Watch King@watchking69
To my youngins, listen up:
I think the worst thing you can do financially while young and single is to increase your overhead and/or lifestyle
Having a tiny cost basis to live is a superpower
It allows you to use any and all extra liquidity to take risk and upgrade your income
Buy things with cash sure, with your surplus of capital. Ideally things that can hold value well (the right watches and cars maybe)
Without falling into the trap of “flexing”
Stay away from clubbing, lavish spending, luxury rents and leases
Always assume your current income is non-recurring until you have something very solid (lots of real estate, dividend portfolio, long term cash-flowing business, etc)
Stay slim and agile, smallest rent in the best/safest and most convenient area in town (quality of life and your environment matters)
Simple used car you can buy for cheap ($5-10k?) cash and run it for a long time: civic, corolla, tacoma, whatever
Live like this for 3-5 years and attempt to re-invest 90% of your extra capital into yourself and the surrounding opportunities
(Especially in yourself, books, courses, mentorships, businesses, events?)
Hard work + discipline + luck = should be able to 5x or more your income in 5 years
(These are arbitrary numbers let’s just say it goes up a lot)
Then come back and start adding new lawyers to your life style
One of the best pieces of personal finance advice I’ve ever gotten: “Always live at least one degree lower than your current income level”
(There are not actual rules, but it’s a nice guideline in my opinion)
Focus on growing INCOME and CASHFLOW
The more you make the more you can save,
the more you can save the more you can invest,
the more you can invest the more chances you have to increase your income
Keep repeating this cycle…
Don’t penny pinch, don’t save for the sake of saving, just focus on income growth
If you’re a trader think about more capital to invest, so you can reduce the risk and still make more when you profit
If you’re an entrepreneur think hiring a bigger team so you can scale, or invest in marketing and increase you Ad Spend
Just keep doing this until your income can pay for a year of your lifestyle (whatever that is) in a month or less
Then live however you want, lavish, simple, humble, crazy, whatever. What other people think doesn’t matter now and it won’t later
Buy the cars, take the trips, spend at the club, gift the friends, retire your parents!
Whatever you want, all the time, you are free now.