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Great start, amazing mind set.
Look at this way, as far as investments go due to your income if you want to save for retirement a Roth IRAs your best option. Key takes away you can take those deposited funds taxed free after 59 1/2, ( note that age might be raise in your life time.
If you don’t want to wait so long to access your funds, go with a brokerage, due to the fact a brokerage is not taxed deferred you really want to have a buy and hold mind set, important to remember you owe taxes on any gains once you take it out and you want to
At least hold any investments for a year plus one day!
Don’t be scared of the market, you have time to ride its ups and downs, the most common way people lose money in the market is panic selling.
You can open a brokerage anywhere, Vanguard and Schwab are personal favorites.
As far as investments you have two main options, Robo investment, which the firm will do the investments for you for a usual fee of 0.30% of assets
Or simply do it yourself. Incase you’re wondering how that looks like. Here’s an example of an aggressive growth model, sticking to fundamentals.
40% VOO , 30% QQQM , 20% EEMS and 10% VEA or VXUS
The biggest challenge you doing it yourself is rebalancing which should occur at least once or twice a year.
Setting aside $500 to start investing is a smart move. If you prefer a hands off approach, investing in an index fund is probably your best option. As for increasing your income, since you’re an Amazon Product Selection Specialist, you already have valuable insight into which product niches are popular. You could even leverage that knowledge to start selling those products yourself.
Exactly
I’m not sure what being Chinese has to do with it. Regardless, you’d want to ensure that you have sufficient cash reserves in a HYS account… plan for 6 months of expenses… then you can roll the difference into investing…
The logic behind this would be that you wouldn’t have to sell pieces of your portfolio in a down market to raise the cash you need to survive…
As far as retirement being a long way off, you’re right it’s about 40 years or so… don’t underestimate your earnings capabilities pre-maturely… you need to give it time for your experience to match up with your job prospects…
You could start a business, just know that about 90% of businesses fail in the first 5 years… plus I’d imagine you’d need start-up capital… where would you source that from? If it’s from your portfolio I wouldn’t recommend it..: what I would recommend is you sit down and figure out what your cash outlay is going to be before you see a dollar in profits:.. then establish a savings account specifically to cover these costs…
I hope this was helpful.
Cheers!
Chief
So just to clarify, when you say you are Chinese, do you mean that you live in China?
Right, as SCPX is off the table…