Sun Aug 11 2024, by Tyler Gardner

5 Things I Would Never Do With My Money

I'm Tyler, a former financial advisor and portfolio manager. Now I make financial content for free so that you don't have to pay for it.

1. Never Invest Directly in Real Estate

I know that there are incredible tax benefits to doing so, but for me, it's too much of a headache, it's too much of a time suck, and I have never once woken up in my life and said, you know what? I want to be a landlord and deal with tenants. I don't want to deal with anybody, hence my walks in the woods.

2. Avoid Investing in Cryptocurrencies

Cryptocurrencies are not an investment. Whatever you all say, this is still speculation as there's no underlying cash flow, nor is there any underlying good or service being produced that's expected to appreciate over time, which is the definition of an investment.

3. Skip Whole or Variable Life Insurance

If I wanted to be scammed out of my money, I'd go to the local carnival. At least that way, I might get the brief satisfaction that I might win that giant teddy bear.

4. Do Not Invest in Bonds

I'm 41 years old and I don't need to sacrifice long-term growth for current stable income.

5. Keep Minimum Funds in a Checking Account

I would never, and I mean never, put anything other than my two to three week living expenses in a checking account. For me, it's either two to three week needs in a checking account, or it's going right into a brokerage account or my Roth IRA for my long-term goals.

If any of this is helpful, like and follow, and I'll keep trying to get you one step closer to where you need to be.

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