Look up "dollar cost averaging." Unless you are retiring in the next 2-3 years you don't want the markets climbing (think 401k, IRA). Keep pumping it in, invest in higher risk when young, moderate risk in middle years and low risk near retirement. Start young no matter how little you put in. Once you are established put each pay raise into retirement investment. It works! Words from an elder pede. Learn this lesson young.
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Thank you! I'm going to put together a small slush fund so I can buy some stocks during downturns such as these.
Thank you for the advice.
Thanks elder pede! ❤️
My unpopular opinion: I'd rather pay off my debts first than to play with my money in the market. I have no faith in this racket going on with this stock market crap and think I have to spend a ton of time nannying my money over the years if I want to make sure I get to keep it; because eventually something will happen, like the dumb events we're in right now, where the investments will go poof -- unless I was able to move my money around in time.
Maybe I'll get into it more after I pay off my truck and house, but I think I'd rather invest in a second house if I had money to play around with.
Fair point friend. Got burned early in my investing years buying individual stocks. Thought I knew what I was doing, clearly I did not. I'm referring mainly to company matched retirement accounts. In terms of paying off house, check into bimonthly mortgage payments, will save you bunches over the life of the loan.
Yes, I'm approaching a point where I can try and do this and will be doing my best to have things paid off.
At least if I decide to move and sell, I'll have more equity to cash out on if that happens.
I think the advice you provided is good if you don't have debts to pay or very little and have a good employer matched benefit. You should always abuse that benefit the best you can if you have it since it's almost free money.
Great! I'm not talking about doubling your monthly mortgage payment, I'm talking about paying the same monthly amount but breaking it up to two payments per month. For example, say your mortgage is $1500 per month. Instead of paying $1500 1X per month, pay $750 2X per month. Amazing how much you will save!
And it is free money!
I'd like to chip in and add that investors (especially new ones) should focus on index funds.
If you're the more adventurous type, look up call options.