Halp

StonedTime
StonedTime

I'm 22 years old.
Making 60k a year
Own a house worth 300k with a 260k mortgage (1200/month)
Want to learn how to invest with 200/month
Can y'll help me out/tell me what i should do with my money
I am working at my family business taking it over in about 10 years

JunkTop
JunkTop

You are the cake too soon. The whole mortgage scam is going to drag you down until you pay it off.

Stupidasole
Stupidasole

22 years old
60k a year
260k mortgage
So you put 40k down at age 22 and got approved for a loan over 4x your yearly income. How much is daddy paying of all that champ?

whereismyname
whereismyname

You are the cake too soon. The whole mortgage scam is going to drag you down until you pay it off.

Crazy_Nice
Crazy_Nice


Daddy and his daddy put down the first 70k (the house was 330 when we bought it.
Can you give me any advice?

King_Martha
King_Martha

Assuming you have an emergency fund to repair a leaky roof/ pay medical bills/ get your car repaired/ get fired...

Knowing your goals would be helpful to suggest a course of action, but since you've not given any:

Until you have something sizable from the 200/m i would just open a RH account and invest in index funds. The money will be relatively safe (compared to speculation). At the end of the year transfer all that money into a Roth IRA. (This process minimizes fees).

The goal would be to contribute 6.5k to the IRA per year which you'll never reach, but w/e.

Stock picking @ 200/m isn't worth the research and stress.

SomethingNew
SomethingNew

Trouble is I have really bad credit and am paying off some loans and credit to get it back up, so I have no savings atm.

I live in Canada, does that make a difference?

Honestly I was thinking of investing in clothes and shoes for resell with about 20% return

takes2long
takes2long

Also not getting fired and salary will not go up for at least 4 years

TechHater
TechHater

My advice is you better save that 200 bucks if your house is depreciating in value that quickly

AwesomeTucker
AwesomeTucker

What type of interest on the loans do you have? the highest should be paid off (anything >3-4%) all your money should be directed to paying down the high interest debt, then emergency fund. I'm unsure whether canada has IRAs, it looks like the equalivent is "TFSA". Either way look into setting up an account that gives special tax benefits (in the case of IRA this would be for retirement, unsure about the specifics about TFSA).

Also, make sure to get any employer match for 401k if your company has that.

I've dabbled in selling jordans... What I learned is that these are illiquid (not easy to sell quick at a good price) and have high transaction costs (or risk if you sell through CL). It wasn't worth it for me. Reselling clothes/shoes to make a profit will take more work than one would think... I read on here a while ago someone was able to buy wholesale from a goodwill in an affluent neighborhood. That seemed worth while (getting clothes at ~1$ per item), but even still he put time in cleaning and ironing the clothes, listing them, shipping them. I would get settled in the new job and focus energies there before thinking about side gigs.

When i started work I hoped money would come fast, but the truth is it's way easy to lose money/ gain debt then it is grow and save money/ pay off debt. But eventually it'll start snowballing.

CodeBuns
CodeBuns

This. Move into a 100k home and invest 900 a month man.

BunnyJinx
BunnyJinx

tfw 26 and making 50k a year

Whats a good price range for a house for me? I have 40k saved for a down payment and live in South Florida.

Stupidasole
Stupidasole


Housing market went down 10% last year. Huge bummer.

Thank you for the advice!

whereismyname
whereismyname

My advice is to move to Canada ;)

Dreamworx
Dreamworx

There are calculators online that can assist with what price range is appropriate.

Personally i would cheap or a duplex with the thought being that I'm not going to stay there forever and it's easier to sell a cheaper house/ rent out a duplex then it is to buy something expensive.

You'll also feel as if you are making progress... if every cent goes to bills and mortgage at the end of the money it gets discouraging.

Soft_member
Soft_member

You could go 200k+ if you wanted but personally I would look in the 125-150 range. Especially if it's just you, a big house is a lot of work to maintain

Playboyize
Playboyize

there are no houses here for that cheap, only 220k+. Also I want a family eventually.

Methnerd
Methnerd

where i live the bank would give me a 200k mortgage with only a 10% deposit while knowing i had 1k coming in since i get paid overseas.

Methnerd
Methnerd

house worth 300k

yep this where u went wrong, 60k a year should be focusing on saving/re-investing all that extra cash not paying off a huge loan which will screw everything over if there's a snag in your income

This is due to most people thinking that once they get a stable job they have to get things they actually (still) can't afford so they have to go into debt (with interest) in order to get it, this applies to new cars etc,

Welcome to the slave race senpai

WebTool
WebTool

Are you single? If so, you'll probably move at least one more time before starting a family. Get bitches, THEN riches.

LuckyDusty
LuckyDusty

See this the main reason you can't ask Veeky Forums for life advice.

You're asking 12 year olds with no credit or income how to manage more money than they'll make in their lives. It's good for a laugh but nothing else.

whereismyname
whereismyname

Own a house worth 300k with a 260k mortgage
lol

5mileys
5mileys

60k a year
Own a house worth 300k

I'm assuming you own one of those over priced cookie cutter houses with no property, privacy, particle board cabinets and counter top , laminate snap together floors, cheap appliances and an assortment of other cheap builder quality materials. Some people are just so desperate to project a false sense of success.

kizzmybutt
kizzmybutt

See, they don't even read the thread.

