Yes. It is time to learn.
What do you think of my profession of love to you super cute butt?
You are doing the right thing so that's good. My uncle does his 401k at work because the company matches so it's like getting free money. But he told me most of his wealth is in his brokerage account that he manages himself. His 401k has limited investment options. Also, you have to wait until you are old to access your 401k and IRA $$$ without penalty. With a brokerage account, you can do whatever you want, whenever you want. :)
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Trump is an idiot and America can and will succeed in spite of him. This proves that we pretty much live in a foolproof society. It hammers home the fact that a president isn't as important to the economy as some people think. It also proves that money is imaginary, and that to succeed in this country, you simply have to play the game. Sure, it can be annoying but as long as you aren't a fuckup, you can have a rather easy life. But having a fuckup as a president is bad. Why? Because a house divided cannot stand. And no president in history has consciously divided Americans like President Clown.
I don't day trade. Neither does my uncle. We feel that is more like gambling. I know some people are good at it. But I know I am not good at that sorta thing. I like investing for the long term.
Who is little Tay? And I hope that persona doesn't take over her life when she grows up I can see her turning into something nasty! Best to her...
Li'l Tay is someone whose toilet costs more than your rent.
That may be true but my toilet is worth more than her rent.
So it sounds like you both have incredibly expensive toilets.
Or very cheap rent
My uncle started investing in 1997 when he was making less than 30k a year. He was 5 years older than you are now when he started investing. He has never made more than 80k in any year since and he is a millionaire now. I am not fooling. His net worth is approaching $1.5 million. It's pretty easy to invest. Just be disciplined and diversify your portfolio. You are kinda dumb if you don't invest.
Physical Gold, silver and PGM's eventually real estate... maybe dabble in bonded wine and appreciating luxury goods If I can't see it or touch it then I won't buy it
Gold and silver are bad long-term investments. Real estate could be good but it often requires hard work. That's fine if you like that sort of thing. But investing in stocks is about the easiest and most lucrative thing you can do to achieve wealth. You have to be disciplined though. A lot of people can't focus on things. Were you a poor student in school?
I'll take thousands of years with no crashes compared to stocks what with the great depression, Black Monday, Lehman Brothers and of course the present situation not to mention the frauds perpetuated by Stratton Oakmont and Bernie Madoff
That's not sound thinking. Invest yourself with an online broker like Fidelity or Charles Schwab. They don't even charge you for trades these days. My uncle said that he used to have to pay like $12 to buy or sell something. Now it's totally free. Also, real estate goes through bad times, too. Here is a fun little story: We have a family friend who is a dentist. He makes good money and had quite a bit saved up (like 400k) back around 10 years ago or more. He called my uncle and asked if he should sell his stocks. Why? Because Obama just became prez and FOX News and Rush Limbaugh and other right-wing propaganda BS artists were scaring everybody and saying the country was doomed. My uncle told him NO! Don't sell, America is strong and there is absolutely no reason to panic. So what did the dentist do? He sold anyways!! 400k is stocks was cashed out and he used the $$$ to pay off his dental building. Fast forward to now and that 400k would have been worth a cool million and a half AT LEAST! The market TRIPLED under Obama and it has grown and crashed a couple times under Trump but now it has recovered quite a bit. His dental building? Well that *might* be up to $450k. I don't know if you are any good at math but $1.5 million is WAY more than $450,000. I have heard at least 3 other stories with people I know who fucked up in similar ways. Don't be a stubborn fool. You will be the only loser.
My late antique dealer bought a house for £7,000 in 1957... fast forward 60 years the place is worth £6M and she'd bought most of the streetYou can get insurance for real estate and tangible assets but not the stock market (I barely trust banks and they are insured)Property goes through bad patches like everything but the rental income remains the same and the value can't vanish completely... at worst you have an insurance payout, a load of scrap metal and a brownfield site I'll gamble what I'm willing to lose in the conventional way
Why not do both? It's diversification.
