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Old 01-22-2015, 06:43 PM   #1
naedauuf
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What do you do with money?

This sounds like a dumb question, and it probably is, but I'm actually seriously wondering.

Whenever you ask someone "what should I buy?" or something like that, most people tell you "save it!".

Well ok, I did that. I just realized I have quite a bit of money saved up. So what now? What kind of things could I invest in, or spend it on? I'm pretty stupid with money. So much so I've bought some investment books (for dummies books), but I'm still not totally sure what exactly I should be doing here. I know my money could be making me more money somewhere else than my savings account.
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Old 01-22-2015, 06:45 PM   #2
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By stocks or gold or jewelry or antiques or something. Some way to flip it and make more money then you can save some and spend some.
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Old 01-22-2015, 06:48 PM   #3
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spend it on frivolous items that I do not need nor want.
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Old 01-22-2015, 06:51 PM   #4
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lick it
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Old 01-22-2015, 06:53 PM   #5
Fat Lard
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Mutual Funds are pretty decent if you want dividends/equity growth without having to study the stock market.

Of course they aren't fool-proof (as NO investment truly is), but the guys that handle the actual trading are paid based on performance, and making sure your interests grow (naturally there will be a % compensation charge from that, just as if you were to have a checking account)




If you have a 'savings' account, I will literally laugh in your face at the money you are sitting on and doing nothing with.



Look up Mutual Funds, MM Mutual Funds, and just general interests into companies that interest you and seem to be not stupid or unworthwhile for you to put your money in.

Or just sit on it to be absolutely sure/safe, as you never know when you need to bust out the rainy-day fund.


Life Insurance
Top-notch Health
etc, I'm not a professional/see a financial advisor at like Merrill Lynch or something, they seem to know what they're doing... (seem)....




Pay extra/open up some type of ROTH/IRA/whatever (depending on your personal favorite)








hit your nearest casino/online site and school kids in texas holdem
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Old 01-22-2015, 06:54 PM   #6
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buy penny stocks in the hope that you'll strike it rich
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Old 01-22-2015, 07:00 PM   #7
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Quote:
Originally Posted by naedauuf
This sounds like a dumb question, and it probably is, but I'm actually seriously wondering.

Whenever you ask someone "what should I buy?" or something like that, most people tell you "save it!".

Well ok, I did that. I just realized I have quite a bit of money saved up. So what now? What kind of things could I invest in, or spend it on? I'm pretty stupid with money. So much so I've bought some investment books (for dummies books), but I'm still not totally sure what exactly I should be doing here. I know my money could be making me more money somewhere else than my savings account.

Funny you should ask that today.

I just purchased an online course on this topic for $99:

https://stacksocial.com/sales/a-lif...street-survivor

You should invest some money in a 401K (pre tax) or IRA (post tax), with a mix of index (safer (about half) and growth (riskier) funds.

Stock advice is beyond my level right now, but that is something you should look into as well. I have an informal mutual pool with a few friends and our returns are pretty high but have stagnated for a while. Diversification is key, and you need to be educated on this. If you are risk adverse, then look to bonds, securities, and indexes. Those are boring though and are just enough to keep up with inflation.

Also, shell out a bit of money for a financial advisor. Actually, I'm with BoF and they're offering a complementary one-on-one with an advisor. Same goes for CPA... get a good CPA who can save you money come tax season.
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Old 01-22-2015, 07:01 PM   #8
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I buy enough food and clothes to get by, the rest goes to music, education, and my girlfriend. All my possessions (except for my guitar) can fit into three suitcases. I detest hoarding "stuff". It causes me so much undue stress and confusion.

