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Young Money Management
- Thread starter Moderate
- Start date
Don't listen to these boring guys, Moderate.
You are 18.
Do it the "Mad Alfred" way.
If you are saying over $50K - I will assume you mean at least $60k.
1. Allocate $5k for a trip to the Bunny Ranch. Depending upon who your "hostess" is - it will cost you between $1,500 and $2,000/hour. Remember - you aren't paying for sex, you are paying for "the experience."
2. Join a prop firm for $5k and get it out of your system.
3. If you don't like prop trading - the $5k you paid for that certain knowledge will be well worth it. Many of us have lost that much in a day. You better be in love with the business by the time things like $5k losses happen to you.
4. If you do like it, but lost most of the 5k due to being a rookie - you can refund the account and try again. If you lose the second 5K - maybe you have to seriously consider that you may not be good at prop trading. Still worth it, in my opinion. There are very few entreprenuerial businesses that you can get into and ultimately decide (or have it decided for you) that it isn't going to work and only lose $10K.
So - for $15k - you will either get laid and learn that you don't like or are not good at prop trading. And you still have about $45k left.
OR
For $15k - you will get laid and take the first step toward (hopefully) being a successful trader.
Either way, you will get laid.
So you'll have that going for you.
Which is nice.
Good luck, kid.
You are 18.
Do it the "Mad Alfred" way.
If you are saying over $50K - I will assume you mean at least $60k.
1. Allocate $5k for a trip to the Bunny Ranch. Depending upon who your "hostess" is - it will cost you between $1,500 and $2,000/hour. Remember - you aren't paying for sex, you are paying for "the experience."
2. Join a prop firm for $5k and get it out of your system.
3. If you don't like prop trading - the $5k you paid for that certain knowledge will be well worth it. Many of us have lost that much in a day. You better be in love with the business by the time things like $5k losses happen to you.
4. If you do like it, but lost most of the 5k due to being a rookie - you can refund the account and try again. If you lose the second 5K - maybe you have to seriously consider that you may not be good at prop trading. Still worth it, in my opinion. There are very few entreprenuerial businesses that you can get into and ultimately decide (or have it decided for you) that it isn't going to work and only lose $10K.
So - for $15k - you will either get laid and learn that you don't like or are not good at prop trading. And you still have about $45k left.
OR
For $15k - you will get laid and take the first step toward (hopefully) being a successful trader.
Either way, you will get laid.
So you'll have that going for you.
Which is nice.
Good luck, kid.
I heard in the US you can buy an M3 for about $50k.
At 18years old, that should be able to lure the stunners for sure.
You have plenty of time to accumulate wealth in your 20s and 30s.
But you're only young once.
At 18years old, that should be able to lure the stunners for sure.
You have plenty of time to accumulate wealth in your 20s and 30s.
But you're only young once.
Quote from thetrendfollowe:
I heard in the US you can buy an M3 for about $50k.
At 18years old, that should be able to lure the stunners for sure.
You have plenty of time to accumulate wealth in your 20s and 30s.
But you're only young once.
Yeah but when your middle age and wealth, well that's the best.
Any young piece of ass will blow you at the drop of a buck, some will even do more at just the hint of money.
Lesson: true wealth accumilation is the key. the younger you start, the wealthier you will be.
ass cost money, no matter what, the more money you have the more ass you will get (no matter how old you are).
screw bonds.
Build wealth over the long haul in stocks. Get involved in a DRIP (divident reinvestment fund) at least. Educate yourself about the market and stocks.
It will not take you long to grow that money beyond what you thought it could do. I started with much less than you at 19 years old. I stayed in pretty conservative stuff that was out of favor but payed great dividends. As I learnd more and more I diversified.
I used what I learned about finances and saved wisely along the way and invested even more wisely (401k, Roth IRA, etc...). I now trade full time at the age of 35.
Educate yourself, be smart and have patience (hard when we are young), and you will be much better off than most. Time is on your side and is the MOST IMPORTANT element. You will never get any time back and the older you become the more valuable your time will be.
Good Luck!
Build wealth over the long haul in stocks. Get involved in a DRIP (divident reinvestment fund) at least. Educate yourself about the market and stocks.
It will not take you long to grow that money beyond what you thought it could do. I started with much less than you at 19 years old. I stayed in pretty conservative stuff that was out of favor but payed great dividends. As I learnd more and more I diversified.
I used what I learned about finances and saved wisely along the way and invested even more wisely (401k, Roth IRA, etc...). I now trade full time at the age of 35.
Educate yourself, be smart and have patience (hard when we are young), and you will be much better off than most. Time is on your side and is the MOST IMPORTANT element. You will never get any time back and the older you become the more valuable your time will be.
Good Luck!
$5k - $10k will be for long term stuff (blue chip stocks)
$7k for my futures acct hehe =D $500 stops wee
$3k spculative options stuff
right now it doesnt seem like a great time to buy any long term stuff, markets pretty overbought i think
thnks for the DRIP thing hehe better way of doing blue chips
Tax Liens
Bonds - crap
CD's- 5%
ETF's - GLD , DIA etc
$7k for my futures acct hehe =D $500 stops wee
$3k spculative options stuff
right now it doesnt seem like a great time to buy any long term stuff, markets pretty overbought i think
thnks for the DRIP thing hehe better way of doing blue chips
Tax Liens
Bonds - crap
CD's- 5%
ETF's - GLD , DIA etc
"i dont care about getting laid"
:eek:
First, what plans if any did you have before you received this money? I would park the money in something safe (like a CD) for the time being until I got a handle on what I really want to do.
I think it would be better for you to pursue something that you were interested in before the money not something you now think you want to do because you have the money.
Did that make sense to you (or anyone)?
Joe.
Edit: Spelling
:eek:
First, what plans if any did you have before you received this money? I would park the money in something safe (like a CD) for the time being until I got a handle on what I really want to do.
I think it would be better for you to pursue something that you were interested in before the money not something you now think you want to do because you have the money.
Did that make sense to you (or anyone)?
Joe.
Edit: Spelling
i am going to park it somewhere, like a cd , not all of it though, and i was already planning to do a long term retirement thing( IRA) , just waiting for the next big pullback to load up
my plan is to finish college with a cpa and mba
my trading hasnt gone so well lol atleast i havent blown my account , mostly because my stops are really tight and lack of concentration, im gonna work on those issues during winterbreak though , id also like a tradestation acct so i could backtest strategies and make pretty indicators that ninjatrader doesnt let me do at the moment.
and then in the summer trade.
much easier to put a $500 stop when you have $10k in ur account.
my plan is to finish college with a cpa and mba
my trading hasnt gone so well lol atleast i havent blown my account , mostly because my stops are really tight and lack of concentration, im gonna work on those issues during winterbreak though , id also like a tradestation acct so i could backtest strategies and make pretty indicators that ninjatrader doesnt let me do at the moment.
and then in the summer trade.
much easier to put a $500 stop when you have $10k in ur account.