Quote:
Originally Posted by Ist Das Crazyboi
I'd really like to hear more on this topic if you have the time to expand. Have been thinking of things to invest in for a long time, perhaps suffering from analysis paralysis.
Real estate for rental seems like a good idea, but seems like a large egg in one basket for someone with my (lack of) wealth (certainly could not buy outright). Also living in a different country to my home complicates things re managing property.
Am invested somewhat in crypto like most other grinders.
What I'd like to hear about are other options. Dividend yielding shares appeal to me, blue chips like GSK etc. What are your thought on these types of investments?
If there's any literature out there you'd recommend I'd be down for that. Have read stuff like rich dad poor dad etc. Somewhat helpful with general tips but still doesn't tell you all the answers of where to put your money.
Cheers
Just basic stuff; Dave Ramsey principles...you don't have to agree with everything he says, I don't, but it would do a lot of grinders a benefit to live by just basic spending and investing habits.
Max your IRA every year.
Continue to have a strong safety net (one year of ALL expenses - living, entertainment, etc)
Make sure all debt is paid off first and foremost.
Make your own lunches, don't eat out every day. - Same with dinner/breakfast.
You don't need to drive a brand new, fancy car. Just get something reliable and pay it off in full.
You don't need a bomb-diggity mansion. If you're single, just rent an apartment or find a good deal on some real estate and pay cash if you can afford it. - Better yet, rent a room from someone if you can tolerate living with other people.
I'm generally against purchasing real estate to lease or flip unless you can pay it in full.
As for single stocks, I'm generally against that too. Boring-ass mutual funds for long term growth is where it's at IMO.
If you have a full time job, and poker as a substantial side-hustle, max your 401k!
If there are good business opportunities to invest in start-ups or small businesses, that's great too.
****, even having physical gold/silver as a hedge against inflation is a good idea if you have everything else squared away.
Like you said, don't put all your eggs in one basket.
If I was making saay 150k/yr (cleraing) from poker, I'd force myself to live off of the 50k and put the other 100k to work. - I'd have my investment portion, my "roll" portion (to increase limits or fade variance), my living portion, etc...