Author Topic: Where to start  (Read 1680 times)

aarocho

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Where to start
« on: December 31, 2017, 11:56:17 AM »
Hello
My name is Ashton , I am 20 years old and Iím in my junior year in my degree of environmental engineering. I am very interested in adapting this MMM lifestyle and was wondering where I should begin or steps to start taking. I started a Roth IRA with TIAA at age 18 , Iíve read plenty of investment books such as ray Dalioís principles or tony Robbins , money master the game, and wanted to know what else I should be doing ? I donít have student loans or debt because luckily my grades allowed me scholarships that pay for my school. I work full time and have been very good at saving and being smart with my money. Iím getting ready to get an apartment with my fiancť who also is a junior like me in school. Any and all advice is greatly appreciated . I always strive to learn something from everyone. So thank you for your time

nancy33

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Re: Where to start
« Reply #1 on: December 31, 2017, 07:31:52 PM »
Welcome.

Milizard

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Re: Where to start
« Reply #2 on: December 31, 2017, 07:36:14 PM »
Make sure you and your fiance are very compatible and on the same page with budgeting, lifestyle, future plans,  etc., before you get married.

aarocho

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Re: Where to start
« Reply #3 on: January 01, 2018, 02:09:52 AM »
We both are , she is very adapt to learning and open mindedness like me but thank you!

soccerluvof4

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Re: Where to start
« Reply #4 on: January 01, 2018, 04:42:50 AM »
Welcome and I echo the fact about the Fiance. Dont be in a rush to get married your young and have alot of time ahead of you. Marriage is a wonderful thing speaking from experience with 4 lovely kids but when young and in love everyone thinks there relationship is great, going to last for ever etc... And 50% of the time thats true but 50% of the time it ends up not being true and is one of the biggest wealth killer. Based on your opening statements you do seem to really have your act together so I applaud you as your ahead of most young people. To stay their and reach your goals the first thing you need to do is make /come up and put on paper what your goals in life are. Then make smaller goals to get there. On the financial part there is always more to learn as the investment world is always changing but being in school and working part time the single best thing imo is to learn to live with what you need that keeps you happy but allows you to still save something. Decide a financial investment plan and get compounding working for you as soon as possible no matter how big or small you can put into those investments.  Read alot about succesful people and their habits. If you haven't read them already I would suggest reading the Millionaire next Door and also the Overspent American. 2 Books that really opened my eyes to things.
Good luck to you and I wish you the best. If your into or want to do passive investing check out the forums at bogleheads.org as well (mostly but not all Vanguard people). 

Petey B

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Re: Where to start
« Reply #5 on: January 01, 2018, 05:21:14 AM »
Congrats on your good fortune and success early in life...!  Thank your lucky stars you won't have student loans.  Soccerluv gave you really solid advice.  Some additional thoughts...

In my opinion, your primary focus should be increasing your income.  In addition to increasing your skills, proficiency, and value in your career field, monetize one of your hobbies so you can have side income.  Reject "lifestyle inflation" as your income increases.

Your secondary focus should be decreasing your expenses.  Write out a list of all your monthly expenses and minimize, optimize, and/or eliminate as much as possible without feeling deprived.  Use software such as Mint to track every single one of your expenses and your net worth.

Other suggested reading:
- Bogleheads Guide to Investing
- Bogleheads forum
- Early Retirement Extreme by Jacob Lund Fisker
- TheMinimalists.org

Trifele

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Re: Where to start
« Reply #6 on: January 01, 2018, 06:17:53 AM »
Welcome Ashton.  You are doing great.  Good advice above. I'll only add -- Read the JL Collins Stock Series:

http://jlcollinsnh.com/stock-series

It may not all make sense now as you are starting out, so you may want to re-read it a few times in the years to come.  It is a simple, rock-solid how-to on gaining wealth. 

big_slacker

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Re: Where to start
« Reply #7 on: January 01, 2018, 07:02:00 AM »
Where to start isn't tactics, it's strategy. Your overarching goals are to:

Keep expenses low.
Increase income.
Save as much as possible.

I'd use to 80/20 principle for each of these categories when you're thinking about what behaviors to use. It's easy to get lost and spend energy on minutiae, in reality it's not that tough. :D

aarocho

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Re: Where to start
« Reply #8 on: January 01, 2018, 09:41:18 AM »
Thank you all so much and actually I have used JL Collins a lot and love his blog, and you see about the relationship aspect I have spent since the time I was 14 reading relationship advice from people like Esther perhl, Jordan gray and others , because the past 3 generations of my family have all ended in failed marriages and I told myself I would not let myself make the same mistakes they make . But thanks again for your input and advice , I wish nothing but the best for you guys and your endeavors in life as well.

talltexan

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Re: Where to start
« Reply #9 on: January 02, 2018, 01:09:48 PM »
For investing, check out Paul Merriman.

For marriage/relationship advice, I've found material by Lee and Les Parrott to be really useful. It may not work as well for you depending on whether the religious stuff syncs up with what they write.