MacReady Posted February 3, 2021 Share Posted February 3, 2021 Just now, Tk3 said: the high risk game is taking advantage of a LOT of ppl right now Oh I know it. It's very scary for me not for me, but for people that I kinda care about. I tell all of them the same thing: 1. Get your savings account up to 6 months salary in case of emergencies so you don't have to sell your investments when your car breaks down or some other unexpected expense comes up (because it will). I have a problem with having too much money in my savings account because I'm petrified of needing 50,000 dollars in case I have to have a lower torso transplant and my insurance only covers the toes. 2. Make a budget (food, rent/mortgage, entertainment, gas, general expenses, investing). 3. Automate 80-90% of your investment schedule by first taking advantage of any company matching program, but then take advantage of the automated investment schedule that virtually any brokerage/investment site/app has. 4. Play with the other 10-20% of your investing budget. It's like that Friends meme where Phoebe is trying to teach Joey French. Get your savings account up. -Get my savings account up. Make a budget. -Make a budget. Automate 80-90% of your investments, play with the other 10-20% in high risk, high reward investments. -Put 1,000 dollars into Stellar Lumens at 35 cents each, sell at 20 cents each because my car ran out of gas and I had to walk to the gas station and buy a gas can to fill it and also my baby is out of diapers. 3 Quote Link to comment Share on other sites More sharing options...
Tk3 Posted February 3, 2021 Share Posted February 3, 2021 3 minutes ago, Outpost31 said: Oh I know it. It's very scary for me not for me, but for people that I kinda care about. I tell all of them the same thing: 1. Get your savings account up to 6 months salary in case of emergencies so you don't have to sell your investments when your car breaks down or some other unexpected expense comes up (because it will). I have a problem with having too much money in my savings account because I'm petrified of needing 50,000 dollars in case I have to have a lower torso transplant and my insurance only covers the toes. 2. Make a budget (food, rent/mortgage, entertainment, gas, general expenses, investing). 3. Automate 80-90% of your investment schedule by first taking advantage of any company matching program, but then take advantage of the automated investment schedule that virtually any brokerage/investment site/app has. 4. Play with the other 10-20% of your investing budget. It's like that Friends meme where Phoebe is trying to teach Joey French. Get your savings account up. -Get my savings account up. Make a budget. -Make a budget. Automate 80-90% of your investments, play with the other 10-20% in high risk, high reward investments. -Put 1,000 dollars into Stellar Lumens at 35 cents each, sell at 20 cents each because my car ran out of gas and I had to walk to the gas station and buy a gas can to fill it and also my baby is out of diapers. Yeah, I'm with you.. If someone with good financial stability knows and understands what is happening with wsb and makes the conscious decision to give it a shot, knowing the risks.. cool. I'm for it The problem is a LOT of people had NO idea what was going on, then this got media attention, and all of a sudden people see it as a "get rich quick" type of thing, without ANY understanding of what is happening. THOSE are the people who bought at $300-400, and are now sitting with 1/4 of what they put in and now feel like the stock market is "gambling" or "a casino", and are going to be disheartened from doing the right things later and are going to be turned off from actual investing 3 Quote Link to comment Share on other sites More sharing options...
MWil23 Posted February 3, 2021 Share Posted February 3, 2021 5 minutes ago, Tk3 said: Yeah, I'm with you.. If someone with good financial stability knows and understands what is happening with wsb and makes the conscious decision to give it a shot, knowing the risks.. cool. I'm for it The problem is a LOT of people had NO idea what was going on, then this got media attention, and all of a sudden people see it as a "get rich quick" type of thing, without ANY understanding of what is happening. THOSE are the people who bought at $300-400, and are now sitting with 1/4 of what they put in and now feel like the stock market is "gambling" or "a casino", and are going to be disheartened from doing the right things later and are going to be turned off from actual investing Throw in how COVID has impacted a lot of them into this speculation/gambling mindset because there's "nothing to do", and you have a perfect storm IMO. 12 minutes ago, Outpost31 said: Oh I know it. It's very scary for me not for me, but for people that I kinda care about. I tell all of them the same thing: 1. Get your savings account up to 6 months salary in case of emergencies so you don't have to sell your investments when your car breaks down or some other unexpected expense comes up (because it will). I have a problem with having too much money in my savings account because I'm petrified of needing 50,000 dollars in case I have to have a lower torso transplant and my insurance only covers the toes. 2. Make a budget (food, rent/mortgage, entertainment, gas, general expenses, investing). 3. Automate 80-90% of your investment schedule by first taking advantage of any company matching program, but then take advantage of the automated investment schedule that virtually any brokerage/investment site/app has. 4. Play with the other 10-20% of your investing budget. It's like that Friends meme where Phoebe is trying to teach Joey French. Get your savings account up. -Get my savings account up. Make a budget. -Make a budget. Automate 80-90% of your investments, play with the other 10-20% in high risk, high reward investments. -Put 1,000 dollars into Stellar Lumens at 35 cents each, sell at 20 cents each because my car ran out of gas and I had to walk to the gas station and buy a gas can to fill it and also my baby is out of diapers. All of this is great advice. I'm currently in the "rebound to 6 months of expenses" in my savings account. I should have this by the end of February or March, all while simultaneously investing at the 1st of each month. Essentially, the first of every month I pay investments and mortgage/escrow with autopay, and then each paycheck I have my retirement automatically pulled...so all of that is literally money I never see or have the opportunity to spend on anything else. I budget based off of all of those things getting pulled, which equates to over $3,000 a month of income that I don't spend. Sometimes it sucks, but I know that if I ever saw it, I would spend it or a portion of it, which would be a bad decision. Quote Link to comment Share on other sites More sharing options...
