Investing/saving is only worthwhile if your making over 6 figures.

[Deleted member 11126]

This idea that you can be working in some dead end field and become well off by saving is retarded. Yeah don't waste 5 bucks a day on starbucks but if you aren't making at least over 60K (Or 6 figures in most major cities) setting aside money for index funds is a waste of time. Every dollar you make should go back into making you more money. Its better to focus on yourself and invest in skills then to invest a few grand the time spent making more money will always be more useful.

When your at 6 figure income thats when getting big into investments is worthwhile but until then you need to get a skill that can generate you consistent returns and ideally soft skills that can be paired with this. If your smart you can't go wrong with math based and CS based skillsets then learning basic softskills like economics social skills basic accounting ect...

Living frugally is good but when your at low enough incomes it doesn't matter. You can only save so much even if you get rid of virtually every cost live in your car and have a miserable life you will still save less then a person with an in demand skillset even a guy who has a tesla gets starbucks everyday and goes out multiple times is better off then you if his income is white collar. The saving mindset is good for people who are already in a good direction career wise they are at a resting place where they can just collect the fruits of their labor and "save/Invest". Invest everything in getting out of a shitty situation and only save so you can afford to buy things that increase your productivity. Spending money on things I enjoy or going out with friends is a small price to pay often times the insights I get from going out with the right people are worthwhile. I made a few thousand just by going out with a friend and he told me a small side hustle I could do. If you have the this frugal mindset when your not making much money then you are completely missing the mark. I made this mistake when I was struggling I tried cutting costs and ate like shit had no fun and I found I was doing worse because I sacrificed health and basic things for a few grand.

TLDR: until you have over a certain amount of income invest in yourself before saving it takes money to make money

@AscensionMan98

 

[Deleted member 18879]

Do you think getting £600-800 in welfare and putting it into stocks as a NEET is a good idea?

 

[Deleted member 11126]

Do you think getting £600-800 in welfare and putting it into stocks as a NEET is a good idea?

Depends what you want out of life. If your okay being low income forever then it doesn't matter. Investing in yourself would probably be better though assuming you don't stay a neet.

You'll never be rich doing that shit but its better then saving it in dollar form I'm just saying it shouldn't be your priority. You hear of the one off person who invest 1 grand in some obscure stock or crypto and 100X or 1000X it but that's nearly impossible. If you just make 10X gains over a few years thats already doing very good people who can just set aside a few thousand a month to invest and that get consistent returns will do well. People who yolo into shit are very likely to fail and even if by some miracle you 100X something that's only what 60 grand... A once in a life time investment and you made an average american family income good luck having that happen twice.

If there were consistent ways to do this then anyone could become a billionaire you might see an opportunity like this or just by sheer luck have this happen once in a life time and all your going to make is 60 grand.

 

[Deleted member 21765]

just buy ETFs

 

[Deleted member 21765]

FTSE ALL WORLD is aight to begin with

 

[Deleted member 11126]

just buy ETFs

Missing the point of this thread. Putting copious amount of hours into investing and saving below a certain income is stupid. Either you will not have enough money to invest meaningfully or your time would be better spent trying to get a greater output in the first place. Invest what you can in low risk stuff but I would say just investing in learning a skill or getting into positive social structures is better.

 

[Deleted member 21765]

I 100% agree, didn't read the whole thread. I am just saying, if you invest, just buy ETFs. ALWAYS invest in yourself, you will have the highest ROI. If you want to get rich, start an own business, that's the only path to real wealth.

 

[Deleted member 11126]

I 100% agree, didn't read the whole thread. I am just saying, if you invest, just buy ETFs. ALWAYS invest in yourself, you will have the highest ROI. If you want to get rich, start an own business, that's the only path to real wealth.

Most investments are passive and done after the fact when you get an income. So having a higher income will always be better there are some investments like Realastate where you can get insane returns or an income from that but you probably won't break into this without sufficient starting income hence the need for 6 figures. Not to mention to do well it will require your time/intuition not just passive money like an index fund that just sits.

There really is no reason to be an insane saver until your making money that actually is worth saving.

 

[Deleted member 3672]

Legit, cash-flow is king.

If you can have decent amounts of cash coming in every month, it’ll make your investments worthwhile.

You can also afford to make bigger risks for bigger returns.

With poor cash flow you cannot afford to take the same volume of risk as someone who has good cash flow, thus reducing the chances of bigger gains.

 

[Deleted member 11126]

Legit, cash-flow is king.

If you can have decent amounts of cash coming in every month, it’ll make your investments worthwhile.

You can also afford to make bigger risks for bigger returns.

With poor cash flow you cannot afford to take the same volume of risk as someone who has good cash flow, thus reducing the chances of bigger gains.

Yeah if you make 10% returns on a million dollars thats 6 figures meanwhile these autists with a few hundred bucks only have a chance if they gamble their money and even then they will have in the thousands of dollars or most likely lose it all.

If you don't have positive momentum you are already behind and need to work on that.

 

[Foreverbrad]

First be born in the US.
I'll never earn more than £30k salary in the UK and I'll never get a visa so living a shitty frugal life is my only choice.

 

[Deleted member 11126]

First be born in the US.
I'll never earn more than £30k salary in the UK and I'll never get a visa so living a shitty frugal life is my only choice.

Might have to do with cost of living. 6 figures is good but in a place like LA it would only make you middle class to begin with.

Making 6 figures isn't insanely difficult I also said 60K might work depending on the area managers at walmart make like 70K there are truckers making 90K too. So not like you even need white collar trade to do this.

Idk is the UK cheap that might not be bad if your cost of living is next to nothing.

 

[Foreverbrad]

Might have to do with cost of living. 6 figures is good but in a place like LA it would only make you middle class to begin with.

