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Hey /biz/ I'm 26yo with a 47k salary at year. I'm still

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Hey /biz/
I'm 26yo with a 47k salary at year. I'm still trying to learn to budget my money as I am awful at monthly spending. Is there any advice you wish you could have told yourself when you were younger?

Tl;dr what would you have done differently?
>inb4 'coming here for advice'
do you work for government?
No, I'm a digital artist
Buy whatever the fuck you want and enjoy your wealth now while you are young of body and mind. Being old with money sucks ass compared to being young with money.
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One trick that I've heard of but never done is to have a separate savings account that a portion of your pay check is deposited into each pay period. That way you never see the money so you don't think of it as something you can spend.

I used to keep track of every single penny I spent in an excel spread sheet. I had categories for each type of expense. Food, transportation, entertainment, living expenses. It was great for me to see where my money was going. I think there are sites or apps now that make this pretty easy.
Thanks, that's really good advice. I'm not wealthy tho, just living semi comfortably.
I wanted to invest in something emerging but I literally have no idea what I'm doing.
Nice, I'll definitely look into that. Out of site, out of mind is a good strategy for saving it seems.
Well.. Cut expenses and start monthly saving, as much as you can. Just start looking each month what you waste money on monthly, then multiply that x12 (1 year). Then multiply that by 5, and you see how much you lose money on that on a short 5 year plan. Then ask yourself if that is worth that amount or should you cut it out.
Easiest place to cut from is food. Start cooking your own food. You gotta find your own, personal holes where your money and wealth keeps pouring out from.
When you have successfully started saving as much as you can from your nettosalary, google compound interest and wake up from the matrix. After that you can start learning about investing, funds and other stuff that will make your wealth grow larger.
This advice is so simple but exactly what I was looking for. Thanks anon!
If you are 26, you are older than 99% of /biz/

Remember you live in the time of something as magical as internet where you can find information with a simple google search. There is successful people out there spreading information for free, without you needing to buy their book or anything, only to listen and understand.
90% of people live in a consumentarist matrix. When you wake up from that and realise what actually money is and how to use it, you will look back at your old self and won't recognize you anymore. And the silly part about the whole thing is, you will realise how easy making money is after you understand the real meaning and worth of it, and avoid the markets making you their slave with car loans etc.

Watch this video and just listen to what the man tells you. He gives great advice and insight of how you should completely change your approach towards money:


Remember compound interest. It's the eight miracle in the world.
>Remember compound interest.
alright... but low risk investment has negative interest right now. only stocks and other form of gambling (yeah well short term) can turn it into a positive.

You realise OP is only starting and needs to start from basics. Has never put a penny on an index fund or an ETF.
Every time there's a thread like these and the OP needs a start, some expert shows up to tell how there soo much better ways to earn money. Will you tell him about daytrading next, huh? Start from there, have him lose his money and quit it all together?
Please don't confuse beginners with 0 experience, let them get started and from there move on to higher risk when they understand even the basics.
Thanks for the link and advice. Watching it now, about 15min in. this guy makes me feel poor and insignificant lol his Singapore office was slightly bigger than my living room.

Watch it carefully, just try to suck in all information into your brain like a sponge. Sit down on the sofa and don't distract yourself scrolling sites like this while wacthing.

Remember you are from now on on a mission to make your wealth grow, and it might require some sacrifices. A consumentarist will try to maximize the comfort in his life, and is ready to sacrifice his independence and life to get whatever the market tells him he "needs". He will take loans and loans and and chain himself, and for every penny he gets a raise, he increases his spending exactly as much.
Your mission again is to maximize your wealth, and that might require a lot of cuts in your level of comfort, temporarily before you become wealthy, and that will take time, all depending on your future skills. A consumentarist will reach the age of 40, still in debt and 0 savings. Maybe a third of his mortgage paid, and that's all he is worth. Your mission is to become worth as much as possible, but it will require a lot of discipline most people lack. Instead of having a 0 on your bank and having 90% of your next salary disappear before you even get it you're supposed to make those sweet dollars stay in your pocket.
Just for fun, let's count your salary on a 5 year plan. If you have worked for 5 years, and made 47000,00, and let's say paid taxes for 25%. That would mean during a 5 year time through your fingers has slipped 176250,00$ in total. 176k. What did it all go on?
Btw the hardest part is actually forcing yourself to get started, I don't know your country or how the local banks there work, but you gotta find out yourself how your countrymen invest and just get into it. If you lose some money in the beginning, take it as a mistake to learn from and imagine it being a fee for a "getting wealthy"-school.
Finished it a few hours ago. Loaded with useful info. I even took notes on his main points. His concept of money was pretty interesting, really eye opening.
OP, buying a supermarket sandwich daily, and a coffee adds up SO HARD.

I mean literal rape of your bank account. Also if you regularly binge on junk food. It adds up so easily
i stopped buying cigarettes for two weeks and my wallet got magically filled up

If you're on 47k and I assume American you must be really shit with your money if you're having trouble managing it
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