RE: Going Down that Rabbit Hole of Wealth Building...
Plugging the leaks so that your monthly expenses are less than your income is certainly the correct first step. If you can do that then you are ahead of most people. If you can start when you are 25 and keep it up until you are 65 then you are in way better shape than most.
The usual advise is to keep saving until you have about 3 months of living expenses set aside. None of that money should be invested, because any investment will have risk. Even keeping cash under your mattress is too risky for at emergency fund. It really needs to be in a FDIC backed savings account.
Anything saved over the 3 month emergency fund could be invested. For young people who are looking to invest for 10 years or more, it is hard to beat stocks if you have the disposition for it. Some people are likely to panic during a sell off and bail out.
I'm going to upset some people by saying that cryptocurrencies don't really count as an investment. They just don't have a reliable risk/return ratio that would make them a real investment. I try to think of my crypto "investments" a ticket to ride the most exciting financial roller coaster ever invented. It pays off in thrills.
Oh my god, you're so funny with that financial roller coaster ride!!! Some people get upset with the idea of speculating on crypto (it's not what it's intended for), I don't believe anything that doesn't pay a dividend of some sort is an inbestment... it's gambling!!!
Thank you for the advice on saving, I think we're close to our 3 months now! Still plugging away though, I have one gym membership I need to cancel still, thanks
Crypto is better than gambling on the lotto or in a casino, they both guarantee a loss eventually. It is more like speculation.
STEEM is different than most cryptos, though, because you can use it every day. It is kind of like buying a painting that you enjoy looking at. If its value goes up then that is great, but you can get your money's worth by just enjoying it.
Haha yest so true, you can vet your money's worth by enjoying it! The incentive of making STEEM has really pushed me or inspired me to write about many things that I had said I'd do one day... it's belping me make my dreams come true.