
Combination of a frugal wife and extra income from side gigs.
What kind of apps lol
Chief
Inheritance
Saving and investing. No gifts, lotto, or inheritance. I started late to live up life while young so never too late to start.
What are the best stocks / indices to look into? Can DM as well
Chief
Inherited it