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Best way for my money to make money and be accessible
- Thread starter Twiztid
- Start date
Naw; those were built using slave labor.
No judgments here. I asked for the impossible and was corrected as I expected. As long as it's constructive, I'll learn whatever I can, from whomever I can, however I can. I know nothing about investing and would essentially be rolling the dice on individual stocks. I'll set up an appointment with Schwab and check out Vanguard, several have suggested both. I appreciate the input!Not trying to condescend but take it from experience, no amount of books you read will supplant experience. If you can simply control your emotions with regards to investment decisions, you'll be ahead of 98% of everyone else. Based on your "couple thousand on the high risk side and see where it gets us" comment, you're starting off on the wrong foot (just like I did). Again, not trying to condescend, but you can't have the Vegas mentality as if you're leaving it to chance to see gains and will just enjoy the ride if not. Talking with a GOOD professional (Schwabb) is definitely a good move.
Anyhow, keep in mind that you really only need to keep 3-6 months of cash on hand (checking, MMA, savings, etc.). The rest you should use to pay off debt and then invest. If you don't have an IRA brokerage account (roth or traditional), open one and you can divide your funds up by risk. Use ultra-low cost funds and ETFs, not individual stocks to diversify. Google "Vanguard three fund portfolio" to get an idea of simple, proven set-and-forget strategies. Later on down the road you can get into individual stocks if you're feeling frisky. Good luck!
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Instructions not clear, bet 20k on red.
I made an appointment with a Certified Financial Planner. Here's hoping it goes well and I'm not mad I spent money to talk about my money.
Nope, can’t be mad at that. Look into the robo-advisors too. Betterment, Wealthfront, Both offer free and low-cost live advisors and they’ve gotten a good reputation thus far, particularly for younger investors with modest accounts.
20k in the bank in cash.
20k in a mutual fund.
20k in a mutual fund.
I read through 5 pages before I saw the date. Let me say I started a money market account at the bank don’t pay squat. I put $7500 in one January 19. Think i have made $2.50 in interest looking to invest now into something. While it is readily available at the bank if I invest it I can make more plus have it in a day or two if I needed it. At same time I opened the money market account I started a savings account for a granddaughter. $250. I think its earned a whole quarter in a year and a half. Gonna set both granddaughters up with mutual funds as soon as I can fill out the forms.
you CAN NOT make money without a chance of losing them ! if you want to make money without risks - go work in someone's yard. But If you man up and understand that only money can make money, you should start learning about some investments in CDF or ETF's. Stocks, crypto and forex can be very profitable, with minimal risk, if you have a high capital on your account. I'm a professional stocks trader, and I can tell you that only when you are ready to lose money - you will be earning money. You can learn more on businessupside.com (this is not an advertisement), this is where I've learned myself.
