My Financial Situation

[Surfbum84]

Hey guys!!!

Here is my situation. I'm 24...done school, work in a very well-paying job...have no debt..live at home for free...and basically am looking for advice as to where I should invest my money.

Work pays for my car, my gas, phone, etc...so the only expenses I have are for fun. I want to accumulate as much wealth as possible but I don't know where to start. Where should I be putting my money (I already max out my RRSP contribution each year).

Any advice is welcome,

Thanks

 

[calloway]

live at home for free

No wonder they call you a bum...

Get out of Mommy & Daddy's house and get a life!

 

[Thousand]

Buy a condo

 

[Surfbum84]

I would but I don't believe in the concept of rent...and with the housing market and economy the way it is I personally think the price for a condo will drop by the end of 09 at which point I can get much better value.

Otherwise ur right, I"d be long gone haha

 

[a 1 player]

Become a pimp.

 

[gramage]

I would but I don't believe in the concept of rent...and with the housing market and economy the way it is I personally think the price for a condo will drop by the end of 09 at which point I can get much better value.

Otherwise ur right, I"d be long gone haha

Translation you don't want to grow up.

 

[Surfbum84]

Translation you don't want to grow up.

haha...possibly. I have a pretty cruisy life right now but I do want to grow up but not be an idiot and take a loss on a condo if the market drops. There is growing up, and there is being stupid.

 

[capncrunch]

I would but I don't believe in the concept of rent

Translation you don't want to grow up.

+1

Whether you believe in it or not has no relevance. You should be on your own, paying your own way, not living off the resources of your parents.

It's called "maturity." Go look it up.

 

[a 1 player]

How do your parents feel about you banging girls in their house?

 

[jwmorrice]

You don't have to grow up kid. Hell, I'm living off an allowance from my old man and I'm 61. La dolce vita!

jwm

 

[Surfbum84]

How do your parents feel about you banging girls in their house?

They don't care. They're living in Los Angeles most of the time they travel between there and here a few weeks each month. I have the basement all to myself with a bigscreen and a separate entrance it's like my own little bach pad.

But back on topic, I completely appreciate how many of you think I should grow up but besides that, what should I do with my paycheques each week?!?!?! Jan 1st I'm gonna dump the $5g max into the tax-free investment account but aside from maxing out my RRSP's i'm not really sure what else to do.

Maybe purchase some pre-construction properties in the area of King East *I think it's gonna boom over the next 10 years*

 

[a 1 player]

Well, if you have your own separate pad, and can bang chicks there, I say milk it for all it's worth. Oh, and start pimping.

 

[capncrunch]

You're clearly risk-averse - living at home, won't rent, terrified of losing in a condo market.

T-bills are probably your best bet. Seriously. It's not what I would do, but if you want a higher return you're going to have to take the risk that comes with it. Everyone - and I mean EVERYONE - is looking for a high-return, no or low-risk investment. Ain't no such thing.

 

[a 1 player]

I have had some great luck with Foreign Market investments, or Emerging Markets or whatever the hell they are called now.

 

[stang]

You sound like me when I was a kid.
Max'ing out the RRSP's early is great. Now save as much as you can for when you do decide to entre the real estate world you can put down as much as possible.

But at the same time, don't forget to enjoy life and all it's fun that disposable income brings to it, 'cuz things certainly change with increased responsibilities later on.

 

[Surfbum84]

You're clearly risk-averse - living at home, won't rent, terrified of losing in a condo market.

T-bills are probably your best bet. Seriously. It's not what I would do, but if you want a higher return you're going to have to take the risk that comes with it. Everyone - and I mean EVERYONE - is looking for a high-return, no or low-risk investment. Ain't no such thing.

Ya I guess I am risk averse. Is now a good time to buy stocks though? Obviously no one can predict the market but I have about $20,000 just sitting in a chequing account that isn't doing anything for me and I figure I might as well do something productive with it.

 

[Surfbum84]

You sound like me when I was a kid.
Max'ing out the RRSP's early is great. Now save as much as you can for when you do decide to entre the real estate world you can put down as much as possible.

But at the same time, don't forget to enjoy life and all it's fun that disposable income brings to it, 'cuz things certainly change with increased responsibilities later on.

Amen to that. I have enjoyed life. After uni I travelled the world for a year and a half...dicked around and came home about 10 months ago. I just don't really know what to do with myself as I'm in a career with a great income but I'm not overly passionate about it but it's very tough to leave the income behind.

The joys of being young(ish)

 

[capncrunch]

Is now a good time to buy stocks though? Obviously no one can predict the market but I have about $20,000 just sitting in a chequing account that isn't doing anything for me and I figure I might as well do something productive with it.

OK, fair enough.

If you are hell-bent on getting into the market - frankly, I'm not sure that's a good idea right now because it's just too volatile for me - do some research on mutual funds to help diversify your risk.

Take your $20 g's and invest it, then fugghedaboudit. No checking the paper each day or week or even month to see how it's doing; it'll drive you nuts.

I still think, however, that you're better off based on your risk assessment to stick with plain-Jane investments like T-bills or GICs and whatnot. And if a really lucrative "can't miss" opportunity comes up, use that investment as collateral for a loan and keep your principal working for you. (Depending on how you structure it, you also may be able to write off the interest payments on the loan.)

 

[canucklehead]

My advice is get an advisor .... find someone that you feel comfortable with.... interview them first and get to know them and then decide..... My thoughts ... on real estate is buy land..... they ain't making no more. Find something on the edge of a very popular neighbourhood in the city.. or where u want/ Popular areas spread and bleed over into not so popular areas.
But if u r looking at building wealth ..... get an advisor and make a plan. If your income is secure and long term.... do it now... the bigger the nest egg now the much greater your return later.... i remember if u really want to keep at the top of the game. There is never enough money.

 

[fuji]

What does your mom think of the SP's you have over?