Money advice for a 19 year old

[Q child]

Saving is for suckers.

 

[vectordawg]

Stay single or marry a rich chick.

Don’t delay opening that Roth! Even a few dollars a check makes a difference. I wish I would’ve know that when I was 19.

 

[MattB]

In all reality, we will mostly all learn from our own mistakes regardless of the advice we get when we are young.

For what it is worth, and I am not the smartest guy out there, but one thing I learned later in my life that was among my greatest assets was being able to learn from other people's mistakes so I could avoid making them myself.

The best financial advice I got and followed early in my career was to pay myself first. This meant setting putting as much into my 401-K as I could afford and at least enough to get the full employer match. The second was to set up an auto-transfer that happened on paydays to another account that was difficult to access ($50-$100 every two weeks).

The second best piece of advice I got, which relates to marriage was "no matter how hot she is, there is some who is tired of ****ing her."

 

[Iddogguy]

Learn the difference between what you want and what you need. Pay cash for everything but a house. Use your tax return to pay off your home early. When your home is payed off use that money to invest in dividend stocks,opt for the dividends to purchase more stock. Max out a 401k & IRA as quick as possible, go with the Roth. If you choose that lifestyle of being frugal when you choose to retire you should have more than you’ll ever need. Choose your partner wisely, someone that can’t live as stated above will crush your dreams!

 

[2buffalo]

Lots of good advice here. I went to welding school which got my foot in the door then immediately after my pipefitter apprenticeship started as a foreman fir the same company. When that company folded I worked on the road for a few years, bought a fifth wheel and a new truck and immediately was making $132k a year. When I came back I started a company and with a little bit of work and a lot of hardwork started bidding work with another company and was then dealing with millions of dollars. This lasted for 12 years. I was then in my forties and had a son. I sold my buisness and am an executive for the company that bought my company. I told him and his friend as they were working in yhe shop that if they never want to go hungry. There are always openings for welders. Maybe where you don't want to be but the high paying jobs are out there. They are both welders now making $75k a year, plus $30k goes in their retirement each year, and full medical insurance. They have been out of welding school for 3 years. In the next Teo years they will be over $100k. They went to Hobart in Ohio. Costs about $20k and is worth every penny. Work at nights during school. When you get out get in touch with me. I am always looking for welders. The trick is caring about the company and making then a profit giving them 100% every day. Anyone who does this will be successful then you can start squirreling away money. Then in a few years you can go on a hunt and not have to stress over money. My son and I are going on an Aoudad hunt in February and can now afford to pay for himself at 23 years old and not empty his savings. My .02

 

[xsn10s]

Hey everyone I’ve been on this forum for probably a year now maybe and I’ve seen that at least some of you guys are going on really cool hunts and building these insane rifles with 2-5 k scopes. So clearly you guys know what your doing when it comes to saving money and planning for the future. So I’d like to ask for your money advice for a 19 year old kid. I have a few stocks and cryptos like 150 dollars worth. And I do plan on starting a Roth IRA this year. And I’m also planning on getting a little better paying job. 12$ an hour currently. I don’t have a truck yet which is what I’m saving for currently. Thanks for any advice.

I'm sure you've read all the posts about reading financial books, getting an education, learning a trade and so on. There's some good advice there. But I have to say good for you for thinking of your future. Looking for a better paying job is a good idea. Latest jobs report is there is an average of twp jobs out there for every job seeker. But I'd suggest look around you for people who are successful financially and live a happy life. If they are trust worthy speak to them about how they became successful. Think about what you'd like to do for a career or work Don't aquire huge debt to get a better education either through college or trade school. The military is fine but be aware you could get deployed. I still remember the day a new recruit sat on his bed and said" I can't go to war, I just got married". I spoke with the higher ups and luckily he didn't get deployed. You sound like a smart young man. IMO you got the right mindset and seem pretty mature for your age. I think you'll figure it out.

 

[Kilboars]

Work hard and as much as you can and put it to work for you for 10years and you’ll be set for the rest of your life.


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[Wib]

Marrying generational wealth is a great concept, but remember. Yes you can marry more money in 5 minutes than you can make in a lifetime, but you can also in 5 minutes marry more misery than you could otherwise make in a lifetime. Marry for love only, and don't be blinded by the little head. Use the big head.

The rest of the advice here is a mix of spot on. Live within your means, pay yourself first, make use of every opportunity from HSA's to 401K's to Roths's etc.
Some of the richest people I know you would never guess had a dime without knowing them. They like it that way.

