My Plan
- Thread starter Hester
- Start date
Be very careful using your money to trade at 18.
Its harder than you think to pull off, and alot easier than you think to just sit there blinking at the screen trying to comprehend that YOUR MONEY IS GONE.
At the most, I would only trade with a PORTION of that cash. Ideally, a 3rd or less.. becuase chances are quite good you can lose it.
Re: the houses.. do not sell them now. The fact that you want to sell them now raises a red flag on your trading mentality (no offense) because this is the bottom.. or at least very LOW.
You also should accept the fact that you are not retired all of a sudden and will still need to do some kind of work to not blow this.
"work" doesnt necessarily mean getting a "real job" -it could mean working hard to get your inheritance to work for you.
But seriously- there is no reason to suddenly act the fool and think you are above ever having a regular job. Take this opportunity to get a real education in a field that pays well for a skill you won't lose.
"work" can also be getting those houses RENTED. make the houses pay you not vice versa.
If your parents are any good with money, enlist them to help you out.
This is a critical time to think calmly, intelligently and rationally.
Run every "plan" you have past alot of financially experienced people first. Listen to them, and use their opinions to help mold yours. Post ideas on this board and see what people say.
Do not MC Hammer this one
Its harder than you think to pull off, and alot easier than you think to just sit there blinking at the screen trying to comprehend that YOUR MONEY IS GONE.
At the most, I would only trade with a PORTION of that cash. Ideally, a 3rd or less.. becuase chances are quite good you can lose it.
Re: the houses.. do not sell them now. The fact that you want to sell them now raises a red flag on your trading mentality (no offense) because this is the bottom.. or at least very LOW.
You also should accept the fact that you are not retired all of a sudden and will still need to do some kind of work to not blow this.
"work" doesnt necessarily mean getting a "real job" -it could mean working hard to get your inheritance to work for you.
But seriously- there is no reason to suddenly act the fool and think you are above ever having a regular job. Take this opportunity to get a real education in a field that pays well for a skill you won't lose.
"work" can also be getting those houses RENTED. make the houses pay you not vice versa.
If your parents are any good with money, enlist them to help you out.
This is a critical time to think calmly, intelligently and rationally.
Run every "plan" you have past alot of financially experienced people first. Listen to them, and use their opinions to help mold yours. Post ideas on this board and see what people say.
Do not MC Hammer this one
Seek a financial advisor!...yes some of this advise is good to keep in mind, but take it with a grain of salt.
1. Put all these assets into a trust - immediately.
2. Leave them the hell alone until you develop a far better financial plan than your current model.
3. Go get an education.
4. Once you actually learn how the hell to trade, open a small ($5000) account and build it.
5. Years from now, smile that you weren't a dumbass at 18.
Good journey to you.
- Spydertrader
"Keeping the houses with the hopes of the market turning around is just as speculative as buying stocks."
hmmm no.
It sounds like the reason you want to sell the houses at the bottom is because you "need money to live on"
this is actually kindof funny- because when most of us here were 18 we lived in some tiny dorm room or apartment somewhere with a couple roommates eating frikkin Ramen for dinner.
Thats what your supposed to do when you're 18.
Now you, on the other hand, already have it good with your own house to live in.
Take that, be grateful for it, and don't try to live your whole life in 2 years.
Earn your own way so you don't have to sell those houses.. when the market is UP, maybe sell them. but why sell now? Because you don't want to get a job? Sorry, but that's an F-
Starting tommorow, your job is to get those houses rented, so we expect to see you at work bright and early, son.
PS- regarding your trading, it sounds like you are VERY green and have a very high likelihood of getting your ass handed back to you.
You need to start with 5k like someone posted above, and be able to turn that into 10k.
When you have done that, turn the 10k into 20k.
then turn that into 40k.
and then.. hey.. you've got 40k to trade with and you actually have some skill in the market.
until that happens- you dont need to be trading around with 50k as a complete noob.
hmmm no.
It sounds like the reason you want to sell the houses at the bottom is because you "need money to live on"
this is actually kindof funny- because when most of us here were 18 we lived in some tiny dorm room or apartment somewhere with a couple roommates eating frikkin Ramen for dinner.
Thats what your supposed to do when you're 18.
Now you, on the other hand, already have it good with your own house to live in.
Take that, be grateful for it, and don't try to live your whole life in 2 years.
Earn your own way so you don't have to sell those houses.. when the market is UP, maybe sell them. but why sell now? Because you don't want to get a job? Sorry, but that's an F-
Starting tommorow, your job is to get those houses rented, so we expect to see you at work bright and early, son.
PS- regarding your trading, it sounds like you are VERY green and have a very high likelihood of getting your ass handed back to you.
You need to start with 5k like someone posted above, and be able to turn that into 10k.
When you have done that, turn the 10k into 20k.
then turn that into 40k.
and then.. hey.. you've got 40k to trade with and you actually have some skill in the market.
until that happens- you dont need to be trading around with 50k as a complete noob.
I agree. Get a job, and learn to trade on the side.
side note, get a job at a mattress store. you can make good money, and the stores are damn near empty most the time, so you have a quit place to learn to trade. I just started and I'll make 1500 a month base pay, + commission on sales. Its an easy job overall.
