Investing is simpler than it looks

[webicknell]

I will say this is good advice (from OP) for those that are not experienced in investing and can't/won/t monitor it on a regular basis.

I have never been a Financial Adviser, but a a former CPA who once passed a Series 7 .... I still do not call myself an expert in any way.

I do manage my own investments and, how aggressive I am, would probably scare the heck out of most retired folks... like me.

But over 25 years, I have gone from $100K in debt (not including mortgage) and no savings to speak of to a small 7 figure investment portfolio that is giving off over $100K a year in dividends....

 

[Realtor]

I will say this is good advice (from OP) for those that are not experienced in investing and can't/won/t monitor it on a regular basis.

I have never been a Financial Adviser, but a a former CPA who once passed a Series 7 .... I still do not call myself an expert in any way.

I do manage my own investments and, how aggressive I am, would probably scare the heck out of most retired folks... like me.

But over 25 years, I have gone from $100K in debt (not including mortgage) and no savings to speak of to a small 7 figure investment portfolio that is giving off over $100K a year in dividends....

Dang I would love to hear the story - please elaborate - I love to hear success stories and people winning! Congrats

 

[Hussar]

I will say this is good advice (from OP) for those that are not experienced in investing and can't/won/t monitor it on a regular basis.

I have never been a Financial Adviser, but a a former CPA who once passed a Series 7 .... I still do not call myself an expert in any way.

I do manage my own investments and, how aggressive I am, would probably scare the heck out of most retired folks... like me.

But over 25 years, I have gone from $100K in debt (not including mortgage) and no savings to speak of to a small 7 figure investment portfolio that is giving off over $100K a year in dividends....

Date range?

 

[araomd]

Its pretty easy

-Save 10% or more of earnings and dont touch
-Live below means
-Buy your own home if you can
-Diversify your savings and investments (stocks, cds, savings accounts, crypto, gold/silver, collectibles, land, etc; pick 3 or 4)

Owning a home may be smart financially, but that doesn't make it a "good investment."

https://www.thesimpledollar.com/investing/real-estate/sorry-but-your-home-isnt-a-good-investment/

 

[chucklenut]

Buy your home outright? Haha

i wouldnt right now. those are general rules anyway, you cant really lose out if live below your means and put away your take home into some form of savings

id say any get rich quick ideas or the perfect financial strategies dont really exist

 

[chucklenut]

Owning a home may be smart financially, but that doesn't make it a "good investment."

https://www.thesimpledollar.com/investing/real-estate/sorry-but-your-home-isnt-a-good-investment/

i said pick 3 or 4 lol

and id mark homes under savings, not investments, as you are saving on the rent lost by at least putting it into home equity. and you can rent out a room or the entire home if you want.

 

[webicknell]

Dang I would love to hear the story - please elaborate - I love to hear success stories and people winning! Congrats

Not a pure investing story for sure....
This all started when I was about 38 and $100-125K in debt after making some bad decisions and losing a couple jobs. Started with the Dave Ramsey course on getting id of debt.
An finding job that turned into an 18 year career making some good money.
I invest in high yield that I watch closely every day and make changes as I go.... I do have a few professionals that I work with very closely... And I trade Options.
I am slowly moving to a more conservative portfolio of DGI with writing Calls.
Do not recommend my path on anybody, but although it is in a good place now, there have been some very rough bumps along the way....

 

[araomd]

id say any get rich quick ideas or the perfect financial strategies dont really exist

Oh they exist. People do them all the time. But it's the guy selling them that gets rich.

 

[chucklenut]

Oh they exist. People do them all the time. But it's the guy selling them that gets rich.

true story

 

[GA 1911]

The DOW, S&P 500, and the NASDAQ all hit new highs today.

i said pick 3 or 4 lol

and id mark homes under savings, not investments, as you are saving on the rent lost by at least putting it into home equity. and you can rent out a room or the entire home if you want.

You really did a good job on this thread. You hit the major topics very well in a basic summary. A message board is not going to read a long post.

I'd add that there are 10 ways to grow a great retirement account with 100 ways to fail miserably. I hope everyone here gets in the first group.