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I’m a 30 Something Finally Making Bank, Now What – 2959

The Survival Podcast Posted on by

Podcast: Play in new window | Download (Duration: 1:18:21 — 17.9MB)

I got and email today and thought, man that would make a great TSPC episode, here is that it said….

Jack, Could you do a show for the people like me? I am in my mid 30’s making more money than I have ever before but do not have very good financial role models. I am good at saving but have way too much cash in the bank and not working for me. I am buying crypto in a dollar averaging kinda of way but not enough.

Thank, SB

This is a great question because we are at a unique time in history where stacking cash alone has likely the biggest loss it has ever had outside of an extreme crisis.  At the same time my modern approach of utilizing crypto as part of your investments does not change my old school approach of following the tenants of George S. Clason’s classic work “The Richest Man in Babylon” from 1926.

Join Me Today to Discuss…

  • The strongest thing you have when you are young is your labor and its income
  • A 100% return on 1000 dollars is only 1000 dollars
  • Step one is stack cash, screw inflation, cuz math
  • “Experts” say save 10% of your income, you should do more
  • Think of money like a battery
    • Stores value
    • Can do work
    • Work can/should exceed the value of the energy
    • But a near empty battery can’t do much
    • Batteries need maintenance
  • Learn the rules and rape them
    • Learn to defer and avoid taxes a few ways
      • Typical IRA, 401s, etc (defer conventional, avoid roth)
      • Crypto (only taxed when sold, always portable)
      • Businesses (create deductions)
      • Real Estate
      • Precious Metals
    • Don’t do your own taxes, get a good CPA
  • Stay out of debt, well sort of
  • Be careful where you get your advice, beware of personal bias

 

Resources for today’s show…

 

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Comments

I’m a 30 Something Finally Making Bank, Now What – 2959 — 2 Comments

  2. Jack you mentioned having your bitcoin work for you.

    You mentioned things like borrowing against it in the future as a retirement option.

    Is there a way to put it to work now and to help it to grow?

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