AggieMainland said:

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1 ply vs 2 ply argument is for the poors. Buy a bidet for the efficiency and financial impact of saving on TP.

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get a powerful enough one and you can save on dating expenses as well.

Duncan Idaho said:

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AggieMainland said:

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1 ply vs 2 ply argument is for the poors. Buy a bidet for the efficiency and financial impact of saving on TP.

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get a powerful enough one and you can save on dating expenses as well.

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Emergency Funds are for that - Emergencies. It should be in a HYSA or with today's inflation, TIPS collecting nothing but dust and meager interest (9.6%) in the TIPS.

I wouldn't put it in a Taxable account from the perspective that you'll have to sell on a downturn and if you need the $30K, you'll have to sell more of that stock to get it. Plus you'll incur taxes while doing so which is a double whammy.

Now - regarding taxable brokerage accounts - once that bad boy gets big enough and you can set up margin as a card in the back of the pocket to keep you from having to sell if you don't want to. I know people who've bought rent houses using margin and then setting up the financing to pay down the margin loan.

My other biggest pieces would be:

1. Save early and save often. Compound interest is the strongest force in the universe.

One thing I did when I was in my 20s - if I wanted to buy something discretionary, I would double the price and save the extra. So if I bought a video game for $60 - It would really cost my $120 after I transferred $60 into savings. Going out with friends on a Friday night? I'd budget $100 and transfer another $100 into my savings. This was a very good governing mechanism to help build up the funds.

2. Paid off car is the best car. I messed up and bought a truck a few years out and then spent the next 2.5years paying it off as quickly as possible cause it was sucking $450 out of my monthly cashflow.

Then I got smart and took a page out of my mom's book and started saving that $450 a month as if I had a car note, but it just went into a savings account so that the next time I had to go buy a car, there was cash there in the account to help cover it.

I'm contemplating grad school as well. Not sure if it's worth it

100% agree with the duplex strategy. I wish I'd done it.

Keep on with 401k and Roth IRA.

Work on increasing emergency/cash fund even though inflation sucks.

Look at high deductible health plan if your healthy to save on monthly premium and max out the HSA. Invest those dollars and don't touch them. Save any medical receipts and use this as a triple tax advantaged retirement account.

Outside of other financial vehicles, what you're doing now is building habits that will be with you the rest of your life. Good habits will payoff long term, bad habits are incredible hard to overcome. You are already off to a phenomenal start. Keep it up.

Lastly, reward yourself when you meet any of your goals. Life is meant to be enjoyable. Try to save up and take a trip once a year. It doesn't have to be and probably shouldn't be an extravagant vacation… it isn't difficult to travel reasonably and see and experience different cultures.

Red Pear DFW Luke said:

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One thing I did when I was in my 20s - if I wanted to buy something discretionary, I would double the price and save the extra. So if I bought a video game for $60 - It would really cost my $120 after I transferred $60 into savings. Going out with friends on a Friday night? I'd budget $100 and transfer another $100 into my savings. This was a very good governing mechanism to help build up the funds.

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Very interesting strategy and something I havent seen before. I do something a little similar but kind of different lol. If I have a large purchase coming up then I try and pay for it from money outside of my regular pay. For example, if Im planning on buying a $1000 couch, then I would try and make that extra money elsewhere to pay for it, and not use the funds from my full-time job.

I do whatever it takes to not touch the money from my full time job, since I want to save/invest as much of my salary as possible.

I think everyone on here has given great advice but I will chime in with something I havent seen mentioned yet.

I remember I was reading something in my 20's and it said the average millionaire has 6 sources of income coming in every month (stock dividends, real estate, royalties, side gigs etc). Ever since I read that, my goal was to have 6 sources of income. The crazy thing is as I approach a million net worth in my 30's, I realized I have right around 6 sources of income lol.

I have always been a fan of having side hustles in addition to my full-time job. I don't want to just rely on one source of income because I can always be fired or laid off. I got laid off in 2020 due to Covid, and I didnt care at all because I had other sources of income to live off of + plenty of money in the bank. Almost everyday, I try and do something outside of my full-time job that will bring me some sort of side income for that day/week.

If you work in oil and gas, I would say 12 month emergency fund.

Just deposit 5% of your monthly income into it while you're working and it will get there.

You do seem to be doing well elsewhere and I like the advice of a side-gig as I don't currently have one.

ea1060 said:

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Red Pear DFW Luke said:

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One thing I did when I was in my 20s - if I wanted to buy something discretionary, I would double the price and save the extra. So if I bought a video game for $60 - It would really cost my $120 after I transferred $60 into savings. Going out with friends on a Friday night? I'd budget $100 and transfer another $100 into my savings. This was a very good governing mechanism to help build up the funds.

