It will take years. For you, about 14.
The very first thing you need to do is train for a much better job. Apprenticeships are good for this. You may even need to train for the apprenticeship. Let's pretend that you decided to become trained as in an apprenticeship as a Pipefitter. Pipefitters make roughly $70,000/ year.
It will take you roughly 6 years to complete such a program. Then it will take you between 8 and 10 years to save up enough money to have enough in a trading account to make enough money to live on.
This will allow you to spend at least ten years learning and experimenting with the stock market. During this time, you MAY get lucky, but assuming that you don't get lucky, and just make minimal progress - it will give you enough time to REALLY learn what you are doing. And you will have a job that pays all your bills, allows you to live better, and save alot of money.
When your skills are better, you can live off less - because you can do more with less.
So if you saved up $100,000 in the next 15 years - which requires that you actively get a better job that pays more than $50,000/year (eventually, after all training), and look for a job that provides paid training.
Then you could retire a little after 40, even if you aren't lucky.
Absolutely, just head on over to your local library and rent out investing books, that's what's great about investing you can make as much or as little as you want (or can). Or you can find a local broker (who'll you'll have to pay) who will invest for you. As for what rinkydink says, you can put money down in a retirement account which over the years should accumulate enough if you set your goals (when do you want to retire and how much do you want to live on?) and invest accordingly, you should make it. Although if you do more short term investments you can grow that amount and maybe live on that in retirement or set aside a portion of the profit for retirement.
Follow your dreams, however you can get there, having a goal in life helps.
If you had $500,000. and had it invested at 5% you could count on $25,000. yearly, equal to your current income. To live on $12,000. yearly you 'll need $250,000 @ 5%. Currently interest rates are very low and if you think you'll make a killing in the stock market without any experience you're a good candidate to lose your funds rather than live the good life in the Phillipines
Thank you all for the answers!!
It's 'career'
This is pure speculation.
If your stocks all go up all the time then yes. The chances of that happening .... not good.
If you're good at it I guess.
I have no skill set or degree. I cant even think of a carrer that would make me happy. All I know is that a monthly residual income, adequate enough for the basics of survival, will atleast stop me from wanting to kill myself. If I can make $1000 monthly, i will move to the Philippines and retire. Currently I work two full time jobs and bring home $2500 monthly after taxes. I pay $1075 in rent. Is there any place I can invest and reach my goal with the little money I have? How much money would it take? Please help
