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/biz/ - Business & Finance

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23380042 No.23380042 [Reply] [Original]

Hi /biz/, tourist here from /pol/ with an honest question from knowledgable people. How do some people seem to soar in the world of finance while other people like me just flounder? I’m a poorfag with lots of credit card debt in the Midwest with a worthless bachelor degree, no savings, and a young family and rake in about $3,000 a month as a wage cuck, and it’s not cutting it in the Corona economy. I want to make more money but I guess I lack the IQ to figure out how you wizards do it, so I’ve come for advice. How can a nobody like my supplement my income easily and adequately to get me over the edge in this economy.

>inb4 crypto

I don’t have any money

>inb4 kill myself

Negative, love my life. Just hate being poor and just barely making it

>inb4 drugs

Not messing with that shit

Thanks for any useful advice

>> No.23380060

>>23380042
Nobody here actually makes any money

>> No.23380104

>>23380042
>$3,000 a month as a wage cuck
>I don’t have any money
How much money are you able to save and invest? I'm in the midwest and turned a mediocre 50k salary into a 100k investment portfolio so far in a year from scratch.
Only way to make it without pure gambling and high salary is hyper aggressively saving and investing in the right couple of assets.

>> No.23380106

>>23380060
Wait.. What? How can that be..? You guys sit here discussing and studying finance all day, and you’re telling me you’ve learned nothing..? :\

>> No.23380109

>>23380042
making money has a snowball effect
the hardest part is the initial first step. the first 100k is the hardest. once u get there, making your first million is quite easy if you know what to invest in. you just need to wait

>> No.23380122

>>23380104
Now there’s something I can use.. How do you learn about investment as a newcomer? Should I talk to my local stockbroker?

>> No.23380159

Buy chain link

>> No.23380181

>>23380122
No need for a stockbroker. I just bought bitcoin and tesla with every paycheck since last summer. The big gains started pouring in this year. Just gotta buy and hold.

>> No.23380187

>>23380042
> young family
you're already richer than most people here

but for real, they only way I know to get rich is to do what countries do to growth: save money and have low spending.

> work for 3k monthly
> live like if you were making 1k monthly
> save 2k a month for a year
> quit your job
> live 1 year without working and use that time to build skills and use the rest to invest in some projects that you want.
> repeat

That's basically everything I do and I did a 10x in 3 iterations. I have my own internet business now.

>> No.23380190

>>23380181
And also chainlink last year but flipped that into more bitcoin once the bubble burst

>> No.23380212

>>23380122
Jesus Christ no sir. Do your own research and begin with simple articles and concepts from investopia or whatever is copy pasted in the stock threads on biz, but start for yourself and options are much riskier than stocks because they can become literally valueless, do not use options as a beginner.

>> No.23380220

>>23380187
>>23380181

Thank you and thank you, this is helpful stuff, I’m taking some notes.

>> No.23380227

>>23380122
make an account on an online stock brokerage (like robinhood or something). Most of your leftover money should be going into investments, holding cash is economic suicide because you lose 2% purchasing power each year, meaning when you retire you would have lost half your money just from keeping it in cash. Keep enough cash to survive, but the rest of your cash should be going to investments.

If you're fine with more risk consider putting like 25% of your money into BTC and ETH and just holding for a few years. hold on through all the dumps and resist the temptation to buy shitcoins like everyone else here. shitcoin buyers always get rekt eventually, just stick with the top 2.

Cut out all the unnecessary spending from your life. start paying down your credit card debt or try restructuring it. spend the bare minimum on things. If you don't need something don't buy it. Learn some more skills on the side, like coding.

>> No.23380242

/pol/fags should know you can't make it without being a degenerate.

>> No.23380244

>>23380122
you're not going to make anything off stocks. you're a family man with a low income, you can't afford high risk, potentially high return gambles on shitcoins or stock options. you could put a hundred bucks a month into safe stocks but 5-7% annual returns on $100/mo isn't life changing.

if you want money then spend the next year or so thinking really hard and really thoroughly about a business you can start small and scale up. what are you good at, what can you learn, what WILL you learn, what can you do to fulfill a local (or online) market demand. ideally this is something you can do on the side and slowly and deliberately scale up. plowing snow, flipping auction cars, repairing/building furniture, selling firewood, building websites, writing gay furry fanfic, making/selling food, etc. there's a ton of stuff you can do that, IF YOU HAVE THE SKILLS, can bring in an extra few hundred bucks a month """tax free""" which could possibly scale into a full blown business.

