Thread 60853128

I think I need financial guidance friends

I fucked up pretty badly I spent all my crypto on drugs about a decade ago. What do now?

Im 30 and 1/2 with no retirement account besides 7k sitting in an hsa and 20-25k in checkings. No job currently but interviewing for somewhere with a PERA next week whatever that means. Is there something I can read or do to make me not retarded anymore?

>>60853128 (OP)
If this job offers a 401k, do your max contributions.
Also, take your savings and put them on an index fund like SPY or something.
That 25k in checking is probably a good emergency fund.
Your next goal is to get 100k invested. The sooner the better. If you get a rate of return of 10% it will double roughly every 7 years. So like if you just magically had 100k today it could be 800k by retirement.
This all assumes you invest in "safe" index funds. You could put some percentage in crypto as well for potentially greater returns

>>60853224
Oh wait, that 100k could be 1.6 mil by retirement age, if you had it today. So you can see the sooner you raise that the better.
Also might as well move most of your checking into the hysa act

>>60853245
Thank you for your help friend. Sorry but it is a health savings account not a high yield savings account. I dont have a savings account just been putting all my pay checks into checking.

So I should put the 7k health savings account into index?
And the 25k leave in checking?
I rent with my gf and she has a good job now so I dont think I need tons of "emergency fund"

I dont think the job has a 401k plan. its some pension plan that depends on how many years worked for the city and average salary in that time

>>60853366
Oh, hsa. I don't really know about that so I'd keep it there. Sounds like a good thing to have.

But I guess you could take like 15k of that checking and open an IRA or Roth IRA at Charles Schwab or some similar firm.
But the goal should be to invest a portion of every paycheck into that. I'd go hard into that for a few years to make up for lost time.
There are limits to how much you can put into an IRA per year, but if you hit those limits you could also use a brokerage acct.
There are a bunch of ways to do this, but the idea is to try and get ~10% growth with minimal risk.
So yeah, I'd start looking for where to open an IRA and/or brokerage account.
There isn't a huge rush, take your time and do research, but by this time next year you should have it all figured out.
If you're looking for a book checkout pic rel.

>>60853462
Ok thank you so much anon I will get the book and read more!

I think I cant open an IRA now because I dont have earned income. Or at least that is what google AI is telling me.

My checking is at schwab now so when I find a job I will open an IRA there and max it out for this year with the money.

You are a life saver anon. I love you.

>>60853128 (OP)
Out that 7k into Link. Get a job doing anything and put it into link until you get to 1,000 link and you’ll set for like within 3 years

>>60853366
Don’t listen to these stock fags. The whole system is changing and it’s all going to collapse. Trump is going to revalue gold and anyone in dollar denominated financial instruments will be fucked. Put that 7k into Link immediately. And put every cent waging into it. You will be retired by 40 easily. And by 33 years old you’ll be sitting pretty.

>>60853128 (OP)
Oh shit you have 25k in checking? Put the 25k into link ASAP giving you 1,000 Link. I promise you this anon, if you don’t listen to my advice in 3 years time you’ll be looking at the price of Link and will KYS if you don’t listen to this advice. I’m looking out for you bud. You seem chill.

>>60853706
Good luck anon!
The book is more general info, which may or may not be of interest, but the most important thing it will teach is the difference between speculation and investing.
This linky here in the thread is a speculator, not an investor.
That being said doing some speculation is good. Definitely put some percentage into crypto, especially when you're young.

>>60853128 (OP)
I was poor until 33 finally got a decent job and began to put money away, 7 years later my NW is about $1.8M. You can do it, anon. Invest as much as you can. Stop fucking around.

>>60853366
>>60853462
Listen to this guy. Get a job, save a lot of your income and do 401(k) > HSA > Roth. Put it all in an index that tracks the S&P 500.

>>60853821
Did you do purely stocks?

>>60853827
>401(k) > HSA > Roth
pretty sure Roth should be before 401(k) tho
he's going to be in a low tax bracket right now, so paying taxes right now is better than later.

>>60853128 (OP)
>I fucked up pretty badly I spent all my crypto on drugs about a decade ago.
I feel like this is a signal you should treat yourself like a child. Like go hire an actual financial planner who can pretend to be your daddy. That way you won't blow all your money again because daddy is, sort of, in control. And also the psychology of someone being disappointed in your if you fuck up like that again.

>>60853821
Thanks for the inspo anon. I just moved to a new city and the jobs all pay shit here so feeling a little depressed. Looking at a $7/hr pay cut right now to go down to $40k a year. The work will be more enjoyable I think and the benefits are a hell of a lot better but that is a tough pay cut to swallow and kind of having a mid life crisis now

>>60853827
Thank you for the advice anon

>>60853873
Im sober now and didnt buy the crypto as a financial thing. It was just purely to buy drugs but now looking back it would have been a lot of money. Theres a lot of things I wish I could change from the past

>>60853128 (OP)
Sounds like you are retarded and no advice will help you. I'm honestly surprised a retard like you is sentient enough to realize you made a mistake and even identified the problem. Must be a special hell being retarded and having just enough intelligence to know that you are.

>>60853128 (OP)
>based pepe has never let me down
>my only green bag this month

>>60853128 (OP)
Sit in the corner and wait for the retracements (which will definitely happen, eventually). Buy at every dip and hope things go up

>But what do I buy?

Safe? Bitcoin
Riskier strat? Alts

It's that simple, really

This is gonna sound so jeeted but chatgpt is actually great for personal financial planning, running the numbers on different scenarios, etc. Highly recommend.

>>60853128 (OP)
It could always be worse. it sounds like you have a career. which is a plus. I'm turning 31 and have nothing to my name except my chainlink i bought when i was 23. Now I'm forced to live in SEA on like 1k/month staking gains. Comfy but feel trapped at the same time. No career prospects so im fucked.

>>60855369
How are you handling the visa situation? Like if you don't have a job there, how are you living there?

>>60855376
He said he was "forced". He was human trafficked and is being prostituted to the rich elites.

>>60855376
I live in vietnam. VN lets westerners visa run every 3 months perpetually, unlike thailand. So I stay in a $500/month room, and spend the other half on whatever else. Every 3 months I go to cambodia or thailand for a few days and rinse and repeat. Honestly it sucks. I'm not living, just getting by. But at least I can go out and eat nice things, and enjoy a decent lifestyle on my budget. Back in america, I'd be fucked and forced to work 40 hrs a week with a roomate and no future. At least here I don't have to work, can fuck hot girls, and have all the time in the world despite being very bored and not thriving.

>>60853128 (OP)
>Drugs
Awesome, I know what kind of man you are. Certainly not the type to follow a strict plan like >>60853224 this dude suggests. All in on $SON OP, flip the switch, you hit it big you farm yield and if you get liquidated you kill yourself. High stakes will give you the same tickle you miss so much from those drugs you "used" to take "long ago".

>>60853128 (OP)
bump