Looking For Feedback & Advice

Discussion in 'Other Off Topic Forum' started by Mjusttryingtolearn1994, Aug 24, 2019.

  1. Mjusttryingtolearn1994

    Aug 23, 2019
    Full Name:
    M Mee
    I figured to post here because statistically those who drive these kinds of cars are normally well-educated and understand how the world around them works.

    There is a quick summary at the bottom for those of you who are in a rush and don’t want to read my life story all at once. I know that this post might be a tad all over the place but I just wanted to write this from the heart and get it off my chest as soon as possible. A huge thank you to everyone ahead of time by the way!

    My name is “M” and I wanted to make a post here and ask for some advice. I’m not asking for handouts or begging for someone to hold my hand. I’m a huge car enthusiast and definitely would love to make a long childhood dream come true, but at the same time, I also understand the importance of financial security for the future.

    Ever since I was a kid I’ve always loved cars. I don’t really know how to work on them very well (would have to watch a step-by-step video even for a basic oil change or brake job) but fun sports cars have always stirred my soul ever since I was young. Nobody in my family really cares much for cars. We’ve always had simple economy vehicles, mainly Toyota’s and such. We never bought “new” cars since it was always the most “cost effective” path to buy second or third hand high mileage Japanese vehicles.

    I’m in my early/mid 20’s and still living at home with my parents. I’m mature and frugal with my money and make sure to never waste it. Ironically I do understand that money sitting in my bank is essentially being eaten away by inflation. I have a (key-word) very modest income as a substitute and tutor at some local schools.

    My goal to post here is to learn and seek advice and gather information about a way to secure my future and also stabilize myself financially. I want to someday be able to afford maybe a second hand or third hand used supercar, just to see what it’s like. I’ve never been inside anything that’s even remotely considered “exotic” or “rare” but it’s just something that I have always had a passion for. Heck, maybe in a year or two I can rent a fast toy for an afternoon or a racetrack just to hear that engine and feel that acceleration.

    I understand that investing money is a great way to accumulate wealth. I’ve read “Rich Dad / Poor Dad” and “The Richest Man in Babylon” and have learned a lot. I currently have a small ROTH IRA that I began contributing to a few years ago and a modest 401k from my current day-job employer. I understand this a very small first step in an extremely long journey to financial success and independence. The question really becomes though, how else to build wealth and project myself forward while also remaining realistic? I make a decent amount of money to afford my current lifestyle while living at home, but what about someday owning my own property or being able to provide for a family? I know my parents are financially stable, but I want to be able to someday move out and actually be a “man” and not a “boy” in the financial world.

    Question & Summary:

    What is a safe and secure way to begin investing into the stock market for long-term gains? Let’s say ten years out at the least. I’ve been reading that the “S&P500” is a great way to start investing long-term and have researched information through Vanguard on it. But are there ways to invest that are even more secure or just as secure but with higher gains?

    If you had $50k in cash how would you invest it today so that within four years you could have passive income of around $40k+ a year, respectfully (going into account inflation and cost of living and such)? Rental properties? Crash courses to learn a valuable trade or skill?

    Any advice on not following the “path” that everyone takes (college, day job, nine to five, etc) but going astray? Full disclosure: I have a 4-year degree but it’s in liberal arts. I fell for the scam. Thankfully I have paid off my student loans recently. I feel that I don’t have many “skills” outside of knowing math well enough for teaching/tutoring and very small experience running a small business and interacting with people face to face or over the phone (similar to pitching a basic sale or telemarketing).

    Please let me know what you think, and again, thank you so much everyone!

    (also yes, I am posting this on multiple supercar forums for brands that I have a passion for)
  2. To remove this ad click here.

Share This Page