vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"It all depends on what your financial goals are when you are ready.  You sound like you could be ready today if you wanted to be.  The steps that I would take are. Create a monthly draft budget.  This doesn't have to be something hard and fast, just a gague of what your living expenses would be compared to your after-tax salary.  Make sure there  would be room for ""fun"" money. a. Consider adding a new car fund line item to this budget, and deducting that amount from your paycheck starting now so that you can save for the car. Based on the most realistic estimate that you can make, you'll get a good idea if you want to spend the money it takes to move out alone now or later.  You'll also see the price for various levels of rentals in your area (renting a single family home, townhouse, condo, apartment, living in a rented room or basement, sharing a place with friends, etc) and know some of the costs of setting up for yourself.  Since you're looking at the real estate market, you may want to do a cost comparison of renting versus buying.  I've found the New York Times interactive graphic on this is excellent.  If you are looking to buy, make sure to research the hidden costs of buying thoroughly before taking this step. To answer your last question, if you have the cash you should consider upping your 401K investment (or using Roth or regular IRA).  Make sure you are investing enough to get your full employer match, if your employer offers one, and then get as close as you can to government maximum contribution limits.  Compound interest is a big deal when you are 23."
Do you want to live in the same place for 30 years [and thus maybe you should lock-down your housing costs by buying a house] or do you want to travel around the world, never staying in the same place twice [in which case you will need to figure out how to live cheaply and flexibly, without signing unnecessary leases]. If you want to live in the middle of nowhere eating ramen noodles and watching tv, you could do that without lifting a finger ever again. But every other financial goal you might have should be factored into your budget and work plan. And because you do have such a large degree of financial security, you have a lot of options that could be very appealing - every low paying but desirable/hard-to-get job is open to you. You can pursue your interests, even if they barely pay minimum wage, and doing so may help you ease into your new life easier than simply retiring at such a young age [when most of your peers will be heavy into their careers]. So, that is my strongest piece of advice - work now, while you're young and have motivation, so that you can dial back later. This will be much easier than the other way around. As for where you should invest your money in, look on this site for investing questions, and ultimately with that amount of money - I suggest you hire a paid advisor, who works based on an hourly consultation fee, rather than a % management fee. They can give you much more directed advice than the internet (though you should learn it yourself as well, because that will give you the best piece of mind that you aren't being taken advantage of).
You're off to a great start. Here are the steps I would take: 1.) Pay off any high-interest debt. 2.) Keep six to twelve months in a highly liquid emergency fund. If the banks aren't safe, also consider having one or two months of cash or cash-equivalents on the premises. 3.) Rent a larger apartment, if possible, until you've saved more. The cost of the land and construction will consume a very large portion of your net worth. Given the historical political instability in that region, mentioned by the previous comments,  I would hesitate to put such a large percentage of your wealth in to real estate.  4.) Get a brokerage account that's insured and well known. If you're willing to take the five percent hit to move assets offshore, then consider Vanguard. I'm not sure if they'll give you an account but they're generally acknowledged as an amazing broker in the US with low fees and amazing funds. Five percent (12,500) is worth it in my opinion. As you accumulate more wealth, you can stop moving cash overseas and keep a larger mix domestically.  5.) Invest in your business and yourself even more.  As far as finding new investment opportunities, I would go through the list of all the typical major asset classes and consider the pros and cons: fixed-income, stocks, currencies, real estate / REITs, own a small business, commodities etc.,
How can it be that risky to buy a house right now? They're dirt cheap!  Bad comparisons aside, I think you'll find that most jobs which require degrees are a lot more pleasant, comfortable and enjoyable, particularly in terms of intellectual stimulation, than those accepting high school diplomas or below.  It's not just about how much more money you make. It's also about how you spend your time during those 40 years of work.
