I wanna be rich, but where do I even start? - April 2024 (#16)

Here’s a fact for you, if you want to be rich you’ve gotta own stuff. Buying that stuff is called investing. As many dear readers may have seen. Your dude Brent conducted a poll on LinkedIn. I asked what’s keeping people back from investing and the number one answer was ‘I don’t even know where to start.’ So today we’re going to take that head on. Above all else, the most important thing is that you do start!

Motivation

Money

Ok, so you want to invest but like… how? How do you even start? I’m going to try and make this as simple as possible with a quick quirky three question quiz. No wrong answers, just be honest, brutally honest, with yourself and I promise it won’t be too painful:

1. How much time are you willing/able to spend on investing:

A. 2+ hours a week… if I cut down on cat videos

B. Somewhere between 15 minutes to 2 hours a week

C. Less than 15 minutes a week… FML…

2. How much money are you willing/able to invest

A. More than $10,000, I’m rich bruh

B. Less than 10k, but maybe like 1k or more? I’ve got a decent chunk of dough

C. Less than 1k, the McDonalds inflation hits HARD

3. How much you willing to RISK IT for that biscuit?

A. Gonna have a mental breakdown if my investment drops 10%

B. Gonna have a mental breakdown if my investment drops 50%

C. I’m dead inside, BRING IT ON!!!

Alright, now I’m going to recommend what I WOULD do RIGHT NOW in our current market with these criteria. Make your own decisions on what’s right for you.

AAA, BAA, and BBA - Put that money in high interest CDs and study Real Estate, eventually it will get easier, but know right now Real Estate is TOUGH. Let your money grow until you find that first deal.

CAA - Check out this guide and buy something low risk that pays a decent interest rate

ABB, BBB, BAB, CAB, CBB, & CCB - Get a brokerage account and buy index funds and put a small amount in a couple high quality stocks of companies you love to keep you engaged.

CCA - Put that money in high interest CDs, save and keep that day job, because unless you’re able to find some time or stand some big losses, your probably going to be in that day job for a long time

IF your last answer was C - Buy CRYPTO!!! If your dead inside like me it’s great timing as the bitcoin halving just occurred and a rally historically follows. Just buy the well recognized cryptoassets (Bitcoin, Ethereum, Solana [yes Solana is my favorite, but comes with the most risk]) and stay away from meme coins or any of the flavor of the week type stuff. The gains are good enough without it. You can buy them on many of the apps you already have, like Paypal and CashApp. There’s also the tried and true Coinbase. Just remember this could all go to zero and will very likely go down in value more than 50% at some point. It’s a new asset class and that’s the price you pay for great returns.

Ok, now you have your answer on where to start. Now I encourage you to take action. Like, RIGHT NOW. Just do something that gets you started! Everyone has to start somewhere, the important thing is that you start.

FINAL MEMES

That’s all folks!

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