If you started from nothing, making 12.50 a hour, how do you begin investing and accumulating wealth? All I know is basic high school econ; where do I start from where I am now? I have no savings yet, but I live with my parents so I have no utility or food expenses. How do I make the most of my situation, and what sources can help me?
Take an IQ test. If less than 110 don’t bother investing, you’ll just be donating your money to the small hat tribe.
>>61520376Your first priority should be investing in yourself to get a higher paying job. If your employer offers a 401k match then just do that.
>>61520376step 1.make more than you spendstep 2. chuck everything else in etf'sstep 3. keep depositing and wait, time will do the rest.
>>61520376work for 20 years and live at home and invest it all into a global index fund and then retirebut up your income and it will be way easier and faster and you won't be flipping burgers
>>61520376In the immediate, save as much as you can by forgoing all discretionary expenditures, even coffee. There's been a backlash to this idea, but the point is to form a habit. It's much easier to go cold turkey on all discretionary spending, rather than trying to decide what you can or cannot have on a case by case basis.Invest everything you can, and take risks if you are young. Do buy some single stocks, but stick with high conviction large caps. Concentration gives you more gains at more risk, but small caps may be too risky without research, so don't do that until you learn fundamental analysis. You can and should take on more risk when you are young, because you have time on your side - you can ride out the dips in single stocks. Sticking with the Mag 7 is a perfectly fine strategy.Do buy broad market ETFs, but the ratio you put into that should be small at the beginning. Increase it as you get older. Broad market ETFs are safe in the long term, but can constrain potential returns at the beginning.Once you've built up your account for 6 months~a year, it's time to get into some leverage/margin. Margin is borrowing money against your stocks. Some brokerages offer you margin at a low interest rate. Use margin to buy more stocks. Margin around 10~20% of your portfolio, and stay within that range. As the value of your stocks grow, you can margin more and buy more stocks. The real value of margin is giving you purchasing power whenever an opportunity arises, but you don't have the cash on hand.In the long term, you should try to get better paying jobs. As others have said, you should invest in yourself. But if you can't, then get side gigs. Say yes to every opportunity, take up every extra hour they're willing to give you, change jobs when it's in your favor. Do whatever you can to increase your cash flow. There's a limit to how much money you can save, but no limit on how much money you bring in.
>>61520376First and foremost OP save every dollar you earn. It'll be hard, I'm sure there's stuff you want to buy that will continously set you back, but at $12.50/hr, 10 hours every shift is a hard week, and frankly not worth it (at that pay.) It adds up and can lead to burnout, which is happening younger now it seems.So we established you want to wage, keep your sanity, save and invest. Save the first thousand and treat that as your first investment fund. Save the next ten thousand. Save the next one hundred thousand. Hopefully you have already put the $1,000 into something thats already performed by the time you're done waging the next $10,000. And the same for the $10,000 by the time you're eventually earning a $30K min salary before you save $100K cash. >Inb4 faggot redditor spacing
>>61520376put your disposable income into SPY or VOO. forget about it. try and become more skilled and get progressively more lucrative jobs. spend less than you earn.
>>61520376live with your parents, spend nothing. if you cant, you have to get a second job and work basically 24/7 for a few years. its worth it though, if you are young. if you are in your thirties, you probably wont have the energy for it
>>61520588This, just save and invest for 40 years so when you're 65 you can start living your life, buy a home and start a family. Wait till being 80 just to be sure.>>61520376Ignore all the retard replies in ITT telling you to manage investments of $1000, just max out your earning potential. Focus all your time and effort on making more money.
>>6152037650% PEP 50% KOeverybody drinks either pepsi or cocacola, you cant lose
It's called debtmaxxingIt's how the rich make money
>>61520376I'd first invest in a used beat up pick up truck that runs good so I can get out of wage slavery.Then I'd use that truck to start my own business. Scrap metal pickup at first then appliance repair/sales, maybe invest into dumpster trailer rentals, etc etc.
>all these anons suggesting(commanding) you do what they do. I'd say the first rule of investing is understanding the 200 ma/ema, any timeframe candle. If you can't recognize a trend, you can't identify the trend stopping.
>>61520376Throw your money at everything, and ditch whatever fails.
>>61520376>If you started from nothing, making 12.50 a hour,Lmao my local burger joint is in the middle of a low cost red state and pays $17.50 lmao who are you making less
