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/biz/ - Business & Finance

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20267987 No.20267987 [Reply] [Original] [archived.moe]

I'm 28 with like $16k to my name, most of which has been acquired in the last few months from unemployment and stimulus payments. I've invested about $2k of that, have $3200 in actual cash, and the rest is in a couple bank accounts. I've racked my brain for weeks trying to figure out what to do with my money, but so far everything feels frivolous. A car? Already have that. Land or a house? No credit at the moment, no one will give me a mortgage. Hobbies? Already have tons of video game/gardening/music making/crafty stuff. Have any of you come up with decent ways to spend money recently? Should I just be holding and investing? It just feels dumb to finally have more money than I've ever had but not have any interesting ways to spend it

>> No.20268007

Just open a business bro

>> No.20268027

Buy trustswap

>> No.20268044

The only business idea that I've come up with and think I would be good at is opening a high end tiki bar, but this isn't exactly the best time to do that and that still probably requires getting loans. Otherwise I don't think I have enough money to really open any kind of business

>> No.20268237

do you have any debts? 16k isn't much to make any huge plays. your best bet is to try and ride the market somehow, while you build credit to get into real estate.

>> No.20268275

No debts, thankfully. I'm thinking the same though, probably best to invest and hopefully grow my reserves over the next year or two so I can cash out and buy/build a house. Just feels kind of disappointing to finally have cash and not do anything interesting with it

>> No.20268296

You got your darknode, right anon?

>> No.20268703

Anyone else? Or is everyone on here just gambling on memestocks and shitcoins?

>> No.20268735


>> No.20268741

$16k is fuck all, what skills do you have? if none you need to get some to make a serious income

>> No.20268752

You use your money to make more money. And then you repeat until you don't have to work ever again.

Until then, don't think about anything else.

>> No.20268867

In what world do you live where $16,000 isn't a lot of money? I know it can't buy a house or anything but I could live my current lifestyle for like two years off of that alone. I was a touring musician and sound engineer before corona, which unfortunately I think is going to be a career of the past. I have artistic skills other than that but my portfolio is centered around artwork related to the music industry so that feels kind of cancelled too. Investing in a completely new career after a decade is so discouraging that I almost 100% don't want to do it...

So just invest? And sit on my ass playing video games and eating snacks??

>> No.20268947

With respect to maintaining a subsistence lifestyle for a few years, its a decent amount of money. With respect to investing in the markets ( which you spoke about in your OP) it is truly fuck all, as historically the best investors on the planet have attained a 15-20% rate of return on their portfolios per year.

Buffet himself averaged 15%. Difference is successful investors start with far more money, so 15-20% is substantial.

>> No.20269026

I agree with that. I would throw a lot more than $2k into stocks if the economy wasn't in full on clown mode, but I'd hate to lose my [small] ass right now trying to time positions. I'm up 7.5% overall after trading for a couple months but I guess I'm still getting my feet wet. Would it be dumb to just keep looking for good swing trades? Or better to throw another ~$2k into solid tech stocks and wait?

>> No.20269153

my honest opinion is that you need to develop another skill, 90% of traders ( you are clearly trying to trade and market time and not invest) lose money.
I understand that its tough to start afresh, judging by what you are typing I think you will join the 90% in a few months

>> No.20269233

You absolutely should start investing just to get some skin in the game, the financial literacy alone is worth it. It also gives you a place to funnel excess funds when your checking account looks good and you have no debt.
I do ~10% crypto, ~20% short term stocks/options, and 70% boomer-tier etf/bond account.
The latter is: 40% VTI, 40% VT, 10% BND, 10% IAU. I'd enter a position like that slowly over the course of a year or two.

>> No.20269310

Well, I would invest long term if I actually had the money to do that. It just feels stupid to buy like 5 shares of Microsoft or something when I could use that same money to swing 2x or 3x while things are bottomed out due to an unprecedented pandemic economy. I don't have any illusions about being Buffett but people clearly make decent money from trading. As for developing another skill I'm basically too discouraged at the moment to try that. Call it depression or whatever but it feels pretty crushing to spend the first decade of my adult life investing 110% into one career just to have it go belly up due to things completely outside of my control

>> No.20269423

Forgot to mention, I have a low level recurring deposit going into an Acorns account set to their "Moderate" portfolio, which is 29% VOO, 20% SHY and LQD, 12% VEA, 10% VB, 6% VNQ and 3% VWO. Should I set it to a more aggressive portfolio or pull out and pick the ETFs and bonds myself?