I'm too old for intangible assets... the tangible assets offer enough diversificationI know of too many pensions lost in the stock market
Too old? Lol you’re 22. But this guy buys cigars at 22 years of age I wouldn’t fret too much over what he thinks
22 on paper is my 44 given my life expectancy and all but I do love a Cuban (might as well hurry myself into the ground well most of me anyhow (unless I can afford to be turned into a diamond) my brain is either being cryogenically stored, pickled in a jar on someone's desk maybe donated to a museum like Mütter in Philadelphia
You gotta be careful that you don't pay too much in fees with mutual funds. And you are too young to be messing with bonds in my opinion.
That's true about the mutual funds but I don't think you're ever too young to invest in bonds, you need to have a diversified portfolio so bonds are a safer alt to stocks sometimes. I'm working on making my portfolio a little more aggressive since I'm not worried about retirement or anything soon, I can gamble a bit lol
I have an uncle who is a regular working person and he is a self-made millionaire purely by being disciplined and not doing dumb things with money. He only has invested in stocks, never bonds. When you are young, he says to be aggressive. You can move into bonds later in life. Much later.
Hmmm that's interesting, thanks for the tip! I still have a lot to learn but without a doubt there's money in the stock market. So does he invest in mainly blue chips or is he more into day trading with more volatile stocks?
He is not a day trader. His big successful stocks are Apple and Amazon. He invest 10k in Apple when he heard about the iPhone. That 10k turned into over 200k. He invested in Amazon around the same time. 3k turned into 130k. Those are two great examples. True, most investments won't do that but if you diversify, you will get some BIG winners like that over time. But you have to keep looking for good stocks. He invested in Tesla recently and that has done great, for example.
He made some pretty lucky and smart investments, Amazon's stock blew up and Tesla is on the same track. Appreciate the tips, I'm definitely looking at some starter companies and a few being affected by this pandemic but will eventually climb back up as well as some blue chips like google and apple. There's only a few ways to become rich without being 'given' money and that's stock, real estate and small business so I'm working towards all three. It's constant research and following the news but I like the challenge. Thanks again for the tip, I might drop some bonds and switch things up for a bit 👍
Sure, it's a combination of luck and skill... but as decades roll by, it's not really luck at that point. It's a statistically proven method. When the market crashes, it's not the time to panic. It's the time to invest. If you buy the dips, you will inevitably come out a winner in the long run. Once your returns start compounding, it's like a runaway train. It's actually really simple. But you can't be in debt and live a reckless lifestyle. Discipline is the key.
Yep I agree with you 100% percent, discipline and patience are some of the most important factors with becoming successful. I like looking at stocks from the view of Warren Buffet who says you don't buy stocks for the next year, you buy them for the next 30 years, so not jumping ship when the market drops and riding out the storm is where you really make the money. That's what he did with Coca-Cola after the great depression I think. You know what you're talking about 👏
I am not rich yet but i am determined to have my first million by age 40. My uncle did it by age 48 but he started investing later in life (around age 27).
Sure, my uncle got rich at 12 years old and he lets me borrow his Ferrari.
You are lucky. My uncle drove a Saturn for 18 years. He finally replaced it with a new Chevy Cruze a little over a year ago. It's a lot better than the old Saturn but not as kewl as a Ferrari.
Did your uncle teach you about some strategies? What kind of stocks does he like more? Does he invest in mutual funds, cryptocurrency and real estate?
Yeah, we talk about it a lot. I have some investments but I am just starting out. When the market crashed a couple months ago, he said it was a good time to get in. He was right. Now of course, the market could crash again but the key is not to panic. Just realize that it will eventually come back and even if your timing is a little off, you can't let yourself get frustrated. But make sure you are well diversified. Have lots of little investments in different sectors. Also, it's best to start out with solid companies with strong track records. You can eventually mix in a few riskier things but don't get carried away.
Yeah, actually I got some corporate bonds, mutual funds and thinking about getting some shares as well but firstly I should complete learning about how to analyse financial reports of companies
Yeah, I opened my account only in April so I missed the chance to buy everything for a cheap price, hahaha. But still it's a very interesting sphere to learn. The whole new world
Nice! I've been makin' some sweet coin recently as well.
It's very easy with the internet. Most major brokers offer 100% free trades these days. And researching stuff is also simple with the internet. Just don't get suckered into ridiculous investments.