is this legit money tip from shaq?

[traveler]

save 50%
stash another 25%
use last 25%

 

[Nims]

Yeah its quite basic investing advice, just don't spend everything you earn.

I always take the route of if you cant afford 3 of them then you cant afford 1 of them (obviously doesn't work on large purchases).
Try and put away as much of your income as you can and lower your expenses.

 

[2d v2]

yea its basic advice, dont spend all your money

 

[Sondern]

save 50%
stash another 25%
use last 25%

Horrible advice only works for brianless normies with spending issues. Should always have a fund where if somthing bad happens your good, id say 15-20k if your a normie 100-500k if your rich, the rest you reinvest my man. Maybe spend like 10% of your income of things like expensive cloths or eating out, or partying. If you dont think 10% is enough for your happiness make more money

 

[AverageTevvezFan]

Horrible advice only works for brianless normies with spending issues. Should always have a fund where if somthing bad happens your good, id say 15-20k if your a normie 100-500k if your rich, the rest you reinvest my man. Maybe spend like 10% of your income of things like expensive cloths or eating out, or partying. If you dont think 10% is enough for your happiness make more money

Agreed. Cash is worthless to have sitting around. It's a tool, so why wouldn't you use it? Most of your wealth should be assets.

 

[Niklaus Mikaelson]

save 50%
stash another 25%
use last 25%

It's a good start, but you should honestly just aim to invest as much as possible, I personally invest 85-90% of my income so far

 

[Niklaus Mikaelson]

Horrible advice only works for brianless normies with spending issues. Should always have a fund where if somthing bad happens your good, id say 15-20k if your a normie 100-500k if your rich, the rest you reinvest my man. Maybe spend like 10% of your income of things like expensive cloths or eating out, or partying. If you dont think 10% is enough for your happiness make more money

Depends on what your goal is tbh, I'd say 3-6 months expenses you have access to for worst case scenarios, if your aim is to get wealthy as fast as possible invest as close to 90% of your income as possible, if you just want to be upper middle class and your aim isn't too high balance it out and invest half ( percentage may be different depending on your income)

 

[Oberyn]

Depends on what your goal is tbh, I'd say 3-6 months expenses you have access to for worst case scenarios, if your aim is to get wealthy as fast as possible invest as close to 90% of your income as possible, if you just want to be upper middle class and your aim isn't too high balance it out and invest half ( percentage may be different depending on your income)

you can't invest 90% even with mid 6 figures income. unless you are no life.

 

[Niklaus Mikaelson]

you can't invest 90% even with mid 6 figures income. unless you are no life.

I spend around 500 USD a month and make around 10k (I do own an payed off apartmentn which helps) but it's very possible, you could argue that I don't have a life but that's not my priority - purpose>happiness

 

[Oberyn]

I spend around 500 USD a month and make around 10k (I do own an payed off apartmentn which helps) but it's very possible, you could argue that I don't have a life but that's not my priority - purpose>happiness

let's say someone makes 500k a year ( he needs to be a director in IB or FAANGmaxed curry w/e)

After-tax we have 290k.

All high salaries in high COL cities. Let's say this dude rents a 1 BR dogshit apartment in San Francisco $30k a year. a decent car with insurance $12k. Utilities/phone/gas/renter insurance etc. at least 5k. he eats at home because he has no life. $7.2k

even with this lifestyle, you can't save 90%.

If you think normies who earn 40 to 80k before tax. there is no way someone can save 90% of their income.

 

[bara]

I spend around 500 USD a month and make around 10k (I do own an payed off apartmentn which helps) but it's very possible, you could argue that I don't have a life but that's not my priority - purpose>happiness

Just live in your moms basement theory

 

[Sondern]

Depends on what your goal is tbh, I'd say 3-6 months expenses you have access to for worst case scenarios, if your aim is to get wealthy as fast as possible invest as close to 90% of your income as possible, if you just want to be upper middle class and your aim isn't too high balance it out and invest half ( percentage may be different depending on your income)

yeah agreed, were on the same page I just threw out random numbers

 

[Niklaus Mikaelson]

let's say someone makes 500k a year ( he needs to be a director in IB or FAANGmaxed curry w/e)

After-tax we have 290k.

All high salaries in high COL cities. Let's say this dude rents a 1 BR dogshit apartment in San Francisco $30k a year. a decent car with insurance $12k. Utilities/phone/gas/renter insurance etc. at least 5k. he eats at home because he has no life. $7.2k

even with this lifestyle, you can't save 90%.

