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Anonymous
Need Your Opinion: 'Paradox Of Choice'. Investment advice for a 21 Year Old
About me:
I'm currently 21, few months till graduation (Poly) and enlistment. Assuming I have a medium to high risk factor, HOLD-ing some cryptos (CRO, SAND, etc.), 5-digits in bank, 0 knowledge on investment but willingness to learn.
Why this thread:
My financial goal is to save $1,000/month for 48 months, but I won't be able to work during enlistment so I need another form of "passive" income from investments.
But with all these avenue for investments like (Robo-investments, Cryptos, Stocks, etc.) I'm stuck with the 'Paradox Of Choice'.
Definition of 'Paradox Of Choice':
The paradox of choice stipulates that while we might believe that being presented with multiple options actually makes it easier to choose one that we are happy with, and thus increases consumer satisfaction, having an abundance of options actually requires more effort to make a decision and can leave us feeling unsatisfied with our choice.
Seniors, do let me know what you think. Thank You and Happy New Year to you.
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Clare
Edited 06 Jan 2022
Writer at Financial Avocado
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The max 99,999 in the bank if take a 7% dividend return is providing 580 mthly. Add with unspent allowance as nsf will give yur 1000 mthly savings.
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- Choose 1 you good at and able to reach your expected returns?
- Although i think $1k/mth saving fo...
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The only way you can earn $1k a month from investing for your current situation is probably trading options... but not advisable at all for a beginner investor and it is not actually 'passive'. At your age, it is best to learn lucrative skills (e.g. web design) that will reap greater income opportunities in the future.