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My Plan
- Thread starter Hester
- Start date
Hester,
Take a step back, get some professional advice and enjoy college and being young with no responsibilities. Some facts. You have some property that was worth 650k that probably is not anymore. If you want to sell the home 1800 miles away, fine. But I would rent out the other houses and wait for the real estate market to turn to sell the rest. Maybe find a local real estate investor or two to get some advice. Pay them a little or take them to a great dinner for their help. It is a great investment. DONâT live in the one house. Live in the dorms/frat house/campus apartments of your school. Get the college experience. If you can get through college with no debt, you are doing great.
DONâT tell friends and buddies at school about your true financial picture. They will treat you differently and you will regret it. People will expect more from you and it will grow old. After living the college life like a normal college kid and realizing how much everyone worries about the future, you will begin to understand what a huge advantage you are starting with and be thankful for that opportunity. You will hopefully learn about what you want to do with your life and hopefully begin to understand how clueless you really are at 18 (and 25 probably too).
I also fall into the camp that says do not trade until you are older (at least out of college and preferably 25 or so with some work experience). You think you are ready but you are not. Trust those who have been there before you. We are looking out for your best interest and you will realize this someday (hopefully before it is too late). If you ignore this advice like I would expect of most 18 year olds, donât under any circumstances put in much to start with. You will be surprised how fast you lose it. As already recommended, you can learn with 5 or 10k the same as 50k will teach you. If you start with the 50k, as soon as it goes against you bad the first time, you will panic and say this canât be happening, double down and lose half your money in days. I hope you donât learn this the hard way. Don't do it. To be clear, I am not suggesting you trade. You shouldnât.
Having said all this, I am not saying donât enjoy yourself and the college experience. Enjoy it with a quiet confidence that comes from knowing what a leg up you are starting your life out with compared to many. Donât get the reputation as a high roller. You canât afford it long term and I guarantee you will regret it by 25.
The most important advice is donât trade now and live like a normal college kid (without the ramen obviously) with a secret. You will not regret it. Have fun. Be smart. It will be hard and it is a slippery slope to spending nirvana.
Good luck
BM
Take a step back, get some professional advice and enjoy college and being young with no responsibilities. Some facts. You have some property that was worth 650k that probably is not anymore. If you want to sell the home 1800 miles away, fine. But I would rent out the other houses and wait for the real estate market to turn to sell the rest. Maybe find a local real estate investor or two to get some advice. Pay them a little or take them to a great dinner for their help. It is a great investment. DONâT live in the one house. Live in the dorms/frat house/campus apartments of your school. Get the college experience. If you can get through college with no debt, you are doing great.
DONâT tell friends and buddies at school about your true financial picture. They will treat you differently and you will regret it. People will expect more from you and it will grow old. After living the college life like a normal college kid and realizing how much everyone worries about the future, you will begin to understand what a huge advantage you are starting with and be thankful for that opportunity. You will hopefully learn about what you want to do with your life and hopefully begin to understand how clueless you really are at 18 (and 25 probably too).
I also fall into the camp that says do not trade until you are older (at least out of college and preferably 25 or so with some work experience). You think you are ready but you are not. Trust those who have been there before you. We are looking out for your best interest and you will realize this someday (hopefully before it is too late). If you ignore this advice like I would expect of most 18 year olds, donât under any circumstances put in much to start with. You will be surprised how fast you lose it. As already recommended, you can learn with 5 or 10k the same as 50k will teach you. If you start with the 50k, as soon as it goes against you bad the first time, you will panic and say this canât be happening, double down and lose half your money in days. I hope you donât learn this the hard way. Don't do it. To be clear, I am not suggesting you trade. You shouldnât.
Having said all this, I am not saying donât enjoy yourself and the college experience. Enjoy it with a quiet confidence that comes from knowing what a leg up you are starting your life out with compared to many. Donât get the reputation as a high roller. You canât afford it long term and I guarantee you will regret it by 25.
The most important advice is donât trade now and live like a normal college kid (without the ramen obviously) with a secret. You will not regret it. Have fun. Be smart. It will be hard and it is a slippery slope to spending nirvana.
Good luck
BM
seriously, take 5k and swing trade it. have fun with it, learn from your mistakes and improve your skills.
if you're any good, you'll turn it into 10k.
if youre not, you'll be damn glad you didnt use 50k
if you're any good, you'll turn it into 10k.
if youre not, you'll be damn glad you didnt use 50k
Quote from Big Money:
Donât get the reputation as a high roller. You canât afford it long term and I guarantee you will regret it by 25.
