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 2 weeks ago '19        #1
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Will932Infinity 
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Any Advice
 

 
Hello everyone,

Im new to this site and came over from Vladtv. Ive been following this site for quite some time and seems there are alot more informative like minded ppl here than most forums. My question is for all of the money getters and stackers. How can I make passive income while working a 9-5? I make about 47.5 before taxes and have dibbled and dabbled in different investments like stocks/bonds, cryto & vanguards. All in all, im not where I want to be financially and looking for help & advice. Thanks to any and all willing to help.


Last edited by Will932Infinity; 03-17-2020 at 11:21 AM..



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 2 weeks ago '05        #2
pnoi89  topics gone triple plat - Number 1 spot x1
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The more you save, the better. With that being said, with you having little income coming in, every single dollar coming in should be properly invested in lower risk, low-cost index funds. I a*sume you're young, healthy and expect to live a rather long life? If so, look into retirement funds first such as Roth IRA's, 401k's, etc. that'll save you from as much taxes as possible.

If you're investing in stocks and "vangaurds" already, you may be in the right directly. Avoid stock-picking, meaning picking individual companies and ESPECIALLY, avoid penny stocks and trading options. Focus your best on saving as much money as possible, then dumping that money where you can to index funds. Over time, you can reasonably expect your money to grow around 7% on average after inflation and fees, in the long term.

Another word of advice, which isn't meant as a negative, but if you're able to increase your income in any way, that's something that's really, really crucial to building wealth. Having such little income coming in WILL make it extremely difficult to build passive income streams.
+1   

 2 weeks ago '19        #3
Will932Infinity  OP
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 pnoi89 said
The more you save, the better. With that being said, with you having little income coming in, every single dollar coming in should be properly invested in lower risk, low-cost index funds. I a*sume you're young, healthy and expect to live a rather long life? If so, look into retirement funds first such as Roth IRA's, 401k's, etc. that'll save you from as much taxes as possible.

If you're investing in stocks and "vangaurds" already, you may be in the right directly. Avoid stock-picking, meaning picking individual companies and ESPECIALLY, avoid penny stocks and trading options. Focus your best on saving as much money as possible, then dumping that money where you can to index funds. Over time, you can reasonably expect your money to grow around 7% on average after inflation and fees, in the long term.

Another word of advice, which isn't meant as a negative, but if you're able to increase your income in any way, that's something that's really, really crucial to building wealth. Having such little income coming in WILL make it extremely difficult to build passive income streams.
Let me just say thank you for taking time to read my post and provide some sound advice. Greatly appreciated. Going to respond to your answers as followed:

1. I will definitely look into the low cost index funds and purchase what makes sense. Yes, I am 26 yrs old, in relatively good health and am expecting a long life. I am planning on looking at a few retirement options this evening.

2. Awesome thanks for the advice. Regarding vangaurds, which are the best long term options in your opinion?

3. I will try this option as well. In the event, I am not able to increase my income, what is the next best course to increase in your opinion?

 2 weeks ago '05        #4
pnoi89  topics gone triple plat - Number 1 spot x1
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 Will932Infinity said
Let me just say thank you for taking time to read my post and provide some sound advice. Greatly appreciated. Going to respond to your answers as followed:

1. I will definitely look into the low cost index funds and purchase what makes sense. Yes, I am 26 yrs old, in relatively good health and am expecting a long life. I am planning on looking at a few retirement options this evening.

2. Awesome thanks for the advice. Regarding vangaurds, which are the best long term options in your opinion?

3. I will try this option as well. In the event, I am not able to increase my income, what is the next best course to increase in your opinion?
1. In that case, look into an Roth IRA, where with your income bracket, you can deposit as much as $6000 in after-tax income per year. Within that, you can invest with whatever you what, much like a Robinhood account, except that any money you make passive is NON-TAXABLE due to it being a retirement account.

tl;dr? Just go to Fidelity (or even download the app) and open a Roth IRA account for free. At least get that ball rolling and throw in a $1 to start.

2. My opinion, I like VOO (Vanguard's index fund reflecting the S&P500) and FXAIX (Fidelity's low-cost mutual fund, also reflecting the S&P500). Just continue to consistently dump money towards those, even if it's say, $20 a week. Building a habit of saving WILL benefit you in the long haul.

3. I can't truly speak on this. Generating income is just that, making money. There are no shortcuts without putting yourself at risk. My advice is simply save as much as you can. The more money you make, the easier it is to save and to save more at a faster rate.
+1   

 2 weeks ago '19        #5
Will932Infinity  OP
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 pnoi89 said
1. In that case, look into an Roth IRA, where with your income bracket, you can deposit as much as $6000 in after-tax income per year. Within that, you can invest with whatever you what, much like a Robinhood account, except that any money you make passive is NON-TAXABLE due to it being a retirement account.

tl;dr? Just go to Fidelity (or even download the app) and open a Roth IRA account for free. At least get that ball rolling and throw in a $1 to start.

