| My suggestions (I have just decided to officially retire, so money things are on my mind): 1. Read Rich Dad, Poor Dad. I have not personally read it, but it is supposed to be pretty good at explaining the basics. I also vaguely remember some criticism, but can't remember the specifics. https://en.wikipedia.org/wiki/Rich_Dad_Poor_Dad 2. Index funds are good for people like you (you sound like my sister). If you're worried global capitalism will collapse (along with everything else) in the next 30 years <which it actually might> then... well, no one is going to be worrying about money at that point. 3. Investing in stocks takes some effort - you need the emotional intelligence to control your impulses (I am still working on that) as well as some understanding of the economy, economic forces, etc. How pump and dump schemes work is another good topic to understand. People can go down the rabbit hole as far as they want - I am not a "research the financials of a company in detail" person for instance. And options... very gambling-like. I have done ok over the years, but more just because I understand tech and have a decent sense of how companies might thrive -- i.e. invest in what you understand. 4. Relying on state pensions, given the social and economic trends, is a recipe for disaster. Politicians are kicking the can down the road all the time and if the social trends I spoke of become real problems, then pensions will be the least of it. I am certainly not counting on seeing any Social Security or National Insurance (I live in the UK) when I hit 65. 5. From the sound of it, you probably should focus on never getting into debt and building your business / passive income. Then you need only worry about what you are entirely responsible for and not on other people which seems to be a motif in what you're saying. But that means not being an employee which is a lot more secure... 6. If I'd held onto my 10 Bitcoins for longer.... well, if I'd bought some when I heard about when it was $0.01... if I'd sold that NSOL stock in August 2001... You can't be terrified of what might happen (or what didn't) and become paralyzed as a result. Go read the Chinese parable about the farmer who loses everything after gaining everything. Or the Book of Job. 7. And like you say, don't blindly trust other people with your money; the world is getting more corrupt, I fear. So that means YOU HAVE to be responsible for it and figure out how to take calculated risks and what your limits are. Otherwise you will become reliant on that paltry state pension - or you'll have to keep working all the way into your 70s like some people. |
> Then you need only worry about what you are entirely responsible for and not on other people which seems to be a motif in what you're saying.
You read me pretty well. I think I would be OK with relying on others though, but not necessarily with having faith in some made up economic scheme that I don't understand.