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gravityhashira61 t1_j9v8v08 wrote

My question is as 21 why do you need almost a 50k car? A $900 a month payment for a car is crazy.

53

97soryva t1_j9v90pv wrote

^ this tbh. I make 96k at 21 and drive a 2007 Camry.

13

pw7090 t1_j9vaipg wrote

I make half as much as you at twice your age.

5

97soryva t1_j9vazvr wrote

And your mortgage is probably 1/3 of mine 🫡

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pw7090 t1_jadje7j wrote

Also, congrats on being smart. I wish I had the head start that you do.

2

pw7090 t1_j9vjxjn wrote

Don't own a house. Net worth is negative.

1

hoesey1 t1_j9v9n7g wrote

Facts my retarted ass was paying 1500 for a car month at 21 until I realized i just broke with a nice car. Once I realized that i sold the car to carmax and made 10k extra which i used to buy a house instead

13

jhonkas t1_j9vavga wrote

aaand now you are house rich and cash poor

9

LegalAdvantage2 t1_j9valcq wrote

Right? Mines 126 and I don’t like having that but I only make 50k a year so far and my car was 7k so not bad

2

jhonkas t1_j9vargm wrote

i thoguth the 48k was the mileage

2

Downtown-Fig602 OP t1_j9v914g wrote

It’s a little less per month but I’m paying 900 to pay it off early.

0

sjs48 t1_j9v900v wrote

Finance another car that's half your salary

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Downtown-Fig602 OP t1_j9v9kho wrote

I mean I don’t really see why it’s an issue if I have an expensive car if I can afford it? I have 0 credit card debt and money saved

−11

JohnnyFnCliche t1_j9va4hn wrote

Because it puts you that much further ahead at the end of the year...get a $400/mo car and put $500/mo extra into savings or a portfolio...you wanted to know how to become a millionaire, stop spending like you've got money to burn...

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Downtown-Fig602 OP t1_j9vatsd wrote

I still have over 20k leftover per year with the car and spending I have, that’s more than most people with a normal job. Do you really think an extra 5-6k a year is going to make me a millionaire versus getting a higher paying job lol

−12

JohnnyFnCliche t1_j9vbknl wrote

Oh, you sweet summer child...someday you'll hopefully grow older and realize how wasteful it was those years you spent pissing away money on a car...

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Downtown-Fig602 OP t1_j9vckff wrote

Idk seems pretty fun to me but I agree I might go cheaper like for a Tesla maybe

−4

nomorerainpls t1_j9vc4ep wrote

Most people spend to their income, so when their income increases, so does their spending. This isn’t a very WSB thing to post, but your best chance of accumulating millions in wealth comes from keeping spend well below income, not rolling the dice on some pump and dump you heard about from the wife’s boyfriend.

3

Downtown-Fig602 OP t1_j9vdl8g wrote

True but I don’t have any need to spend more than I already am per year even if my salary increases. I already eat out nicely once or twice a month, and food is the only thing I spend money on outside monthly bills and my car

1

FUWS t1_j9v9pot wrote

Ahh those famous last words.

Imagine, you were a boomer who lived through some shit to save and leave some loot behind for the kid only to be greeted with, “ aaaannddd, Its gone” in a snap of Thanos.

You gonna most likely lose it all listening to anyone here. Its way better to lose/make money on your own decision vs trusting someone else. Better lessons to be had too. I doubt you make 100k for being a dumb ass ( well, thats debatable) but guessing you have at least some critical thinking skills. Use that…

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Downtown-Fig602 OP t1_j9va6at wrote

Nah not a boomer it’s actually my dads life insurance policy and he died in prison for embezzling money 💀

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Kitten_Team_Six t1_j9val0x wrote

And this inheritance isnt subject to his debt creditors? Id lawyer up if i was you

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Downtown-Fig602 OP t1_j9vbry1 wrote

Nope pretty sure all of that was already settled cause he had cash in his bank accounts at the time of his arrest and my family never got any of it

1

KrypoKrasher t1_j9vfk1g wrote

I am a boomer.... why worry about the kids? Hell, they make more than I do! And are always broke.