"Advice from a long-time flipper You negotiate price based on four factors and none of these are set in stone: How much you love the house. Is this house a 100 out of 100 for you or a 85 or a 75. How much have you compromised. What is the likelihood that you will find a house that will make you just as happy or at least close. You might have a house that is a 95 out of 100 but there are five other houses that you rated between 93-95. What is your timeframe. Know that playing hardball takes longer and can knock you out of the game sometimes and takes a little while to find a new game. What is the relative housing market. Zillow and other such sites are crap. Yes the give you a generalized feel for a community but their estimates are off sometimes by 30-40%. Other factors like street/noise/updates to house/ and so on are huge factors. You will have to really navigate the area and look for very comparable houses that have recently sold. Then use average housing movements to extrapolate your future houses cost. As a buyer you have two jobs. Buy the house you want and manage your agent. Your agent wants you to buy a house as soon as possible and to increase their reputation. Those are their only two factors of working. By you offering closer to the asking price they are able to get their sales as quick as possible. Also other agents will love working with them. In fact your agent is selling you on the home and the price. Agents hardly worry about you paying too much - as most buyers oversell the deal they get on their home. Admitting that you paid too much for your house is more of an admission of ignorance of yourself, compared to agent incompetency. If you decide to low-ball the owner, your agent spends more time with you and possibly reduces their reputation with the selling agent. So it is common for agents to tell you that you should not offer a low price as you will insult the owner. My advice. Unless the home is truly one of a kind for the market offering anything within 20% of the asking price is DEFINITELY within range. I have offered 40% less.
Huh, well it's working for me. I've got 3 properties and am a little over 25% of my goal to never work again.  How would you suggest one get rich? I assume you have a better plan than he does?
Since I work full time I'd have to take online courses. The school isn't some online scam school it's legit, but the costs are much higher there. I've thought about getting a finance degree but I think I have more options with an accounting degree. I'm probably overestimating the costs. I think it would be more around 30k but still. I'm not sure how to get out of the sales trap. Non sales jobs in finance making decent money usually won't give me another look without a bachelor's.
Source: I'm recently (2 years) out of college (Info Sciences + Technology degree) Disclaimer: Speaking from limited personal experience (see above) A lot of corporate recruiters like the prospect of hiring recent college grads of because of the location flexibility they have (typically own no real estate, are not married, and have no children). If you get a job with Amazon and relocate, take a year to settle your finances, then determine if purchasing a house is something you can manage. If you don't have a savings set aside for a reasonable down payment on a house, you'll get hit with a mortgage insurance payment each month =\, and that's not fun. Don't try to do too much at once, and make sure you have a full assessment of your finances before making any major purchases. I follow this general rule: Every few months, I fully re-assess our expenditures, and see what we can cut out or cut back on, put a bit into savings, and put the rest against outstanding student loans.
"I personally found the ""For Dummies"" books, on property investment, very helpful and a great primer. I found them unbiased and very informative, laying out the basic principles. Depending on your knowledge it can provide you with enough of a foundation to have an informed conversation with banks/real estates etc.  Watch the markets for a while (at least 6 months) to know what prices vendors will be expecting and rents tenants will be expecting, most property magazines will also contain a suburb summary in the back.  When you get closer to purchase make sure to ask your bank for the RP Data reports on the properties you are looking at, the banks will typically provide these for free. I also set out some points for myself which I made clear for myself at the beginning: This might provide a good starting point and really narrow down your research options as generic research on property investment can be overwhelming. I ended up with a 3 Bedder in western Sydney that has so far happily paid for itself. Building a good relationship with real estate agents and attending lots of open homes/auctions and talking to other investors can only help.  I was once told if you attend free property investment seminars you will always learn at least one new thing (be it statistics, methodologies, finance options etc ), with that in mind always keep a level head, leave your wallet at home and don't sign up to anything.  At the end of the day keep a cool head, don't stop reading and rush nothing."
Step 1: Get a part-time job in sales.  Perhaps selling appliances at Sears. Step 2: If you are great at that, then look into becoming a stock broker/investment adviser in Boise ... which is a sales job.   Step 3: If you are great at that, then you might be able to become a portfolio manager, perhaps a hedge fund manager for the clients you collected as a stock broker/ investment consultant.   That seems to be the steps I have seen from reading the bios of a number of professional investors.   The other method seems to be an MBA from a top 10 business school.