The most important advice is donât trade now and live like a normal college kid (without the ramen obviously) with a secret. You will not regret it. Have fun. Be smart. It will be hard and it is a slippery slope to spending nirvana.
BM
Yes, keep it a secret especially from the girls. They will find ways to spend it for you!!!
Quote from dafishman:
as my uncle once told me..."you're not a man until you lick both holes". I held them words close to my heart. Give it a good "sniff" first, better to be safe then sorry before diving in blindly.
try it someday, you'll thank me! (so wont your lady friend--if your into women!)
I knew a guy that grabbed a stripper at the club and licked her undercarriage once, before she wiggled off of him. Several hours later, he was in the ER with E. Coli. True story, funniest shit.
Moral of the story, besides the stripper angle, leave tossing salad to people in prison, eating snapper is all you need.
Quote from PAPA ROACH:
I knew a guy that grabbed a stripper at the club and licked her undercarriage once, before she wiggled off of him. Several hours later, he was in the ER with E. Coli. True story, funniest shit.
Moral of the story, besides the stripper angle, leave tossing salad to people in prison, eating snapper is all you need.
Dude, you got me rolling on the floor!
Ditto the snapper...especially at 18!
Hester,
Take 250K and buy yourself 17 kilo's of cocaine. Cut it about 30%, yielding you 22 kilo's and then sell it all as 8-balls for $150 each. This will gross you $929,280 and net you a profit of $679,280. Who needs stocks??
Alright, all joking aside, my best advice to you is finish your college degree, have fun while you are young enough to enjoy it, go ahead and trade your plan (don't pull capital out of your house if you lose all of your 55K to "re-up"), and most importantly, never get behind the mouse with a buzz (you have enough testosterone without it to get ballsy). The reality is, every trader on this board has lost $$ trading, it is a right of passage and a true education intrading, just don't let the tuition get too high. If you lose a chunk, take time off for a few months if not longer, you'll wisen up when you step away. It's all part of the learning process.
Edit- if you have not read it yet, you can learn alot about successful trading by reading the thread "A 70k bet that I can't make a 50% gain in 2009 " by geez. What you will get from that is the importance of discipline and a plan.
Take 250K and buy yourself 17 kilo's of cocaine. Cut it about 30%, yielding you 22 kilo's and then sell it all as 8-balls for $150 each. This will gross you $929,280 and net you a profit of $679,280. Who needs stocks??
Alright, all joking aside, my best advice to you is finish your college degree, have fun while you are young enough to enjoy it, go ahead and trade your plan (don't pull capital out of your house if you lose all of your 55K to "re-up"), and most importantly, never get behind the mouse with a buzz (you have enough testosterone without it to get ballsy). The reality is, every trader on this board has lost $$ trading, it is a right of passage and a true education intrading, just don't let the tuition get too high. If you lose a chunk, take time off for a few months if not longer, you'll wisen up when you step away. It's all part of the learning process.
Edit- if you have not read it yet, you can learn alot about successful trading by reading the thread "A 70k bet that I can't make a 50% gain in 2009 " by geez. What you will get from that is the importance of discipline and a plan.
hestor,
I sent you a private message.
Scot
I sent you a private message.
Scot
Thanks for the advice everyone.
Yeah I agree, I am not going to let any girls know about my money. In fact, only my closest friends know.
I am looking into TIPS. They offer a low return (2%), but they are an extremely safe invested, all money is guaranteed by the gov. With all the bailouts and aggressive spending by the government, I think future inflation is a given and hyperinflation is an outside possibility. So I feel like TIPS could be a good place to park some of my money. I understand that real esate is probably a superior hedge against inflation, but I plan to sell the run down house, because the property tax is high and repairing it will probably involve a recking ball and a bulldozer.
Yeah I agree, I am not going to let any girls know about my money. In fact, only my closest friends know.
I am looking into TIPS. They offer a low return (2%), but they are an extremely safe invested, all money is guaranteed by the gov. With all the bailouts and aggressive spending by the government, I think future inflation is a given and hyperinflation is an outside possibility. So I feel like TIPS could be a good place to park some of my money. I understand that real esate is probably a superior hedge against inflation, but I plan to sell the run down house, because the property tax is high and repairing it will probably involve a recking ball and a bulldozer.