Investing megathread extravaganza

[DaFace]

A place to talk about investing stuff.

[-King-]

Originally Posted by neech

I think this thread has all kinds of helpful advice and tips throughout it.

Day trading is part of investing as well, doesn't mean everyone on here does it, I'm just dabbling with my stimulus money from the Govt. with that. Play money i call it.

I'm not saying that there's something wrong with it, just why it seems to have strayed from DaFaces intent

[neech]

Originally Posted by Hammock Parties

my dad wants me to lowball the seller on this house i looked at today

i'm thinking there's no ****ing way i have a shot if i do that - everything in the house is practically brand new, they rehabbed the shit out of it - there's at least five or six offers coming in this weekend

i'd be stupid to lowball...right?

The housing market was much different ten years ago, you could offer a price and tell the owner you have to fix this, that and the other thing as well as throwing in a year of home owner warranty.

To your question though it never hurts to lowball the worst they can say is the offer wasn’t accepted.

[Titty Meat]

Originally Posted by Hammock Parties

my dad wants me to lowball the seller on this house i looked at today

i'm thinking there's no ****ing way i have a shot if i do that - everything in the house is practically brand new, they rehabbed the shit out of it - there's at least five or six offers coming in this weekend

i'd be stupid to lowball...right?

If it's those houses you've been posting that area isnt exactly growing. It would be different if it were in JoCo.

[DJay23]

Originally Posted by Hammock Parties

Really, lewdog mentioned it first. I just blew it out my ass.

I hope you got into FRX because I see good things coming in pairs. AH today was a very good sign.

Yep, got in on FRX today. I'm excited to see if it does what CCIV is doing.

[neech]

Originally Posted by -King-

I'm not saying that there's something wrong with it, just why it seems to have strayed from DaFaces intent

Threads take a course of their own. Deface isn’t around to herd us around like stray cattle loose in the pasture.

[DJay23]

Originally Posted by Johnny Vegas

Roth IRA was one of the first things I learned in street class on top of how to balance a check book. Haven’t set one up but now in my mid 30s I sure as shit want to set up a few $5k accounts

I didn't set up a Roth until my mid 30s when a friend of mine switched careers and became a wealth manager and talked me into it.

I'm also in the group that didn't have anyone in my ear telling me to set money aside.

That's why I tell every young person I know to start saving as much as they can as soon as they can.

[Hog's Gone Fishin]

Originally Posted by lewdog

Awesome.

Once you get a list of fund choices we can help you choose some things if you have questions.

My advice right off the bat is PIHB

[Johnny Vegas]

Originally Posted by DJay23

I didn't set up a Roth until my mid 30s when a friend of mine switched careers and became a wealth manager and talked me into it.

I'm also in the group that didn't have anyone in my ear telling me to set money aside.

That's why I tell every young person I know to start saving as much as they can as soon as they can.

It’s absolutely important info to pass on. 👊

[Halfcan]

Originally Posted by Hammock Parties

my dad wants me to lowball the seller on this house i looked at today

i'm thinking there's no ****ing way i have a shot if i do that - everything in the house is practically brand new, they rehabbed the shit out of it - there's at least five or six offers coming in this weekend

i'd be stupid to lowball...right?

Every seller thinks their homes are gold mines right now. Be patient- there will be a lot of inventory coming on the market soon.

[TinyEvel]

Originally Posted by Hammock Parties

my dad wants me to lowball the seller on this house i looked at today

i'm thinking there's no ****ing way i have a shot if i do that - everything in the house is practically brand new, they rehabbed the shit out of it - there's at least five or six offers coming in this weekend

i'd be stupid to lowball...right?

Never offer above what you’d be willing to pay based on all you’ve seen so far, and how much you want this home (what are the pro’s and cons. What is a dealbreaker and what are you willing to live with. What is easily changeable —like paint and landscaping — what’s not: location, tile work etc.) Use your agent as a consultant on offer price. If the sellers agent expects 5 or 6 offers chances are it’ll go over asking.

