haha nice, I have a robinhood account I could use more or put more money into a retirement fund, but at my young age I'm mostly concerned with creating a fund of money to be able to fall back on if need be, hence savings.
investment accounts are very liquid. you’re operating on fear, and at your age, you should be taking risks. there are even ways to invest safely. look up mutual funds, if you want instant access to your cash, make sure it isn't an IRA or retirement fund. read more. if you have a dollar in savings, you might as well put it in a shredder that shreds however fast inflation is rising.
if you have a dollar in savings, you might as well put it in a shredder that shreds however fast inflation is rising.
haha I trust you know more than me. I'll have a look into it and see what minimums for investment accounts and mutual funds are. But if you have any recommendations for companies to go with I'll look into them too.
Look at companies like Vanguard. Don't buy into "mutual funds" those rates are way too high. Buy into things like total market indexes and top 500 indexes. Those have a 9%+ yearly rate for the past 100 years and are a safe "risky" investment.
If you want good advice on index funds, read this book: https://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/
you'd have to call around, mutual funds are too slow for me lol
that being said, you already have robinhood, find a safe stock like apple or Microsoft or google or literally any humongous company that you dont foresee going out of business anytime soon, and buy that. it might go up or down a couple percent a day, but the overall trend is up and you seem like a very safe better. so seriously, go hop on your robinhood app right now, go to MSFT stock or APPL and hit "month view, year view, 5 year, all time" and notice how its just a straight up trajectory, albeit slowly. even during crashes, it ALWAYS comes back and higher, the trick is not to sell it when it crashes. you won't lose any money until you liquidate it. there's some quote from warren buffet when they asked how much money he lost on the 2006 housing crash and he said "I didn't lose any money because I didn't sell anything because I knew it would bounce back"
if you dont want to think AT ALL, then call a broker, TD ameritrade, fidelity, Charles scwab and ask about mutual funds. all a mutual fund is is they take all the money you give them and combine it with a Bunch of other money from other people into a huge pool of cash and buy tons of big expensive safe stocks that usually average 3-5% gains a year. and some broker manages it for you. I don't know how liquid those are though because ive never used them because I like the risky shit. I'd rather risk a thousand and make 10 thousand than 300$ a year for 10 years.
if you get good at it, you can watch the news and predict shit. riots? go look at Smith and Wesson stock now, up 200% in 2 months. you can literally do all this from your robinhood app lol
1$ is worth investing. I accidentally left 80 cents in a GoPro stock. Up to 25$ now
haha nice, I have a robinhood account I could use more or put more money into a retirement fund, but at my young age I'm mostly concerned with creating a fund of money to be able to fall back on if need be, hence savings.
investment accounts are very liquid. you’re operating on fear, and at your age, you should be taking risks. there are even ways to invest safely. look up mutual funds, if you want instant access to your cash, make sure it isn't an IRA or retirement fund. read more. if you have a dollar in savings, you might as well put it in a shredder that shreds however fast inflation is rising.
haha I trust you know more than me. I'll have a look into it and see what minimums for investment accounts and mutual funds are. But if you have any recommendations for companies to go with I'll look into them too.
Look at companies like Vanguard. Don't buy into "mutual funds" those rates are way too high. Buy into things like total market indexes and top 500 indexes. Those have a 9%+ yearly rate for the past 100 years and are a safe "risky" investment. If you want good advice on index funds, read this book: https://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/
you'd have to call around, mutual funds are too slow for me lol
that being said, you already have robinhood, find a safe stock like apple or Microsoft or google or literally any humongous company that you dont foresee going out of business anytime soon, and buy that. it might go up or down a couple percent a day, but the overall trend is up and you seem like a very safe better. so seriously, go hop on your robinhood app right now, go to MSFT stock or APPL and hit "month view, year view, 5 year, all time" and notice how its just a straight up trajectory, albeit slowly. even during crashes, it ALWAYS comes back and higher, the trick is not to sell it when it crashes. you won't lose any money until you liquidate it. there's some quote from warren buffet when they asked how much money he lost on the 2006 housing crash and he said "I didn't lose any money because I didn't sell anything because I knew it would bounce back"
if you dont want to think AT ALL, then call a broker, TD ameritrade, fidelity, Charles scwab and ask about mutual funds. all a mutual fund is is they take all the money you give them and combine it with a Bunch of other money from other people into a huge pool of cash and buy tons of big expensive safe stocks that usually average 3-5% gains a year. and some broker manages it for you. I don't know how liquid those are though because ive never used them because I like the risky shit. I'd rather risk a thousand and make 10 thousand than 300$ a year for 10 years.
if you get good at it, you can watch the news and predict shit. riots? go look at Smith and Wesson stock now, up 200% in 2 months. you can literally do all this from your robinhood app lol
Said the chump