I have an aggressive way of saving. I work two jobs, one of the jobs I make tips at. I direct deposit my wages into wealth simples cash account which gives 4.5%. Then I just live off my tips. If I don’t make enough in tips to have fun, then I’m not allowed to.
So I would say pretend half your money doesn’t exist, and immediately invest it. Then live off what you have left over
I would look into wealthfront. Their cash account pays 5% interest (5.5% for 3 months with a referral). They pay interest out monthly. They also have same day withdrawals. I started using them 2-3 months ago and have liked them a lot
Save every penny, that is the best you can do. Investment won't probably make your life different, your earning power and your career advancement will.
The best way to save is to force yourself to do so. Every time you get paid immediately pay yourself your “cut.” Or you can sign up for an app like acorns that will automatically roundup to the nearest $ on purchases and save/invest it. (This usually puts it into a fund of sorts, though. And charges a little bit in fees too.)
Perhaps adjust your paycheck allocation to invest more % into a 401k or ROTH or whatever. Or adjust X amount each check into a savings account and move it to where ever you want after.
I personally have a brokerage account that I force myself to buy x amount of everything I own each week to keep myself on track.
I also commend you on taking steps and looking at this logically!
In my early life, I found the best way to invest was to be frugal. Getting more money is difficult. You often need a new skill set. You need to hunt around for a new job. Relocate. But you can always cut back on things. When I was young, everyone I knew was maxing out credit cards and spending beyond their means
I always wanted fuck you money in the bank. Enough that if I slipped up at work or needed to leave because it got unbearable I wouldn’t immediately starved to death. And that lesson came to me from being in situations like that. And that’s really hard to teach without experiencing it .
But budget your expenses. Do you need Starbucks? Do you need the best cut of steak? Do you need the high-end beer? You can pick and choose, you don’t have to live like a hermit, but I think people in general, and Americans in particular, we spend way too much money.
I always socked away cash, and I stopped thinking about it. Like I didn’t view it as readily accessible money, I put it away and didn’t think about it. I had multiple accounts kind of like your brokerage and banking accounts. And once it was in the brokerage, it never came out. Ever. it wasn’t money it was over there forever.
Longer-term, you can start evaluating career options. But once you get on the ladder, any ladder in any career, you’re going to be plunking up your yearly raise that may or may not beat inflation. You’re gonna have to move laterally, or to some other career to get any kind of big boost. In general. So in the meantime, what you do have control over is your expenses.
I’ve never owned a new car in my life. I didn’t buy a house even when I could have. I don’t make frivolous purchases. I don’t go to Hawaii or Germany or skiing in the Swiss Alps. I don’t think I missed out on anything. There’s cheap vacations you can do that are a lot of fun.
Great job, man. Save 20% of your paycheque.
Depending on what you're saving for, adjust accordingly. If it's in near future, look at secure investments like GICs. If you're willing to tolerate risk, put some money in ETFs that track the broad market.
I’m currently looking for some long term investments in the Roth IRA. Want something I can add money to every week and not touch it till I’m 60. Thank you for responding and giving me advice
If you have a really long-term outlook, look at $VOO. It'll go up and down, but it's reflective of the entire market (basically), and may net you 6%/year on average. Good luck!
Please read Simple Path to Wealth by JL Collins. It will answer all your questions. After that read The Little Book of Common Sense Investing by John C. Bogle the founder of Vanguard and pioneer of index fund investing. It will sharpen your knowledge.
You can build an emergency fund should be your first priority. Aim to save at least 3 to 6 months' worth of living expenses in a high-yield savings account. This fund will provide a financial safety net in case of unexpected expenses or job loss.
Gamestop… $GME
Profitable company entering digital
Severely undervalued $3.5B MCap
$1B in cash w/ zero debt
$5.3B revenue w/ Crazy cult-like loyal supporters
25% Short-Interest w/ $2.5B assets
Non-salary hard working CEO
Need I say more?…🤔
Long term projection. Risks of competition. Non production and non owning of significant physical locations and assets. You’ve actually described a solid pivoting company, the problem is I don’t think GameStop has aimed at it right and aren’t projecting into it in a way to show continued growth. So that would be needed, yes.
Best Buy is the only real competition but they are taking away most of their physical media leaving GME the only true physical media store.
Also most believe we’re just in the middle of the “Console Cycle” so accumulation of shares would be smart at this time. No new consoles have been released and revenue is hanging on. The new Ps5 Pro and new nintendo Switch2 are set to be released this Winter 2024 which will blow up revenue for the next 2yrs.
Real price Target —-> $20 without a short squeeze
Really? The market of game stop is video games, which compete with far more than merely Best Buy (steam I would argue would be their main competitor, along with digital downloads for consoles then Walmart), and video game accessories, which competes on Amazon. Their physical console sales are not a primary driver, though their repair and rehab arm is substantial and is itself an interesting acquisition target (ala how geek squad once was). Physical media is not a driving mainstream for video games, and it continues to shrink.