"I think it's great that you want to contribute. Course Instructor You may want to take a look at becoming an instructor for a course like Dave Ramsey's Financial Peace University. These are commonly offered through churches and other community venues for a fee. This may be a good fit if you want to focus on basic financial literacy, setting up and sticking to a budget, and getting their financial ""house"" in order. It may not be a good fit if you don't want to teach an existing curriculum, or if you find the tenets of the course too unpalatable. A significant number of the people in Dave's audience are close to or in the middle of a financial meltdown, and so his advice includes controversial ideas such as avoiding credit altogether, often because that's how they got into their current mess. Counselor If you want to run your own show, I know of several people who have built their own practice that is run along the lines of a counselor charging hourly rates, and they work with couples who are having money problems. Building a reputation and a network of referring counselors and professionals is key here, and definitely seems like it would require a full-time commitment. I would avoid ""credit counseling"" and the like. Most of these organizations are focused on restructuring credit card debt, not spending signficant time on behavioral change. You don't need a series 7, 63, 65 etc. or even a CFA. I've previously acquired a number of these and can confirm that they are investment credentials that are intended to help you get a job and/or get more business as a broker or conventional financial planner, i.e. salesperson of securities. The licensure process is necessary to protect consumers from advice that serves the investment sales force but is bad for the consumer, and because you must be licensed to provide investment advice. There is a class of fee-only financial planners, but they primarily deal with complex issues that allow them to make money, and often give away basic personal finance advice for free in the form of articles, podcasts, etc. Charity For part-time or free work, in my area there are also several charity organizations that help people do their taxes and provide basic budgeting and personal finance instruction, but this is very localized and may vary quite a bit depending on where you live.
At an income of $95K you are on the edge of qualify for $500,000 mortgage (once you have a down payment).   Yes the fastest way to qualify for a $500,000 condo is to save for a down payment.  I am suggesting that might not be the best long term financial plan.  You are only going to qualify for a 30 year term.  You still have a student loan where interest is not tax deductible.   You have put you yourself in a long term debt position and if you lose your job a potential cash flow problem with a risk of losing the condo.   Since you are living at home I would go after that student debt.  Looks like you could pay it off in like a year.  I don't know prices in you area but maybe go in at less than $500,000 for your first home.
Traders trade for a living, stockbrokers tell people to get involved in trades for a living. To be employed as a trader, you need a proven track record of being able to consistently make money. To be employed as a stockbroker, you need to get licensed but you don't need to prove you can consistently make money.
Okay, first of all you have the make up to right into financial behavior field.    http://en.wikipedia.org/wiki/Behavioral_finance  I am not sure where to go for such a degree or the job prospects afterwords, but frankly 'they' say it will be something of great interest in the future.  I am beginning to find in finance it is not so much what you can do, but WHERE you live.  I'm not near any major city that has financial headquarters so I may end up moving just to pursue something that interests me.
You don't start out buying a shopping mall, you have to work up to it.  You can start with any amount and work up to a larger amount. For me, I saved 30% of my salary(net), investing in stocks for 8 years.  It was tough to live on less, but I had a goal to buy passive income.  I put down this money to buy 3 houses, putting 35% down and maintaining enough cash to make 5 years of payments.  I rented out the houses making a cap of 15%.  The cap is the net payment per year / cost of the property, where the net accounts for taxes and repairs.  I did not spend any of the profits, but I did start saving less salary.  After 5 years of appreciation, mortgage payments and rental profit, I sold one house to get a loan for a convenience store.  Buildings go on the market all the time, it takes 14 years to directly recoup an investment at a 7% cap, which is the average for a commercial property sale.  Many people cash out for this reason, it's slow, but steady growth, though the earnings on property appreciation is a nice bonus.  Owning real estate is a long term game, after a long time of earning, you can reinvest, but it comes with the risk of bad or no tenants. You can start both slower and smaller, just make sure you're picking up assets, not liabilities.  Like investing in cars is generally bad unless you are sure it will appreciate.
You don't say why you want to move. Without knowing that, it is hard to recommend a course of action. Anyway... The sequence of events for an ECONOMICAL outcome in a strong market is as follows: (1) You begin looking for a new house (2) You rent storage and put large items into storage (3) You rent an apartment and move into the apartment (4) The house now being empty you can easily do any major cleaning and renovations needed to sell it (5) You sell the house (and keep looking for a new house while you do so). Since the house is empty it will sell a lot more easily than if you are in it. (6) You invest the money you get from selling the house (7) You liquidate your investment and buy the new house that you find. If you are lucky, the market will have declined in the meantime and you will get a good deal on the new house in addition to the money you made on your investment. (8) You move your stuff out of storage into the new house. There are other possibilities that involve losing a lot of money. The sequence of events above will make money for you, possibly a LOT of money.
