Yeah... I'm not sure I'm cut out for that. I'd love to do some research and try my luck, but that's what it'd be at this point. Luck.
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With our pensions I haven't been worrying about the long term, just decreasing debt as quickly as possible.
You can buy into an account that follows the S&P or the DWCPF...and then Google SPX Chart or DWCPF when the market closes at 4pm. Watch for trends...up or down and decide when to get out and when to dump more into it. It is definitely a risk. But it takes literally 3 seconds a day to see what the market did, so that's definitely a helpful tool.
Yeah I know a lot of folks did in 2018 especially in the last quarter, but it has rebounded nicely this year so far. I lost some too but it wasn't anything significant luckily. I kept most of it in a more stable account.
This is a good strategy also, although I'm pretty horrible at it! LMAO
But what that will allow you to do is put more money into a less risky account and build it long term.
play with a small sum of money. Something you won't hurt over if you lose it. I played with $300 in bitcoin and etherium just to get my feet wet and lost all of it. HA! Lesson learned. Scratched that itch in a hurry let me tell you.
A Roth 401k is a good vehicle for this “emergency fund” money. Since you already paid taxes on the money, you can withdraw the principal (money you contribute) at any time with no penalty. The earnings will be tax free so long as you don’t withdraw any before 59 1/2 years old.
You can typically access your principal within 2-3 days via bank transfer. Then you can pick a low cost mutual fund with whatever risk level you desire. So you can choose a conservative fund that yields 2-3% with little stock market exposure or something aggressive in the 8-9% range with more risk, or somewhere in between.
I recommend Vanguard as they have many very low cost mutual funds to choose from. I use a Roth this way and I also have a chunk in a simple savings account with Capital One that yields 2.00% since you can only contribute $6500 per year to a Roth. Although, you can open one for you and your spouse and double that limit.
Don’t invest in stocks unless you absolutely know what you’re doing and you have a long term plan (dividend, diversifying, income, etc). You’ll lose your shirt almost guaranteed. The money market route is full of fees and dismal returns. If you take control of your money, you can have different streams of income and earnings, without paying banks and advisors. You have to diversify. I have 401k, 529, HSA, Roth, and “high” yield savings account, and each is either tax-advantaged, earning interest, or both.
The 2% is what my bank said they would to with a platinum, she of course didn't mention fees unless we fall below the minimum amount. Fortunately the money advice from my bank is free, but of course they want to sell you on their products.
This is a great answer to this question and to many questions on ODT!