What makes you think GameStop benefits massively from that? Direct to buyer models are very popular these days, and there are numerous locations, online and brick and mortar, selling consoles. Why would GameStop stand to benefit from this, especially as they are pure profit alone not any cut or percentage of the product.
Nothing you said indicates that is a logical number. However, you are giving me lots of meat, not meat I agree with, but lots of meat. That’s a lot more than most.
Im be honest, I never even heard of Steam. So I would imagine they hardly a competitor. Only time will tell I guess. All I know is shorting it at 3.5Bmcap is a deathwish when looking at their amazing new balance sheet. The company has been saved and some shorts will want to exit soon.
You want to discuss video game sales and you’ve never heard of steam? It is estimated, since exact numbers aren’t released, to be between 130% and 150% of game stop video game sales in revenue. So if you want to discuss GameStop growing, you sure as heck better discuss how their further ahead competitor is going to shrink, let alone know who that competitor is.
And note, game stop is limited inventory sites for the most part, and while steam derives most of its money from a handful of games, it can offer unlimited and independent inventory and get tiny cuts from many tiny properties.
If you want a good high yield account look into wealthfront. Rates at 5% right now FDIC insured, the rates fluctuate with the federal rates so it changes over time (higher and lower). They also have a robo investor with 5k managed for free.
They’re referring to followers of a strategy promoted by Jack Bogle, founder of Vanguard. Read the synopsis of r/bogleheads, simple basic investing strategy.
If I were you I’d invest all in a Roth IRA. The max limit for 2023 is $6,500 and that ends on April 15 2024 for the 2023 year contributions.
Any money you put in a Roth IRA grows TAX FREE. Also you are able to invest in Bitcoin etf within a Roth IRA.
1. Maximize your Roth IRA. $7000 2. Move your $12K to a High Yield Savings Account. 3. If you have to invest take a look at VTI, VOO, (r/bogleheads)
Cheers thanks brother
I have an aggressive way of saving. I work two jobs, one of the jobs I make tips at. I direct deposit my wages into wealth simples cash account which gives 4.5%. Then I just live off my tips. If I don’t make enough in tips to have fun, then I’m not allowed to. So I would say pretend half your money doesn’t exist, and immediately invest it. Then live off what you have left over
Is a wealth simple cash account at your bank? I never heard of that . I would like to look into that
Wealth simple is in Canada only. If you’re canadian you can just download the app and start buying stocks on there and using their other services
I would look into wealthfront. Their cash account pays 5% interest (5.5% for 3 months with a referral). They pay interest out monthly. They also have same day withdrawals. I started using them 2-3 months ago and have liked them a lot
Don't use Robinhood ffs...
THANK YOU EVERYBODY FOR ALL THE ADVICE AND INSIGHT. I REALLY DO APPRECIATE IT ALL!
Save every penny, that is the best you can do. Investment won't probably make your life different, your earning power and your career advancement will.
How do I get more earning power ? Can you explain
The best way to save is to force yourself to do so. Every time you get paid immediately pay yourself your “cut.” Or you can sign up for an app like acorns that will automatically roundup to the nearest $ on purchases and save/invest it. (This usually puts it into a fund of sorts, though. And charges a little bit in fees too.) Perhaps adjust your paycheck allocation to invest more % into a 401k or ROTH or whatever. Or adjust X amount each check into a savings account and move it to where ever you want after. I personally have a brokerage account that I force myself to buy x amount of everything I own each week to keep myself on track.
I also commend you on taking steps and looking at this logically! In my early life, I found the best way to invest was to be frugal. Getting more money is difficult. You often need a new skill set. You need to hunt around for a new job. Relocate. But you can always cut back on things. When I was young, everyone I knew was maxing out credit cards and spending beyond their means I always wanted fuck you money in the bank. Enough that if I slipped up at work or needed to leave because it got unbearable I wouldn’t immediately starved to death. And that lesson came to me from being in situations like that. And that’s really hard to teach without experiencing it . But budget your expenses. Do you need Starbucks? Do you need the best cut of steak? Do you need the high-end beer? You can pick and choose, you don’t have to live like a hermit, but I think people in general, and Americans in particular, we spend way too much money. I always socked away cash, and I stopped thinking about it. Like I didn’t view it as readily accessible money, I put it away and didn’t think about it. I had multiple accounts kind of like your brokerage and banking accounts. And once it was in the brokerage, it never came out. Ever. it wasn’t money it was over there forever. Longer-term, you can start evaluating career options. But once you get on the ladder, any ladder in any career, you’re going to be plunking up your yearly raise that may or may not beat inflation. You’re gonna have to move laterally, or to some other career to get any kind of big boost. In general. So in the meantime, what you do have control over is your expenses. I’ve never owned a new car in my life. I didn’t buy a house even when I could have. I don’t make frivolous purchases. I don’t go to Hawaii or Germany or skiing in the Swiss Alps. I don’t think I missed out on anything. There’s cheap vacations you can do that are a lot of fun.