I view money similarly to hills on a bike ride. When I'm low: I'm riding uphill; it's tedious and slow, but the ride doesn't stop (Sisyphus Armstrong). When I have exactly as much as I truly need to be happy: it's a calm ride on the plateau. When a bonus pops up: it's the momentary thrill of going down an incline - the thrill of steady flight. When I'm in excess: the incline drops like a cliff and I'm surely bound to crash from one stupid slip.
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Old 01-22-2015, 07:02 PM   #9
Xiaoxi
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Quote:
Originally Posted by So-Cal
buy penny stocks in the hope that you'll strike it rich

Actually that is exactly what I did when FNMA blew up last year... went from 0.86 to something like > 3.50. We bought a shit ton and sold before it entered correction. Got a nice pile to play with
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Old 01-22-2015, 07:04 PM   #10
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lmao don't look this shit up get a freaking broker dude. If u don't got the skrilla to work with one don't even waste ur time on stocks
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Old 01-22-2015, 07:08 PM   #11
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Quote:
Originally Posted by Xiaoxi
You should invest some money in a 401K (pre tax) or IRA (post tax), with a mix of index (safer (about half) and growth (riskier) funds.



Basically a Mutual Fund for the lazy, hey $99 investment i'm sure it had other good info



But agreed, a good CPA will improve your financial situation above and beyond H&R Block/etc. The problem is finding a good one.

They'll definitely help you out with 1 or 2 meetings sort out your best portfolio


Good shit on the penny stocks
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Last edited by Fat Lard : 01-22-2015 at 07:11 PM.
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Old 01-22-2015, 07:11 PM   #12
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Quote:
Originally Posted by Fat Lard
Basically a Mutual Fund for the lazy, hey $99 investment i'm sure it had other good info

It's just something I'm starting out with. I'm fortunate to have a cool boss who helped me set all this up, and he got this all done when he was like 19 and already has a sizable chunk in his 401K.
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Originally Posted by BjarnedeGraaf
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I want to exorcise the demons from your past
I want to satisfy the undisclosed desires in your heart

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Old 01-22-2015, 07:12 PM   #13
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Pay bills, buy a pedal every couple months, go out to eat with the fiance.
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Old 01-22-2015, 07:15 PM   #14
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Quote:
Originally Posted by Xiaoxi
It's just something I'm starting out with. I'm fortunate to have a cool boss who helped me set all this up, and he got this all done when he was like 19 and already has a sizable chunk in his 401K.



yeah man I was just teasing, don't asshole me bro!









lol but yeah, investing into a compounding interest investment when you're 19 vs. when you're 20-something makes a HUGE difference,



definitely do some research on some financial advisors/consultants/accountants/brokers if you're sitting on some money, naed, investing and compounding now > sitting
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Old 01-22-2015, 07:15 PM   #15
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Quote:
Originally Posted by JustRooster
Pay bills

That's actually another good point. Set up a few credit cards with different perks (gas, food, travel, etc) and pay off the balance every month. Do this consistently and long enough, you'll earn a good credit score (> 750) which will definitely save you money in the long run for any loans with an interest.

Quote:
Originally Posted by Fat Lard
sitting

yea...

When you sit on money you're actually losing money every year, due to inflation.
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Originally Posted by BjarnedeGraaf
I want to reconcile the violence in your heart
I want to recognise your beauty's not just a mask
I want to exorcise the demons from your past
I want to satisfy the undisclosed desires in your heart

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Old 01-22-2015, 07:18 PM   #16
cha33 armstrong
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I split my money 3 ways

1: my funds - new clothes, tattoos, etc
2: rent and bills
3: wallet money - to spend on whatever I want (random impulse buys)
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Old 01-22-2015, 07:20 PM   #17
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I've been watching a lot of shark tank lately and I've been legitimately thinking about trying to come up with some stupid product/company I can sell for a good bit of money.
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Old 01-22-2015, 07:20 PM   #18
Joshua Garcia
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I usually just let it sit there (not intentionally saving it, but just letting it pile up) and when I realize there's something I want or mostly need, I spend.
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Old 01-22-2015, 08:10 PM   #19
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I spend it on rent, tax, gas and electricity, food and cigarettes so after all that I don't really have any left. The struggle
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Old 01-22-2015, 08:11 PM   #20
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just spend all your money on Amazon instant movies like i do
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