Working in the oil field. Investment advice?

[CrimParticipant 31]

Just recently made my way to texas. I’m going to be working as a crane rigger initially, hoping to move my way up in a hurry.

Anyways, my bills are practically nonexistent. I’ve got about $1500 left on a credit card. No kids, never married, no student loans…doing pretty well as far as debts are concerned.

As much as I hate to spend money before I make it, I’m hoping for some solid investment advice. I’ll be making, roughly 70k after Government comes and steals a chunk of it to pay for social programs and BS wars. I figure after all my expenses are dealt with and after I buy all of my booze, that’ll leave me about 45k at the end of the year to invest into something.

I’ve got a few business ideas that I’ve been wanting to develop, but they’ll require a significantly larger amount of capital to make profitable.

I’ll take any advice at all.

I’m trying to get a 3 year investment plan, 10 year, and 20 year.

I’m 32, and hoping to retire while my dick still works.

[Anonymous 43]

this is a strange place to go to for investment advice.

best investment advice:

stay the f~~~ away from women

live below your means.

total market index funds

etf

dollar cost averaging

certified preowned cars

live in the rental you own

do not get hurt on the job

keep a low profile at work

avoid alcohol and drugs

[Anonymous 0]

Buy gold and silver
Enough to live on for about a year. Hold it long term in a safe place. It is your retirement that nobody can take from you.
Buy agricultural land with a water supply on it.

Having said this, there is lots of good advice from the guys right here on this site. See what Yumbo and Stealthy have to say.

[WA4SWJParticipant 366]

Go to tastytrade.com

Totally free. Watch all of their training videos and archives on investing and understand thoroughly. Start at the beginning. There is a fantastic archive of videos there and it is all completely free to watch. No money needed at all. Open a free brokerage account and paper trade (like monopoly money) until you know exactly what you are doing. Then start

small

with real money. Trade small, trade often as they say on tastytrade. You can do it with knowledge and practice. It is absolutely worth the investment in time. I am now living on options trading and doing quite well.

Ed

[Elric GreenstoneParticipant 1637]

how’d you get the gig as a crane rigger?

"You can either love women, or understand women. You can't do both. Because once you understand women, you realize that there is really nothing to love."

[CrimParticipant 31]

I’d like to put maybe 10k into gold and silver to start with. Any opinions on currency exchanges?

Thanks for the link to tastytrades! Looks like a pretty good educational site.

I got the crane rig job via a lifelong friend down here. He works as a crane operator. Damn solid human being he is.

I’ve been creeping the site a little bit in the past. It seems real estate is a pretty big thing with a lot of guys here. I just don’t know that I’d be able to get a decent rental property that doesn’t need a whole lot of work with 45k

Also, my credit sucks…bad, so I don’t know that I’d be able to get approved for a home loan anyways. I suppose I could boost my credit quite a bit over the course of a year though.

[BlacqueJacqueShellacqueParticipant 6890]

@crim, I’d point you to my youtube but I deleted it this evening. Gold and silver are great investments but not when you are traveling. There are laws about how much you can move.

Land boss. They are not making (except for China) more land.

Also, as an oilfield guy, SAVE YOUR MONEY!!! If you can avoid the drink, you can avoid one thousand – gerzillion problems. Save that money too.

Land.

Land.

Land with water on it.

[CrimParticipant 31]

BlacqueJacqueShellacque wrote:

@crim,
gerzillion problems.

Land.

Land.

Land with water on it.

I’ve been trying to find land up in the west central Montana area. Clarkston is the name of the place I was looking at. You can get 20 acres for 20k, but there isn’t much water there and it’s pricey to run up a well. That whole area around Bozeman/Belgrade is exploding right now. The city will probably double in size in the next 10-15 years, no joke.

Good advice, I hadn’t thought about just pure land, but I suppose it definitely has its perks over land with a house on it.

[Chris1234Participant 353]

Get 3 months of living expenses saved up before you spend anything (10-15k). Keep it in an account you can access if required. I have this and it makes life so much less stressful, if theres an emergency you have the cash there to get you out of the s~~~. Having some money aside means if you lose your job or your car dies etc you have a buffer to get you out of the s~~~ and you dont have to go into debt. When you’re ready to invest diversify, cant go wrong with realestate and shares. Ive also got a couple of gold krugerands tucked away, thing with gold and silver is you dont get the compound interest which makes a massive difference over time, so I havent gone too heavy on that. Best thing I ever did was buy real estate, I now make income off the rent. Watch some of roy dals videos if you havent yet.

[TrapperParticipant 2912]

Good question. Work the oilfield as well. Wondered the same thing when I started. I can only tell you one thing I learned the hard way. Invest in yourself. Before you blast by this post, here me out.

The oilfield is a fickle bitch. Great money that can vanish in a heartbeat. Never OVER extend. Make YOUR life as settled as you can before taking risk. Secure your dwelling and vehicle, then become ambitious. DO NOT invest in something you aren’t interested in. You need to have passion for it or it will kill you.

Never enter a business venture with a woman

Find a good financial advisor. Worth their weight in gold. You need to be able to tell them your goals.(retire by 50, 55) here them out.

I could go on for days. Good luck bro, watch the wind speeds and have your paperwork spotless!

[Pedal, run, rowParticipant]

Crim wrote:

Blacque wrote:

@crim,
gerzillion problems.

Land.

Land.

Land with water on it.

I’ve been trying to find land up in the west central Montana area. Clarkston is the name of the place I was looking at. You can get 20 acres for 20k, but there isn’t much water there and it’s pricey to run up a well. That whole area around Bozeman/Belgrade is exploding right now. The city will probably double in size in the next 10-15 years, no joke.

Good advice, I hadn’t thought about just pure land, but I suppose it definitely has its perks over land with a house on it.

I looked at some really cheap land in the NW corner of Colorado – same deal – WATER. 2 options gamble a LOT of $ on drilling a well that may or may not find water, or have water shipped in. As appealing as the land was, I took a pass.

[Anonymous 11]

The only 100% guaranteed investment advice I will give is to never let a woman into your finances, ever.

[JVBParticipant]

Not yet. Save it until you have a Years worth of cash to fall back on. Then invest after that.

Peace is > piece.

[Y_Participant 4591]

Currency is going to inflate soon. Plus don’t rely on the oil trade as it is shaky, Hope you have something to fall back on first and foremost.

Arable land – some gold and silver plus prepping will see you through the coming crisis.

For the very short term – 6 months to a year you can try shorting stocks and currencies but this is tricky and invest only what you can afford to lose. This is a survivable plan until after the crash

After that hard to say but you can start buying stocks again when they get back to fair value. Currency will be totally changed after that – so this is not for everyone.

[CrimParticipant 31]

Thanks all. With rental properties, would you suggest suburbs? Urban? Rural? A mix of them all?

[Y_Participant 4591]

Crim wrote:

Thanks all. With rental properties, would you suggest suburbs? Urban? Rural? A mix of them all?

This is not my area. But I have heard horror stories of rental and tenants. What kind of return you are looking for and what kind of clientele you expect will drive your location.

Remember the US is in a housing bubble and many banks are foreclosing. Above all do not listen to Trump’s promises for job creation etc. He has no clue except to get Yellen to print and print $$$$.

[BeerParticipant 11832]

Go long on a diversified stock portfolio. Sit back and collect those dividends! Save consistently and don’t panic sell if the market takes a dip…just save more and wait for it to go back up.

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