|United States Dollar - USD|
|0 - 9,999|
|Just to reconcile my age, salary, and net worth. A large part of it is a result of an inheritance I received when my father passed away. I used this to start a small business that I'm increasingly trying to get more into autopilot as I am about to try and start a new one.
For income, I would receive dividends from the first business instead of a salary. The second business is still in early days and not revenue generating, it's actually an expense for me at the moment, but manageable. I've also made it a point to have a fairly coupon / dividend heavy portfolio to balance my cash flow.
Stock value listed in net worth calculations do not include private share value in this business which is difficult to ascertain and probably negligible
|Why I Joined|
|I'm trying to make the most with what I have but it can be hard to seek advice because it's a seemingly atypical situation vs. my circle. Plus it can feel a little inappropriate / insensitve to talk about with some of my friends. I was hoping that I could get some advice and comments from the community here. |
|Best Financial Decision|
|Nothing that couldn't be attributable to luck.|
|Worst Financial Decision|
|A lot easier to answer. Starting a business. One could argue it was good for personal growth and lessons learned. Expensive lessons though. About to try again with a new one.
Developing an impatient gambling mentality and playing with options early on as opposed to just expressing views by buying and holding.
Literally gambling with table games.
Investing in property in a foreign market. I didn't consider the headache of managing from afar as well as the currency risk. I had tunnel vision on yield. |
|Current Investing Strategy|
|Manage risk mainly in terms of allocation. Not trying to outsmart the market by making bets. Maximize passive income and living wholly within that cash flow.|
|How do you manage your finances?|
|Spreadsheets mostly. I like the control and versatility over most platforms.|
|What tools do you use?|
|Spreadsheets. The banking / brokerage apps. |
|I need financial help with...|
|Risk management. Either in terms of the leverage I'm using in my portfolio, the businesses I'm starting. Additionally, spending. For the most part I'm pretty austere, nothing too indulgent. That being said, I have noticed I've become a little cavalier about meals and lifestyle expenses such as travel, and a personal trainer pretty frequently.
As mentioned earlier, the cash was from a recent inheritance and as such I've had difficulty maintaining the same lifestyle prior the inheritance. I would say my life prior to that invent was atypically frugal, well below my means. This is why I'm kind of concerned with the recent uptick in spending. |