 

[tony]

I didn't read all 10 pages:
Best I can offer is don't get married and don't have kids.
Except for the child (she's 30) that's how I made my money

Seriously, live below your means, save your money, limit your credit card use, pay cash.

 

[BravoNovember]

You don’t need a $5k scope, a $3k rifle,$600 bino’s, $50k truck, $10k side by side, $40k boat.

Our society pushes this idea that material items determine worth and happiness. If you can see past all of the “what other people think” BS, save and invest, you will see it pay off fast. I was later to that party than I wish I was

 

[Floafffy]

Learn to cook.

Don't waste money on eating out, seriously. It's a big expense and you don't need to do it. If you've got a significant other, make sure they can cook, so they don't waste your money either. It all adds up, and all of it helps. If you get paid twice a month, pay your bills the first half and live off the rest of the paycheck until the second half comes in, then put what's left in savings. Keep your savings full and your checking down.

 

[MallardSX2]

Stay single or marry a rich chick.

Don’t delay opening that Roth! Even a few dollars a check makes a difference. I wish I would’ve know that when I was 19.

Best advice I have seen on Rockslide in a while.

 

[Kilboars]

Change your state of mind.

Think about your dream life. Dream house. Dream car etc and picture yourself having it all in 10 years and go for it. Go to sleep every night imaging how you will feel being there in 10 years and wake up and do the same and then get after it. Don’t let friends or family get in the way (don’t even tell them) they’ll try to steal your dream.
Believe in you. Start reading motivational books and podcast. Eliminate any in you daily routine that is helping you get there.

On days off drive through the neighborhood your going to buy a house in. Get a brochure of the car or truck your going to buy and hang it on the wall of your room and look at it every night in detail.

Decide you’re going to be a huge success and never look back.


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[grfox92]

Marrying generational wealth is a great concept, but remember. Yes you can marry more money in 5 minutes than you can make in a lifetime, but you can also in 5 minutes marry more misery than you could otherwise make in a lifetime. Marry for love only, and don't be blinded by the little head. Use the big head.

The rest of the advice here is a mix of spot on. Live within your means, pay yourself first, make use of every opportunity from HSA's to 401K's to Roths's etc.
Some of the richest people I know you would never guess had a dime without knowing them. They like it that way.

A close friend of mine married a girl for her money. Her father creates something online and was worth millions. She had a couple hundred large in the bank.

Anyway they weren't even a good match looks wise, and her personality was not desirable, but hey her dad has millions right?

Now they live in his mother's basement, with 3 kids and she is in and out of mental institutions. Refuses to take her medications. Barks at people in gas station parking lots. I'm not 100% sure she is inheriting a large some of money at any time.

Moral of the story is. Marry someone you want to spend the rest of your life with. Not someone you think will carry you financially.

Start a Roth now and sock away as much money as humanly possible. If I followed this advice when I was younger I would be a millionaire right now.

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[cwparry44]

Save at least 10% of every dollar you make for retirement and don’t buy toys on a credit card. If you can’t pay cash for them, you can’t afford them. Also, be patient. You’ve got plenty of time.

 

[2ski]

Hey everyone I’ve been on this forum for probably a year now maybe and I’ve seen that at least some of you guys are going on really cool hunts and building these insane rifles with 2-5 k scopes. So clearly you guys know what your doing when it comes to saving money and planning for the future. So I’d like to ask for your money advice for a 19 year old kid. I have a few stocks and cryptos like 150 dollars worth. And I do plan on starting a Roth IRA this year. And I’m also planning on getting a little better paying job. 12$ an hour currently. I don’t have a truck yet which is what I’m saving for currently. Thanks for any advice.

I haven't read any of the responses so most has been probabky covered. Just know that just because a person buys expensive thing doesn't mean they have the finances to do it. Most actually don't if they're young. They finance out trucks for 8 years. Boats for 20. They are in debt up to their eyeballs. A camper too.

There's a book called the richest man in Babylon. One facet is to pay yourself first. That means your savings. It's too easy to want to use it for something else if you don't.

Build credit. Get a credit card and charge something recurring. Pay 90% of it each month so you carry a balance. Then every 6 months or so pay it off. But carry a large balance or pay for all your purchases or you won't keep track of how much you spent.

