With the majority being younger here. How do you plan your financial strategy and what is your plan to build wealth. Do you have a written strategy?

[molonski2]

Like it or not , it will be one of the most important aspects of your success.. What is your plan? At whatever stage of life you are at..

[Anonymous]

I've had a 35 year plan since I was 25 to retire with a million dollars (at least). I've always contributed 15% of my pretax income to a retirement plan and about 5k a year (on the avg.) to a discretionary fund.

I had the basic framework when I started. I've tweaked it as I've went. I've made great moves, and some really boneheaded moves. But the best advice I can give a young person today is to invest as much as you're ABLE to now. I know this is common sense. But years. to compound will make the BIGGEST difference. You cannot get those years. back once they're gone.

[molonski2]

Good advice? Is that 401 k? Not completely up with all the USA stuff ,
The other thing Id add , is its so much easier to be involved since say 1998 , and a great many wonderful products that were not available to me like REITs and Index funds , you dont have to be Warren Buffet , but you need to be involved.

[Opinion Owner]

It was yeah. Then I ended my career at that firm and rolled it into and IRA. I agree wholeheartedly with index funds (so long as they have a good expense ratio). I own only one REIT stock and I'm not heavily invested in it. RITM stock (it pays a good consistent dividend). I've heard REIT's are good but I don't consider myself to be knowledgeable enough when it comes to real estate.

[molonski2]

Its vastly different in USA to my country , as in both better and worse , many opportunities. Well done.

[Opinion Owner]

Thanks. But I hope I've done well. Life doesn't come with guarantees. That's why I said what I said about starting early. I see all the mistakes I've made and what I wished I'd done better. We don't get a do over.

[Lionman95]

I'm currently working on a financial strategy. I'm not broke but not rich either and I don't plan to be a millionaire. But I want to be financial more stable and independent in the future to be able to have a certain living standard. I underestimated the possibilities I have in the past and didn't learn much about finances in school. Since my dad didn't talk with me about it either. I'm currently at base line trying to figure things out.

[molonski2]

You'll need to be a millionaire , but don't worry , its actually not that hard , you just need be interested , I lacked education too ( financial ) were I encouraged , I'd be well double where I am now , you have time..

[SueShe]

I don't have the capitalist bug in me and I have no plans to achieve wealth. My own freedom and independence is more valuable than to run after money and to build up wealth.

All I need is enough money to get me a decent life. I don't plan to own property or an expensive car. For what? I much rather be able to lock my rented 1 bedroom apartment and forget about the worries that come along with being a homeowner.

As long as I have 2 meals a day and a roof over my head, I am satisfied. No need to have tens of thousands.

[molonski2]

Whats the problem with owning a property and having that stability? You are quite young to be making " lifetime " calls , things do change , and they change quite often?

[molonski2]

The only thing you can ever actually really buy is true financial freedom.

[SueShe]

I grew up in a big house that my parents (still) owe and seeing all that has to be done to keep the property in good condition is not really enticing me to want to take the same path. Also, financial freedom can be achieved without having millions. That is a false hope. Money just corrupts people.

[molonski2]

It does not have to be mega rich , but it needs to be enough to do as you please , to live where you wish , to be fully self funded.

[IslaTheWitch]

my success, fortunately, is separated from my wealth :D

from my work only I can live comfortably. The rest is just a cherry on top of a very tasty cake :D

[molonski2]

Is your work a passion Isla or just a job?

[IslaTheWitch]

it's a lifetime passion

[molonski2]

Well , that certainly softens the blow , because its not work as such , its passion.

[IslaTheWitch]

lol what blow? I got to management position not because programming is my passion, just because I'm competent and outside of my passion I can manage my and others time, lead projects and do many other not so interesting but still needed things...

[molonski2]

Programming pays pretty well though.. and its a passion.
" The blow " = is doing something you hate.

[IslaTheWitch]

why should I do something I hate? Life is too short to get up every morning to do something I don't like...

[molonski2]

You shouldn't..
Sometimes there is a compromise , just as in investment , there are always two angles or more.
And I didn't say you should by the way.

[LazerBean]

Right now we just have an IRA that we contribute to monthly, plus we have normal investments.

[Anonymous]

Kep buying and sellingz enough to live but not enough to pay tax because then I'd have to quintuple my trade for taxes

[molonski2]

Thats not a reason , you have not constructed the business model properly , look at it again and do it properly , to even be partly successful you need to be paying tax.

[Opinion Owner]

My accountant tells me otherwise and I'd have to give my customers a shitty deal if I had to factor in paying tax, I take nothing from the government and so I won't give them anything

[Rangers]

I don't have one, it's not possible for me to be successful in any way, I've accepted that

[Astarlessnightsky]

Wait for the collapse of the capitalistic system.

[Anonymous]

Buy high, sell low

[molonski2]

What did you buy.. and when did you sell? Easy to say , difficult to do.

[Opinion Owner]

Go to r/wallstreetbets and you'll understand

[molonski2]

I well understand mate , I've been full time investor for 30 years.