I Make $30k-$90k a Month Day Trading

[Music] brought to you by the Every Dollar app. Start budgeting for free today. I'm 22 years old. Uh I'm currently making about $30 to $90,000 a month and I am trying to figure out when to make the jump into real estate. Uh because that's kind of where I want to take my end goal. Wow. Wow. Zach, we just talked to a caller who makes $850 a month. Yeah. Can you spare some change for our friends? Yeah, I did hear that. What are you doing to make 30 to 90,000 a month? What? So, um, primarily day trading, uh, the specifically the futures market. Okay. How did you learn about this? And are you using a platform? How does this all work? Yes. So, um, I've been like practicing uh for about three or four years now. And then I decided to uh my initial investment of $3,000 into an evaluation for a few prop firms. Yep. And essentially, you use their capital and then you normally get to keep anywhere from 70 to 90% of the profits that you make. And so I did that back in October and I was able to pay my student loans off by doing it. And I got a major in finance from Lipkcom and I graduated in December. And so I kind of decided that if I'm going to go all in on this, I'm might as well do it now and see where it took me. And how long have you been doing this? So with the live funded accounts uh since February or March. Okay. Which is using your own money? Uh no. So it's just the firms primarily at this point in time. So here's the question. If you're so good at this, why not use your own money? Uh yes. So a lot of the times right now, um I don't have $150,000 that I want to invest in it. Um and I'm well aware of the risks and if someone else is going to take on the risk for me. Um, I was raised a Ramsy kid, so you know, the less risk and the more success then that's kind of where I was going with it. Okay. So, what happens if you make a bad trade, you get kicked out of these prop firms, right? Yes. So there are systems in place to where um essentially um I have certain like draw downs that I can hit and a lot of times with every single trade I take I normally try and move um the stop loss which automatically sells me out of the market to break even. And so at that point it's um I don't want to say it's impossible to lose money by any means whatsoever. Um but like a bad day would be me breaking even or only losing about a thousand or two. Okay. How much money do you have now that is liquid? Um, about $50,000. What are you doing with the rest of this money? So, uh, I had to pay off my student loans cuz I paid for my own college. Okay. Um, and then I'm, uh, been in the process of trying to move, um, just somewhere else in Nashville. Um, so that's taken up a little bit, a little portion of it, um, because it was like the first months, last months, and that whole thing. Um, and then, um, I tried to put away some for taxes because I have to do it. Obviously, I get taxed after. You're going to get hammered with taxes if you're making 30 to 90,000 a month. Yes. Set aside 40%. I have been. My godfather is a CPA, so he's been trying to inspire me with some words of wisdom and he was he's been big on like the 40 or 42%. Yes. So, and do you have any debt left? I do not. No. Good. And that 50k, let's call that your emergency fund plus some. Yeah. So that'll be like my emergency fund. Um and then you know like something else happens like with family or you know I like to take care of the people around me. So Okay. And what's your question today? I am trying to figure out so I've always wanted to get into real estate. Um and so I'm trying to figure out when the best time would be to make that move and to start investing in real estate as well because the trading only takes me about maybe 3 or four hours a day. And so that's kind of where I'm missing out, I think. And by real estate, for you to own properties, for investment, for you to flip and make um make a spread, investing, and then I would try and do fix and flips when I could when I have the time. Okay. So, you're wanting to buy and hold and put renters in is what you're thinking. Oh, absolutely. Yes. Okay. And obviously Middle Tennessee, it's not cheap right now. So, I was kind of wondering the best way to go with that. Yeah, for sure. Um, yeah. Well, well, with real estate, we always say if you're going to go beyond your primary residence, you want to do it with cash. And so, being able to buy to own a home first. Well, ideally, yes. To have a primary residence before you go and start doing um investment real estate. Yes. So, that would be um that would probably be the that would be my goal for you, Zach, honestly, would to be to move out of your parents and get a place of your own. Um and and start renting. Oh, you're not living with parents. Yeah. No, so I I moved down here from college. My family is in uh another state. Oh, I got Okay. Um so, I've been renting and then I just sign another year-long lease u by myself. I gota What are your monthly expenses right now? all in. Uh probably only about three or four at most. That's probably an expensive month. Okay. So, let's call it four grand. So, you're telling me if you make 30 grand, you set aside, let's say, 40% of that, right? So, you'd still have about 15 grand left to just throw into savings accounts every single year. I mean, every single month. Yes, sir. So, that you could save up a whole lot of money in a year. I mean, you could have a down payment ready in six months ideally. Yes. Yeah. So the real estate side of the investment portion is it is great but it does it's not for income producing right it's more to hold like you make money on that at the buy and then when you end up selling with all the equity because you're holding it for so long right I mean decades for more of a longterm instead of short-term right yes that's right that's right so um so yeah I mean I think it's a great goal but I think I think the first step for you Zach would be to get your to own property yourself right you know um for your primary residence before going and investing and getting a rental home and all of that because a lot of people do it the opposite way. But what you'll end up finding is you're not really going to make a I mean the depending on the the home obviously in the situation when you do that kind of investing you're not making a ton of money. I think a lot of people have in their mind I'm sure you've run the numbers. you're a smart guy. But I think a lot of people in their minds have this like, oh my gosh, I'm making so much passive income. But by the time, especially if you go take a loan out, um, which a lot of people do for investment real estate, you're having to pay the mortgage, you're having to pay, you know, fees on top of that. You're having to pay, um, you know, everything it is to be a landlord for upkeep, all of it. And you're you end up um, from a from a net to gross standpoint with not a ton of cash. It's not like a big cash cow to have all of this like in a residential market having one or two of these. So, um I just want you going in eyes wide open just knowing what you're getting yourself into and that it's not I don't know. I just feel like I see stuff like this all the time on social media and my husband and I'm like and it's not a bad thing. You know, I like diversification. I like having money in the market. I like having some real estate. Like I think all of that's really good, but it's not this thing that's like, oh my gosh, it's going to be making me a ton of money. if anything flips will like that's where we've actually seen, you know, from a short-term perspective, actually see some pretty great um returns because you're not needing to wait on the market to appreciate cuz it's been a little stagnant the last few years and you can get some really crappy houses and fill and gut them if you know what you're doing. I mean, that's a whole other business that you have a buddy that's willing to help me out to a certain extent. And so um but then I would I mean as of right now depending on even even in like Annioch I might still have to take out a loan for the initial part but then I could pay it off by the time I flip it. So that was the other right. That's the that's that's the that would be the wrong way to do it from Ramsay's standpoint because that's what ends up that's how Dave actually ended up going broke is he borrowed on all these homes and go out and then you get stuck and you're having to sell it quickly because you're like oh my gosh you know we have to it's a flip and so we're needing to make a profit and you end up selling it for not as much as you want and then you end up not making the spread that you want and then it ends up going backwards and it's not good. So cash is everything and I would not count on this gravy train of day trading for too long. I would get out while you can when the getting's good, but just know this may not be a fiveyear career. So I'd find something you can sink your teeth into with how smart you are, my man. Create your free every dollar budget today. The simplest way to budget for your