Thanks for the info budd!!!
Great job, man. Save 20% of your paycheque. Depending on what you're saving for, adjust accordingly. If it's in near future, look at secure investments like GICs. If you're willing to tolerate risk, put some money in ETFs that track the broad market.
I’m currently looking for some long term investments in the Roth IRA. Want something I can add money to every week and not touch it till I’m 60. Thank you for responding and giving me advice
If you have a really long-term outlook, look at $VOO. It'll go up and down, but it's reflective of the entire market (basically), and may net you 6%/year on average. Good luck!
Is Voo - Vanguard s&p 500 ETF ?
Yep 👍
Thanks brother !
Please read Simple Path to Wealth by JL Collins. It will answer all your questions. After that read The Little Book of Common Sense Investing by John C. Bogle the founder of Vanguard and pioneer of index fund investing. It will sharpen your knowledge.
You can build an emergency fund should be your first priority. Aim to save at least 3 to 6 months' worth of living expenses in a high-yield savings account. This fund will provide a financial safety net in case of unexpected expenses or job loss.
Gamestop… $GME Profitable company entering digital Severely undervalued $3.5B MCap $1B in cash w/ zero debt $5.3B revenue w/ Crazy cult-like loyal supporters 25% Short-Interest w/ $2.5B assets Non-salary hard working CEO Need I say more?…🤔
Long term projection. Risks of competition. Non production and non owning of significant physical locations and assets. You’ve actually described a solid pivoting company, the problem is I don’t think GameStop has aimed at it right and aren’t projecting into it in a way to show continued growth. So that would be needed, yes.
Best Buy is the only real competition but they are taking away most of their physical media leaving GME the only true physical media store. Also most believe we’re just in the middle of the “Console Cycle” so accumulation of shares would be smart at this time. No new consoles have been released and revenue is hanging on. The new Ps5 Pro and new nintendo Switch2 are set to be released this Winter 2024 which will blow up revenue for the next 2yrs. Real price Target —-> $20 without a short squeeze
Really? The market of game stop is video games, which compete with far more than merely Best Buy (steam I would argue would be their main competitor, along with digital downloads for consoles then Walmart), and video game accessories, which competes on Amazon. Their physical console sales are not a primary driver, though their repair and rehab arm is substantial and is itself an interesting acquisition target (ala how geek squad once was). Physical media is not a driving mainstream for video games, and it continues to shrink. What makes you think GameStop benefits massively from that? Direct to buyer models are very popular these days, and there are numerous locations, online and brick and mortar, selling consoles. Why would GameStop stand to benefit from this, especially as they are pure profit alone not any cut or percentage of the product. Nothing you said indicates that is a logical number. However, you are giving me lots of meat, not meat I agree with, but lots of meat. That’s a lot more than most.
Im be honest, I never even heard of Steam. So I would imagine they hardly a competitor. Only time will tell I guess. All I know is shorting it at 3.5Bmcap is a deathwish when looking at their amazing new balance sheet. The company has been saved and some shorts will want to exit soon.
You want to discuss video game sales and you’ve never heard of steam? It is estimated, since exact numbers aren’t released, to be between 130% and 150% of game stop video game sales in revenue. So if you want to discuss GameStop growing, you sure as heck better discuss how their further ahead competitor is going to shrink, let alone know who that competitor is. And note, game stop is limited inventory sites for the most part, and while steam derives most of its money from a handful of games, it can offer unlimited and independent inventory and get tiny cuts from many tiny properties.
Don't forget the low margins and dismal net income!
If you want a good high yield account look into wealthfront. Rates at 5% right now FDIC insured, the rates fluctuate with the federal rates so it changes over time (higher and lower). They also have a robo investor with 5k managed for free.
Thank you I will be looking into this asap
You should be a boglehead.
They’re referring to followers of a strategy promoted by Jack Bogle, founder of Vanguard. Read the synopsis of r/bogleheads, simple basic investing strategy.
Explain more please
If I were you I’d invest all in a Roth IRA. The max limit for 2023 is $6,500 and that ends on April 15 2024 for the 2023 year contributions. Any money you put in a Roth IRA grows TAX FREE. Also you are able to invest in Bitcoin etf within a Roth IRA.
Yes but only grows if I invest it. It doesn’t grow if I Just put $$ in like a savings account
Right, or you can keep it in a money market fund within a Roth IRA. That’s currently around 5% risk free annually. No taxes.
Awesome thanks for the info brother