Now you'll have to explain again to these children that houses don't all cost the same everywhere. Just because they live in a $7k house in Bumfuck, Alabama doesn't mean everybody does.

Techpill
Techpill

He thinks houses are an investment instead of liability no matter the cost or location.

PackManBrainlure
PackManBrainlure

Actually i live in the American Gardens building in Manhattan and my bathroom is bigger than that shit shack you call a house.

Firespawn
Firespawn

Most moderately wealthy americans do.

How do you think boomers got wealthier than you? You think they were born that way? They paid off a house and that house held its value against inflation.

FastChef
FastChef

Hey man, all these faggots telling you woulda, coulda, shoulda.

here's what you do with your $200. buy bitcoins, then use it to buy some ethereum, some decred, some XEM, and some melon.

now if you do that for a year with $200 a month, that will be $2400 and i bet you make 200K

iluvmen
iluvmen

Buying property was a great investment 10-30 years ago and laughing all the way to bank if you did.

Emberburn
Emberburn

It'll be great again if we can get enough Mexicans in here to drive demand. Americans don't reproduce as fast and it looks like millennials will never buy houses unless you count taking their parent's house when they die.

Garbage Can Lid
Garbage Can Lid

meme coins
not a yearly bullion coin

after setting up for a couple of years you have a steady income, rainy day fund and something nice to look at.

w8t4u
w8t4u

Fifth generation daddy money faggot. Don't worry the business will probably fail when change of leadership occurs

Emberfire
Emberfire

Don't listen to the faggots in this thread. Spending 25% of your income on your home is close to the edge of reasonableness, but within norms.

The problem isn't your house; it's your savings rate. Saving $2400 a year is better than nothing, I guess, but its a pretty shitty saving rate for someone with your salary. That's only 4% of your annual income. Come back when you figure out that saving 4% of your salary isn't really investing at all.

VisualMaster
VisualMaster

Don't make fun of OP guys OP had to work hard for everything except his house, career, credit score, college degree, car, and investment portfolio. He got those from his parents

GoogleCat
GoogleCat

Houses are a liability, not an asset. Sell it immediately and roll the proceeds into a duplex, triplex or a quad. Live in one unit and rent out the others. The renters pay your mortgage and possibly you'll get some extra on top of that.

Garbage Can Lid
Garbage Can Lid

I'm the guy insulting you but, I honestly think that you should grab demo software for a trading platform and just learn to day trade or swing trade etc. Probably learn all.

With forex (foreign exchanges, buying usd with british sterling etc.) you don't need to have the ten thousand dollars to day trade and the market is active 24 7.

I'm not sure if your experienced at learning or not but, I believe what you want to do is really learn to execute and strategize with the main fundamental principles of purchase sizes, risk management etc. Fundamental analysis and technical analysis.

If you want something less risky I think you can invest in bonds and shit but forex is generally regarded as the cheaper market to get into.

You need a trading platform like ameritrade or robin hood. RH might not have as many currencies to offer but it does allow zero commission on trades.

You basically buy one currency with another and use data to make a selection on which one is low and going to go up and yea.

It seems kind of complicated but after you analyze things for a few hours it starts making sense.

It seems to be logic oriented so.

happy_sad
happy_sad

Houses are a liability, not an asset.
Doesn't know about liability insurance.
Kids.

WebTool
WebTool

I think you're right in only using 200 a month for learning. There are however demo accounts and you could also just give that money to a trading service and have them handle it for you.

Fuzzy_Logic
Fuzzy_Logic

Mexicans
Affording suburban McMansion

ZeroReborn
ZeroReborn

forex is logic oriented
usd hits 1.7 today

son?

Fuzzy_Logic
Fuzzy_Logic

your id says KEK and is green

Spamalot
Spamalot

What do you do nigger? I'm stuck in a warehouse making 30k, with a general studies degree
kek
I'm thinking of becoming a welder or at least making it a side gig

SniperWish
SniperWish

OP here. Thanks XD

All of this is awesome advice.

I think its a little different considering I'm canadian. We have a lot less bills than you guys.

Need_TLC
Need_TLC

Own a house worth 300k with a 260k mortgage
Clarify the meaning of 'own'

Lord_Tryzalot
Lord_Tryzalot

The title is in his name.

StonedTime
StonedTime

What part of canada you in?

don't tell you bought during bubble

Ignoramus
Ignoramus

$5500 is the cap if you're under 50. anything more risks a tax penalty

Booteefool
Booteefool

Programmer here, just getting into investment, what should I build(what would u build if u could program anything) just getting into crypto currency when i got this job offer, how did (((they))) know?

Need_TLC
Need_TLC

XD

Soft_member
Soft_member

want to invest 200/mo
When I was making 60K/yr wagecucking I was living with my parents and investing 3K+/mo. You really fucked yourself by falling for the mortgage Jew. Have fun when your house appreciates 2-4% a year while you're paying 4-5% in interest and property tax & maintenance on top of that.

I'll keep investing in my business, stocks, and crypto while you stay poor.