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re: If I am a 23 year old with $5k in my bank account, what should I do with it?
Posted on 8/21/20 at 1:19 pm to RebelTheBear
Posted on 8/21/20 at 1:19 pm to RebelTheBear
Tbh, having cash at 23 is incredibly fun. While maybe not the best financial decision, I would use a big chunk of that cash on a great vacation with either an so or several close friends. Do someone really memorable with it while work is slow before your college friends completely drift apart and everyone starts having babies. A great adventure at that age will be much more valuable to you than a couple grand extra in an IRA. I regret not taking any kinds of trips like that at that age, always telling myself and my friends that I couldn’t afford it.
1
Posted on 8/21/20 at 1:21 pm to kingbob
Agreed.
Posted on 8/21/20 at 4:15 pm to RebelTheBear
Emergency fund. 5k ain’t shite in adult land.
Posted on 8/21/20 at 4:52 pm to Donnie 9 inch
quote:What kind of buying power do you think 5,000 dollars provide?
Apple, Google, Amazon, Microsoft
Start with buying stock in the above when they dip.
He might be able to buy one share of Amazon, one share of Google, and a snow cone.
This post was edited on 8/21/20 at 4:53 pm
Posted on 9/9/20 at 11:37 am to johnny25
See this a lot. Creating a business seems like something he should do after a few years experience. Go get 3 years of experience in an engineering firm to learn the landscape and craft then build a business. Without knowing the ins and outs of the business operation, it's going to really difficult to go through trial by fire to get customers and retain them. It's doable, but if the guy is asking what to do with $5K, he probably wants to take a little more calculated approach.
IMO, airlines and cruise stocks are grossly underpriced compared what will happen when this thing inevitably goes away. They will come back very quickly one of these days and it's only getting closer to happening. It's a safe bet to put it in a couple of those, and let it sit. He will double or triple his money in a year. Likely a lot sooner.
IMO, airlines and cruise stocks are grossly underpriced compared what will happen when this thing inevitably goes away. They will come back very quickly one of these days and it's only getting closer to happening. It's a safe bet to put it in a couple of those, and let it sit. He will double or triple his money in a year. Likely a lot sooner.
Posted on 9/17/20 at 5:41 am to johnny25
I would always prefer to invest in a business which you know about and have proper knowledge of it.
You can also do some market research and find some profitable ideas to execute.
You can also do some market research and find some profitable ideas to execute.
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