You live in a wonderful day when you have everything electronic. You don't have to sit down and write checks once a month like people used to. And alot of people don't know that your employer can pay your direct deposit to multiple accounts. So say you have that truck payment that's $400 per month. Open up a checking account for just that payment. Then have $200 from each paycheck get deposited to that account through direct deposit. Set up that account to automatically pay that bill on a given date. Your paying bills without even putting time into it. Do that with rent too. Then one account for everything else. If you can find a bank to allow it. Be upfront with why you want to open multiple accounts. They'll probably be impressed. Choose credit unions to do business with when you're starting off. So set up a savings account for you, an account for the truck, an account for the rent/mortgage am one that the rest of your paycheck goes into. Pay everything else out of the last one. And it really gives you a visual of how much is left in your budget.

Don't get caught up in the "have to have it now" mentality. Save up. And realize that $12 an hour is a start. You're not supposed to make $15 an hour when your 19. If you're not going to college or trade show, I would consider getting your CDL when you turn 21. People with CDL's are in short supply and people are offering to pay for your training and test if you work for a number of years. Don't do it. Pay it yourself because if one guy will pay you $80k, you'll find someone else to pay you $90. And you don't want to be locked it. If your smart and frugal the first 6 months you can have that 5k payed of in no time.

My last advice isn't financial. Find someone to work for that understands the difference between being a boss and a leader. Bosses tell you what to do. Leaders motivate you.

 

[Kilboars]

‎The Art of Manliness: The 5 Allies Every Man Needs on Apple Podcasts

‎Show The Art of Manliness, Ep The 5 Allies Every Man Needs - May 4, 2022

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[bojangles808]

Couple things I wish I knew when I was your age.
-How to fix cars and be more handy around the house (in a mechanical sense so I can fix things myself and not pay others. I'd be more confident buying used vehicles too and avoiding car payments).
-Open a Roth IRA and max it out.
-Have a cheap lowkey wedding if you do get married, put that extra $ towards a down payment on a house. -Buy property asap (alot tougher now but look into USDA rural housing loan for 0% down).
-and if you do marry marry for personality, yes hot chicks are great but if you marry crazy you are screwed. If you can find both it's the best of both worlds , Live together for a while, make sure she's honest, financially stable and all that other good stuff. A bad marriage will set you back a long ways
-If you are in a career that doesn't make a lot of money at least get a career that you can have a lot of free time (I'm a special Ed teacher, not a lot of money but I work 9months out of the year and am off weekends and holidays in Hawaii. Lots of time to surf and hunt and spend with my son).
-unless you are a high achiever and know exactly what you want to do career wise and it pays well, student loans are a scam (luckily not my issue but see it often). Instead do 2 years community college if you do want to do 4 year path , save and work those first two, then transfer for those last two years you will save a ton
-if you do splurge on something, make it a trip or an experience not something material
-you don't need the latest and greatest gear to kill game. It's 99% of the time the Indian not the arrow.
Best of luck

 

[Trapperkid]

Update: I ended up getting a new job a month ago at a company that makes lenses for all types of applications military medical science cars you name it. They started me off at 13 an hour to cement lenses together I now have a 40 hour week full benefits and I’m not killing myself. I also have two weeks paid vacation time, paid holidays, and lots of room to grow. My first raise is in another two months and everyone I work with says I’m doing a great job and they are impressed with how quickly I pick up on things. I even get an hour of overtime here and there. I’m also about to get a loan to get the truck so I can start building credit and I’ll have the payments taken right out of my account. Right now things seem to be really looking up for me. If you have any more advice I’d still love to here about it. And thanks for everyone’s responses so far.

 

[Ferrulewax]

Update: I ended up getting a new job a month ago at a company that makes lenses for all types of applications military medical science cars you name it. They started me off at 13 an hour to cement lenses together I now have a 40 hour week full benefits and I’m not killing myself. I also have two weeks paid vacation time, paid holidays, and lots of room to grow. My first raise is in another two months and everyone I work with says I’m doing a great job and they are impressed with how quickly I pick up on things. I even get an hour of overtime here and there. I’m also about to get a loan to get the truck so I can start building credit and I’ll have the payments taken right out of my account. Right now things seem to be really looking up for me. If you have any more advice I’d still love to here about it. And thanks for everyone’s responses so far.

If money is tight and you have to get a loan, then do it- but I’d recommend buying a vehicle you can afford now and not going into dept. I’m a big advocate of credit cards as a way to build credit and get cash back- just make sure you always pay them off on time and have the self control to never spend more than you can pay. It’s already been said, but if your workplace has any kind of retirement or savings plan contribute as much as you can to it now.

Take all this with a grain of salt, as I definitely don’t have everything figured out either…. I’m only 24.