Post: #1

Are there any tips you guys can give me in saving my money and putting it towards a better cause? im 20, currently studying, living at home, no car and this stunts my growth in terms of game. Ive got a gym membership so i guess thats an investment so i dont have to keep on buying new clothes. What should i be saving for? Travelling is not in my sights right now. I just want to lay the foundations for having better game. Any advice/tips would be good.

Post: #2

(06-18-2012 11:28 AM)joker Wrote:  What should i be saving for?

That is a hard question for someone else to answer for you.

What do you want out of life?

Post: #3

Save for its own sake. Excellent habit and the sooner you do, the sooner you can reap the rewards of interest's interest. In addition, in the US taxes on interest income and capital gains are low, so make as much money as possible from your savings.

Post: #4

Can PM me with deets if you want. The real trick is automaton of your spread sheets. Or alternatively go on http://www.mint.com and link it all up.
As you know life is about balance, don't listen to guys who won't spend a penny and dont listen to dudes who say to spend everything.

Generally, if you're ruminating about saving you're spending too much or need to make more money. If you're unhappily bored in your room, you're not spending enough.

Money is like drugs/alcohol, at low/moderate usage u are happy. At either extreme u get sucked into depression.

Finally, always think about money and stocks in percentage terms, not whole dollars. Ex 33% wages for living, 33% party/lifestyle, 33% save. Having more than a few budgets is going to drive you crazy, my number is 7 line items.

Post: #5

(06-18-2012 12:13 PM)ElJefe Wrote:  Save for its own sake. Excellent habit and the sooner you do, the sooner you can reap the rewards of interest's interest. In addition, in the US taxes on interest income and capital gains are low, so make as much money as possible from your savings.

I actually disagree with it being low. If it was low I would have my money in US bank accounts 35% on short term cap gains is death. Means for every 20% return is just 13%.

Agree that dividend taxes are low 15%, and long-term cap gains is low 15%. But that could change soon, then you'll have to adapt and move capital out of the USA again to get capital allocation protection. But then you're dealing with repatriation charges. So it's why I would link up an offshore in a currency of a continent I would leave to.

Post: #6

http://earlyretirementextreme.com/

Post: #7

Here's two pieces of advice about money I've got from older guys that I use today:

1) Keep your money moving. What you have needs to be generating more of itself. My money is my full time job today. Plain and simple. The business and what not that I have are all liquid. The second something stops growing I bail asap.

2) This piece of advice was given to me by the great Don Ho, may he rest in peace. BUY BEACHFRONT! Uncle Don has been gone a few years now, but his kids and grandkids are always at the courthouse arguing over what I believe is about 100 million worth of land. He swooped more girls than all of us combined so there's a lot of them. Google some of the Don Ho estates that are up for sale now, unbelievable.

Here's Don:



This advice is good too:

Think about your money in large quantities. Like the 10,000's. When I take $500 out of the bank I figure I've just taken 10 grand, hence that's what I need to replace. That works well for me.

I hope that helps.

Aloha!