@realpeteyb123 Hi Petey, hope you had a great walk around NYC. Do you have advice for a 19 y/o who wants to be as successful as you? I’d appreciate anything- investing in the markets, how to eventually have freedom to maximize family time, anything that made you the man you are today. Thanks!
@j_lev01@Cernovich Hi! Yes! I put 1K into my Roth IRA and invested in VOO. Greatly appreciated the advice from Adam and acted on it. Will be putting more soon. Eventually, when I get more comfortable, I’ll put in single companies as well with index funds
@adamscrabble Hi Adam, hope you’re doing well! Thanks again for the advice here, I really appreciate it. I’ve decided to open a Roth IRA and will start investing it on Monday with a DCA into VOO. Thank you again, Adam! Will keep you posted. If you disapprove or have other advice, please lmk.
🔥 I grew up in a lower class family that had no experience in investing in stocks or bonds or real estate 🤷♂️
I went to work on Wall Street in the late 80s, about two months before the crash, and I watched many of the senior people quit the industry.
I never gave up
- because here I was, a schmucky poor kid with ambition and optimism
- the people who gave up felt they had only one direction the fates would carry them, they were rich (by my standards) so they could only ‘lose’.
- I was poor so I could only gain
This is when I adopted the philosophy of Never, Ever Short America 🇺🇸
(And as the world has gotten smaller in a sense, perhaps this can now be extended into emerging countries as well)
Now to answer your query:
We are all in the market to “make money”
BUT the question is “why do you want to make money”
a. You are young, you can invest and lose every penny, so what if you lose it all tomorrow??!!
Believe in yourself and that your youth is time equity, which you hold in abundance
b. you want to invest to “make money” because wealth solves a problem.
If your problem is “I’m poor and I want to not be poor” then investing is the road on which your problem may be solved.
Will it, I dunno, but like I said, you’re young so keep getting on roads.
c. You say that you “keep reading markets need to be corrected”…
I’ve been reading that for the last 40 years.
d. As to what you should buy, that’s all on you. But don’t overthink it, buy the category leaders and their immediate secondary competition
- as an example: SpaceX is private, Rocket Lab is public
- I remind you, in case you have forgotten, that you are young and should be willing to hold risk.
- owning a small amount of an asset is better than not owning a small amount of an asset
- it will, as the wonderful @ScottAdamsSays has written in his book of the same name, Reframe Your Brain.
Good luck,
The World
@Spaceball_One@adamscrabble I would be too 🤣🤣 good to know, I don’t have too many expenses currently so I can up that a little bit! I’m assuming that’s per month, correct? Thank you for all your help and knowledge, I really appreciate it!
@greeg7@adamscrabble Thank you so much! I realized that I don’t want to make a mistake, my parents don’t know anything about investing, and social media with knowledge people is the best way to do it. Just want to better myself!
@Spaceball_One@adamscrabble I didn’t even know that was a thing! I thought you had to buy a full share! Thank you so much for letting me know, I appreciate it. Will definitely start with this!
@neonationstate@adamscrabble Understood, and that makes sense. Inflation is certainly outpacing invoice and my money isn’t getting much return in the savings account. What do you recommend I start investing with?
@adamscrabble Thank you so much for the detailed reply, Adam, I greatly appreciate the time and effort you put in that. To answer the question, I want to make money because I don’t want to rely on my parents. I’m privileged enough to live comfortably and my parents are paying for my college.