This is going to a little bit of request for help and advice to find some guidance and solid ground. I am a first generation American. Parents grew up with minimal education and came to the states to build their business. Through many hardships they got to where they are today but are slowly struggling. They built a small construction company, In which I have worked in and have helped as much as I could and still do. I went to school for a construction management/architectural engineering background. Fortunately I was able to graduate with decent grades and 0 debt. However, because their business is getting tougher and harder to sustain I went down the route of working at a medium sized firm to get some experience and build my resume and reach a higher salary to the point I can help them…however I’ve always been about investing and building wealth and also doing my best to help my parents now and in the future so that they don’t have to struggle. I’m torn between having to climb the corporate ladder vs working as much as possible so that I have just enough to start investing on my own. However neither path seems ideal and both paths seem as if are a far reach for me . I’ve read a couple books , some ranging from the “Chris Ramsey “ mentality of living cheap and saving as much as possible to invest and the “Robert kiyosaki” to save little and invest everything. I’m good with money and doing my best to build credit and save money along mutual funds. Still trying to figure out stocks . I’ve Been loooking at going into real estate and start getting positive Cash flow, but this housing market makes it impossible. Will I always be stuck in this loop? I feel like anything in my industry requires experience/ or money to start anything or even invest into anything. Do I continue to just get experience in my career and wait till I meet enough peope to make the jump? Or do I just start now …but doing what ? Btw I’m 23 M. Thanks.even hearing your experience and how you started might help me see what track I’m on ?

  • DaySwingTrade@alien.topBEnglish
    1·
    1 year ago

    It’s rare that a 23 year old has a wide perception like yours. Most likely because your parents raised you well…In emphasis.

    From what I understand, you’re basically asking if you should be a bit selfish and focus more on personal goals or try to secure your parents’ future first. Sooner than later that is. I believe there is no right or wrong answer to that. No one can blame you if you make any of those decisions. We all know that family dynamics are different when it comes to immigrant families. They’re more emotional. I bet if you share your dilemma with them, they’re going to say “Oh don’t be silly, we will be fine. You go on with your own path.” You will frequently feel guilty if you decide to do so and feel salty and anxious if you don’t follow your ambitions asap. I totally get it. I’ve been there in a similar past.

    I think the best way to find out the answer is to think ahead. Run scenarios in your mind and evaluate outcomes. Where will you be in 7 years? Making how much in a corporate position? And where will your parents be? You said the business is slowly declining. Is their house paid in full? Any money saved up for retirement? Health care?

    Don’t want to suffocate you with grim reality but eventually your parents become your kids and you become their parent. How good of a parent do you think you will be? Now, imagine if you get married. That’s gonna be a curve ball.

    Great news though, you’re only 23. You could totally bring freshness to their construction business and lift it up. Set a goal of five years, increase revenue for three consecutive years and sell the company. Fill any financial gap your parents might have. Best part is, you will still be only 28 years old. You mentioned investing. This is investing. Money will pass on to you anyway. Whether it’s 15 years later or 30. But it’s there. Real estate capital, stock market fund, whatever.

    Kiyosaki’s Rich dad, poor dad was written in 1990’s. Things were different. He recently said Bitcoin is going to a literate million dollars. It’s a good book, great values to learn from but I personally wouldn’t let it influence me much. Simply because the circumstances have changed since it was written.

    One last thing…Learn more about stocks, read company earning reports, buy them, sell them but do not trade option contracts.

    I wish you good luck friend.