>> No.23380253

Buy some link
It’s actually a decent time to get some right now after the correction we had, that and tqqq, wait a couple years, don’t panic sell during a dip like a faggot, and you’ll be good.

>> No.23380274

>>23380042
>no drugs
>no money
>no suicide
kneepads

>> No.23380284

>>23380042
all you had to do was click your mouse a couple times to buy chainlink, and you can still do it

>> No.23380307

>>23380274
>kneepads

Does that need to be reported to the IRS?

>> No.23380400

>>23380042
At least you have a family anon
Money is not that important
I think here are many lonely Incels who would give a lot to be in that position, even though I propaply get attacked for that post.
Also why the fuck do you hang out on /pol/
It is propaply the reason why you have no fucking idea about anything related real life
I never thought that people really are that clueless about finance and just assumed they don't care and are lazy.
But to make it short: Buy BTC wit your spare money. Or even better: ETH and LINK
You are not getting entrepreneur advice here.
There are other forums for that (outside of 4chan)
Good luck

>> No.23380414

>>23380307
call it donations

>> No.23380655

>>23380400
Really took this to heart. Just had a really menaingful conversation with my wife here, thank you for that. I AM a very rich man already. I’ve just forgotten what it means to be rich. Maybe living humbly isn’t such a bad thing. Maybe I have been putting too much thought in what I don’t have, and missing what I already do. Really made me think.

>> No.23380666

>>23380400
>Money is not that important
money is important to be comfortable.
you can enjoy life without money but you can't have enjoyment without money

>> No.23380696

>>23380042
Ride the wealth cycle. Some asset classes are undervalued at certain times, others are overvalued. Make a few pivotal decisions every so often (at most every quarter, usually once a year) and let your intelligence work for you. Wean yourself off indentured servitude over a few years of prudent research and education. Patience is key, and self trust, and being willing to be bold, and admitting when you are wrong.

>> No.23380731

>>23380106
People rarely discuss finance here. This is a place to generate a gestalt map of market sentiment, nothing more. Most of this board is pink wojacks moaning about losses, shilling of shitcoins, and outright lies about speculative assets. Any serious discussion on economics is a rarity outside /pmg/. There is still some good knowledge here, most of it is buried.

>> No.23380737

>>23380181
>>23380220

Not to be mean because you sound sincere, but this advice is basically just "idk, get lucky".

Tesla's and Chainlink's are rare, and knowing something in retrospect is always MUCH easier than knowing something in the moment.

>> No.23380844

>>23380655
Checked and based. To be truly at peace with one's existence seems more valuable than money. Money helps but lambos are for faggots

>> No.23380858

>>23380666
>you can enjoy life without money but you can't have enjoyment without money
Pretty retarded take Satan

>> No.23380877

>>23380042
Are you literally a smooth brain room temp IQ retard? Of course you are because you have no idea how hard it was to 2x before crypto

>> No.23380890

>>23380042
Get rid of that credit card debt aggressively.

>> No.23380935
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23380935

>>23380042
>WHY IS IT SO HARD TO MAKE MONEY?
Because you are totally and utterly normal.

>> No.23380965

>>23380666
>money is important to be comfortable.
Yes to some degree.
But a lot of /biz/raelis come here and dream of making it big (which is okay) and think it will make them feel better and solve all their problems (it won't)
Yes it is great to buy a house in cash and not be a debt slave. Yes you can do all sorts of shit and do the things you really like. You can go on and fuck hookers and do drugs for years or whatever.
But how often have I seen 2017 anons coming here and open threads about how empty they feel inside and how depressed they are, after they have done it all. Some developed an alcohol problem to cope with their lifes.
The only thing/trap that OP should not fall into, is trying to make money his God. That does not mean he should be a braindead consoomer debt slave who pisses it all away though.
But it is easy to get caught up in the /biz/ mindset, that you need more and more and slowly become a Jew, while feeling bad for yourself because there are anons with 6 or 7 digits in Crpto.
I just say that because I once was on this side as well. We all started from somewhere OP.
It's not too long ago that I got saved by God and really felt for the first time real joy in my heart.
And all the crazy ideas about what I would do with my money vanished.
I realized that no ammount of money or whores could ever give me that.

Tl;dr: Yes, try to make as much as you can. But not get all caught up in it. And do not feel bad about yourself, because you think that your worth as a human being is defined by your networth

Maybe that is common sense, but I am just sharing my personal experience

>> No.23381006
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23381006

>>23380965
>Just religion cope bro, and then you'll be OK with being poor :^)

>> No.23381016

Making the kind of money you see memed on this board is no overnight achievement, I'll tell you that much. I've been trying for a year now down this path and still getting rekt on some trades that wipe out months of solid moves. Split up any spare money between crypto, stocks and even some precious metals (the latter your wife definitely shouldn't know about).

