Halp

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

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

>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?

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

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

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.

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

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

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

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.

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.

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

>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.

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.

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

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

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.

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

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

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.

>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.

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

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.

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

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.

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.

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

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.

>Mexicans
>Affording suburban McMansion

>forex is logic oriented
>usd hits 1.7 today

son?

your id says KEK and is green

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

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.

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

The title is in his name.

What part of canada you in?

don't tell you bought during bubble

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

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?

>XD

>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.