I think it’s good that u realized the need to reduce expenses but to totally cut out your social life is prob not recommended lol.
As with most things in life, usually u need a balance. Cut down some of yr expenditures, maybe by doing less expensive activities, but make sure to still enjoy some time with yr friends or at some point the lack of human contact will be more detrimental than any monetary benefits
Staying at home to invest prob won't grow your money as fast as getting a job bcos as student the low starting capital will not give you a good return on yr time spent, unless u want to take advice from wallstreetbets
so better for u to find a part-time job or intern to increase your capital instead. At the same time, read and learn more about investing so once u have enough money, u can invest to augment or grow wealth!
07 Nov 2020
Just adding a comment onto Rayner's advice... You can reduce the frequency, but not advisable to reduce social life entirely to zero. Been there, done that. It's nuts and you kinda of ask what are you living for... There's really no good reason you can't hang out for a bit of social life. Good friends to hang out with are worth more than an extra couple of hundred bucks.
07 Nov 2020
To answer your question directly, no you shouldn’t do that cos that might take a toll on your mental health.
But I would like to give some insights. I graduated poly last year and I always wish someone had told me these things during poly.
1) Spending a lot is not good, not spending at all is not good. You need to find a balance that works well for your current well being and your future self.
2) Like some have said, having a low capital to invest is kinda hard, especially with all the commissions. What I would suggest is read up financial materials. This will shape the way you look at money, and guide you what to do with money once you have it.
3) build good money habits. Track your expenses, budgeting, spend only what you can, not buying unnecessary items. At your stage, you might think “eh by doing this i can only save a few dollars”. But what the aim here is not to just “save”. It’s to build the habit of it. Cos when you actually earn more, that habit will stick and you will actually see a big “saving”
4) Pick up a niche skill that you have an interest in. It can be coding, drawing, music, etc. This is so that 1) you have a hobby to keep yourself happy without spending too much money and 2) you can find a way to earn money from this skill that you have built.
Zaid Zed, Investor/risk management at financial firm
Posted on 19 Nov 2020
I used to think like you in the past cutting down on social life , saving money. But I realised some...
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