>> No.20269427

Depends on what you want man, do you want to live a consumerist life style and live pay check to paycheck or achieve financial freedom. Im the same age as you and i have 300 grand cash and maybe 100 grand in cryptos and 30 grand in shares, i still feel fucking poor. To achieve financial freedom i believe i need to accrue at least 1.5 million and compound it in a vanguard etf fund to make approximately 40k a year and just live off that

>> No.20269475

I'd love financial freedom but I honestly don't see myself having the capital to reach that point any time soon. The career I chose before corona traded income for life experience, which was awesome but I'm basically poor as fuck. How in the world do you have almost half a million dollars? What did you start with? Wealthy family?

>> No.20269487

You’ll make less money trading than you will buying and holding 5 shares of Microsoft over the long term. You won’t realize it until you make a bad trade and completely fuck the gains you thought you were making

Dude you need to wagecuck and invest your savings into an S&P index, maybe get some Bitcoin if you feel like placing a riskier bet. Don’t sit on cash, it’ll just inflate into worthlessness. Don’t trade, you’ll think you’re great at it until you aren’t. Wagecuck, buy and hold over a long time period and you’ll be fine. Literally the only thing someone as obviously financially retarded as you should be doing

>> No.20269526

I did an electricial apprenticeship when i was 18 , i just work industrial electrical gigs. Ive been to mongolia , zambia, phillipines but mostly i just do construction gigs in australia

>> No.20269574

Depends on the expense ratios but that portfolio looks reasonable, maybe a bit bond heavy.
I picked mine for the international exposure with VT and inflation protection with IAU.

>> No.20269606
File: 152 KB, 281x374, 1593688028002.png [View same] [iqdb] [saucenao] [google]

Or you could become a farmer like Joel Salatin. Eat the highest quality food while healing the Earth, instead of throwing your money at corporations who only care to rape the planet of its beauty and resources in the name of (((profit)))

>> No.20269701

I'd be a farmer 100% if it didn't require the heavy upfront costs of buying land and the tools to actually farm. I live in a more rural area but close enough to people that would throw money at high quality produce.

>dude just wagecuck
Absolutely not. I'd rather live off my savings and shitpost for two more years than resign myself to that lifestyle. I get the recommendation to be cautious with trading but I'm not a mouth breathing retard that can't figure out how to not lose money.

This just feels like I'm kind of fucked unless I do something that I honestly just don't want to do. And the really depressing part is that it doesn't really have to do with choices I made, but millionaire career politicians disregarding policy that would actually benefit people like me

>> No.20269804

Buy crypto for high risk/reward returns.
AMPL, RLC and ARPA are hot right now.

>> No.20269901

You can buy 50 acres of decent land for less than $200,000. Also, you don't need heavy machinery if you're only going to raise livestock. Vegetables are a meme; you don't need them. Organic eggs, dairy, meat, and one fruit per day (for vitamin C) are all you need. With Joel Salatin's method you would increase the value of your land and heal the earth, while getting yields of a much higher quality and in greater quantities.

>> No.20269974

all in on link

>> No.20269981

You can get a no credit loan

>> No.20270026

>16k to his name
>feels he needs multiple bank accounts
Poorfags are just adorable

>> No.20270114

C'mon /biz/ should be smarter than this. I have a personal bank account and a business account for my LLC which is set up for my music related work.

From who?? I really don't want some sharky loan that will rape my ass with interest

>50 acres of decent land for less than $200,000
Yeah sure and who is going to give me the loan?
>vegetables are a meme
Don't be this dumb. There are multiple farms in my area growing only vegetables on small (1-5 acre) plots and they all make $100k+ a year selling CSA boxes to rich white people

>> No.20270144

>You can buy 50 acres of decent land for less than $200,000
whats a good place to go?
I think i just want mild winter, fertile ground, and no possibility of water shortage

>> No.20270162

You could file for bankruptcy then rebuild your credit and get a loan. Also, yes, from a nutritional standpoint vegetables are a fucking meme. I suggested a farm for the purpose of self-sustainability. If you want to make a lot of profit from it then grow hemp/cannabis

>> No.20270202

I would have suggested Oklahoma prior the recent ruling. Central Texas is fine but property taxes are high. Arkansas and Kansas are decent options. Tennessee and Northern Mississippi are fine too. Iowa would have been my first option, because they have very fertile soil, but I'd rather not deal with their winters.

>> No.20270221

Why in the world would I file for bankruptcy?? My credit score isn't "bad" it's just like 690 because I've literally never taken on debt other than a $5k student loan that got paid off 10 years ago. I have a secured credit card that I'll be using over the next year to get a good credit score but other than that I'm in a financial donut hole

>> No.20270255

Then why wouldn't you be able to get a loan?

