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#71
07-05-2006, 12:31 AM
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Re: if you\'re 21 or younger, post your current net cash assets
All you youngins with big rolls, I'd highly suggest stashing away and investing what you're not using. Why? Example: If you stash away just $4k/year in the market, an average return will make you a millionaire in your 50s with just that saved money. And that's tax free if you stick it in a roth. You guys are all very fortunate to have these skills and abilities to make all the money so I say put it to work for you. Congrats on your successes.
Sorry for the serious post in BBV 
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#73
07-05-2006, 12:34 AM
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Re: if you\'re 21 or younger, post your current net cash assets
[ QUOTE ]
All you youngins with big rolls, I'd highly suggest stashing away and investing what you're not using. Why? Example: If you stash away just $4k/year in the market, an average return will make you a millionaire in your 50s with just that saved money. And that's tax free if you stick it in a roth. You guys are all very fortunate to have these skills and abilities to make all the money so I say put it to work for you. Congrats on your successes. Sorry for the serious post in BBV [/ QUOTE ] I'm curious Do you have any links where I can begin with investing? I know this site has a sub-forum for that, but it's very confusing.
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#75
07-05-2006, 12:40 AM
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Re: if you\'re 21 or younger, post your current net cash assets
it was 40k at 21....then i blackd out one day and went on ebay, eastbay, yahoo shopping, etc.......now i cant get above 30k at 23.....
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#76
07-05-2006, 12:40 AM
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Re: if you\'re 21 or younger, post your current net cash assets
[ QUOTE ]
[ QUOTE ] All you youngins with big rolls, I'd highly suggest stashing away and investing what you're not using. Why? Example: If you stash away just $4k/year in the market, an average return will make you a millionaire in your 50s with just that saved money. And that's tax free if you stick it in a roth. You guys are all very fortunate to have these skills and abilities to make all the money so I say put it to work for you. Congrats on your successes. Sorry for the serious post in BBV [/ QUOTE ] I'm curious Do you have any links where I can begin with investing? I know this site has a sub-forum for that, but it's very confusing. [/ QUOTE ] After meeting many 2p2ers in real life with similar questions and seeing other posts inquiring about this, I think I'll make a post containing as much info as you guys need to start investing. I have a great deal of experience in the field and hopefully I can be of some help. Look for it soon in the finance forum and I'll make a link in this thread as well.
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#78
07-05-2006, 12:43 AM
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Re: if you\'re 21 or younger, post your current net cash assets
[ QUOTE ]
[ QUOTE ] [ QUOTE ] is it high or low? i had a summer job. only source of income. [/ QUOTE ] Before I graduated and got a real job and before poker, I never broke 5K in my bank account. And I had more money than most of my friends because I made $11/hr instead of 7, and I didn't buy weed. So I'm not sure what he's saying. [/ QUOTE ] Same here; I'm hoping he thought it was high. [/ QUOTE ] definitely thought it was way high if the only source of income is a summer job, you work ~500 hours/summer tops to get 5k net you need to net $10/hr after taxes and never spend a dime, what 18yo pulls that ?? maybe it was a few summers saved up or whatever but if that kind of discipline surprises me a helluva lot more than a 19 year old 2+2'er smashing the party 1/2 or 2/4 NL games for a few months.
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#79
07-05-2006, 12:43 AM
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Re: if you\'re 21 or younger, post your current net cash assets
[ QUOTE ]
Do you have any links where I can begin with investing? I know this site has a sub-forum for that, but it's very confusing. [/ QUOTE ] I don't have any links, but Chris' advice is solid, assuming you have a job. You can't put money in a Roth IRA otherwise. If you don't know how to invest, the standard suggestion from the investing forum is to put it in an index fund. One that tracks the S&P 500 or the Wilshire 5000 would be good.
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#80
07-05-2006, 12:44 AM
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Re: if you\'re 21 or younger, post your current net cash assets
I'm pretty sure i also mentioned that i dropped like 125k in a 4k hand stretch at high limits, and had an independant 63k downer in a different 24 hour stretch. I also had a different 70k downer in february, and i lost almost 60k in april. But also, i had to pay like 75k in taxes for last year, and my school is very expensive.
Also, some of it wasn't lost, it was spent on my Infiniti m35x, my top of the line brookestone massage chair, my 55 inch sony LCD, my sony 19 inch LCD/HDTV, treadmill, and other such goodies [img]/images/graemlins/smile.gif[/img] I have been perfectly candid about how poorly this year had gone for me until recently, if you are really still that curious you can simply refer to my older BBV posts or blogs.
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