A Money Thread

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Did a quick search and didn't see anything really regarding this, and if it's a bad idea for a thread feel free to throw it in the Spergatory. Feel like there should be a general money thread though, because who doesn't love money?

Since I brought it up I may as well ask; how do you guys save, or does anyone invest around here? I'm 25 and I've recently paid off a huge chunk of debt (or at least what I consider a lot, some people I have no idea how they get into the hundred thousand dollars of debt outside of student loans) and can now comfortably save money. I'm thinking about $500 a month for a savings account and $100 for a simple IRA I set up a while back and have been meaning to throw money in (rent is considerably cheap for me since there are so many of us splitting the difference here). I've always wanted to get onto the stock market as well but I don't know if I have that kind of stability yet. Is this a bit much or am I on the right path?
 
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I make a million dollars a day and I spend it all on rasberry flavored tootsie pops because I know that's a life investment. Once I obtain all of the raspberry tootsie pops I will corner the market by rebranding them as pootsie tops and make billions on T-shirt sales.
 
Dr. Teem said:
I make a million dollars a day and I spend it all on rasberry flavored tootsie pops because I know that's a life investment. Once I obtain all of the raspberry tootsie pops I will corner the market by rebranding them as pootsie tops and make billions on T-shirt sales.
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That's my idea you thief.
 
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mmm gorgeous
 
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If you want to invest money I wouldn't recommend buying stocks. Look into mutual funds and ETF's instead.

Mutual funds and exchange traded funds are bundles of stocks or other securities- mutual funds you buy shares of and can buy a fraction of a share (if a share is $4,000 than of course a quarter share would be $1,000) and an ETF is a bundle of stocks or other securities but is traded like a stock (hence the exchange traded part). You can buy ETF's for about $50/share and up.
 
Contribute the max you can to a Roth IRA all the way because you don't pay taxes when you take it out when you retire. Take that and invest a lot into index funds and a little into ETF's and mutual funds. I invest my IRA mostly in VTSMX, VGTSX, and DODGX in case you're curious. They perform pretty well and it diversifies your money into domestic and international funds.

For stocks I like to play the "long game" I don't actively manage my accounts a lot and invest mostly in low risk stocks. Brown Forman is a good example. They're the guys who make Jack Daniels and are considered a company that's most likely not going to go anywhere any time soon. Others you might consider are P & G, Mcdonalds, Pfizer, Coke, and Goldman Sachs. Just make sure they are reasonably priced or you'll find it difficult to see a big return.

I have a very simple strategy when it comes to stocks too. I choose a company that has been around for a long time and everyone uses. Then I check to see what the price of the stock is compared to where it was 5 years ago. If the price of the stock is near it's five year low then I check to see if anything bad's going down with that company. If it seems ok then I buy. I made a ton using this strategy with banks. Again, I invest pretty much low risk.

Anyway, put all your available cash into a Roth IRA first ($5500 max per year) and then think about straight stocks. Most importantly, when you start investing in stocks, don't invest anything you're not prepared to lose. It's exactly like gambling. That's all I can think of off the top of my head. Feel free to ask me anything. I'm not an expert by the way. I just do a lot of research. ;)
 
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Zim said:
Contribute the max you can to a Roth IRA all the way because you don't pay taxes when you take it out when you retire. Take that and invest a lot into index funds and a little into ETF's and mutual funds. I invest my IRA mostly in VTSMX, VGTSX, and DODGX in case you're curious. They perform pretty well and it diversifies your money into domestic and international funds.

For stocks I like to play the "long game" I don't actively manage my accounts a lot and invest mostly in low risk stocks. Brown Forman is a good example. They're the guys who make Jack Daniels and are considered a company that's most likely not going to go anywhere any time soon. Others you might consider are P & G, Mcdonalds, Pfizer, Coke, and Goldman Sachs. Just make sure they are reasonably priced or you'll find it difficult to see a big return.

I have a very simple strategy when it comes to stocks too. I choose a company that has been around for a long time and everyone uses. Then I check to see what the price of the stock is compared to where it was 5 years ago. If the price of the stock is near it's five year low then I check to see if anything bad's going down with that company. If it seems ok then I buy. I made a ton using this strategy with banks. Again, I invest pretty much low risk.

Anyway, put all your available cash into a Roth IRA first ($5500 max per year) and then think about straight stocks. Most importantly, when you start investing in stocks, don't invest anything you're not prepared to lose. It's exactly like gambling. That's all I can think of off the top of my head. Feel free to ask me anything. I'm not an expert by the way. I just do a lot of research. ;)
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Do you use any particular brokerage?

Also. is there a way to use q-sands to make money?

(I'm an asshole, sorry.)
 
A good book to read is Personal Finance for Dummies.

Basically as you get money the sequence should be this:

1. Pay down debt
2. Save between three and nine months (depending on the level of your job security) worth of living expenses in case of unemployment, and put it in a savings account or minimal-risk money market account
3. Invest in tax-free retirement accounts like a 401K or IRA
4. Invest in the stock and bond markets

For steps 3 and 4 invest in diversified mutual funds and exchange traded funds. Don't pick stocks unless you find it fun, like gambling, and if that money is disposable. Don't buy stocks or funds from a broker because research has shown there's no way to consistently beat the market average and you'll just lose money on commission-related fees. The younger you are, the more your money should be in stocks, the older you are, the more it should be in bonds. Ignore annuities, CDs, gold, and other investment products.

5. Profit!
 
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I Will Consider That said:
Do you use any particular brokerage?

Also. is there a way to use q-sands to make money?

(I'm an asshole, sorry.)
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I use Merril Lynch actually. Yes they're part of the Bank of America evil empire but truth be told Bank of America has been real good to me. :)

I do use Q-sands for all my investment needs! I'm sneaky about it, though, and merge them into H-sands (half sands) in order to pay less C and W quarters to the govamint.
 
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