#138 in Business & money books
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Reddit mentions of If You Can: How Millennials Can Get Rich Slowly
Sentiment score: 10
Reddit mentions: 12
We found 12 Reddit mentions of If You Can: How Millennials Can Get Rich Slowly. Here are the top ones.
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- Wiley
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| Release date | March 2014 |
A 1.83% Expense Ratio is insanely high, and you will be losing $1000s of over the course of your investment (20-30 years)
If you are unsure how to do step 5, even after reading the information in 2/3, post a new topic for help and tell us which low-cost provider you selected.
Any of the 3 firms can assist you in transferring your assets.
Can I make a couple of suggestions? First, read "If You Can: How Millenials Can Get Rich Slowly" If you don't want to pay the .99 for it on kindle then you can also find it as a PDF online (the author wrote it to be free.). It's very well reviewed by just about everyone (including the NYT and Forbes).
https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI
Second: Start an IRA. Yes it's harder to get money out, but it will mean you don't have to use that money for college.
Third: Think about what will make your life easier in the next five to ten years and save towards those goals.
I think behavior risk may be the greatest hurdle in one's quest for FI. People want your money really badly and they'll do things like try to convince you to finance a car or mortgage a house thats 30 minutes from work, and those just aren't good strategies for someone who is striving for FI.
Reading MMM, ERE, BogleHeads, and Raptitude helps keep me focused and motivated. Also, books by William J. Bernstein. They're really booklets more than books as they're concise but chock-full of information relevant to younger people on their path to FI. He has one specifically for millenials: http://www.amazon.com/gp/product/B00JCC5JKI/ref=docs-os-doi_0
Read this short (27 pg) booklet with some adivce If You Can: How Millennials Can Get Rich Slowly
Shows some basics to saving. Its simple, but not easy. I think its free on his website too. Just a quick guide of how to
I would read If you can, how Millenials Can Get Rich Slowly. Its short (like twenty pages) and gives you the basics of investing, and has a reading list of other books. The electronic version is free, so don't pay for it.
The market as a whole tends to go up because people keep getting better at doing things (productivity increasing), although it is definitely not monotonically increasing. And since corporate profits will inflate right along with currency, they tend to keep their value in the face of inflation.
The other thing to realize is, what else are you going to put your money into? In a savings account, inflation will slowly evaporate it. Real estate prices also fluctuate.
I felt the same way as you last year. I am now 25 and feeling competent with my financials by reading this book https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI and all the books it recommends.
I highly encourage you to get to a point where you feel comfortable with what all the terms are and what you can best do for yourself. It takes time to understand it all but your livelihood is worth it!
If you look up "if you can how to get rich slowly" into google, the top link will be free 16 page pdf laying out what you want to read up on and investing strategies.
For you, a crash is fantastic. The temporary loss of net worth barely hurts you, so mostly it's an opportunity to buy cheaper stock. Over the long run a crash now pays off big. Keep dollar-cost-averaging and celebrate your good luck.
To see the math on why it's great for you, read If You Can by William Bernstein.
$600 for food for two people? You guys must enjoy some serious eats :)
Never having touched the IRA is great news. VTIVX is a great fund, with low expenses and index allocation that is rebalanced for you as time goes on, with the investments becoming less risky as you get closer to retirement. For folks like you who don't have the time and/or interest in learning about investing this is about as good as it gets. You don't have to do anything except keep investing as much as you can. You'll be able to retire early if you wish just by contributing ~25% of your income to the fund and letting it grow.
Keeping the 12k in cash is okay. That's enough to cover emergencies or give you an opportunity to take advantage of potential opportunities you might miss if you've got all your money stashed in illiquid investments.
I'd probably put your monthly excess cash into savings, then when your income goes up and your debt is paid off you can increase your monthly contribution to the IRA. When you're ready you can look into buying a home instead of renting if it makes financial sense to do so. If it were me I'd cut the food/transportation/rent budget a bit and work to get rid of the debt immediately, but I'm a nitpicker.
As long as you don't let your lifestyle and consumption habits inflate when your income increases you should be well on your way to financial independence, and if you choose, early retirement.
If you want to get a basic idea of the principles of investing you should buy William Bernstein's If you can. At 27 pages in length it's a quick and easy read.
I was in your shoes. Then I started doing the max contribution ($18,500) this year.
Here are some resources that really helped me:
https://www.facebook.com/groups/TSPCalc/
https://www.facebook.com/groups/ChooseFIFeds/
https://www.facebook.com/groups/ChooseFI/
http://tspcenter.com/forums/
https://www.tspdatacenter.com/
https://play.google.com/store/apps/details?id=net.comonksr.tsptracker&hl=en
https://play.google.com/store/apps/details?id=co.peeksoft.stocks&hl=en
https://www.scribd.com/document/371060389/If-You-Can-How-Millennials-Can-Get-Rich-Slowly
https://www.amazon.com/dp/B00JCC5JKI
https://www.scribd.com/document/371059985/2018-TSP-Contributions-and-Effective-Date-Chart
https://www.scribd.com/document/371059952/2018-TSP-Catch-Up-Contributions-and-Effective-Date-Chart
Read If You Can. The PDF is free online and it will only take you an hour or so to get through. Then read the books that are recommended at the end of each section. You will then know more about investing than 95% of people.
Read this cheap ebook and the books it assigns you. The books it assigns are all very highly recommended here.
Brissie Ozzie here. Sounds like you've learnt a good lesson about property investing. It's all part of the process.
My strongest recommendation is to read If You Can: How Millennials Can Get Rich Slowly. It's probably the best US$0.99 investment you'll ever make. Also read his other books, the Bogleheads forums and the other books recommended there.
All of those sources are aimed at US investors but you can apply most of the principles here.
I've got pretty extensive local and international experience in investing and am happy to answer questions you might have, but I'm not a financial advisor so you should not take anything I say here as financial advice.