So I blow my money on stocks, crypto, and stash some back. Why hang on to it? Have fun now, piss and moan later. gif

1

jhonkas t1_j9vanxk wrote

spy 395P 0DTe you have about 30 minutes

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jhonkas t1_j9vchnz wrote

boom could have been the best 10 min of your life

1

Rustomatic83 t1_j9v93qq wrote

I would get rid of the car note and then risk up. That's almost half your rent payment. Might even get a lower insurance rate once it's paid off. Not a professional, just what I would do.

8

Downtown-Fig602 OP t1_j9v9qcn wrote

Get rid of it for what though? I’m not gonna downgrade and the only thing I’d swap to is a Tesla maybe to be honest. You can say it’s a lot of money but that’s one of the only hobbies/things I spend money on since I really enjoy cars and driving.

Any car recommendations?

−10

Rustomatic83 t1_j9vady4 wrote

I'm not saying sale the car bro, I'm saying pay it off. That's an extra $900 bucks a month you can add to invest. Essentially your getting free money. Pay the car note off, enjoy your car and free up $900 capital. If shit goes side ways you could always refinance you car to get some money. I love cars as well.

5

Downtown-Fig602 OP t1_j9vboal wrote

True man, do you think it would be bad to pay off 30k of it maybe, put 100k in safe stocks and 10k in riskier plays?

1

Rustomatic83 t1_j9vc4mc wrote

Bro, just get rid of the car loan, you will save money from interest and you could do dumb risky calls with the $900 you would pay on your car a month.

Take 10 to 20K and throw it in a high yielding savings.

Then take the rest and buy a duplex, fix that bitch up, and create passive income.

8

Downtown-Fig602 OP t1_j9vdngm wrote

True I guess I’ll just YOLO $900 every month after I pay it off

1

Rustomatic83 t1_j9ve4h1 wrote

Create passive income. Would look into it. But definitely pay that car loan off and Yolo that $900 payment on whatever since you can afford it.

1

sjs48 t1_j9vachv wrote

Car note is the loan, not the car itself.

2

Downtown-Fig602 OP t1_j9vbiyz wrote

Ohhh ok. That’s true but what would you think about just paying off 40k of it then? And owing 10k? I really don’t want to dip below 100 as far as my invested money

1

sjs48 t1_j9vbmkm wrote

What is the interest rate on the loan?

1

Downtown-Fig602 OP t1_j9vcls2 wrote

Around 5.6 I think

1

sjs48 t1_j9vd6fm wrote

Alright I'm gonna give you real advice. You can either take it or buy meme stock options and lose all the money you just got.

Pay off the 50k car loan.

Open a Vanguard or Fidelity account and put the remaining 90k in it. The settlement funds are paying 4% even if you don't invest it.

Buy like 60k worth of boring index ETFs. Like 40k of VTI and 20k of VXUS, or 60k of VOO, whatever.

YOLO 15k of it using the shit advice you get here so you can learn how easy it is to lose money.

Keep the other 15k in the settlement fund as cash. Unless you already have some cash in savings, then fine yolo that too.

1

Downtown-Fig602 OP t1_j9vfcqs wrote

>yolo so you can learn

I’ve already lost 5k in the past. I’ve also gained 10k. I feel I know what’s too risky and what’s stupid at this point. when I say risk I mean calculated risk, not 0dte options

1

EatsRats t1_j9vd5tt wrote

If interest is above 3% on that loan, pay that shit off and toss the remainder into something boring like VTI and forget about it.

Between this and your job and the extra money you’ll have without that car loan, you are setup to be rich and retiring mondo-early.

1

suasposnte187 t1_j9v9dog wrote

70k in SCHD

10k google

10k aapl

12k KO

5k $X (US Steel)

10k TSLA

10k AMZN

1k CHPT

3k TQQQ

3k UPRO

​

Hold the rest in cash.

8

Fwpa t1_j9vbdlf wrote

Dude probably just gave you the best portfolio you’ll realistically get….

3

WizTis t1_j9vatva wrote

Shiiit, throw it on some SPY 0DTE options and become a millionaire by 22 img

5

harleyd36 t1_j9v9tk2 wrote

I hear Sam Bankman-Fried and Billy McFarland are partnering on a new opportunity. Maybe look into that.

