I make around 25k a year, so peanuts basically. What steps should I take for my future? I’ve tried investing what little money I have into different stocks via robinhood, but I feel this is an elementary attempt at entering into a world I know absolutely nothing about. I dont have any debt as I own my vehicle and rent an apartment, but I do want more than that out of life. Any advice is appreciated.
The obvious one is to increase your income. Any skills or hobbies you could monetize on the side? Is there a more lucrative career you could get into that doesn’t require college education? Trades are lucrative in the long run. I know I’ve made some assumptions here, but happy to continue the dialog.
You need a focus and a goal to earn more money. Trade, IT qualification etc. with no skill you will struggle to earn more.
Invest in yourself before you invest in the stock market. As other commenters have said, consider getting additional training/ education to increase your income.
It took me a long time to finish my training but my salary more than doubled after I was done.
I really appreciate everyone taking the time to respond and be gentle with me. Lol. I was fully expecting to be eviscerated because this is reddit and people on here are cool like that sometimes. But seriously, you all have given me much to think about. Much obliged.
>I make around 25k a year, so peanuts basically.
i think you have it pretty clear, you problem is not your investing strategy, its your income.
what do you do now ? can you describe the job ? do you like it ?
what do you like doing ? try to mention as much as possible
do you have any disabilities ?
try to give a bit more info so we can help, i think you need guidance on what do you do or how to do it better or something along those lines, you make way too little.
Skip the Robinhood right now. Concentrate on earning more.
Also when money is tight budgetting is crucial. Learn some kind of zero-based envelope budgetting and actually do it. It will help you stay afloat and make it clearer what you can and cannot afford to do.
Worrying about stocks isn’t your problem- your problem is that you make too little money. The best investment you can make right now is in yourself.
Your first step is to decide what you want to do with your life. Do you want to:
– program computers?
– build/fix stuff?
– be in healthcare?
– do hair?
– do a desk job where you can be creative some days?
– work on a dangerous oil rig?
Note how many of those quick examples did not include college, but instead, require a skill. What are you good at that you can leverage into a career? Divert all funds except those matched by an employer or needed for an emergency fund to bettering yourself to increase your income potential. This is the best return on investment you can get.
Number 1 priority needs to be increasing income. Think about what certifications, trainings, etc you can get now that will double and then triple your income. Many unions will pay you to apprentice.
After that you can worry about investing.
Can you drive? If you want to drive trucks, you’ll have a job yesterday. Hard work but you’ll definitely have a job and you’ll earn significantly more than 25k. Then again it is a hard job which is probably why there is such a shortage.
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