Need help selecting my financial goals for the next years.

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  1. profile image48
    Sharon Zaksposted 12 years ago


    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 image67
      JustMikeposted 12 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 12 years agoin reply to this

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

  2. saleheensblog profile image60
    saleheensblogposted 12 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 image61
    paradigmsearchposted 12 years ago

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

  4. profile image0
    ryankettposted 12 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
    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 12 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 image70
    simeonvisserposted 12 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.


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