Quote:
Originally Posted by RichieRich
NEXT big things that I don't believe I saw that much of above:
Figure out how to get extra money to save.
That may look like a combination of:
- more work
- more pay (how? be more valuable, rise up, 2nd income stream)
What many forget is that you also gotta look at what you spend your existing money on and basically do better. It may mean cutting a few things, trimming here and there, and quite probably just doing better with contracts. It's daunting but not that hard. What am I talking about?
- cut unnecessary streaming services and online stuff like Prime, Netflix, etc...
- maybe cut non-essential memberships (unless they are of exceptional value to you such as physical/mental health)
- do better on your TV/Phone/Internet - it's a tight market and relatively easy to get big discounts for relatively little effort.
- Use GasBuddy
- Use Flashfood
- Discounts and coupons on everything you do
- local holidays instead of flights/etc...
- find ways to spend less on vehicle(s), housing (electricity/gas)
- clothing you need - so much on Marketplace and ValueVillage and Goodwill
- other "stuff" - so much on Marketplace/Kijiji
- avoid buying new or latest-and-greatest
- stop buying coffee/food/booze from cafes/restaurants
I'm sure there are many other ways to stretch a dollar BUT then you gotta have the discipline to put it away for your future self.
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I just quoted you for this idea, and wanted to talk about it a little. i get the idea of being frugal and looking for deals and such, so I wouldn't say that I'm against that. But, to look to make all parts of your spending and finances as efficient as possible and that kind of thing just seems so soul-crushing. I won't deny that I like nice things and while I look for deals or try to be efficient on some things, you also need to live a little. of course spending zero dollars on something today, and saving and investing that would put you in a much spot say 20 years from now. But there has to be a balance between decades of austerity and enjoying your life.
I don't know, but when I hear the story of someone who dies at say 80 years old and they had millions in the bank and lived like a complete pauper to make that happen, I don't really think of that as a successful outcome. To each their own, of course, but that sounds like the other side of spending everything and living paycheque to paycheque.
To be clear, I don't know that this is what you're suggesting here, and that list just made me think of that.
Quote:
Originally Posted by Bill Bumface
I think recommending anyone pick their own stocks is dangerous. Just head over to reddit/wallstreetbets. Trading hits the same parts of our brains as gambling, and it's very challenging to manage the emotional parts of trading to save yourself from yourself.
I would actually recommend that no one get a trading account at all until they are sure they are ready for it. The best part of a managed account (robo or human) is it keeps your fingers out of the pie.
Not to say that no one should pick their own investments, I just wouldn't send someone down that path, especially someone without the time to make up for the mistakes that often come with that learning curve.
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I see this all the time, and clients will make these kinds of investments both through me and on their own, because its "play money". Some of the reasons that people buy various investments is just so interesting.