/biz/ - Business & Finance

[Anonymous No.16729510]

I'm a wagie who knows little about business, finance, or economics, but I've been working since I was 16, lived at home for free, and now I'm 21 and have almost $60k saved up. I'm a manager at a restaurant now (started as a busboy) but idk if I should keep working here (good steady job, everyone knows and likes me, but doesn't pay great) or if I should go to college or if I should invest my money or buy property. Any advice on what you would do with $60k at 21 with no debt? The financially successful boomers around me keep telling me to buy property somewhere trendy like LA, seattle, denver, etc but I keep reading that now is not a good time to buy a home, is this true? Or should I invest in stocks? Should I just keep working here and save more, or should I strike out to finally live my own life somewhere? There is also a chance the owner will sell me the restaurant in like 8 years for a super low price, but that's several years away and idk if I want my career to be running a restaurant

[Anonymous No.16729549]

What you should do with your money depends on your life goals.

If you're ultra depressed and going to suck start a shotgun before you're 25, you should blow it all on heroin and hookers.

If you're investing long term, look up Roth IRAs, open one up at Vanguard, throw $12k into target date funds near your planned retirement date, and throw the remaining $48k into a normal brokerage account. Then don't look at the account balances for a couple decades.

If you want to live on the edge, buy crypto.

What you should do with your career depends on your interests and talents. You might also find certain avenues more available and lucrative through nepotism and networking (e.g. your vague promise of being a discount restauranteur). The latter is extremely enhanced by going to a top college and joining a frat.

So are there any careers that seem interesting to you? Do you have any natural talents? Are you a people person or an order-loving autist? Have you ever taken an IQ test? What was your SAT score?

These are really just the basics.

[Anonymous No.16729873]

>>16729549
Good advice isn't allowed here boomer

[Anonymous No.16729938]

>>16729873
Apparently not. If T/6jZlJY can't stick around for five minutes after posting, he can go fuck himself.

[Anonymous No.16729963]

>>16729938
/thread
Page 10 here we come

[Anonymous No.16729973]

>>16729938
I'm here lad, I appreciate your post, thank you. I'm interested in all kinds of things, I guess I could see myself working with computers or programming, maybe IT or software development, does this mean I should get a cs degree? I'm pretty social, not really an autist, never taken an IQ test, I took the ACT and got a 29

[Anonymous No.16729987]

We are on the cusp of the biggest bullrun in gold of the century. Buy gold, gold mining stocks, gold etfs, etc. You will do very well.

[Anonymous No.16730001]

Also not really depressed but I'd like to travel and do more fun things, I've really just been working this whole time and consooming in my free time. You can probably tell I'm not whip-smart or crazy ambitious, I just have seen a lot of my other friends leave for university in other states have a lot of fun, but they're all deep in debt too and all claim to have depression so idk

[Anonymous No.16730695]

bump

[Anonymous No.16730712]

>>16729510
You should diversify.
See if you can get a property you can rent out in your area (one that's nice) for low enough that you can pay 25% of your cash towards it year one and then the remaining 25% will cover at least 5 years. Try and rent it out at a profit.
Then put 40% of your investment into a split of commodities, crypto, stocks, and PMs. How you do this is up to you, personally I'd lean towards commodities and PMs right now, but that's debatable.
Then blow the last 10% on having some fun, go bang a bunch of hookers or do whatever gets your jollies off.

[Anonymous No.16730780]

>>16729510
Anon, find a 4+ bedroom property near you or in a neighboring state valued at 250,000 dollars or less. Put 50k for a down payment. Mortgage payment should only be between $1200 to $1300 a month. Rent each room out for whatever is the average price for a room in that area. Let's say its 600 per room, times 4 rooms, that's an extra $1100 in profit per month. Save all that money, then repeat the cycle.

[Anonymous No.16730786]

>>16729510
Restaurant business is a tough industry to be in, so I wouldn’t wait that out.

Don’t buy real estate now either. Prices are hot, wait for the market to cool down. The spring rush to buy houses is already beginning now, the economy is doing well so people are buying houses like crazy.

If I were you, I’d look to move up to a better paying job. That could mean going to college, and if you go to a public school/get a scholarship, you’d still have savings leftover. Definitely keep your savings, you’ve done well building that up. Don’t go into debt for college either.

[Anonymous No.16730794]

>>16730780
Monthly mortgage includes the average property tax across the U.S. and average home insurance, but it will vary from state to state and other factors.

[Anonymous No.16730851]

>>16730001
It's really a question of what you want out of life, and that's personal. You have a livelihood and good financials, so there's nothing you really NEED to do, per se.

Do you like the idea of owning a home? Once you own a home, maintaining that home become a hooby and a very large part of your life. Do you like the idea/concept of stocks? You could put money in your favorite companies, or if you don't care at all you can just park your money in the S&P500. Then there's always crypto memes. Like I've said, it really is personal.

[Anonymous No.16731078]

>>16729510
Throw it all into diversified index funds. You'll retire in 10 years