Home Forums Hunting & Shooting Hunter's Campfire Advice for a young man? I'm laying it all out

Thank you.



Travis

Oh yeah, someone mentioned Bakken. There's stupid money floating around there for a young unattached guy to collect.

Such as?

At 22 I would do everything I could to work my way up the ladder. I would stay in your job long enough to get to the next step, say at least a year while looking for the next step for the last 3-4 months.

When your young its easy to adjust, learn and climb career wise. One of the easiest ways to save more money is to make more money. As you get older options are eliminated.

Work on spending money wisely at this point. IT isn't my field, but if courses/schooling help build that career, those are a wise investment.

I would hold off on the house, mostly because it will limit your options. As a 22yo, one of your advantages is that you can move to where the opportunities are. Each job you should try to add to your skill/responsibility set and to your income, being able to load up the car and move to a new job is a bonus.

Money wise, I would pay the minimums on that 4% student debit just because the 4% is next to nothing. While 40K at 22 is good, it might not be much compared to what you may earn later in life. Your tax rates are moderate now. I might consider a Roth Ira, pay the tax now, and get it back tax free later.

In a general sense, listen to Mike Ramsey, live cheap, save, pay down debit, increase net worth.

To really retire at 40, takes a lot of savings but if you shoot for it worse your can do is put your self in great shape for retirement at 50.

Here is what I told our son, bank every dollar you can and when you feel comfortable with what you have put away quit your current job and work at a bit more miserly pace doing what you like. Like mobile ready welding/fabrication.

G_N_SD
If you can retire at 40 that's great, it puts you in a very, very small % of citizens.

Because you gave your word that you would repay the loan. If your word is no good there's little else to be said.

Do people really think that a million dollars cash is still instant retirement money at an early age?

What Micky said and keep your dick out of married stuff and set some goals for yourself including going to college and staying out of debt.

Mr. Coleman, I think you misunderstand. Why should my priority be aggressively paying down student loans at 4% interest, when I could invest the money instead at a 10% return.

I will make the scheduled payments regardless of the above. It's not like I'm some deadbeat.

My goals are on paper.

College, been there done that. Likely will not go back as a masters typically does not make financial sense. Work will pay 2/3 of degree program so ?

First, is this really your situation? Just curious.

Second....
If you stumble into a GOOD woman snag her up, regardless of how old you are. A GOOD woman at 22 will cost you far less than chasing bad women for 10 years and settling for an OK woman at 32. In fact, a good one will sve you quite a bit of money.

Move out. It'll be good for you.

Whatever you do. Get out of your parents house. Your 22 years old with a college degree for gods sake. Stand on your own 2 feet then make a new plan with adjusted budgets. But all these guys are right about staying away from split tail, which you won't have to worry about that anyway when they find out where you live.

You didn't say that in the OP. You asked why should you pay off the loan.

Holy schit! Two Texans saying the correct thing at the same time!

It's a Festivus miracle!


Travis

If you are going to make money going forward, why pay any more interest than necessary?
Get the debt gone, you don't know what tomorrow might have in store.

good advice abounds on this subject


nada wrong with shooting for financial independence at 40, odds are you won't make it by that date, but they increase your odds of hittin it in your 50's since you're aiming for it.

the trouble is, it's difficult for a young man in his 20's chasing tang, not to be tempted by the rockstar lifestyle so he can get a better grade and more tang. Or you hook up with some chick with 3 kids so you can play hero, cause her kids are cute and she makes love like a mink. BTDT seen most all of it.

either way you're going to have to make a ton of money and live pretty frugally so that you can save enough.

personally for a young man that's got a plan I like the Bakken oil field scenario


whether hunting game or hunting dollars, I find it exceedingly easier to go hunt them in the habitat they live in.


oh and hookers are cheap compared to the alternatives.

This right here is sound advice. One common theme in this thread is GET OUT OF DEBT. That is a priority. Then you will have money for flips. Remember, with flips what's popular change, just like styles. Save your money. If you can't pay cash, DON'T BUY IT... Save a good hunk of money for a down payment on a house. That way, even if something does happen in the market you shouldn't go under water. Make sure you have 30-40% down for a house. Don't justify staying in debt in anyway shape or form. Took me all my life. I've got two houses paid for and both vehicles as 2012 and a 2013 paid for. Got some money in the bank and planning on buying another house this year. CASH Come up with investments that make you money. Only invest in things that create income. Rent income is good income. Everybody has to have a place to live. When you buy something, take care of it.

I wouldn't even know what to do with $1 million if I retired at an early age. Assuming that I am retired and living off of the money, I would probably not be able to be super aggressive in my investment strategy. Yet CDs, bonds, annuities, etc. are paying such a low rate of interest, my money would be worth less after one year of investing than it was when I invested it, once inflation and taxes on any earnings are taken into account.

A young person today may live until 90 years of age or more. If retired at 40, that's 50 years of paying for retirement. $1 million divided by 50 years is $20K per year, without considering any investment earnings. That sounds like a risky and paltry retirement to me, especially if no other benefits are included.

Do not buy a house.
Do not pay off the school loan.
Get in you sled and go to ND oil patch.
Bank the money. Don't go nuts chasing whoo-ers.
Find yourself a good place to hunt and fish.

Egypt is about to go t!ts up. We're gonna need the erl and even if it didn't we're still going to need it.
ACA is going to screw many things up.
BTW, you may "qualify" for a $100,000 but that is FAR more than you can or should buy right now.

Your not getting any younger.

Bluedreaux, yes this my exact situation to a T. No sense in seeking counsel with faulty information.

Yes, to all inquirers and critics, it is my intention to move out ASAP. Not next year, not next month, next week. I was previously 'on my own two feet' and was unfortunately laid off, though thankfully I was blessed with parents capable of assisting me.

I'm confident others here have been laid off, and their situation has drastically and expediently changed for the worse. Now that I am positioned to catapult above my circumstances I intend to do so post haste.


Perhaps the service, the oilfields, turning-a-trick, or scamming uncle sam on the side with a whisker of entrepreneurship is the best vehicle to achieve my goals. Regardless, they are only that, vehicles with which I use and abuse at my whim for my betterment.