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Fastest way probably is to get a higher paying job. In terms of investments, the Rule of 72 is that a return of 7 percent a year will double your capital in 10
by anon2020dot00 4y ago
Fastest way probably is to get a higher paying job.
In terms of investments, the Rule of 72 is that a return of 7 percent a year will double your capital in 10 years. So assuming that S&P 500 will return roughly 7 percent a year, expect your capital to be doubled in 10 years.
Of course there is no guarantee that the S&P 500 will continue it's upward trend it has been on.
- feet 4y agoOh interesting, so we can purchase our way into better paying jobs now? Where do I sign up and how much does it cost?
- anon2020dot00 4y agoOP wants to have more money; sensible advice is to find and get a higher paying job that pays more than 20 usd. Where in my comment do I say that better paying jobs can be bought?
- feet 4y agoThe question posed by OP: >"How can I use money to make more money?" Getting a different job isn't making your money work for you. Getting g a different job generally does not cost money unless you're relocating. Maybe getting g a degree or other qualifications Costa money, but finding a new job does not.
- anon2020dot00 4y agoYes I understand, that's why I talked about stocks and investing in the S&P 500. I just wanted to state the obvious first that quickest way is to find a better paying job. And it doesn't even cost money like there are lots of free tutorials online to learn how to code better. I also understand that OP might already understand it (finding a better job as the best route) so I didn't spend too much time on that idea with just one sentence. He also said that he wants to enjoy the finer things in life; so it makes sense for him to think about ways to get a better job.
- jaredsohn 4y agoPay for interview practice, resume review, etc. or take a class to learn a new skill.
- feet 4y agoYea that feels like a stretch tbh
- azemetre 4y agoIt’s not. I know a person that ended up paying probably $10k for an interview coach and leetcode tutor that ended up leaving their $90k job at Accenture to making $600k at Netflix. I wish I got returns like that at the market.
- 0des 4y agoSweet baby jesus, that much money changes the game significantly if you can work remote. Where I am, 90k and you're living large with a nice vehicle, 3br+ and some land. 600k and you might as well call up the mayor to tell them what type of wax you prefer on your truck.
- azemetre 4y agoFor my friend, while it's remote there is an expectation that they will be working in their offices in CA. I myself would move nearly anywhere for that kind of money. Especially since it's all cash.
- yunohn 4y agoSounds exactly like that viral Blind post I saw on Twitter. How many 600k jobs does Netflix have?
- azemetre 4y agoUntil recently, Netflix only had two levels for SWEs: Senior and Manager. Netflix is known for paying an extremely large base salary. https://www.levels.fyi/company/Netflix/salaries/Software-Engineer/ https://www.levels.fyi/company/Netflix/salaries/Software-Eng...
- anm89 4y agoOh interesting, we can just rephrase other people's thoughts to the least charitable version possible to complain about the world being unfair?