11-02-2021, 12:27 AM
(This post was last modified: 11-02-2021, 12:30 AM by crimsonghost747.)
First of all, welcome!
And then to the subject. I would start off saying that your goals may be a bit unrealistic. You did say that your goals are lofty, and that with your current contributions it would take multiple lifetimes to get there... unfortunately we only have 1 lifetime. I do not want to discourage you from trying, but I think it would be prudent to set some more realistic goals to start with. You will need to adjust your plans anyway since you never know what life throws at you, so might as well start with something that you view as achievable.
Regarding the actual amount of $$$ flowing into your portfolio, you're definitely on the right path. Monthly contributions and reinvesting the dividends are the way to go. Now the reinvesting part will start to show the snowball effect on it's own. The part that you can easily change is the amount that you contribute. Whether it's cutting down on expenses or earning more, or maybe a bit of both. It's obviously a trade off between current spending habits and long-term wealth, but such is life... there is no such thing as a free lunch.
Another option is to just increase risk. Just be sure that you're comfortable with the risk you're taking... once again there is no such thing as a free lunch.
Some ideas:
-trading
-leverage
-investing into riskier sectors (more super high growth, less stable dividend payers for example)
And then to the subject. I would start off saying that your goals may be a bit unrealistic. You did say that your goals are lofty, and that with your current contributions it would take multiple lifetimes to get there... unfortunately we only have 1 lifetime. I do not want to discourage you from trying, but I think it would be prudent to set some more realistic goals to start with. You will need to adjust your plans anyway since you never know what life throws at you, so might as well start with something that you view as achievable.
Regarding the actual amount of $$$ flowing into your portfolio, you're definitely on the right path. Monthly contributions and reinvesting the dividends are the way to go. Now the reinvesting part will start to show the snowball effect on it's own. The part that you can easily change is the amount that you contribute. Whether it's cutting down on expenses or earning more, or maybe a bit of both. It's obviously a trade off between current spending habits and long-term wealth, but such is life... there is no such thing as a free lunch.
Another option is to just increase risk. Just be sure that you're comfortable with the risk you're taking... once again there is no such thing as a free lunch.
Some ideas:
-trading
-leverage
-investing into riskier sectors (more super high growth, less stable dividend payers for example)