3

AlphaOne69420 t1_j9vaosy wrote

I would buy VOO over time and some BRK which has a strong track record for a single stock. Easy options with a strong history of performance. But before that, I would try to pay off any debts especially those wwith high interest first, if you have any

3

crimsonghost747 t1_j9vb0la wrote

  1. Pay off that car
  2. Do the boomer thing and throw half of what is left into the dumb and boring index funds. You'll thank yourself later.
  3. Use the other half for the risky shit. Promising tech companies that have been butchered? some biotechs working on a single (potentially viable) drug? maybe some weirdass crypto projects? (if that's your thing) or just throw it into short term options on whatever?
    edit: most important. Post your risky bet(s) here so we see what you picked!
3

Downtown-Fig602 OP t1_j9vc64u wrote

Sounds good. I’m thinking maybe 30k to the car, 90-100 in index funds and 10-20 in risky plays and options

1

EscortSportage t1_j9vaofm wrote

Do you own property: yes buy stocks

No: buy some prop invest the rest in stocks

Thank me later

2

DucatiSteve1299 t1_j9vbhi4 wrote

Just curious, what do you do at 21 that makes you $100K. That's good money at your age.

2

Downtown-Fig602 OP t1_j9vcf0z wrote

By title I’m technically an IT Support lead for 20 different employees but by actual job duties I’m more of a sysadmin and I create scripts to fix repetitive helpdesk issues. It’s for a ~10bn dollar company that’s publicly traded and I get FaceTime with the CEO when he has IT issues

2

[deleted] t1_j9vbqi5 wrote

I'd put everything in VOO like a boomer. But you should probably sell naked calls in whatever the random stock generator shits out

2

RegiGoldCard t1_j9vbqm0 wrote

Send me the money. I promise to double it and give it back to you in 24 hours.

2

Wrxeter t1_j9vbr8e wrote

0dte calls/puts on spy.

Play the casino until Lambo or bus pass.

Post pics. Get karma. Cry into your pillow when it hits 0.

2

LEGENDARYSHlTPOSTER t1_j9vcmt8 wrote

First off, obligatory condolences - congrats & fuck you. This sets you up for success financially. Pay your car off, DCA into index funds.

A short time later…

Get bored and overconfident, realize investing isn’t hard, it’s easy as fuck - sell it all.

Immediately after…

Invest all your hard earned money (lol) in 0DTE SPY calls, lose it all, be an even bigger disappointment to your now dead father.

Fin.

2

Downtown-Fig602 OP t1_j9ve86n wrote

DCA over how long of a period? I’m too impatient for DCA’ing. Like I’m fine with it after I have the money in the market and I’m just averaging with my job income but I don’t wanna DCA the lump sum

1

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1

AwesomeRevolution98 t1_j9v959k wrote

Set aside like 50% on cash. Play some Nvidia puts expiring in 6 months ,30-40% otm and then the rest you could buy some leaps on crypto miner stocks like riot or Mara in case this " soft landing " is believed by the market.

Then probably 10-15k to yolo on some fomc meeting, inflation day , and company earnings plays in the future. Obviously not all at once, max a few hundred per earnings play and only on ones with some history of volatility

1

Other-Bumblebee2769 t1_j9vazcy wrote

Hey guys, look at the millionaire with his 48k car lol

Also op... this is a gambling subreddit... it's your money... but this is a bad place for investment advice

1

Downtown-Fig602 OP t1_j9vc1rg wrote

I’m so confused what’s the car have to do with being a millionaire? I’d prob get a Porsche if I was a millionaire

0

Other-Bumblebee2769 t1_j9vc7ek wrote

I'm making fun of you... a 50k car, when your salary is 100k is a ridiculous expense... sorry if that wasn't clear

3

Downtown-Fig602 OP t1_j9vduwa wrote

No it is your comment just wasn’t clear, makes sense since you probably have acquired brain damage from this sub lmao.

All joking aside, that’s the only thing I spend money on besides food and I love it so I don’t see a problem. I still have 20k at the end of every year

1

Other-Bumblebee2769 t1_j9ve1l7 wrote

Legit advice, do you own a house?