Making 6 figures isn't insanely difficult I also said 60K might work depending on the area managers at walmart make like 70K there are truckers making 90K too. So not like you even need white collar trade to do this.

Idk is the UK cheap that might not be bad if your cost of living is next to nothing.

£30k in the UK barely covers a poverty lifestyle, it's much more expensive than the US but also worse pay.

 

[cutecel]

£30k in the UK barely covers a poverty lifestyle, it's much more expensive than the US but also worse pay.

But muh NHS though! Think of the single roasties who can't eat! We have to tax more!

 

[GetShrekt]

Missing the point of this thread. Putting copious amount of hours into investing and saving below a certain income is stupid. Either you will not have enough money to invest meaningfully or your time would be better spent trying to get a greater output in the first place. Invest what you can in low risk stuff but I would say just investing in learning a skill or getting into positive social structures is better.

It takes 2 minutes to buy a stock bruv

 

[Deleted member 15302]

investing is only worth it if you have 20k to put in theory

 

[AscensionMan98]

This idea that you can be working in some dead end field and become well off by saving is retarded. Yeah don't waste 5 bucks a day on starbucks but if you aren't making at least over 60K (Or 6 figures in most major cities) setting aside money for index funds is a waste of time. Every dollar you make should go back into making you more money. Its better to focus on yourself and invest in skills then to invest a few grand the time spent making more money will always be more useful.

When your at 6 figure income thats when getting big into investments is worthwhile but until then you need to get a skill that can generate you consistent returns and ideally soft skills that can be paired with this. If your smart you can't go wrong with math based and CS based skillsets then learning basic softskills like economics social skills basic accounting ect...

Living frugally is good but when your at low enough incomes it doesn't matter. You can only save so much even if you get rid of virtually every cost live in your car and have a miserable life you will still save less then a person with an in demand skillset even a guy who has a tesla gets starbucks everyday and goes out multiple times is better off then you if his income is white collar. The saving mindset is good for people who are already in a good direction career wise they are at a resting place where they can just collect the fruits of their labor and "save/Invest". Invest everything in getting out of a shitty situation and only save so you can afford to buy things that increase your productivity. Spending money on things I enjoy or going out with friends is a small price to pay often times the insights I get from going out with the right people are worthwhile. I made a few thousand just by going out with a friend and he told me a small side hustle I could do. If you have the this frugal mindset when your not making much money then you are completely missing the mark. I made this mistake when I was struggling I tried cutting costs and ate like shit had no fun and I found I was doing worse because I sacrificed health and basic things for a few grand.

TLDR: until you have over a certain amount of income invest in yourself before saving it takes money to make money

@AscensionMan98

I'll meet you half way.

If you invest in highly speculative assets like crypto currencies, penny stocks, or do some long term option plays for a year to year in a half very out of the money ( so highly leveraged ), you can turn small amounts of money to large amounts. Say you save 1000$ after 2 months, and then one of the trades does x100, over the course of a year. Thats 100k*0.33= 66k post taxes for whatever you want to spend it. Surgeries, traveling, roids, escorts, and just not doing shit for a year can be accomplished easily while you fix your mind and improve your looks and enjoy the pleasures of life instead of working in some dead end job.

You can also develop the skills you mentioned at your own pace vs trying to juggle some part time job and then study the other half of the day. You can't predict when market cycles are going to bottom or peak with 100% accuracy, but if you look at things like yield curves, fed policy ( rate cuts rate hikes, ) , automative sales, industrial good orders, home sales, consumer spending, you can get somewhat of a fair picture of the macroeconomic picture for stocks and be able to position your invest. Invest more in market downturns , or reduce positioning after a large increase in auto and industrial good orders for a period of ay 5-7 years sees several quarterly consecutive declines of noticeable amounts. Then you reduce positioning.

And you should definitely spend shit on things to enjoy, so you stay sane. But when you have less you have to gamble on things to be able to create the huge win. And in the mean time you keep boosting your skills.

Cutting costs for the most part is cope unless its a big expense. Rent is the biggest one by far. So thus you might have to make the sacrifice to live at home as its such a huge part. For me personally when I had my first job that was roughly the median income in my country , I spent half the money on purely rent alone. Imagine if I saved that. While my invests did not go well, I do know that if I would have spent more on hedging my investments I would have likely been in some net profit, as my investments initially went up a lot and then down a lot,( meaning if I shorted at some point I would hv been fine and profited a fair amount ).

In the end its all about having a balanced approach. Always be willing to take risks, and continue to develop your skills. Especially in crypto and penny stocks and long term options on some volatile stocks or tech indexes, their exists a potential for a huge roi that could be life changing. I think allocating some small portion of a few hundred dollars a month to these ideas and then dollar cost averaging is worth it.

You wont ever make a life changing amount on some etf play unelsss you invested a huge amount in the first place which is not possible unless you have a great job. Thus you have to take more risks, like investing in some leveraged etf, or some long term otm option, crypto, penny stocks , to generate magnitudes of higher returns.

Leveraged forex trading also could work.

 

[eduardkoopman]

Do you think getting £600-800 in welfare and putting it into stocks as a NEET is a good idea?

Just life on nothing theory?

 

[Deleted member 18879]

Just life on nothing theory?

Yeah. It beats trying to do anything as a sub 4 autist with nerve damage and a class III deformity

I know you wouldn't get it.

 

[eduardkoopman]

Yeah. It beats trying to do anything as a sub 4 autist with nerve damage and a class III deformity

I know you wouldn't get it.

But a person still gotta pay rent, food, insurance, etc.. stuff in general. Also in your described case.

 

[height]

Make bigger gains