If you think normies who earn 40 to 80k before tax. there is no way someone can save 90% of their income.

First of all I wouldn't get a decent car but a cheap car payed in full, I would get the cheapest apartment or get a mortgage payment with low interest if possible, Insurance or public transportation depending on location, and he can eat cheap homemade food. I'm not saying everyone can invest 90% of their income but that the goal is to invest about that amount if someone truly wants to make a dent financially

 

[Niklaus Mikaelson]

Just live in your moms basement theory

I do think that is the optimal thing to do in the beginning as housing is one of the biggest expenses

 

[Oberyn]

First of all I wouldn't get a decent car but a cheap car payed in full, I would get the cheapest apartment or get a mortgage payment with low interest if possible, Insurance or public transportation depending on location, and he can eat cheap homemade food. I'm not saying everyone can invest 90% of their income but that the goal is to invest about that amount if someone truly wants to make a dent financially

whats the point of investing 90%? so you can be rich at 50 fuck that tbh. I've embraced the earn more spend more mentality that's why I won't stay in the US as a wagecel.I'll move to my home country in 3-5 years

 

[Niklaus Mikaelson]

whats the point of investing 90%? so you can be rich at 50 fuck that tbh. I've embraced the earn more spend more mentality that's why I won't stay in the US as a wagecel.I'll move to my home country in 3-5 years

Well, if everything goes according to my plan I won't have to work in 2 years as it would cover my living expenses. That seems worth it for me at least, if I want to go on holiday I can, if I want to spend a bit ekstra I can work a bit and so forth

 

[bara]

I do think that is the optimal thing to do in the beginning as housing is one of the biggest expenses

I agree it is.

The issue is finding parents that will allow it.

It’s actually insane moneymax.

 

[Chinacurry]

whats the point of investing 90%? so you can be rich at 50 fuck that tbh. I've embraced the earn more spend more mentality that's why I won't stay in the US as a wagecel.I'll move to my home country in 3-5 years

Yeah this is the key most people mix.
Especially those fire guys who live a dogshit life-for 20 years, to have a dogshit retirement for 50 years.

Shaq is right in principle, don't spend all u earn, but also don't be extreme.

You can consider a mortgage a kind of saving / investing, but u have to apply a haircut, so for normies if theory mortgage is 20% of take home income, then that's 10% saver, then if they put another 10% into some kind of retirement fund, 10% into a long term never touch investment or saving fund, and 10% into a saving up for things u know u will need (vacation, next car, etc) that should be enough

 

[GoldenOrderCels]

Yeah its quite basic investing advice, just don't spend everything you earn.

I always take the route of if you cant afford 3 of them then you cant afford 1 of them (obviously doesn't work on large purchases).
Try and put away as much of your income as you can and lower your expenses.

More like if you can’t afford 20 of it you can’t afford it. (Phone etc.)

 

[Nims]

More like if you can’t afford 20 of it you can’t afford it. (Phone etc.)

Yep, It definitely depends on the purchase.

 

[germanlooks]

I mean it’s nothing new or some secret knowledge that saving/investing more than you spend is optimal to increase your wealth with time.
The people who end up rich didn’t bought the 200k car after they got their first million. They rather invested the money and bought instead a cheap car which serves its purpose. And later they made so much more money that they can afford multiple 200k cars with no problem

 

[Pakicel]

I mean it’s nothing new or some secret knowledge that saving/investing more than you spend is optimal to increase your wealth with time.
The people who end up rich didn’t bought the 200k car after they got their first million. They rather invested the money and bought instead a cheap car which serves its purpose. And later they made so much more money that they can afford multiple 200k cars with no problem

But it takes a long time dude. Don't listen to these crypto retards who think their money will quadruple in one year. Most investors would be lucky to get average 10% return over a few decades.

 

[Deleted member 17735]

I spend around 500 USD a month and make around 10k (I do own an payed off apartmentn which helps) but it's very possible, you could argue that I don't have a life but that's not my priority - purpose>happiness

Progress=happiness tbh

 

[germanlooks]

But it takes a long time dude. Don't listen to these crypto retards who think their money will quadruple in one year. Most investors would be lucky to get average 10% return over a few decades.

I know. The less risk is involved in an investment the worse is the outcome. So you basically have to „gamble“ from time to time if you want the big wins. Or you just try to make as much money as possible so that you can just invest more money in low risk investments with mostly consistent but lowish returns