Are are doing well financially?

Question

Many people don't like talking about money and at the same time, many people struggle financially. The rich getting richer and the poor getting poor.

The reason behind this is, the poor people aren't investing in assets like stocks, real estate, gold, and bonds.

They live paycheck to paycheck. And worse, they borrow money to spend and pay high interest for it.

Saving 20% of income every month makes a person financially independent over time.

The younger the person starts investing, the better for the person.

It is important to pay off all the debts before start investing.

But Investing is also a risk in short term. 

One should not invest all his money in a lump sum, instead SIP a small amount monthly.

One should not invest all his money in a single company, diversify in many stocks (or just invest in S&P 500), REITs, Real estate, bonds, and gold.

Answer 1

I'm doing fine... I just bought my third Birkin bag. 

Comments

Tink I never even heard of a Birkin bag, so I googled and found this: "Who could have imagined that one of the most coveted objects of recent decades would be born in the sky, in 1984, on a flight from Paris to London?

"British actress Jane Birkin, sitting next to Jean-Louis Dumas, Executive Chairman of Hermès (1978-2006), was complaining that she couldn’t find a bag suitable for her needs as a young mother.
A born creator with a keen eye, he immediately sketched a supple and spacious rectangular holdall with a burnished flap and saddle stitching. With a dedicated space for baby bottles!"

Sounds like you have really arrived, here...

Answer 2

I'm doing just fine! After selling my shop years back, that pretty much set me up. But I've done some good investing, like two collectives and my graphics work for Slitherine.

I'm plenty good for my life.

Answer 3

I had a job in school for five days in October 2019. Then, I was close to get a job in a tourist agency but Corona made problems in tourism. Corona influenced on my financial situation.

Answer 4

Dan I don't know what my answer here will have to do with your question, but my father used to say, "I may be stupid but I am happy!"