This is quite the change of old ways
How old are you?
I suppose you are... 20s early 30s...

or they'll start their retirement account in their mid 40's early 50's and they're screwed

30's

I started my retirement account when I hit 20, and just had a "set it and forget it" approach to it.

automatic contributions from my paycheck would go to it and I'd check on it every once in a while

I've always gotten myself around by washing cars, selling newspapers, that type of stuff
This... is so alien, but it will come as benefit

Tho I dont want to dedicate my life into the economy, everybody wants to be rich but life has taught me its better to just be sufficiently well off for your family and to help others

yeah I've also been thinking about setting up an IRA or a 401k plan

I have a couple grand to put toward that

I'm planning to start one as well, maybe freeze some funds on an account gaining interest and figure out a way of getting a passive income while I'm either studying or already in business

But greed is... quite the motivator
I need to learn to control it, before I throw myself in

is there another way to build up money but like not for retirement?

savings is too slow

obviously I can't access social security or anything

I have 2 grand just sitting here

Also you can't touch the money in your 401k or Roth IRA without getting penalized heavily in taxes. You have to wait until you're actually retirement age to pull money out of it

yea but

man idk...

Yes, which I reckon would be a good thing for people with bad spending habits

(me)

And the big difference that was told to me is 401K doesn't get taxed when you put money into it, only taxed whatever the tax rate is at the time you pull money out, and roth IRA is opposite, whatever you're putting in gets taxes deducted, but it's tax free when you pull it out (many would argue this is the better way to do it since nobody can tell the future and taxes usually get worse over time)

yeah that's true

I know a guy which has inherited his family's fortune
Hes essentially a multi millionaire, but under the condition that his funds would be frozen and hes given a consistent 9k a month for his expenses

9k a month here it's quite a lot
Yet he still lives on the streets, blew everything on drugs

Sad, and hes homeless until the next 2k weekly payment, where he blows it all in 2 days

i'd rather do ira

Other than getting a job, the other way to make money is to have a brokerage account and do trading, but the returns are pennies and nickels if all you have is a couple hundred bucks in there. There's also the risk of poorly investing it and losing it

so 2k probably won't make a difference either

if you find a bank that has a decent savings account interest rate, that also can generate cash over time, although it's also slow

Well maybe 10 to 20 bucks

yeah i'll just put it in an ira

Patience is rewarded

2k is a good start, but it's still not going to make you 500 dollars a day or anything

true

Put it into Bitcoin and wait 12 years. It’ll be worth $200k

if you invested 20,000 though... 0.5% is 1000 bucks

what if it collapses by then though

No

hahaha

Go learn how Bitcoin works

:(

Sorry, just being real

It’s unstoppable

investing isn't really my forte