Question about saving money for a apartment building
So my question is should I keep putting money into my Savings account And let it grow interest?
22-25, M
This page is a permanent link to the reply below and its nested replies. See all post replies »
SW-User
It’s a safe option. I was able to buy my first home (and other properties), after I invested all the disposable money I had at the age of 19, which totalled to about $40,000. I got crazy lucky and got crazy returns (and had some people give me great advice before and along the way), but I wouldn’t recommend risking any money that you can’t afford to lose. I still am actively invested and will continue to do it in the future though.
WhiteBoy420 · 22-25, M
@SW-User oh wow nice, so what do u recommend me do?
CestManan · 46-50, F
@SW-User How does a 19 year old come into $40,000 disposable? Most of us at that age (or even at 29) barely have enough disposable income to eat at McDonald's?
WhiteBoy420 · 22-25, M
@SW-User what did u put your money into to get 40k ?
SW-User
@CestManan I started my own clothing business at 17, and ran it for a few years. I also didn’t take a student loan a part from tuition fees which I was able to pay back in a lump sum later. I got a part time job at the age of 16, kept it until 19 while I ran my business and studied. Tuition fees cost less in my home country (New Zealand). The institution I studied at was also in my home town, so I saved a lot of money staying at home in my family home. The currency is also nzd btw, so it’s not as much as you’re thinking lol.
Not everyone is poor, believe it or not. I’m simply just lucky (parents who educated me on good finance management, my natural entrepreneurial streak, and of course simple things like being able to go to school and having a roof over my head etc) and made good decisions along the way.
Not everyone is poor, believe it or not. I’m simply just lucky (parents who educated me on good finance management, my natural entrepreneurial streak, and of course simple things like being able to go to school and having a roof over my head etc) and made good decisions along the way.
SW-User
@WhiteBoy420 if you can afford to lose that money, then I think it’s a good idea to consider investing it. Not everyone succeeds though, so it’s risky stuff. You should probably learn how to read financial statements and learn basic finance, before you even think about choosing what to invest in.
Simple rule: if it’ll ruin your life to lose the money: don’t take the risk.
Simple rule: if it’ll ruin your life to lose the money: don’t take the risk.