pwny Posted January 28, 2021 Share Posted January 28, 2021 Just now, .Buzz said: I really need to get into stocks before long. Was close to buying some yesterday. Looks like may have been for the best to continue not getting involved lol. As I tell everyone — fund your retirement plan before screwing around with the stock market outside of that. And fund your retirement as soon as possible. The earlier, the better. And when you think you’ve put enough into your retirement plan and can now mess around with stocks, put more in your retirement plan. Playing individual stocks (outside of the memes over the last couple days) never ends up as well as just general mutual funds. Even when you’re past just funding your retirement, just open up accounts and fund mutual funds. The game is not set up for us normal folks to win any other way. And if today has shown anything, it’s that if you find a way to win against what the way the game is rigged, they won’t hesitate to shut you down. 2 Quote Link to comment Share on other sites More sharing options...
.Buzz Posted January 28, 2021 Share Posted January 28, 2021 7 minutes ago, pwny said: As I tell everyone — fund your retirement plan before screwing around with the stock market outside of that. And fund your retirement as soon as possible. The earlier, the better. And when you think you’ve put enough into your retirement plan and can now mess around with stocks, put more in your retirement plan. Playing individual stocks (outside of the memes over the last couple days) never ends up as well as just general mutual funds. Even when you’re past just funding your retirement, just open up accounts and fund mutual funds. The game is not set up for us normal folks to win any other way. And if today has shown anything, it’s that if you find a way to win against what the way the game is rigged, they won’t hesitate to shut you down. Yeah, you're probably correct on that. Have a lot to learn on a lot of these fronts. Wish there was a bit more preparation for students in HS/College as far as retirement/money managing in general goes. 1 Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 Just now, .Buzz said: Yeah, you're probably correct on that. Have a lot to learn on a lot of these fronts. Wish there was a bit more preparation for students in HS/College as far as retirement/money managing in general. Yeah, we need much more financial literacy in general. I know so many clients who are even making $200k+ a year and are living damn near broke with no investments and will just completely ignore any time I suggest they start investing in their future. Quote Link to comment Share on other sites More sharing options...
.Buzz Posted January 28, 2021 Share Posted January 28, 2021 Just now, pwny said: Yeah, we need much more financial literacy in general. I know so many clients who are even making $200k+ a year and are living damn near broke with no investments and will just completely ignore any time I suggest they start investing in their future. Pretty foreign concept for most once you graduate. With how vital/important it is in life you'd definitely think it'd be a priority. Money managing as far as budgeting/saving? Fantastic with that. Anything else? Ehhhh Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, .Buzz said: Pretty foreign concept for most once you graduate. With how vital/important it is in life you'd definitely think it'd be a priority. Money managing as far as budgeting/saving? Fantastic with that. Anything else? Ehhhh It’s not a terrible idea to have an actual accountant do your taxes once and to talk to them about doing that sort of thing. If you’re pretty quick to learn, you may only need the one meeting to figure things out where you need to go. And if you need more than that, you can find a good accountant who is able to set up that stuff for you and offer guidance. but as a very basic suggestion that most people would be good to follow — most any professional workplace is likely to at least have a SIMPLE IRA plan available for you, with some sort of company match. Set that up, set your stock percentage to 100% (you’ll reduce that as you get close to retirement age to prevent volatility) and put as close to the $6k max (if it’s a ROTH, that’s the lowest max) in there as you can. Even if you can’t swing anywhere near that much, every little bit helps, and the earlier it goes in, the longer it has to compound. And if you’re way off from being able to put that much in (and I assume you are as a ~24 year old recent college grad) a very good strategy is to put in what you can and then every time you get a raise, put at least half of the raise towards retirement. You’ll eventually get there. I think @Adrenaline_Flux is more of a retirement fund guy and would be able to answer more general questions than I (as accountant and tax guy) would be completely equipped to do so. 1 Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 50 minutes ago, pwny said: This stocks stuff is wild. What stocks stuff? Just the market in general Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 2 minutes ago, JaguarCrazy2832 said: What stocks stuff? Just the market in general The stuff with $GME and Reddit. Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 33 minutes ago, pwny said: Yeah, we need much more financial literacy in general. I know so many clients who are even making $200k+ a year and are living damn near broke with no investments and will just completely ignore any time I suggest they start investing in their future. They make 200K a year and live broke?....WTH Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 9 minutes ago, pwny said: The stuff with $GME and Reddit. no idea what you're talking about Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 Just now, JaguarCrazy2832 said: They make 200K a year and live broke?....WTH Gotta have that condo in downtown Chicago paying $6k a month in rent, and drive that brand new sports car, and eat out every night and buy all sorts of other frivolous stuff. Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 1 minute ago, JaguarCrazy2832 said: no idea what you're talking about Sometimes I think you live under a rock, man. Users on Reddit bankrupted a hedge fund by buying GameStop stock. The Robin Hood app is [probably] committing a felony by disallowing users from buying any more GameStop stock. Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 38 minutes ago, pwny said: It’s not a terrible idea to have an actual accountant do your taxes once and to talk to them about doing that sort of thing. If you’re pretty quick to learn, you may only need the one meeting to figure things out where you need to go. And if you need more than that, you can find a good accountant who is able to set up that stuff for you and offer guidance. but as a very basic suggestion that most people would be good to follow — most any professional workplace is likely to at least have a SIMPLE IRA plan available for you, with some sort of company match. Set that up, set your stock percentage to 100% (you’ll reduce that as you get close to retirement age to prevent volatility) and put as close to the $6k max in there as you can. Even if you can’t swing anywhere near that much, every little bit helps, and the earlier it goes in, the longer it has to compound. And if you’re way off from being able to put that much in (and I assume you are as a ~24 year old recent college grad) a very good strategy is to put in what you can and then every time you get a raise, put at least half of the raise towards retirement. You’ll eventually get there. I think @Adrenaline_Flux is more of a retirement fund guy and would be able to answer more general questions than I (as accountant and tax guy) would be completely equipped to do so. What is this 6k max you speak of?... Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 22 minutes ago, pwny said: Gotta have that condo in downtown Chicago paying $6k a month in rent, and drive that brand new sports car, and eat out every night and buy all sorts of other frivolous stuff. OMG that would kill me lol. I'm way too worried about stuff to live that lifestyle. I do like eating out but even that its like $20 or less for me and my wife. Half Pint eats off our plate still haha Quote Link to comment Share on other sites More sharing options...
pwny Posted January 28, 2021 Share Posted January 28, 2021 19 minutes ago, JaguarCrazy2832 said: What is this 6k max you speak of?... The max annual contribution to a ROTH IRA for someone under 50 is $6,000 a year. Quote Link to comment Share on other sites More sharing options...
JaguarCrazy2832 Posted January 28, 2021 Share Posted January 28, 2021 36 minutes ago, pwny said: Sometimes I think you live under a rock, man. Users on Reddit bankrupted a hedge fund by buying GameStop stock. The Robin Hood app is [probably] committing a felony by disallowing users from buying any more GameStop stock. Well...I kind of do haha. No twitter, no reddit, dont really watch the news... Quote Link to comment Share on other sites More sharing options...
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