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Managing Money as a recent college graduate [Ideas Needed]

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SaaS

PARKED
Aug 3, 2021
2
0
1
Hello guys,

I'm a 23 yo software engineer. A recent grad B.Tech in EE. Since due to C0VlD, I'm living at home, I don't have any real expenses other than occasional Amazon stuff.

Where can I store my money right now? I need directions in managing money. Right now my salary is just accumulating in my account. I had done crypto last year and made a decent return given my investment when I didn't even have a job. But it was mostly gambling and luck.

Any books, websites that helped you?

Thanks
 

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MJ DeMarco

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Hello guys,

I'm a 23 yo software engineer. A recent grad B.Tech in EE. Since due to C0VlD, I'm living at home, I don't have any real expenses other than occasional Amazon stuff.

Where can I store my money right now? I need directions in managing money. Right now my salary is just accumulating in my account. I had done crypto last year and made a decent return given my investment when I didn't even have a job. But it was mostly gambling and luck.

Any books, websites that helped you?

Thanks

Have you checked out the 3 on which this forum is based upon?

This is not "save your money for 40 years" type of financial forum. This is a forum for generating asymmetric returns through business.
 

SaaS

PARKED
Aug 3, 2021
2
0
1
Have you checked out the 3 on which this forum is based upon?

This is not "save your money for 40 years" type of financial forum. This is a forum for generating asymmetric returns through business.
Yes, you are right.

Right now I'm building skills to build a SaaS in the future. I don't have an idea yet.

I don't intend to get rich by saving money.
 

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I don't have a 401k. I don't budget. I barely track any expenses at all. I don't negotiate on prices. I don't use my savings account.

Anything I do that's financial has to do with growing my company. We are at 300k in revenue and 150k in profit this year. Next year our goal is to double. As long as I don't become an absolute degenerate and spend ALL of my money, there's not much financially that an extra 150k a year on top of your current 150k a year doesn't fix.

Your success is going to depend on whatever company you grow. Before you have something off the ground, don't change anything. Just hustle and build and hold your breath for a year or two. Then, give yourself a little reward. My reward to myself was I live in a lakehouse and vacation in the winter. In a year or two I will give myself a little pat on the back. But the focus is always the business. Make a million, spend a few hundred thousand, forget the details, then next year make the company bigger. That's the game that you should play. Your relatives making 50 thousand a year are going to tell you all about their 401k's and how you're dumb for ever having an interest rate on anything. They are the morons.
 

Kevin88660

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Hello guys,

I'm a 23 yo software engineer. A recent grad B.Tech in EE. Since due to C0VlD, I'm living at home, I don't have any real expenses other than occasional Amazon stuff.

Where can I store my money right now? I need directions in managing money. Right now my salary is just accumulating in my account. I had done crypto last year and made a decent return given my investment when I didn't even have a job. But it was mostly gambling and luck.

Any books, websites that helped you?

Thanks
In MJ's book unscripted there is a session on how to manage money after your million dollar exit from your business.

Even with small amount of money you can get your hands dirty investing into liquid ETF and mutual funds to force yourself to study about them in advance. Because you would not dare to throw millions at them when you have no ideas about that, in the future.

Of course before you do that, make sure at least you have a n emergency fund worth 3-6 months of your expense.

However if you invest too much into them now, it will deprive you of funds in bootstrapping your own idea/project/business.
 

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