not a financial advice but read it fucking closely if you don't want to end up like that guy happy's guide to not fucking up your life savings
1. couple months of expenses in cash or cash-like instruments (glits, treasuries) why? so that if you hit next problems you're not screwed or have cash for lawyers/professional help
2. you don't understand all contracts you go into and your counterparties will disagree you take on risks without knowing. exchange can screw you over (maybe not on purpose). you'll get caught in misfired AML check Shit. Happens.
3. you do not understand how to evaluate a good investment. sorry, you just don't. you don't even know what your goal is. you underweighted "not getting bankrupt" in your evaluation. you assumed zero counterparty risk. you don't get volatility drag. you don't know shit.
4. the first objective of the game is to keep playing the game. don't get knocked out. 30% EV means shit all if you're getting wiped out one a coin flip. you need to know how much capital to put on bets according to their riskiness. consult all points above. you know shit.
5. you don't have enough capital to play at the big boys table if you owe bank $1000, it's your problem. if you owe bank $100,000,000 it's banks problem. similar principle applies at all scales.
6. if you're young, increasing your earnings is the biggest fastest way to get rich. just do something not idiotic with your savings.
7. if you're older, not getting wiped out is even more important. don't get wiped out.
8. financial advisors charging percentage of your assets shouldn't exist
9. you can play around with risky investments. like a hobby. with capital you can allow to lose. be careful. you can get addicted. I don't think it's a good idea
10. anything fancy you want to do will be smashed by taxes and fees. there's a way to make it work but you don't have enough capital to get good tax treatment and good fees.
not a financial advice. don't be an idiot. be happy.
forgot the most important one: 11. if someone advertises a great investment opportunity to someone like you, unsophisticated with little capital, ask yourself - why? why not get the big boys big money if the investment is so good? exactly.
@onehappyfellow Here's haskallcurry's guide to saving this IS financial advice just put it all in to S&P 500 bro. get a credit card. the smaller your NW in cash the better. you need to S&P 500 maxx