Hey,  I'm majoring in a worthless field and do not expect to make much money. I've learned to find solace in the simple luxuries such as, heating,car ownership, food, warm food, meat,being able to exercise, have freedom,etc...  I'm trying to figure out what the minimum annual salary I can live on is. For example right now I'm in college and it costs $30,000 a year but I'm living *very* comfortably.    Why and how will this change in the future? Renting an apartment and supporting only myself, why can't I live comfortably on $30,000 in the future?
There are two building blocks you need:  - Knowledge - Connections (and usually more this than the prior)  You're on the right track with your CFA, but make sure you get to know people within the industry you're trying to enter.
This was during undergrad.  If you are in undergrad, get a high GPA and study finance and accounting.  Try going the investment banking or fortune 500 internal finance/M&amp;A route.  Or if you like the broker idea, interview for private wealth management at legit firms (merrill, goldman, citi, etc).  If you absolutely want to be more of a broker, try interviewing for merrill lynch, wells fargo advisers, edward jones, etc. to see if you can handle it.  Even at merrill you are basically cold calling, but you have a legit firm at your back with the opportunity to build a legitimate business.  In general though, these cold calling broker jobs are hard to stay with.  If you aren't cut out of it, you wont last more than a few months.
Get an education. A bachelor's degree preferably, but AA or even a certificate are fine too. It will increase your earning potential significantly and over your lifetime it will earn you a lot of money.  You make around $30,000 a year now, median salary for someone with a bachelors in the humanities is around $45,000. If you degree is in the STEM field, that goes up to $55,000 - $65,000 range. Second best option is to start a small business of some kind that does not require substantial investment. Handyman comes to mind as an example or some sort of billing service maybe? I would not recommend self directed investment in the stock market - most people lose money and since you don't have a lot of money to invest, commissions and fees will eat up a significant portion of it. I would usually recommend a CD but interest rates it's not really worth it.
They're probably talking about flipping houses. The conventional wisdom when flipping is to purchase the property with a mortgage or other loan on day-0. Do the work to rehabilitate it. Get it listed for re-sale promptly (this step has varying strategies) with a profitable price but one that will make it move. Have the house sold on or before the first payment would be due. This is anywhere from 30 to 60 days. The flipper then never has to make a payment on the mortgage or loan, the costs of rehabilitating the home are recovered promptly (potentially before any loan, credit card payments, or invoices are due), and there is a profit. This also assumes that either a 100% loan or some other mechanism is used to address closing costs and fees. This model fits the premise of the infomercial in that you make money investing in real estate but never have to tie up any of your own money in the process.
I think this is a /r/personalfinance question.  What school are you going to where it would cost $20k a year in excess of your current income just to add 2 years to your associates? Why not go to a state school and try as best you can to get the associates credits transferred into the bachelors program?  An accounting degree will make you an accountant, not necessarily a financial analyst or an economist. You won't be doing sales but you won't be making a whole lot more than you do now, I'm guessing.
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"First off, I highly recommend the book Get a Financial Life. The basics of personal finance and money management are pretty straightforward, and this book does a great job with it. It is very light reading, and it really geared for the young person starting their career. It isn't the most current book (pre real-estate boom), but the recommendations in the book are still sound. (update 8/28/2012: New edition of the book came out.) Now, with that out of the way, there's really two kinds of ""investing"" to think about: For most individuals, it is best to take care of #1 first. Most people shouldn't even think about #2 until they have fully funded their retirement accounts, established an emergency fund, and gotten their debt under control. There are lots of financial incentives for retirement investing, both from your employer, and the government. All the more reason to take care of #1 before #2! Your employer probably offers some kind of 401k (or equivalent, like a 403b) with a company-provided match. This is a potential 100% return on your investment after the vesting period. No investment you make on your own will ever match that. Additionally, there are tax advantages to contributing to the 401k. (The money you contribute doesn't count as taxable income.) The best way to start investing is to learn about your employer's retirement plan, and contribute enough to fully utilize the employer matching. Beyond this, there are also Individual Retirement Accounts (IRAs) you can open to contribute money to on your own. You should open one of these and start contributing, but only after you have fully utilized the employer matching with the 401k. The IRA won't give you that 100% ROI that the 401k will. Keep in mind that retirement investments are pretty much ""walled off"" from your day-to-day financial life. Money that goes into a retirement account generally can't be touched until retirement age, unless you want to pay lots of taxes and penalties. You generally don't want to put the money for your house down payment into a retirement account.