2. My opinion, I like VOO (Vanguard's index fund reflecting the S&P500) and FXAIX (Fidelity's low-cost mutual fund, also reflecting the S&P500). Just continue to consistently dump money towards those, even if it's say, $20 a week. Building a habit of saving WILL benefit you in the long haul.

3. I can't truly speak on this. Generating income is just that, making money. There are no shortcuts without putting yourself at risk. My advice is simply save as much as you can. The more money you make, the easier it is to save and to save more at a faster rate.
Thank you for your advice. I will take heed to the information you provided while also doing research on a few retirement options that make sense for me. I will also do more research on Fidelity and the services they offer. Thanks again for you help

 2 weeks ago '13        #6
kromw2 
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 pnoi89 said
1. In that case, look into an Roth IRA, where with your income bracket, you can deposit as much as $6000 in after-tax income per year. Within that, you can invest with whatever you what, much like a Robinhood account, except that any money you make passive is NON-TAXABLE due to it being a retirement account.

tl;dr? Just go to Fidelity (or even download the app) and open a Roth IRA account for free. At least get that ball rolling and throw in a $1 to start.

2. My opinion, I like VOO (Vanguard's index fund reflecting the S&P500) and FXAIX (Fidelity's low-cost mutual fund, also reflecting the S&P500). Just continue to consistently dump money towards those, even if it's say, $20 a week. Building a habit of saving WILL benefit you in the long haul.

3. I can't truly speak on this. Generating income is just that, making money. There are no shortcuts without putting yourself at risk. My advice is simply save as much as you can. The more money you make, the easier it is to save and to save more at a faster rate.
Do you have any recommendations for Roth IRA? I recently opened up one but Iím not very knowledgeable yet . I was recommended a robo advisor to start
+1   

 2 weeks ago '05        #7
pnoi89  topics gone triple plat - Number 1 spot x1
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 kromw2 said
Do you have any recommendations for Roth IRA? I recently opened up one but Iím not very knowledgeable yet . I was recommended a robo advisor to start
The only reason why I don't recommend robo-advisor is mainly due to it having higher fees, though lower than most actively managed mutual funds.

Keep in mind that WITHIN YOUR Roth IRA, you have the flexibility to throw you money at whatever you want in the stock market for up to $6k of your after-tax money per year.

For clarity, a good index fund only has an expense ratio LESS than 0.1% per year.

For example, VOO only has an expense ratio of 0.04% per year.

So in order, I'd recommend the following, in this order: diversified passively managed index funds (Fidelity's mutual funds are literally the only actively managed funds I'd recommend as their fees are pretty competitive) >>>> robo advisors >>>> the large, large majority of actively managed mutual funds.
+1   

 2 weeks ago '13        #8
kromw2 
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 pnoi89 said
The only reason why I don't recommend robo-advisor is mainly due to it having higher fees, though lower than most actively managed mutual funds.

Keep in mind that WITHIN YOUR Roth IRA, you have the flexibility to throw you money at whatever you want in the stock market for up to $6k of your after-tax money per year.

For clarity, a good index fund only has an expense ratio LESS than 0.1% per year.

For example, VOO only has an expense ratio of 0.04% per year.

So in order, I'd recommend the following, in this order: diversified passively managed index funds (Fidelity's mutual funds are literally the only actively managed funds I'd recommend as their fees are pretty competitive) >>>> robo advisors >>>> the large, large majority of actively managed mutual funds.
Sounds great bro. I got my Roth opened up via fidelity right now. I did the back door move of an old 401k so I got about 2k+ in it. But just trying to figure out what to do with it .
+1   

 2 weeks ago '05        #9
pnoi89  topics gone triple plat - Number 1 spot x1
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 kromw2 said
Sounds great bro. I got my Roth opened up via fidelity right now. I did the back door move of an old 401k so I got about 2k+ in it. But just trying to figure out what to do with it .
FXAIX is a decent very, very low cost mutual fund to dump it in (only 0.02% expense ratio and it's a fund meant to reflect some of the common stocks found in the S&P 500). I wouldn't suggest dropping all $2k at once; rather, dropping it in incrementally, see $200-300 every couple weeks? Spread it out, unless you wanna gamble that the index fund is at the pit bottom.

