Need help selecting my financial goals for the next years.

Jump to Last Post 1-6 of 6 discussions (8 posts)
  1. profile image47
    Sharon Zaksposted 7 years ago

    Hello,

    I'm Sharon, I'm 22 and I'm interested at creating my financial system. I'm interested in:

    - Establish my own Internet business (or maybe a few).
    - Investing in the capital market.
    - Buying Real Estate asset.

    I'm very new at all of those and need your help at targets definition.
    I've just readed The 4HWW of Tim Ferriss, and I decided that the selections should give me the 3 holy abilities: Time, Mobility and Money (passive income).

    1) Which of them is right for me?
    2) Is there another zones I should be looking at?

    Thanks a lot for you all, I need this help.

    1. JustMike profile image73
      JustMikeposted 7 years agoin reply to this

      congrats on starting on your financial goals at a young age. Time is the best thing when trying to build a nest egg. So, I would start by putting at least as much into your 401k to get the employer match. Then I would max out the Roth IRA. Also I would build savings to about 6 months of living expenses so if you lose your job or whatever you have cash and every time you get a better paying job increase the savings to equal that 6 month cushion and you will be on your way.

    2. profile image0
      ryankettposted 7 years agoin reply to this

      Hubpages, by the way, is my best source of passive income smile

  2. saleheensblog profile image60
    saleheensblogposted 7 years ago

    Start hubbing, learn about SEO and website development and your first option will be fulfilled by the process. From my point of view this is your best bet.

  3. paradigmsearch profile image90
    paradigmsearchposted 7 years ago

    When the next solar flare brings the food distribution system crashing down, gopher recipes will sell like hotcakes.

  4. profile image0
    ryankettposted 7 years ago

    I will share the approach that I take. Firstly, your investments should be diverse just as your income streams should be diverse. Ultimately, any investment is equity, even cash savings.

    My approach to finances in the past 18 months has been to monitor my wealth as a whole, and to concentrate on building the value of my assets as a whole. My earnings are inconsistent, one month I have a great month the next a not-so great month. But no matter what I always do this:

    10% of my GROSS earnings into any one of three pension funds. One is a UK fund, one global, one environmental fund. One is low risk, one is medium risk, one is high risk or adventurous. This 10% is generally split like this:

    50% Cautious
    35% Medium Risk
    15% High Risk

    Learn how to choose the right funds for you and how to determine their risk, ultimately though spread the risk.

    10% of my GROSS earnings is automatically saved in a high interest savings account, ultimately this is a fund which I consider an emergency fund.

    I already own the property that I live in without a mortgage, but ultimately my online objectives are to raise the funds to invest in offline assets - mainly property. In fact, entirely property, I am a real estate graduate after all.

    I then live my life as usual, spending what I have to spend, sometimes I treat myself to something nice.

    When the next payment enters my bank account I do precisely the same thing, 10% pension, 10% savings, only I also review my current account balance MINUS PAY CHEQUE. Generally there is a surplus, I have a benchmark figure which I like to keep in my current account, but if there is anything else left above the figure I then split the surplus between my pension and my savings again.

    Ultimately, these surpluses are important in achieving the following goals:

    a) Raising cash for real estate downpayments.
    b) Another small step towards early-retirement.

    If (hypothetically) my minimum current account balance is £1500, and I have £1700 in my current account by the time I have another significant cash influx, an extra £200 is diverted into savings and pension.

    This helps me to remain strict with my spending and since adopting this simple approach my financial state has improved a fair bit. I am 25, almost 26, by the way.

    Ultimately you need to find a balance between long term and medium term investments, you shouldn't be touching your pension until retirement, whilst you need access to cash. There is a poor return on cash at current, but its a valuable thing to hold nonetheless.

    That's not the whole story, I speculate on stocks occassionally too, but profits from that is creamed off and distributed in precisely the same way. If you do invest in property you ultimately have to ensure that you can make enough to maintain your pension and cash deposits, owning cash becomes all the more important when committing to a long term mortgage, else a sudden event could see you lose a lot of money on your investment.

    You could, ultimately, choose to invest in property as an alternative to your pension. I intend to make ALL of my pension contributions by the age of 35, because they simply aren't the greatest of investment, after the age of 35 - just so long as I have accrued enough in my pension funds - my primary pension will be investment property. Buying property as part of your retirement planning is probably the safest bet, always good to mix up the physical property with the digital property.

    To summarise, I want to build and hold wealth in the following ways:

    Funds & Stocks
    Cash
    Property & Land


    Keep it simple though and concentrate on building your income, you need to earn money before you can decide what to do with it.

  5. profile image0
    ryankettposted 7 years ago

    If you have debt, by the way, the best investment that you could make is debt reduction. The interest paid on debts far surpass the interest or yields achieved on almost all investments.

    There is no point investing in a property to gain a 7% annual yield if you hold tonnes of credit card or loan debt at 15% APR.

    I have wasted three years of my adult life paying off unneccessary debt, I am now debt free, but I cringe when I realise just how much I could have saved or in invested my pension by now. Ultimately, I could have put a downpayment on a second property, something which I am working towards currently - I am looking at overseas markets.

    The only debt that is one which will earn you money in the long term, such as a carefully considered mortgage in an emerging or recovering property market.

    Living debt free is the best wealth generating strategy, otherwise the only wealth that you are building is that of bankers.

  6. simeonvisser profile image82
    simeonvisserposted 7 years ago

    I've read 4HWW too and building passive online income is a good way to start. I'm also reading books to educate myself about managing money and building wealth. I don't know much yet and I don't have that much income either but the most important decision is to start managing your money well.

    Keep an eye on your money and pay yourself first. Always save at least 10% of your income because a part of what you earn is yours to keep. Don't spend more than you earn, that won't make you rich.

    Note though, that Sharon posted two weeks ago, not sure if she'll be reading this.

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)