alt Hacker NewsYep this. Avoid lifestyle creep (when you get raises). Invest your money (e.g. world passive mutual fund, or VT ETF). Don't sell investments when the market crashes, just ride it out (assuming you bought diversified fund). Don't stock pick, it's largely gambling and 99% of people can't beat the market doing it. If you must stock pick, do at most, 5% of your investments. Avoid actively managed/high fee mutual funds/ETFs. Research clearly shows, long term they do worse then the market. (And if there is an active fund that does end up beating the market long term, you have no way of knowing which fund that would be ahead of time)
The Millionaire Next Door is a great book, and gives a good perspective on money.
If anyone here is interested, Google the FIRE movement (Financial Independence, Retire Early). Even just doing the first 2 letters, Financial Independence, would be huge, and give you way more flexibility.
When/if you retire early, keep doing things to keep your mind and body active. Most people who retire stop doing the things that kept them healthy, and there body deteriorates quickly (with xyz illnesses).
The sad true is that, for many, work forces them to do the basics to keep your body running ok.
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> Yep this. Avoid lifestyle creep (when you get raises). Invest your money
This is great advice anyway, even if you were born poor/working class. With the added proviso that you should be paying down your debt, highest interest rate first, since that will have far higher returns than your average investment. Also make sure that you have enough liquid cash set aside that you'll be able to deal quickly and completely with any issues that might come up; this makes a significant difference to your ability to live and work stress-free.
> Invest your money (e.g. world passive mutual fund, or VT ETF).
i despise stock markets, investments etc., so i just kind of have accepted that i'll probably never grow my money passively. from time to time i stumble across advice like yours, talking about ETFs, and feel a bit left out again.
money just sits in my bank account with close to 0% interest. i know that ETFs would slowly generate more money, but i also know that my money would then be invested in a ton of companies i absolutely don't want to be a part of, even when considering that my sums would be a drop in an ocean.
But what's the point of it being long-term? I want fuck-off money right now. What's the point of having a bit of money when I'm old, can barely leave the house and everyone and everything I cared about is long gone?
Why do I want to have a million in the bank by age 70 if I'm going to kill myself by age 30-35?