Benpercent Posted May 21, 2010 Report Share Posted May 21, 2010 As has been stated earlier, I have finally managed to land myself a job and can now start on my project of establishing my independence from my family. Of all the considerations I have to take into account I consider finances to be the most important and vital. To that end, I have already read two Motley Fool books, and am currently reading The Wealthy Barber. I believe these sources provide sound financial advice that would indeed make one wealthy in the long run. However, I fear they don't take the government into account very well. While I am optimistic for the future, it is still a possibility that America could choose statism over freedom, and thus never enjoy economic health again. Therefore, I'd like to start a finance thread that provides advice and resources for managing your finances under the assumptions that 1.) one is living under temporarily hostile economic conditions (meaning the government is the source of economic problems, rather than the market itself) and that 2.) during such hostility no end-all economic phenomenons occur (e.g. hyperinflation destroying your savings). I want to put my financial knowledge into action, but I'm extremely hesitant since I fear the principles I hold might be destructive under these governmental conditions. For instance, I'm afraid of getting into the stock market because I'm afraid the government could tamper with it or cause the businesses I invest in to fail. So what say you? Quote Link to comment Share on other sites More sharing options...
softwareNerd Posted May 21, 2010 Report Share Posted May 21, 2010 (edited) I'm not sure if you are interested in general comments, or comments that are relevant to your own situation. On the latter. I understand that you have not yet left home. So, your top priority is going to be to save in order to gain the independence you seek, and then to save in case you lose your job, or something like that. So, I would expect that you should put your savings into a bank or CD until you have moved out, and have a rainy-day fund that makes you comfortable. Then, a year from now, you can survey the situation and decide what you want to do. Your biggest asset meanwhile is going to be your ability to earn a wage. Edited May 21, 2010 by softwareNerd Quote Link to comment Share on other sites More sharing options...
JASKN Posted May 22, 2010 Report Share Posted May 22, 2010 I have little to add except to say that sNerd's advice is spot on. It takes a lot of time to earn and save enough money to meaningfully invest for yourself (you can just run compound interest numbers with an online calculator to see for yourself). You may have to wait longer than sNerd's year (although that was just an example I'm sure) before your financial situation is altered enough for viable outside personal investing. In the meantime, your own earning power is your best rate of return, as that's what you'll be able to improve most rapidly at first. You can always continue to learn about investing and economics before you may ever use the information, to the extent of your interest. Quote Link to comment Share on other sites More sharing options...
Benpercent Posted May 23, 2010 Author Report Share Posted May 23, 2010 I'm not sure if you are interested in general comments, or comments that are relevant to your own situation. Sorry. I'm interested in general comments. Most financial writing I have read is based on the assumption that the market is inherently healthy and that the government won't destroy it, so I would like to read some comments that take into account a *hostile* government. On the latter. I understand that you have not yet left home. So, your top priority is going to be to save in order to gain the independence you seek, and then to save in case you lose your job, or something like that. So, I would expect that you should put your savings into a bank or CD until you have moved out, and have a rainy-day fund that makes you comfortable. Then, a year from now, you can survey the situation and decide what you want to do. Your biggest asset meanwhile is going to be your ability to earn a wage. My career is definitely one of my highest concerns right now, but when you say "save" do you mean pure saving? That is, just accumulating funds? Quote Link to comment Share on other sites More sharing options...
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