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Updated almost 5 years ago on . Most recent reply
Let's get right to it, I need financial advice.
Alright. As the title says I am in need of financial advice. I am 28. I have been working a job I hate for two years, and have managed to save close to 10k. At the beginning of the year I inherited a little over 150k, the 150k is going to be taxed when I take it out of the account it is in but the remaining money is not taxed(can't remember the amount). Now. I am extremely lucky. I am in an extremely fortunate position. I want to capitalize off of this the most that I can so I can help my own family and friends in the future like the person who left me this inheritance helped me.
I have a very low cost of living, I moved a little over two years ago with my parents to a property they purchased years ago, and I live rent free in a small cabin on the property. With bills, food, and necessities I probably pay $380 a month most months, but never more than $480. When I am working, which I haven't been for the last 2 weeks due to COVID, the only added expense is gas which is about $80-$100 a month(of course it's much cheaper now).
So, like I said before I realize that I am extremely fortunate. I've been completely broke, living in a really crappy 1 bedroom apartment while working at a job many considered a career, paying $600 a month in rent and barely being able to afford food. I am stressing the fact that I realize how fortunate I am because I think it is important that I take advantage of every opportunity that I have being in my position. A lot of people can't afford to think about quitting there job to learn something that might help them earn more. A lot of people inherit money but have to spend most of it on their current living arrangement and bills.
With that said, I am thinking about quitting my job. It truly makes me miserable, and I think having more time to focus on learning to invest and trade in the stock market among other things would be worth it in the long run. I am only going to be 28 once, and if I can take this year to develop skills by 29 that I wouldn't have if I stayed at my job, and I can profit off those skills, why shouldn't I do it?
With COVID causing so many to lose their jobs, I figure there will be no shortage of jobs in the future. I have enough money in my savings alone to live comfortably for at least 6 months, at least a year even. But, I acknowledge that my ambition and the amount of resentment I hold for my current job might be clouding my judgment. So I would like to ask for advice/opinions on what I should do?
Should I quit?
If so, is the stock market/trading a realistic way of earning income considering our economy today?
I have already began taking some courses on TD ameritrade's website, I opened a brokerage account and downloaded thinkorswim(trading program), and I have been observing stocks and messing with trendlines and different forms of analysis. I am seriously motivated to learn this. I do not want to be broke, I do not want to be one of those idiots who inherits money and burns through it. This is a blessing and I want to take advantage of it fully.
I appreciate any help. Thank you.
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@Lenny Smith for the vast majority of people day trading is a bad idea; a very bad idea. If you want to try it set aside $1,000-$3,000 fully expecting to lose it all and give it a month or so, if you don't lose money I'd be surprised, if you make a decent amount I'll be shocked.
One of the problems with day trading is you need an account value of $25k to even do it and you have to pay trading commissions if you want to actually trade in real time, and even then you are 2 steps behind the trading algorithms. Whatever you decide be careful, you are lucky to have this opportunity; don't squander it.