El Ramster Posted February 3, 2021 Share Posted February 3, 2021 Mvis clsk Having some nice runs this morning Quote Link to comment Share on other sites More sharing options...
El Ramster Posted February 3, 2021 Share Posted February 3, 2021 48 minutes ago, Outpost31 said: Oh I know it. It's very scary for me not for me, but for people that I kinda care about. I tell all of them the same thing: 1. Get your savings account up to 6 months salary in case of emergencies so you don't have to sell your investments when your car breaks down or some other unexpected expense comes up (because it will). I have a problem with having too much money in my savings account because I'm petrified of needing 50,000 dollars in case I have to have a lower torso transplant and my insurance only covers the toes. 2. Make a budget (food, rent/mortgage, entertainment, gas, general expenses, investing). 3. Automate 80-90% of your investment schedule by first taking advantage of any company matching program, but then take advantage of the automated investment schedule that virtually any brokerage/investment site/app has. 4. Play with the other 10-20% of your investing budget. It's like that Friends meme where Phoebe is trying to teach Joey French. Get your savings account up. -Get my savings account up. Make a budget. -Make a budget. Automate 80-90% of your investments, play with the other 10-20% in high risk, high reward investments. -Put 1,000 dollars into Stellar Lumens at 35 cents each, sell at 20 cents each because my car ran out of gas and I had to walk to the gas station and buy a gas can to fill it and also my baby is out of diapers. It’s crazy. How 75% of people I know can’t do this. They’re living paycheck to paycheck... Breaks my heart. You could give them the plan and they’ll never make it... The main reason I’ve seen is that they over spend. They’ll rather shop, eat outside or buy a new car they can’t afford. They’ll rather look successful than actually be successful. Then you have those single parents who are fighting tooth and nail to stay afloat. 1 Quote Link to comment Share on other sites More sharing options...
El Ramster Posted February 3, 2021 Share Posted February 3, 2021 CCIV about to be a double/two bagger. Quote Link to comment Share on other sites More sharing options...
Sad People Posted February 3, 2021 Share Posted February 3, 2021 14 hours ago, GHARMON9 said: Imagine making $10,000 dollars when people are dying, and/or losing their jobs... And you stealing 62 cents from your employees payroll... That's the ratio of what Amazon did. 2021 is outpacing 2020 sadly. lol What exactly has Bezos done? Quote Link to comment Share on other sites More sharing options...
Heimdallr Posted February 3, 2021 Share Posted February 3, 2021 I don't understand why Reddit hasn't blown up $YOLO yet. A marijuana ETF that is literally called YOLO?? C'mon. Quote Link to comment Share on other sites More sharing options...
Johnny Nix Posted February 3, 2021 Share Posted February 3, 2021 Sold CPSH this morning looks like another mistake 😭 Quote Link to comment Share on other sites More sharing options...
evilflamingo Posted February 3, 2021 Share Posted February 3, 2021 20 minutes ago, El Ramster said: CCIV about to be a double/two bagger. Feels good! 1 Quote Link to comment Share on other sites More sharing options...
El Ramster Posted February 3, 2021 Share Posted February 3, 2021 22 minutes ago, Johnny Nix said: Sold CPSH this morning looks like another mistake 😭 nooo. Quote Link to comment Share on other sites More sharing options...
VikeManDan Posted February 3, 2021 Share Posted February 3, 2021 @Heimdallr you get in on OGI? Quote Link to comment Share on other sites More sharing options...
VikeManDan Posted February 3, 2021 Share Posted February 3, 2021 13 hours ago, El Ramster said: Also, Gevo. Anyone watching this puppy? I sold 19 shares of this in early November for some dumb reason. Lesson learned with these "penny" stocks. Smh. 1 Quote Link to comment Share on other sites More sharing options...
GHARMON9 Posted February 3, 2021 Share Posted February 3, 2021 57 minutes ago, mattyice0401 said: What exactly has Bezos done? They kept 62M dollars in wages/tips from their employees. Quote Link to comment Share on other sites More sharing options...
Heimdallr Posted February 3, 2021 Share Posted February 3, 2021 12 minutes ago, VikeManDan said: @Heimdallr you get in on OGI? Dang, nope but I wish I would have! Quote Link to comment Share on other sites More sharing options...
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