how do I set up my life so i can get the most money. I am 19 and just got a new job starting this summer. I am on the path to becoming an engineer. The current expense I see in my future is a new car. i have a grand free for investments currently. my new worth is just shy of 7k. Any advice?
Invest in cryptocurrencies. Like Ethereum
* You make money from your job, not your investments. Your salary/wages are what makes your net worth increase and determines whether you'll be rich or not.
* Your investments are for making your savings grow over time, and to protect them for an eventual comfy retirement.
>>2020778
>what should i invest in?
Do you have a fully-funded emergency fund of at least three months living expenses set aside in cash? No? Then don't invest in anything yet.
Priorities.
>>2020811
i currently have 0 overhead and about 2k saved
>>2020815
>i currently have 0 overhead
Then you're not an adult yet. Come back when you grow up.
>>2020849
0 overhead as in no luxury bills. my gas gets payed for by my current company. my college costs are covered from a program.
>>2020873
>college
Like I said, come back when you're an adult and have a real job, real savings, and financial goals. There's really no reason to spend time worrying about your pizza & beer money.
Go have fun and enjoy the last carefree years of your life. Nothing anyone tells you now is going to make a whit of difference, nor do you yet have the income or savings to start a sensible plan.
>>2020909
anon i feel that if i work to better my future now it will help a lot. i go to a community college and i dont indulge much. i want to retire by 35 or 38. then i will have the rest of my life to enjoy. i had a rough childhood and i want to be as financially stable as possible to be able to move far away, my new job will have a 401k and full insurance with no out of pocket. also is a 401k a good investment?
>>2020811
>Do you have a fully-funded emergency fund of at least three months living expenses set aside in cash?
Make it one year, I did 2.5
and don't buy a new car
>>2020929
>is a 401k a good investment?
A 401k isn't an investment; it's a type of account.
If you want to be ready to hit the ground running when you do finally have some income and savings, why don't you spend the time educating yourself instead of trying to skip steps?
>>2020951
>Make it one year, I did 2.5
A bit excessive unless you have a high-paying executive job and you expect it would take a year or longer to replace your lost salary. Also acceptable if you have a high net worth and your fund is a very small portion of your investable assets.
Otherwise, 6-9 months is good for most earners. 3 months for those starting out.
Having a larger fund isn't "wrong" per se, but it does put a drag on your personal rate of return. I won't tell you not to do it, but I wouldn't recommend it either.