Silver/gold will be a solid fall back option in case you hit a rough patch (unemployment, divorce, armageddon, etc.) and it's already been said before here that cash is trash. If you pick some solid ETFs and a few unsexy dividend payers (I like QYLD for it's monthly dividend, it won't grow for shit though) for stocks, BTC/ETH and some LINK (look I to LIT as well, still extremely cheap with a working product and a lot of room to grow) for crypto, you already have a good foundation to build on. You got this, king.

>> No.23381030

>>23380042
>lots of credit card debt
Also watch this video OP regarding your debt.
I am not from the US, but the Gregory (guy in the video) is and he is one of the very few YouTubers you should follow. This video is on how to renegotiate your debt and get rid of it. If there is someone who knows stuff, that it's him. Not just regarding debt, but also the daily markets (Crypto, Stocks, PM)
https://youtu.be/MaAlc4YjAoc

>> No.23381045

>>23380042
Have money
Sell drugs
kys

>> No.23381046

>>23381006
You are one of those Incels I was speaking about
repent and turn to Jesus

>> No.23381068

>buy coin that has potential hype building
>$400 buy
>sell a few hours later for $500

I've done this twice in the past week but feel like a cuck every time because it still goes up.
I'm just burned from 4 separate -90% coins I held.

>> No.23381081

>>23381030
I may have exaggerated a bit. My credit card debt is about $1,000. It seems like a lot to me right now but I guess comparatively it’s nothing.

>> No.23381164

>>23380737
>this advice is basically just "idk, get lucky"
And this comment is basically just coping. It's not all luck in putting hours of research into investments and betting on them to succeed. Crypto was months away from the halving and start of the bull market while Tesla was obviously undervalued for years. If you think it's all luck, then you didn't learn enough about them. I only wish I got in earlier.

>> No.23381233

>>23381081
pay it off first or else you are giving the jews like 200 bucks every month.

stop blowing your money on dumb shit. if you want to make it you have to live on the bare minimum pretty much and save up.

>> No.23381249

>>23381164
>tesla
>undervalued

You've got to be kidding me.

>> No.23381490

>>23381249
Yes. Extremely undervalued prior to 2020 and still undervalued currently.
https://ark-invest.com/analyst-research/tesla-price-target/

>> No.23382232

>>23380042

Don't listen to people who throw there money at crypto or some meme stock. You know how rich people get and stay rich? They manage risk and leverage. When you have wealth, you can afford to make risky bets or wait a bad market out. Poor people can't and are forced to sell at a loss or at fire sale prices (See 2008 financial crisis).

You are in a position to where you can't take risks. You will constantly be back to where you started. Start building an emergency fund so you have a cushion, then invest in an all index etf where fees are low. Look at

https://fourpillarfreedom.com/the-bogleheads-guide-to-the-three-fund-portfolio

Really, you need to find a way to boost your income. $36k is rough for a family. Does your wife work?

>> No.23382388
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23382388

>>23380042
you need income before you can make it. You need capital in order to do anything. Put together a budget, get the credit card debt in check, that is going to have a higher APY than what you can reasonably expect to earn on average in any market unless you're a god.
I know it's easier said than done, but getting a better paying job is the only real way to get out of your situation, that or living like an absolute peasant and putting everything you can towards your debt. The 20+% rates on credit cards are killer, pay it quick.
The most important part is getting all of your finances together and making a budget, you can decide what you can cut, and how you can allocate funds in order to improve your situation.
Once you have capital to invest, remember:
don't be a retard, don't buy the top, don't fomo, don't panic sell the bottom, DYOR before buying anything.
if you just do that you'll be fine with investments.

>> No.23382448

>>23381490
>ark
you can't be serious

>> No.23382492

>>23380655
Checked. You are correct in that real wealth is found in family and relationships. That being said, continuing to pursue financial independence is a noble goal for you and your family. Check out Dave Ramsey, anon. He helps people in your situation daily.

>> No.23382512

>>23381249
>You've got to be kidding me
>>23382448
>you can't be serious
If you guys just want to be spoon-fed instead of coming up with an actual argument then just say so

>> No.23382531

>>23380042
>Hi /biz/, tourist here from /pol/ with an honest question from knowledgable people. How do some people seem to soar in the world of finance while other people like me just flounder? I’m a poorfag with lots of credit card debt in the Midwest with a worthless bachelor degree, no savings, and a young family and rake in about $3,000 a month as a wage cuck, and it’s not cutting it in the Corona economy. I want to make more money but I guess I lack the IQ to figure out how you wizards do it, so I’ve come for advice. How can a nobody like my supplement my income easily and adequately to get me over the edge in this economy.