 2 weeks ago '12        #10
Boo The Fool 
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 Will932Infinity said
Hello everyone,

Im new to this site and came over from Vladtv. Ive been following this site for quite some time and seems there are alot more informative like minded ppl here than most forums. My question is for all of the money getters and stackers. How can I make passive income while working a 9-5? I make about 47.5 before taxes and have dibbled and dabbled in different investments like stocks/bonds, cryto & vanguards. All in all, im not where I want to be financially and looking for help & advice. Thanks to any and all willing to help.
IMO itís a good idea to work part time at another job or to even get another full time job. Last December I got hired as a HCCA at usps, I stacked a good 4K with all the hours I worked, after taxes plus the hours I work at my normal job, I saved every dollar I made and invested it into options ( I have a lot of experience trading options) and made maybe 1500$ profit over 2-3 months when I knew I could pull off a sure bet. Options trading you could lose every dollar to your name easy...

But yeah me personally I been looking for side jobs, I applied to the 2020 census and usps full time and I got both, Coronavirus delayed both though... I would make like 4$ less per hour with usps (they start at 17.24$/ hr) but they have a nice pay scale and hella overtime so I considered it, I was thinking of trying to work both jobs.

If we beat Coronavirus, apply to work the census, they pay 22/hr plus 76 cents per mile for each mile you travel to enumerate people. I did it in 2016, I was making 30$ an hour easy...
+1   

 2 weeks ago '19        #11
Will932Infinity  OP
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 Boo The Fool said
IMO itís a good idea to work part time at another job or to even get another full time job. Last December I got hired as a HCCA at usps, I stacked a good 4K with all the hours I worked, after taxes plus the hours I work at my normal job, I saved every dollar I made and invested it into options ( I have a lot of experience trading options) and made maybe 1500$ profit over 2-3 months when I knew I could pull off a sure bet. Options trading you could lose every dollar to your name easy...

But yeah me personally I been looking for side jobs, I applied to the 2020 census and usps full time and I got both, Coronavirus delayed both though... I would make like 4$ less per hour with usps (they start at 17.24$/ hr) but they have a nice pay scale and hella overtime so I considered it, I was thinking of trying to work both jobs.

If we beat Coronavirus, apply to work the census, they pay 22/hr plus 76 cents per mile for each mile you travel to enumerate people. I did it in 2016, I was making 30$ an hour easy...
Thanks family. I definitely been thinking of picking up a part time to bring some extra income in. While I wait for the right opportunity I was browsing around searching for ways to generate long term income with the resources I have currently. I am going to research census and check the availability in my area.

 2 weeks ago '19        #12
Learn1st  topics gone triple plat - Number 1 spot x1
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 pnoi89 said
The more you save, the better. With that being said, with you having little income coming in, every single dollar coming in should be properly invested in lower risk, low-cost index funds. I a*sume you're young, healthy and expect to live a rather long life? If so, look into retirement funds first such as Roth IRA's, 401k's, etc. that'll save you from as much taxes as possible.

If you're investing in stocks and "vangaurds" already, you may be in the right directly. Avoid stock-picking, meaning picking individual companies and ESPECIALLY, avoid penny stocks and trading options. Focus your best on saving as much money as possible, then dumping that money where you can to index funds. Over time, you can reasonably expect your money to grow around 7% on average after inflation and fees, in the long term.

Another word of advice, which isn't meant as a negative, but if you're able to increase your income in any way, that's something that's really, really crucial to building wealth. Having such little income coming in WILL make it extremely difficult to build passive income streams.
47.K, in what city?
What is the cost of living?

 2 weeks ago '19        #13
Learn1st  topics gone triple plat - Number 1 spot x1
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 Will932Infinity said
Hello everyone,

Im new to this site and came over from Vladtv. Ive been following this site for quite some time and seems there are alot more informative like minded ppl here than most forums. My question is for all of the money getters and stackers. How can I make passive income while working a 9-5? I make about 47.5 before taxes and have dibbled and dabbled in different investments like stocks/bonds, cryto & vanguards. All in all, im not where I want to be financially and looking for help & advice. Thanks to any and all willing to help.
47.5, in what city?
What is the cost of living?

 2 weeks ago '13        #14
kromw2 
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 pnoi89 said
FXAIX is a decent very, very low cost mutual fund to dump it in (only 0.02% expense ratio and it's a fund meant to reflect some of the common stocks found in the S&P 500). I wouldn't suggest dropping all $2k at once; rather, dropping it in incrementally, see $200-300 every couple weeks? Spread it out, unless you wanna gamble that the index fund is at the pit bottom.
Iíll definitely add that to my watch list . What are your thoughts on VTSAX?

 2 weeks ago '05        #15
pnoi89  topics gone triple plat - Number 1 spot x1
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 kromw2 said
Iíll definitely add that to my watch list . What are your thoughts on VTSAX?
Itís also a good index to dump into. Very low expense ratio 0.04% and account for basically the entire market, not just large cap companies.

 2 weeks ago '19        #16
Will932Infinity  OP
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 Learn1st said
47.5, in what city?
What is the cost of living?
I am in Indianapolis



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