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Can you offer investment advice? I'm debt-free, about to start earning $2k more per month than I need to survive. Please offer any suggestions for optimal investment method(s). (lemm.ee)

submitted 1 year ago* (last edited 1 year ago) by LemmyInRedditSux@lemm.ee to c/personalfinance@lemmy.ml

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48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don't ever want to be in this situation again.

(Edit: I don't need to buy a house or anything whatsoever related to a house, so please don't mention the "h" word in your response, it's triggering me for tangential reasons. Let me be clear, I will NEVER care about real estate whatsoever, mmmkay? Just trust me when I say I have a roof over my head and it's completely paid off, no property taxes, and No, I will never sell it, so the whole h-word" aspect of life is not a concern for me, k?)

Just looking for guidance where to invest this relatively small amount of money every month so in a few years when I'm older & frailer I'll have enough for retirement. I don't want it to just sit in my bank account, I want it to grow.

For reference, I've been living on approx $1500 per month for as long as I've noticed, so I don't need much per month, and the sooner I die, the less retirement fund I'll need, but we can never predict when anyone's death will happen, so let's assume I'll live to 100 because I'm ridiculously healthy & an exceptionally good driver, never been in an accident, one speeding ticket in my entire life, no social life so I never get into risky situations, so let's just plan for the possibility I'm going to live another 50 years.

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[–] NoiseColor@startrek.website 1 points 1 year ago

There is lots of great advice here. I don't want to cause contraversy, but I would suggest to invest between 10-20% of the investment money into high risk assets such as cryptocurrencies.

I have most of my investments in different funds (tech, medicine), a bit in a savings account (for emergencies) and a bit in crypto. I know there I a lot of hate there, but they have proven that they are here to stay. There is lots of fluctuations that can be hard on the nerves, but in the end, even though this is where I put 20%, it is today worth more than the rest combined.