It's all about incentives. People will always do what they think is best given their prior experiences. Sounds super simple and basic, but this fact has profound implications

Charlie Munger - "Show me the incentives, I'll show you the outcome"

t. 2.8mm at 23 years old

>> No.23382543

>>23382531
also this video

https://www.youtube.com/watch?v=PHe0bXAIuk0

>> No.23382843
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23382843

>>23380042
>with lots of credit card debt

that there is your problem chap

>> No.23383221

>>23380042
>credit card debt
>no savings
>having children
How old are you Anon? These seem like retard decisions for someone who makes less than a librarian.
If you're making $3,000 net/month you could support yourself just fine, but not others. Does your spouse work? How much money do they bring to the table?
Have a short talk about money with your spouse every week. Learn how to budget first. Take stock of what how much you're paying each month, and for what.
Find ways to spend less money, or keep trying to get a better job. Pay off your debts first, read up about the snowball method if you want, just do it as fast as possible.
Start putting as much as possible in savings until you have 6 months' expenses in there.
Once you have that, which might take ages, i.e., over a year, open a free Roth IRA account with Fidelity or Charles Schwab and treat it like a new 2nd savings account.
Just keep transferring money in each month and buying a mutual fund which follows the S&P. There are a bunch of S&P 500 index funds, just pick one you like with a low expense ratio.
Continue to contribute to this retirement account for the rest of your working life. This fund, and social security, will be how you live in retirement.

Tl:dr, make more money and spend less money. Improve your savings' growth by investing in the stock market, avoid losing money on bullshit broker fees and expenses.

>> No.23383568

>>23382531
how do i get to 3 million

>> No.23383821

>>23380965
I'm curious to know how God saved you anon. I have been trying to get closer to God lately because I also feel an emptiness in my heart, even though I am financially doing fine.

>> No.23384611

>>23383221
How come all that bullshit didn't work for you?

>> No.23384794

>be OP
>make nigger/single mom-tier financial decisions
>poor
>pikachuface.jpeg

>> No.23385326

>>23384611
It's working pretty well so far.
I have an entry-level job here in the Midwest making less than OP, and don't have a degree, but I've never carried a debt, never worried about bills, I can afford my hobbies, and even if I never got a better job, I'm en route to retire as a multimillionaire (using a conservative estimate of annual returns).
Having a child will cost a ton, but should be offset by higher pay in my career by then, and my wife's income as well.

>> No.23385341

>>23380042
>How do some people seem to soar in the world of finance
they were wealthy to begin with

>> No.23385836

>>23380159
This was the 2017 answer retard.

>> No.23386059

>>23383821
>I'm curious to know how God saved you anon
Oh wow, this thread is still up. What a slow board.
It's very easy to get saved anon, if you really want it I think.
Some Background history: Didn't go to church in 5 years, didn't read the bible, and only prayed on a semi regular basis.
But it was like a "do the right thing" and hoping that God would hear me. I knew that he wants to have a personal relationship with you and stuff, but I just never really felt it.
I personally didn't really have an easy time the last few years, and didn't ask anybody for help. That was just a thing I avoided.
Then this one night at home a few weeks ago I realized WITH MY HEART (extremly important, because God knows your heart) that Jesus is real and that he died for my sins.
So I was on my knees and repented, I cried out for Jesus (important) and said if he wants me to throw in hell, so be it. I don't care, because I deserve it for all the shit I have done and I am sorry about it. It was really emotional and I actually cried. Then I admitted that I can not walk alone in this life anymore and said that I need his guidance and that I will do what he wants from me.
And then I was transformed in minutes.
Cooming addiction gone, Depression gone, no more emptyness inside, no more anger, and many other things.
Just pure joy and peace and love and it just doesn't stop. (Week 5 now)
Never felt that good while just existing.
But yeah, what I also have to say is, that you should know what you ask for.
The holy spirit will convict you.
I wanted to fuck hookers and do drugs. This thought is gone now and I am okay with not doing so (was a bit hard to let go off in week 3) because I know that this will not make me happy,
Only "downside" is that I can't imagine myself marrying anybody else than a Christian anymore and that I want avoid sex outside of marriage. They are hard to find nowadays. But I am certain that it will be worth it and better than any other relationship.