I’ve bought and sold six homes. This last time we got outbid on four homes. A couple times by a lot. Cash offers. Etc. But our offer was what I was willing to pay and be satisfied, not what I thought would win the house. One of them I went to bed hoping we didn’t get it. We didn’t. this one we ended up with we bud high but it’s much better than any we got beat out on, and wasn’t the most expensive either.

There is ALWAYS another house.

[TinyEvel]

Originally Posted by DJay23

Same here. Well maybe not pissed, but disappointed that I wasn't wise to it.

I've gotten a late start on supplemental retirement savings and have already banked a lot. I shudder to think how much I would have if I had started saving at 22 rather than in my 30s.

I’m 50. I e been contributing the maximum to a 401k for 25 years. It’s quadruple what I’ve put into it (about averaging 5-8 percent per year over this time) but still is only worth about 5 years salary at my current level.

I wish I’d also had started an E-trade and IRAs on top of that or property investments.

401k isn’t enough. IMO.

Plus, the past 7 years have been unprecedented. nasdaq took 12 years to get back to it’s 1999 level.

[Buehler445]

Originally Posted by Titty Meat

Is a Roth account something worth setting up?

Yeah. So the way a Roth works is you put in after tax money. Meaning you. Don’t get to reduce your taxable income by the contribution amount. Also the gains aren’t taxed. That means that once you get to retirement everything that comes out is tax free. There are other benefits and it’s easier to get to if shot hits the fan but the tax breaks are real.

A 401K and Traditional IRA contributions are made pretax. 401K reduces your w-2 wages, IRA you get a tax deduction. Since the money in the fund hasn’t ever been taxed, the distributions are taxable income. Now that’s not all bad. In theory, in retirement, your taxable income should be low so it won’t be a super high tax rate either way. But in most cases Roth is better. Especially if you can afford the taxes.

If your employer offers a match on your 401K definitely contribute enough to hit all the match. DO THIS. IT IS FREE MONEY. After that, you should at the very least calculate your tax savings from the 401K and stick that in a Roth.

Optimally your employer will offer a 401K with a Roth option but there aren’t a ton of those plans around.

Do yourself a favor and get some ****ing money in some ****ing ETF. The details are far less important than getting it the **** in there. Even if it’s Ed Jones, just ****ing do it. Now.

Originally Posted by lewdog

Oh I do and have been.

I just know that not everyone can afford that. There's nothing wrong with even a few hundred dollars per year, especially if you're young.

A ROTH IRA is probably the most valuable investment vehicle for middle class earners. You should, however, contribute first to your 401k to get your full employer match (free money). After that, people should look to fund a ROTH.

In theory there is some tax optimization you can do, but I’m not dork enough to calculate it. And I’m pretty dork.

Originally Posted by Titty Meat

I'm pissed that this was never explained to me when I was in college.

Originally Posted by Hammock Parties

No one told me shit either.

Financial lifestyle should be a mandatory class in HIGH SCHOOL.

Our educational system is a failure.

Y’all mother****ers took the wrong classes.

Whatever you’re going to do, business is at the heart of it all. Know the numbers.

/soapbox.

[eDave]

And just like that, this thread returns to it's original intention.

[ChiliConCarnage]

Originally Posted by Hammock Parties

Incredibly so. If I wasn't so ****ing poor I'd put in 5,000 every goddamn year and tell Uncle Sam to pound sand when I'm old.

I assumed you had a Roth. You could do your trading in a Roth. Ive never done it but my understanding is you can always remove your contributions. So if you put in 6k and it grows to 10k, you can remove the 6k w/o penalty. You may want the extra 4k minus taxes for buying a house now. Just throwing it out there

[lewdog]

Originally Posted by ChiliConCarnage

I assumed you had a Roth. You could do your trading in a Roth. Ive never done it but my understanding is you can always remove your contributions. So if you put in 6k and it grows to 10k, you can remove the 6k w/o penalty. You may want the extra 4k minus taxes for buying a house now. Just throwing it out there

Yes. A ROTH can be used just like this. Awesome advice. Because contributions can be removed without penalty, it can be treated like an extra savings account if needed. Not that you’d want to remove a ton of your contributions but it’s better than a loan against your 401k in a crunch.