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Young And Ambitious In The Windy City
Old 08-25-2009, 09:49 PM   #1
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Young And Ambitious In The Windy City

Hey all,

I've been reading the boards for a few days now and felt that I should introduce myself and join this great community! I'm 23 years old and I work as a trader in Chicago. Even though I have no immediate plans to retire, I'm very interested in general wealth-building and finance topics. I've got a great job in a great city and I'm looking to build a great base for my future.
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Old 08-25-2009, 11:14 PM   #2
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Hey all,

I've been reading the boards for a few days now and felt that I should introduce myself and join this great community! I'm 23 years old and I work as a trader in Chicago. Even though I have no immediate plans to retire, I'm very interested in general wealth-building and finance topics. I've got a great job in a great city and I'm looking to build a great base for my future.
Welcome StockSlinger

You'll find lots of useful stuff here, along with some things that are useless except for the humor and good cheer that they bring.

Rather than post a second time on your other thread, I'll just say it here: If you really are making 150-250k per year, take the 100k that you need to decide how to invest, and invest it in a broad based stock index ETF or low cost mutual fund such as VTI (Vanguard Total Market Index) or SWPPX (Schwab S&P 500 Index). Both are very low cost. This will be your starting point for your taxable retirement account. Over time, buy into some international ETFs and bond funds. You are young, so you don't need to add too much fixed income right now, but over time, add it into the mix.

Then, save up month by month again until your lease runs out and use the new savings for the down payment on a modest home in a nice safe area.

Also, if you have not done it, make sure you participate in your employer's 401k, at least to the extent of the match if not much more than that. I think IRAs and Roths are off limits to you with the income you make.

Couple more words of advice, since you are new and young: Pay cash for everything (OK, use the card if you like, but pay it off every month). Save your money for new cars, don't get them on loan. If it means taking a smaller less flashy car, do it, instead of getting a car that tethers you to payments for the next 5-7 years. The only exception to this would be if you get 0% financing (or financing that is cheaper than the the lowest interest you are getting on any fixed income investments or savings accounts).

With equity investments, stick with the broad based ETFs as mentioned above, unless you want to take some greater risk with the possibility of greater reward with a VERY SMALL percentage of your portfolio, in individual stocks. Don't take big risks with money you cannot afford to lose.

Hope this helps. It is the same advice I am giving to my kids.

R
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Old 08-26-2009, 05:50 AM   #3
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Slinger

Welcome - I walk by the Chicago board of trade and I see traders outside on break often. Sometimes they look a little frazzled. Don't let the stress of your job get to you! And save, save, save.
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Old 08-26-2009, 08:50 AM   #4
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Congratulations. I'm new here too and you are very fortunate among your peers that you are even considering this option (unlike so many of your peers) It will pay off in spades. Luck in early retirement truly is the intersection of perseverence and opportunity. All the best to you. Choose wisely
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Old 08-26-2009, 09:13 AM   #5
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The successful traders that I've known are very conservative in their own financial decisions. Perhaps you could talk with some of the people in your field and get their advice?
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Old 08-26-2009, 04:40 PM   #6
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Slinger

Welcome - I walk by the Chicago board of trade and I see traders outside on break often. Sometimes they look a little frazzled. Don't let the stress of your job get to you! And save, save, save.
Ron,

The one downside of the job is the stress, although I feel I handle it better than most. It's a unique profession in that you can work hard for 6-10 hours and walk out of your office or the floor significantly poorer than when you started the day. It definitely takes a certain personality type to be able to handle the swings involved.
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Old 08-27-2009, 07:58 PM   #7
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think long and hard about the sort of girl you want to marry.

look more to Bill Gates than Donald Trump for inspiration.
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