1

Downtown-Fig602 OP t1_j9vfjid wrote

No. Don’t want to buy now because of interest rates and I might move to a different state in the coming years

1

pw7090 t1_j9vb4ty wrote

My dream is to have enough to sell 0dtes on SPY every day.

So, buy 300 shares of SPY and make $150/day in premiums.

1

Downtown-Fig602 OP t1_j9vc74o wrote

Is that a thing?

1

pw7090 t1_j9vky75 wrote

It definitely can be. Not the 2 years to millionaire type thing, but as an active investment strategy you could do pretty well.

1

TangerineNo8117 t1_j9vbvfm wrote

Right now I'd dump it into a high yield savings account. Interest rates are getting nuts.. take advantage of it.

1

Downtown-Fig602 OP t1_j9vcvjd wrote

4% isn’t high enough for me tbh especially with S&P average being above 8% I’d rather throw 100% in SPY

1

TangerineNo8117 t1_j9vlo2l wrote

True. You should take the 0.1% of being a billionaire from SPY vs 100% chance of a reliable 4%

1

Durumbuzafeju t1_j9vbyef wrote

Buy T-bills and keep them until the stock market tanks. Then buy ISIN IE000O8KMPM1 and you will be set for life.

1

theraggedflaggon t1_j9vc6cl wrote

Yolo a weekly put on SPY then take the profit plus the 140k and buy 1000 shares of VOO

1

Immense_Gauge t1_j9vc9c5 wrote

Pay off the car and put 90k in vtsax. Don’t look at it for 40 years. Retire on several million dollars without doing anything else.

1

Downtown-Fig602 OP t1_j9vdx3p wrote

I don’t want to retire a millionaire I want to be one within a few years

1

MixedElephant t1_j9vcfly wrote

What rate is the car loan?

1

Downtown-Fig602 OP t1_j9vdxov wrote

5.6

1

MixedElephant t1_j9vf367 wrote

What I’d do:

Payoff the car. (48,000) Buy 2 BTC, and cold storage hardware (trezor and a stainless steel seed card) ($47,000)

Buy $45,000 QQQ

Then add $900 every month to your investment account and add to QQQ.

This isn’t likely going to make you a millionaire in two years, but it’s definitely more aggressive/risky than /r/personalfinance. And you’ll be in a very good position in 15-20 years.

BTC is the optionality in your portfolio. It could end up paying off huge ($200k+ per coin, or could flop).

1

Downtown-Fig602 OP t1_j9vfn4h wrote

I was thinking something very similar minus the car payoff part

1

sl0an1 t1_j9vchiq wrote

buying TQQQ or UPRO have the potential to get to a million without losing it all on Options and FDs. They're triple leveraged funds that track QQQ or SPY. You could lose it all if the market dropped 30%+ in a day, Decay will make you will lose money if QQQ doesnt gain more than 8%/year.

1

Downtown-Fig602 OP t1_j9ve0wx wrote

I was looking at TQQQ but wasn’t sure how much to put in it. Was thinking 10k to start

2

sl0an1 t1_j9vziev wrote

140k is a ton of money at your age. Dont be an idiot.

​

Whatever you do, dont listen to 99% of the goobers on this sub (including me).

​

Look into LEAPS if you want to gamble with Options and leverage.

Considerer DCA'ing over the next few months/year. If you want to buy your 50k car, buy it. Then take the 90k and put it into LEAPS or TQQQ over the next 6 months (buy $15,000 per month)

Otherwise be smart and boring and just buy plain Vanguard index funds like VGT or VOO.

1

JustMemesNStocks t1_j9vckwu wrote

Your mentality will be the reason you are broke by 24.

1

C-Scheer t1_j9vcu6f wrote

Don’t ask that question in wallstreetbets, try r/investing

1

Frapdizzle t1_j9vcvmz wrote

Buy 100 shares of Tesla and sell out of the money calls.

1

Daymanic t1_j9vcy7q wrote

Keep the car payment, don’t change your lifestyle, and put most of it in high dividend stocks until you figure out what you want to do with your life.

1

Downtown-Fig602 OP t1_j9vf1ya wrote

>figure out what you want to do with your life

Be a millionaire

1

24thpanda t1_j9vd689 wrote

>invest >risky shit I think the word you’re looking for is gamble, not invest.

