Hello world,
Surprinsingly there's no info. about this topic in the forum. That's why I'm starting this discussion.
I'm about to graduate University, (I'm taking IT Degree) in a year and there is no way a young graduate can make the kind of money for this surgery especially when you are from a country where the currency is terribly weak.
My plan is to get additional worthy qualifications such as Oracle certification, Microsoft Certification & CCNA Certification then I move to a country where the economy is strong so I can work and earn a strong currency. Additionally, I will need to live frugally and look to invest in stocks, bonds or mutual funds with satisfactory returns.
I'm expecting to get more than enough for my surgery after 2 years of working hard, investing and saving money. If I earn a strong currency I could simply have the surgery in a country where the currency is weaker.
Do you have any suggestions for me? This is the only viable solution I thought for me otherwise this surgery is near impossible for me to afford.
Oh man, my favorite topic...investing.
If LL is that important, do NOT put *ANY* LL money into a stock, bond, mutual fund (stocks again), property, peer to peer lending, or any other investment vehicle that is not liquid.
Read 'The Intelligent Investor' by Benjamin Graham .. you'll soon learn that there is no such thing as a guaranteed return on a 2 year investment .. only 2 years worth of uncertain speculation.
You're best bet is to become a programmer and work freelance, or a salesman within a technical field.
drive uber hahaha
Quote from: CCMidwest on July 21, 2016, 04:34:49 PMOh man, my favorite topic...investing.
If LL is that important, do NOT put *ANY* LL money into a stock, bond, mutual fund (stocks again), property, peer to peer lending, or any other investment vehicle that is not liquid.
That's a good point. I'll consult a Financial Adviser to give me more insights about this.
Quote from: Razorfin on July 21, 2016, 11:17:06 PMRead 'The Intelligent Investor' by Benjamin Graham .. you'll soon learn that there is no such thing as a guaranteed return on a 2 year investment .. only 2 years worth of uncertain speculation.
You're best bet is to become a programmer and work freelance, or a salesman within a technical field.
I've just looked up the book, will be reading it. Programming is something that doesn't appeal to me. Why do you think Programming and sales in technical field are my best bet? And where?[/color]
Quote from: Sconosciuto on July 22, 2016, 06:04:31 AM
That's a good point. I'll consult a Financial Adviser to give me more insights about this.
Especially when you first start investing, never invest money that you can't lose. I buy and sell stocks often, and my main business involves trading commodity futures. Good returns are few and far between, and it is VERY easy to lose large amounts of money right now.
As an example, I had a commodity trade go south on me last month. I lost $70,000 in the course of an afternoon...
It's risky out there right now.
Most financial advisers get paid on commission, so make sure to find one that is not. Otherwise you'll end up in a mutual fund with a 5% front end load, or worse.
You're on the right track thinking about earning a higher valued currency. Even with fluctuations in the US dollar for instance, it is still worth more than the vast majority of other currencies. I expect that to continue, especially with the EU having trouble.
"Saving" money and "investing" money are not the same thing. Save money that is important, invest the leftovers to build a nice future.
QuoteEspecially when you first start investing, never invest money that you can't lose.
Truly speaking I can't lose any hard-earned money. I intend to take the risk in order to "grow" money.
I only need just about enough to cover the surgery+ expenses, specifically + - U$ 25000 or € 22800 would do wonders.
To make this money two years time seems like a far-fetched thinking especially with the terrible economy worldwide.
I will need a job because of steady income, I do work as a freelance designer - the problem is that very few companies will take seriously a young entrepeneur and you can go for months without a single client and I have bills to pay.
This kind of "work" is only suitable as a secondary income source.
The same applies to starting own business: One needs lots of start-up capital and it takes +- 5 years to break even IF the business survives. Companies pay peanuts to young graduates with no job experience.
I ran out of options, I cannot think of how I can make that much money within 2 years. I'll continue researching there's got to be a way out.
Hate to be pessimistic, but...
There is no "risk" that you'll face by investing in the stock market right now, you are all but guaranteed to lose money.
Here's the deal. I am getting about a 2% rate of return on my stocks right now. That is below inflation rates. I literally make better money holding cash at my local credit union that gives me 2.5% on checking accounts.
At a 2% return:
$1000 will earn $20
$5000 will earn $100
$10000 will earn $200
Etc...
Even investing the full amount of your LL surgery only nets you $500 the first year.
Let's say you get the full market average for NYSE: 9.5% (good luck with that)
A $10000 investment still only nets you $950 the first year.
Stocks only work in 2 scenarios:
1. Long term buy and hold for 30+ years
2. Large sums of money invested at once (accredited investor situations like mine)
About the only way to make money with stocks right now is to buy companies that pay large dividends. There are many companies that pay dividends in the 5%-10% range.
However, you have to sell the security at some point too. So you are gambling that the underlying cost basis will be below the retail price when you sell. That's a huge bet.
You are also gambling that the company you invest in will continue to pay dividends. They are usually the first thing that is cut when times get tight.
Beyond that, you pay taxes on the return above cost base including dividends.
Hope this all helps.
Real world advice here:
Work multiple jobs. If you want LL bad enough, you can work a ton of hours.
A $10 an hour second job in the USA, at 20 hours a week, will get you about $10,000 per year. You've got the surgery money in 2.5 years at that rate.
Have a main job to pay your bills. Deliver newspapers in the morning for another $400 per month.
Work 80+ hours a week, not kidding.
Sleep? Sleep when you're dead.
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