TL;DR What is the fastest way to grow my money, reliably and unreliably?

After taxes my biweekly check turns out to be a little over $1300. From there, my expenses look sort of like:

  • Rent: $1000/month. I live at home, so all this money goes towards the mortgage on my parents house. The $1000 is a personal choice of mine and is only high because I want to help my parents out as much as possible.
  • Gas: $150/month
  • IRA: $500/month. I know this is not really an "expense" but it is money that disappears from my paycheck.
  • Eating/hanging out: ~$200/month. On average, it's probably closer to $100/month, but in some cases, it does get that high if I buy birthday presents or something as I'm fairly generous when it comes to presents.

That's it, everything else (roughly $750) goes into a savings account, a managed portfolio, and gets invested through Robinhood and my personal business (which currently doesn't generate enough income for me to include it).

What I have saved up so far:

  • Savings Account: $5000. This is mostly an emergency fund for whatever my family or I may go through.
  • Portfolio: $3000. Not 100% sure how these work, I'm sort of just using it as a second savings account. On average, the growth seems to be quicker than the pure Savings Account, so I just keep dumping money into it.
  • IRA: Just started it last year, maxed it out for 2019, I plan to max it out every year until I can no longer work. This is really just a safety net for if my dreams don't pan out as expected lol. Maxing out my IRA gives me the confidence to dump more money into my business, learning new skills, and investing in the market.

My goal in detail:

I want to buy a house and generate some passive income in Irvine/surrounding area. I don't really have a desire to live in Irvine, I just know Irvine's rise in the business world is too great to ignore, so I want to jump on it as soon as possible. I have no problem living at home, so this purchase will be purely profit motivated.

Misc Facts:

I work in photography, I have no degree, and no credits at any school. I didn't have money for college, and I started making money doing what I wanted to do straight out of high school, so I never went to college. Now I am very focused on the money, and I know photography will never get me there lol. I am currently looking for a job in real estate, not sure exactly what I want to do, so I'm looking for entry level assistant jobs to learn the industry from someone more experienced. My parents are older, but they are healthy. They have about $200k still left on the loan for this house. I believe they will pass before they are able to fully pay it off, but my one sibling and I will receive the house and both of us have already had numerous conversations about renting this house out and splitting the profit 50/50. We are very close and there is no hostility between us. There is also nothing between my parents and I/sibling, we are all a close family and money has never gotten in between our relationships.


  • What's the best way to grow money, assuming I continue my current job and keep my current income? Betterment shows that in order to reach my goal of a $150k downpayment in 10 years, I would need to dump about $1000/month into one of their managed portfolios. I can cut expenses or pick up more work and get there pretty easily, but can I reliably grow my money faster? Can I unreliably grow my money much faster? I am very willing to take risks.
  • What would be the cheapest way to transfer the mortgage from my parents to me/my sibling upon their passing?
  • Is real estate the right field to get into? I don't really care what I do. I adapt very easily and am pretty sharp. If you had 10 years, which "career path" do you think would produce the most assets (total) and knowledge within the 10 years? I don't mind going back to school, but would prefer not to lol.

If you made it this far, thanks for reading! If you need to be brutally honest, please be. I want to hear what I need to hear to reach my goals.

EDIT: I want to add that I have a good credit score 770+ that will continue to go up as I am fairly obsessed with credit card hacking and am constantly upping my total credit limit/payment history. I have 11 cards and counting, so I'm sure that won't be a huge problem when it comes to taking out a loan, but please correct me if I'm wrong.

submitted by /u/Awkward_Memory

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