RE: The Modest Millionaire - How to Truly Become an Investor
This ^ This ^ This ^ Every word of it. My life and finances only started to change when I began keeping track of every penny coming in and every penny going out. I use a free app called expense tracker - it works for me - but not everyone will want to share their email (they didn't ask for personal info when I first got it a year ago :-/ )
If you rely on 'what I think I spend' - you'll never save. For the first month when I started tracking my 'net worth' - I didn't change anything. The second month, I went back and started making changes. Also, keeping track makes me think twice about making a dumb ass purchase I know I'll regret.
Please keep posting stuff like this :-) I don't know if I call myself an investor - but I work for me, and don't let anyone else manage my money. Vanguard Index funds for the bulk - then some stocks and cryptos for a smaller percentage. What's your strategy /Mix?
Thank you for the positive words. I like to have many different avenues of investments, but not to the point where I'm not investing in what I DON'T know. My one rule for investing (as far as choosing investments) is "Invest ONLY in What You Know." If I don't understand it, I don't buy it. That said, I believe everyone should never put all their eggs in one basket. Everyone should have a 401k/IRA (I prefer Roth), parked Cash position, real estate, stocks/ETF's/Index Funds, etc. (In my opinion). If you don't have a decent understanding in at LEAST those things, learn them. That said, I contribute 5% of my income to my 401k, and I reserve about 15-20% of my cash for speculation (such as crypto, which has (so far) treated me well). The rest of my cash position is constantly "looking" for a lucrative investment. For example, I'm always looking for the next real estate deal I can do (you need cash for that) so I save a ton of money, and until I make that next real estate deal, I'm swing trading the stock market. It's all about finding/learning something that you come to KNOW, and always growing, even if it is slow at times.
That's awesome. #financialgoals for me - to have enough left over for real estate. I do Roth IRA, enough cash to live for about a year, handful of stocks and index funds. Totally agree about not investing in what you don't know. Smart advice ! I think you're positioned to be the Mr. Money Mustache or JL collins of Steemit . Will be following your blog closely! :-)