Hello everyone! I’m 20 years old, male from Mexico and El Paso, TX. I earn around $1700 a month and I’m interested in investing in something that doesn’t consume too much of my time, like vending machines. What do you all recommend?
Consider the S&P 500. Just set it and forget it. In 10 to 15 years, you could be comfortably set for retirement. If I had started at your age, I wouldn’t waste time on trendy investments that typically lose value over time. Open an IRA and max it out every year. Learn about compounding interest. Think long-term.
@Haven
Great advice, original poster!
Finch said:
@Haven
Great advice, original poster!
I’ve learned from my mistakes. I try to advise younger folks whenever I can, even at work, so they won’t have to work as hard as I do.
@Haven
I totally understand. I’ve made plenty of mistakes too, including gambling and chasing get-rich-quick schemes. The reality is that building wealth takes patience and smart investments like the S&P.
Starting with vending machines isn’t ideal. They often require more time and effort than you’d expect and aren’t very profitable unless you have a large quantity.
Phoenix said:
Starting with vending machines isn’t ideal. They often require more time and effort than you’d expect and aren’t very profitable unless you have a large quantity.
I plan to buy one every 2 months for about 2 years and place them in private housing complexes. Do you think that’s a good strategy? I’m viewing it more as a long-term investment. I live in Ciudad Juárez, so I’m thinking it would be more profitable to place the machines in El Paso since I live nearby.
Have you considered Amazon FBA?
Khai said:
What do you do for work?
I’m studying music production at university and DJing at a couple of bars, working about 35 hours a week.
Have you thought about crypto investments?