>> No.20270289

Because I'm all but permanently unemployed due to a pandemic shutting down all possibility of doing what I previously did for money? No legitimate financial institution is going to loan me enough money to start a business or buy real estate if my only income is unemployment insurance and stimulus checks. And even if they did, my credit score isn't high enough to avoid getting fucked by higher interest rates

>> No.20270310 [DELETED] 

>business account for my LLC which is set up for my music related work.
>16k to his name
As i said, poorfags are just adorable

>> No.20270334

>business account for my LLC which is set up for my music related work.
>16k to his name, most of which came from govt gibs
As i said, poorfags are just adorable

>> No.20270380

Not sorry for pursuing something I love instead of just trying to chase money. Eat a dick - glad to see all that money doesn't keep you from being retarded enough to post the same pretentious shit twice

>> No.20270390

Just get a sales job selling DirecTV/AT&T inside Costco and get to a management position. Those guys make over 100k a year, some as much as 500k

>> No.20270422
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>I need an LLC & a business bank account for muh music that I obviously dont make money on

>> No.20270452

I have less than 0% interest in getting a job in public right now, it's completely off the table. That also sounds like one of the more soul sucking jobs I could possibly go for. I'm really not interested in just pursuing something for the money, if that wasn't obvious enough after my spending 10 years in the music industry

>> No.20270464

Thanks for engaging the OP and providing some helpful insight. Oh wait you're just here to talk shit - ID ignored

>> No.20270489

Maybe you can become a drug dealer

>> No.20270577

Probably not the worst idea in the world.. Feels incredibly risky and sketchy, though. I also have literally no one around that would be buying and I'm not about to start advertising myself

>> No.20270644

Dude, you spent 10 years in the music industry. Did you not develop a network of people who happen to use drugs too?

>> No.20270672

Sure, almost everyone does, but I was touring the entire US and a good deal of Europe. There is absolutely no way to turn those relationships into something profitable unless I'm willing to travel great distances, which I am not at the moment

>> No.20270691

Buy Fantom and stake and you can make 400$+ a month USD passive income

>> No.20270696

VeChain and Cardano

You're welcome

>> No.20270735

Yes the point of life is to cum and eat food

Work is dumb

>> No.20270750
File: 1.30 MB, 320x213, 1518057817781.gif [View same] [iqdb] [saucenao] [google]

>only 200 to my name that I plan to dump into RSV
>600 of it ponzi'd into Robinhood

im never gonna make it i feel like but i have the confidence in split second trading
sometimes it feels like im fighting a pointless battle, even if i just recently got into trading.

>> No.20270766

working for (((someone else))) and giving away your labor for their profit is dumb
meaningful work is not dumb

>> No.20270795

The only meaningful work is exercise for a better body which leads to more vagina.

Debate me you will lose

>> No.20270821

Board games... you have enough to buy 1 all in copy of kingdom death monster :D

>> No.20270979

I don't really disagree but damn I really don't want to sit around until the music industry comes back, if it ever will. That just feels like a waste of time and intelligence, but I'm probably not the only person in this position. So this is what a 100 year event is like huh

>> No.20271239

just because you have money doesn't mean you have to spend it
keep saving, investing, and building up your credit so you can have a down payment for house
it's not exactly sexy but it's smart

>> No.20271267

depends on what you want to argue is the purpose of existence
if you're thinking in entirely material terms then it's all about continuing the species and reproducing
however, if doing something unrelated to procreation brings you happiness, that could also be considered spiritually meaningful
so yeah you're partly right but it's not the only right answer

>> No.20271286

If you want to stay in music, you could make music and try to sell that or give lessons. Or get a fiverr account and mix people’s shit on there.

>> No.20271749

I remember your thread from like two months ago, you were complaining about how you were so scared now that the live music industry has dropped off. seems like you've sat on your ass and collected $16k in unemployment, and now you're back to complain some more and shoot down any suggestions that people make. you're obviously not going to make it, just start daytrading like the genius you are and live off that

>> No.20272046

??? Wasn't me but why are you so salty about it? What if the career you had spent a decade on suddenly was mandated to close?

Realistically, no one in this thread has really answered the original question, which is "what are you doing with your money?". Just some suggestions to do things that are kind of unrealistic during a pandemic and "get into x shitcoin". I'd honestly love to know what the people on here are doing with their cash, or if they're also in a similar position and holding while feeling kind of fucked over

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