neithernorwood
Iron
- Joined
- Mar 21, 2021
- Posts
- 119
- Reputation
- 160
Banking
Use Ally bank for checking/savings. Reasonable saving rates in normal time and ATM fees reimbursed.
Credit card
Yeah you can max out travel and read nerdwallet and optimize cards but it's low yield for your time investment. Recommended card to keep it simple:
Flat 2% cash on everything. Super low mental overhead. Solid return. Plus money goes into investment accounts. Something you can set and forget for years.
Traditional investments
- Set up a vanguard retirement account. Vanguard is most legit due to ownership-by-investors structure. Set up recurring deposits, no matter how small.
- Familiarize yourself with bogleheads investment strategy. It's not going to make you rich, but once you are rich, their strategy is what you want to use to preserve your wealth. So get familiar with it now so that as you build wealth you slowly transition investment strategy from wealth creation to wealth preservation without losing everything like an untrained gambler.
- If in USA, max out Roth IRA while earlier in your career and tax bracket is low.
Crypto
Ask yourself: do you think more or less of the world's wealth will be stored in crypto in ten years? If you think more, you are probably right so put your money on it:
- Set up recurring deposit to coinbase. Buy USDC NOT BTC. Fees are higher on coinbase than coinbase pro, but coinbase pro doesn't have recurring deposits.
- Periodically transfer from coinbase to coinbase pro. Transfer is free. Exchange USDC for BTC or your alt of choice. Coinbase pro exchange fees are lower.
- Recommendation: Cardano is by far most legit crypto project, and you get 5% yield on your holding via staking. Look at this team https://iohk.io/team/
Don't fuck up
- Do NOT buy real estate. Better to have flexibility to move. And rentals are bad return and shitty use of time:
blog.wealthfront.com
- Do NOT buy a car if you can avoid it. Live in walkable city. Better for dating and saves money and time.
Get inspired
Read FATfire subreddit: https://www.reddit.com/r/fatFIRE/
Use Ally bank for checking/savings. Reasonable saving rates in normal time and ATM fees reimbursed.
Credit card
Yeah you can max out travel and read nerdwallet and optimize cards but it's low yield for your time investment. Recommended card to keep it simple:
Fidelity Rewards Visa Signature Card | Credit Card | Fidelity
Fidelity's Visa Signature credit card lets you deposit cash-back rewards into your designated eligible Fidelity account. The more you spend, the more you earn.
www.fidelity.com
Traditional investments
- Set up a vanguard retirement account. Vanguard is most legit due to ownership-by-investors structure. Set up recurring deposits, no matter how small.
- Familiarize yourself with bogleheads investment strategy. It's not going to make you rich, but once you are rich, their strategy is what you want to use to preserve your wealth. So get familiar with it now so that as you build wealth you slowly transition investment strategy from wealth creation to wealth preservation without losing everything like an untrained gambler.
- If in USA, max out Roth IRA while earlier in your career and tax bracket is low.
Crypto
Ask yourself: do you think more or less of the world's wealth will be stored in crypto in ten years? If you think more, you are probably right so put your money on it:
- Set up recurring deposit to coinbase. Buy USDC NOT BTC. Fees are higher on coinbase than coinbase pro, but coinbase pro doesn't have recurring deposits.
- Periodically transfer from coinbase to coinbase pro. Transfer is free. Exchange USDC for BTC or your alt of choice. Coinbase pro exchange fees are lower.
- Recommendation: Cardano is by far most legit crypto project, and you get 5% yield on your holding via staking. Look at this team https://iohk.io/team/
Don't fuck up
- Do NOT buy real estate. Better to have flexibility to move. And rentals are bad return and shitty use of time:
Why Rental Properties Aren't Good Investments | Wealthfront
Considering investing in a rental property? Before you take the plunge, consider the four reasons you’re unlikely to come out ahead.
blog.wealthfront.com
Get inspired
Read FATfire subreddit: https://www.reddit.com/r/fatFIRE/
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