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OfflineOutThisLife
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Could use some advice! (from the fiscally responsible & investors)
    #14855677 - 08/01/11 10:16 AM (12 years, 5 months ago)

Hey,

I am self-employed and it goes very, very well. Much better than any job I could really hope for at my age. But I'm in a limbo: I make enough to cover my expenses, have some "family-time" money and be free from worry. However, I do not make enough to be able to actively invest like I wish I could.

My dream is to be a successfully active investor - this doesn't necessarily mean a swing trader, or a trader at all. I want to go for the long-term with some 'swings' in there to get me started. But, like I said, savings sometimes has to be dipped into because being self-employed sometimes the checks don't come in as fast as I'd like them to. Or a client is unhappy, etc.

My grace period for rent is horrible (2 days) so that alone screws me up and I think it was my fault for not negotiating that. But what can I do to start the ball rolling? I'm in a position that I know I will never be homeless if I work hard enough and put myself to action, but not in a position to be "wealthy" just yet. I'm stuck and want more freedom as I feel like that's the definite next step.

I have tried to hire for my company, but no one has been as good as me so it becomes tough to rely on them. I was thinking of lowering my expenses; moving into an apartment, rather than my current home for lease and becoming more frugal in my fixed-expenses. I'm not a big spender, never have been - so that's not an issue.

What can I do to escape this financial purgatory?

Thanks!


Edited by OutThisLife (08/01/11 10:28 AM)


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OfflineOutThisLife
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: OutThisLife]
    #14862722 - 08/02/11 04:20 PM (12 years, 5 months ago)

No one, hmm?


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OfflineGroovy Grant
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: OutThisLife]
    #14863261 - 08/02/11 06:05 PM (12 years, 5 months ago)

A journey of a thousand miles starts with a single step. So does the road to a million dollars. Make small and consistent deposits into a online broker. Put it on auto-deposit, and add more cash when you have it.

Invest conservatively. Until you have a nice base of blue chips and broad index funds before going into the speculative stuff. And then keep that less than 5% of your overall portfolio.

Best of luck!


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OfflineOutThisLife
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: Groovy Grant]
    #14863609 - 08/02/11 07:12 PM (12 years, 5 months ago)

Quote:

Groovy Grant said:
A journey of a thousand miles starts with a single step. So does the road to a million dollars. Make small and consistent deposits into a online broker. Put it on auto-deposit, and add more cash when you have it.

Invest conservatively. Until you have a nice base of blue chips and broad index funds before going into the speculative stuff. And then keep that less than 5% of your overall portfolio.

Best of luck!




I've been saving 10% of my income to some success. What % would you suggest? And thanks for the reply.


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OfflineGroovy Grant
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: OutThisLife]
    #14864101 - 08/02/11 08:36 PM (12 years, 5 months ago)

10% is a good starting amount. I just don't know what you're aiming for. But for retirement, 15% of your income is suggested (although most people fall short of this).

I'd say the larger the percentage, the better. Just depends on your aim.


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InvisibleAsante
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: Groovy Grant]
    #14865801 - 08/03/11 04:18 AM (12 years, 5 months ago)

Quote:

the road to a million dollars




Paper schmaper, I'd rather have 40 lbs of gold.


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Offlinecole2684
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: Asante]
    #14866541 - 08/03/11 10:01 AM (12 years, 5 months ago)

What Wiccan_Seeker said. I don't think I will ever save money in the form of paper. There's no reason to when gold and silver actually retain buying power.


--------------------
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I'm a man who really enjoys his taffy.
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InvisibleGI_Luvmoney
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: OutThisLife]
    #14868041 - 08/03/11 04:20 PM (12 years, 5 months ago)

I recommend that you get into the rapture business.  There's lots of money in it.



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OfflineGroovy Grant
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: GI_Luvmoney]
    #14868574 - 08/03/11 06:18 PM (12 years, 5 months ago)

Wiccan and Cole,

Did you not read the title of the thread "from the fiscally responsible & investors*".


*Goldbugs need not apply.


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OfflineOutThisLife
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: Groovy Grant]
    #14872937 - 08/04/11 03:32 PM (12 years, 5 months ago)

Quote:

Groovy Grant said:
10% is a good starting amount. I just don't know what you're aiming for. But for retirement, 15% of your income is suggested (although most people fall short of this).

I'd say the larger the percentage, the better. Just depends on your aim.




Right. At the moment I'm a little torn. I have a lot of clients, my rates are -decent- but I just don't make as much as I'd like to and believe that I could. I was thinking of raising my rates, and shortening my clientbase (just as a result of the increase) as I tend to get overworked and underpaid sometimes.

Thoughts?

Quote:

Groovy Grant said:
Wiccan and Cole,

Did you not read the title of the thread "from the fiscally responsible & investors*".


*Goldbugs need not apply.




Hah.


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Could use some advice! (from the fiscally responsible & investors) [Re: cole2684]
    #14872964 - 08/04/11 03:40 PM (12 years, 5 months ago)

Quote:

cole2684 said:
I don't think I will ever save money in the form of paper.




Virtually nobody does.  Money is used to exchange goods and services, not to horde.  Generally the most a fiscally responsible person will keep in cash is a few months worth of income.


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OfflineOutThisLife
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: DieCommie]
    #14873048 - 08/04/11 04:01 PM (12 years, 5 months ago)

Quote:

DieCommie said:
Quote:

cole2684 said:
I don't think I will ever save money in the form of paper.




Virtually nobody does.  Money is used to exchange goods and services, not to horde.  Generally the most a fiscally responsible person will keep in cash is a few months worth of income.




Well said. :thumbup:


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InvisibleLunarEclipse
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Re: Could use some advice! (from the fiscally responsible & investors) [Re: OutThisLife]
    #14894333 - 08/09/11 04:31 AM (12 years, 5 months ago)

Quote:

OutThisLife said:
Quote:

DieCommie said:
Quote:

cole2684 said:
I don't think I will ever save money in the form of paper.




Virtually nobody does.  Money is used to exchange goods and services, not to horde.  Generally the most a fiscally responsible person will keep in cash is a few months worth of income.




Well said. :thumbup:




Although the Smart financially responsible people know not to be in stocks when they are getting hammered.  And gold?  Hmmm that parabolic moonshot may be ending badly shortly.

As for the OP situation, yea save but don't forget to take chances too.  I know I am being contradictory but follow your instincts not your analysis.  You will see what I mean.  Instincts rule.  And I am not talking about hot stock tips your deep down you know it instincts.  Only you know them type.


--------------------
Anxiety is what you make it.


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