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Very interesting strategy and something I havent seen before. I do something a little similar but kind of different lol. If I have a large purchase coming up then I try and pay for it from money outside of my regular pay. For example, if Im planning on buying a $1000 couch, then I would try and make that extra money elsewhere to pay for it, and not use the funds from my full-time job.

I do whatever it takes to not touch the money from my full time job, since I want to save/invest as much of my salary as possible.

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Interesting but I think your subsequent post addresses the difference - I try to pay for everything out of salaries because if we can't then that means I'm touching savings that is earning interest or we are having to stretch.

However, you having 6 revenue streams explains your thought process. We only ever had the full-time salaries.

1. Figure out what you love to do (work wise)
2. Cash in all your money and start a business in this line of work after you have 10 years experience.
3. Work your ass off.
4. You will be broke for 5-10 years depending on what you pick and how hard you work and a little luck.
5. Buy real estate as you go and don't put your money in 401K even if you need to borrow a little money.
6. Don't buy depreciating assets (new cars, boat)
7. Don't go to Graduate School unless you want the education and not because you think it looks good on a resume.
8. When you are 45-50 you will start to see the results. Hire good people and pay them well.
9. Keep learning new things and use your extra time to try new ventures.
10. Retire around 55 with all passive income and do what you want (charity, teach, explore).
11. Always keep active and stay in good health.
12. Read, read, read.

Or work for the man for 40 years and retire at 65 and have a nice comfortable life.

Duncan Idaho said:

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In your 20s finical security will give you the flexiblity to take advantage of opportunities that your peers won't be able to.

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This is the best piece of advice here. I believe the main difference in people who are wildly successful in life (however they choose to define that) and those who spend their life "stuck" is based on 2 things:
The ability to recognize opportunities when they arise, and
The ability to act on those opportunities before its too late.

Learning how to recognize opportunities includes staying engaged, right place right time, etc, but i believe everybody gets a series of life changing opportunities over time. Most either don't recognize them or aren't in a place in life where they can take them when they come along. Putting yourself in a position to take the opportunity is 100% a function of being independent enough to make the jump
NB: having a portfolio of rental properties is a great strategy but i do think it prevents you from being nimble enough to really grow in your career early on

dubberage said:

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1. Figure out what you love to do (work wise)
2. Cash in all your money and start a business in this line of work after you have 10 years experience.
3. Work your ass off.
4. You will be broke for 5-10 years depending on what you pick and how hard you work and a little luck.
5. Buy real estate as you go and don't put your money in 401K even if you need to borrow a little money.
6. Don't buy depreciating assets (new cars, boat)
7. Don't go to Graduate School unless you want the education and not because you think it looks good on a resume.
8. When you are 45-50 you will start to see the results. Hire good people and pay them well.
9. Keep learning new things and use your extra time to try new ventures.
10. Retire around 55 with all passive income and do what you want (charity, teach, explore).
11. Always keep active and stay in good health.
12. Read, read, read.

Or work for the man for 40 years and retire at 65 and have a nice comfortable life.

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If there is still a 401k in the mix it's stupid to leave free money on the table. At least do the match.

I don't understand people that recommend to avoid a 401k.

This is a great place to start. These guys have a podcast as well that I'm sure you'd enjoy.

Sorry, yes always do the minimum to get the match as Youbet said. Free money. Just don't get caught up trying to max it out.

Duncan Idaho said:

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AggieMainland said:

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1 ply vs 2 ply argument is for the poors. Buy a bidet for the efficiency and financial impact of saving on TP.

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get a powerful enough one and you can save on dating expenses as well.

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Reading Dune and just got your username. Nice

Charismatic Megafauna said:

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Duncan Idaho said:

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In your 20s finical security will give you the flexiblity to take advantage of opportunities that your peers won't be able to.

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This is the best piece of advice here. I believe the main difference in people who are wildly successful in life (however they choose to define that) and those who spend their life "stuck" is based on 2 things:
The ability to recognize opportunities when they arise, and
The ability to act on those opportunities before its too late.

Learning how to recognize opportunities includes staying engaged, right place right time, etc, but i believe everybody gets a series of life changing opportunities over time. Most either don't recognize them or aren't in a place in life where they can take them when they come along. Putting yourself in a position to take the opportunity is 100% a function of being independent enough to make the jump
NB: having a portfolio of rental properties is a great strategy but i do think it prevents you from being nimble enough to really grow in your career early on

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All of this is spot on. When you're always looking for opportunities then opportunities will start coming your way. It's up to that person to recognize the opportunity and act on it. Most people will do neither.

Stringfellow Hawke said:

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If I could have a do over, I would buy land.

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This x1000