Asked by Anonymous
Asked on 07 Aug 2019
I'm only 19 this year and still schooling in poly. Don't have much time to go find jobs during weekends or school days. Is there any tips or helpful advice to help me build my warchest up for my portfolio. Currently my portfolio is worth about $3.8k, and I want to aim for close to $7-10k by the end of this year! Thanks!
As Siow Nan clearly pointed, a 100% return within half a year thru "Investing" is quite aggresive. It's not to say it's impossible, however, it may be rather unrealistic.
If I were 19 again, I will find way to increase my active income, and learn how to generate passive incomes. Pick up investings books, learn from investors, so when I have 7-10k, I'm able to grow my portfolio with better knowledge and skills.
Go casino bet on big or small. you have about 49% chance of meeting your target to double your money right away.
just joking above
But end of the day, let us be realistic as you are targeting to achieve more than 100% returns in 5 months. If there is a sure risk-free way to achieve that, everyone would be doing the same. What you are asking for requires you to take extreme risks like gambling above, and are you prepared to lose your entire capital for taking the chance?
My take is that you save your $3.8k. Then make an action plan on how you plan to make up your shortfall by active working and not dream of get-rich-quick schemes.
Quick calculation. You are aiming for $6.2k shortfall in 5 months ($10k target EOY) , meaning that you need to earn $1,240 a month. or $62 a day (est. 20 working days a month). break it down to reasonable targets that you can handle and then you can set your plan to work. Take a side hustle like tuition maybe? if you are paid $250 a month for tuition work for 1 person at 2hrs/week = then 5 students may help you reach your target.
Buy/rent 2nd hand car and do private hire/delivery services part time after work and on weekends. I hit my target doing this. Too bad I sold my car after landing on a new job otherwise I will continue to do.
The best way to quickly build up your warchest is to trade time for money.
The amount you are aiming for is $3-6k. Realistically, it's possible to just do part time work or jobs to get that kind of money, given a 5 month timeframe.
Some examples of interesting gigs
1) Working at a nightlife location. Some jobs can pay up to $20 per hour, but you get shitty hours.
2) Tuition. It's one of the highest paying work per hour.
3) Find random skill based gigs, like photography, or graphic design, or emcee. If you don't have professional experience, don't expect to be paid like a full time professional. But it should get you some money.
4) Learn a skill for a business, such as social media management, or helping people design websites. Some people write articles for others and can charge $50 to 100 per article.
5) Find a way to work around your poly campus, so that you can save time in commuting from school to work.
Sorry to burst your bubble but it is quite unrealistic to think that your portfolio can more than double in value in less than 5 months. Unless a strong bull run occurs for the positions you are vested.
As the others have suggested, you may wish to look into a side hustle to gain some income. If you want to achieve your goal then some sacrifices will have to be made. Excluding your school work of cos; that should still be your main priority.
It's great that you have already started on your investment journey at your age. You are still young and have time on your side.
If you really can't spare the time to find and work on a side hustle, then use it instead to research into investing. This is to prep yourself when your warchest is ready to be deployed. All the best.