1

HesitantInvestor0 t1_j9vd9qf wrote

I'll give you some advice, but I think there are a few details that are relevant here.

  1. What degrees/education do you have?

  2. What is your current job?

  3. What is your risk tolerance? Could you deal with massive swings in asset value?

I feel like proper advice can't be given without knowing at the very least this information.

1

Downtown-Fig602 OP t1_j9vfgvi wrote

IT, half of a degree and multiple certifications

IT

Risk tolerance is extreme. It could go from 100k to 10k back to 100k and I wouldn’t care

2

HesitantInvestor0 t1_j9w3aw2 wrote

Okay, so it sounds like your risk tolerance and job security are both high.

This thread is full of people making insanely risky bets that go to zero, and somehow lots of conservative people who think anyone doing anything is a fool.

I consider myself somewhere in between risky and conservative, which over the long run gives you a great opportunity for huge rewards as well as protecting your capital. The last thing someone can afford is to evaporate their wealth with idiotic options trading. I like to think of investing as "baskets" of risk. Take your shots as broadly as possible while still favoring high risk/reward. Therefore, here is what I would recommend and what I do myself.

  1. QQQ/VOO - You said you don't want ETF's but this is your low-risk basket. It's necessary IMO, though you can keep it around 50-60% of your portfolio and still counter with 40-50% in risk. It's mainly there to keep you from blowing everything up, and it will still net you gains over time.

  2. BTC - It's on the conservative side as far as crypto goes, but make no mistake about the risk/reward it offers. I think for someone who can tolerate volatility, 10-20% of your account can be with BTC, particularly when buying at these levels.

  3. TQQQ - Yeah, everyone says you can't hold leveraged funds over the long haul without the world imploding. It's not true, but it is true that this is high risk. It is a fund I like to layer in and out of and treat it with an open mind. Don't go long with this if the trend is giving you no reason to be long.

Here is what I like to do with TQQQ.

Firstly, unlike SQQQ, it trends up over time. That includes massive volatility that cannot be understated. But whereas anyone who bought SQQQ 5 years ago is unlikely to ever see their money again, someone buying TQQQ today is very likely to experience a gain over time. You have to be prepared for volatility, and it is certainly smart to layer in.

What I like to do is layer in slowly, maybe $1,000 or so to begin a position, and double down on any 5-10% share decline. For example sake, I buy 100 shares, then 200, then 400, then 800. I will begin with a small enough position that I can comfortably do this. If at any point my trade comes to fruition, I will sell. So if I start a $1,000 position and that same day TQQQ goes up 13%, I'll take my easy money and bolt. If on the other hand I accumulate a $10,000 or $20,000 position and am at a loss, I will double down and wait for the bounce. Bounces are usually in the area of 20-40% if you are beginning positions at already oversold levels for QQQ. As an example, I would not start a position in TQQQ today as QQQ is overbought. Wait and be patient. Lastly, if you happen to catch a hard bottom, TQQQ over time is likely to do wonders for your portfolio. I've gone long before (2009 and 2020). But it's a lot of volatility to experience.

A portfolio of QQQ/VOO, BTC, and TQQQ as both a swing or long option is going to outperform most everything over time IMO. It's literally how I run 95% of my portfolio, the remaining 5% being individual companies. I've made almost all my gains through what I've laid out above.

Good luck.

1

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1

EconomistDeep4347 t1_j9vdda5 wrote

Don't lose it make sure to set a limit for yourself. Doesn't hurt to try and gamble a bit if you want to try and flip some but make sure you don't regret wasting it. Don't have inheritances pop up on the regular

1

DucatiSteve1299 t1_j9vifdh wrote

I have 2 ideas for you:

I started a pretty successful business when I was younger. At 22 years old I bought a used airplane because I always wanted to fly. Traded an instructor to get my license by giving him hours in my plane. Now the plane is worth about 5 times what I paid for it.

I bought a 2-year-old Ferrari. Sold it 8 years later when somebody offered me way too much money for it. Now I'm halfway looking for a used Ferrari 360 Spider as I think that that may appreciate in the future. Much more fun to drive than a stock. LOL

1