Tips on Investing?

Discussion in 'The Okie Corral' started by BGDaddy, Sep 29, 2018.

  1. BGDaddy

    BGDaddy Nurse Extraordinaire

    Messages:
    1,110
    Likes Received:
    2,769
    Joined:
    Nov 19, 2003
    Location:
    East TN & West FL
    Hi All,

    I started investing in the stock market about a month ago. I'm 50, and have no real retirement plan, so I decided to go all in and see what happens.

    I got a 30 day trial subscription to the Motley Fool, and have not been impressed. I cancelled it this morning.

    I have also discovered Barron's and Investor's Business Daily. So far, they seem a little more my speed.

    I have invested in 12 different stocks so far. Amazon and Nvidia have done the best so far. I also invested in US Concrete, and that one is down 10%. It is getting sold first thing Monday morning. Overall, I am down about 0.5% in the past month, so it has been a good learning experience so far.

    At least I am putting my money in something other than motorcycles and guns for a change.

    Any tips from the masses?
     
    treg and catman71 like this.
  2. Ramjet38

    Ramjet38 Mentally Frozen

    Messages:
    24,049
    Likes Received:
    70,807
    Joined:
    Apr 9, 2001
    Location:
    Wilderness of Life
    Good luck to ya.

    Why did you wait so late to realize that your 4th quarter of life is approaching?
     

  3. rlogue06

    rlogue06

    Messages:
    119
    Likes Received:
    179
    Joined:
    Sep 18, 2016
    My own preference is Betterment, it’s kind of set it and forget it. It invests automatically.

    Read or download the audio book “The Simple Path To Wealth” by JL Collins - very simple and straight forward. I learned a lot from it.
     
    WeeWilly and BGDaddy like this.
  4. Bruce M

    Bruce M

    Messages:
    59,816
    Likes Received:
    50,842
    Joined:
    Jan 3, 2010
    Location:
    S FL
    Times like this I really miss Dennis in Mass. I think especially considering retirement, a financial advisor would be a great choice. Even an hour with the right guy at your bank or credit union which would most likely cost you nothing may prove very helpful.
     
  5. BGDaddy

    BGDaddy Nurse Extraordinaire

    Messages:
    1,110
    Likes Received:
    2,769
    Joined:
    Nov 19, 2003
    Location:
    East TN & West FL
    Stupidity, I guess.

    Don't get me wrong, I am doing okay. I make good money, my house is paid off, and I have some other assets that could be converted to cash relatively easily. I just haven't really gone out of my way to save for retirement. But I turned 50 a couple months ago, and it hit me like a ton of bricks!

    With my income, and lack of bills, I can put $25K or so away per year, instead of pi$$ing it away on toys. I should still be okay by my mid 60's (hopefully). Including $5,900 I rolled over from an old 401K, I'm up to $13K in the past month.
     
  6. starfish86

    starfish86

    Messages:
    1,044
    Likes Received:
    1,310
    Joined:
    Apr 24, 2016
    Location:
    Miami, FL
    Scan the FM radio dial on saturday or sunday and listen in. Stay away from the penny stock learning academy stuff. Ric Edelmen, Dave Ramsey, Jom Kramer, etc. are good and cover a wide range of topics.

    The day trade in and out quick thing is risky and difficult to track in my opinion. Read some books from the people above. Any library will have them. I would avoid the “all in” approach and start with slow and steady.
     
  7. Ramjet38

    Ramjet38 Mentally Frozen

    Messages:
    24,049
    Likes Received:
    70,807
    Joined:
    Apr 9, 2001
    Location:
    Wilderness of Life

    Hit it hard and you'll be okay. Without any guarnteed income such as a pension you'll need in excess of $1 million.

    Edited to say...depending on what lifestyle you want to live.
     
    Last edited: Sep 29, 2018
    BGDaddy likes this.
  8. Mr Meeseeks

    Mr Meeseeks

    Messages:
    4,800
    Likes Received:
    9,564
    Joined:
    Nov 18, 2017
    ^ Thats the exact opposite of the way to invest.


    On an unrelated note, I’m a firm believer in balancing every portfolio with bullets, beans, and bandaids. And many redundant sources of potable water.
     
  9. serve_and_protect

    serve_and_protect

    Messages:
    5,726
    Likes Received:
    11,599
    Joined:
    Feb 2, 2014
    Tips on investing: Buy land.

    They aren't making any more of it.

    Get it while you can!

    :flag::waving:
     
  10. BGDaddy

    BGDaddy Nurse Extraordinaire

    Messages:
    1,110
    Likes Received:
    2,769
    Joined:
    Nov 19, 2003
    Location:
    East TN & West FL
    That's pretty much the same thing that Motley Fool was preaching.

    But I have spent the better part of the day trying out my 30 day trial of IBD. One of the things that it is stressing is to cut your losses at 7-8%. You can always buy it back on the way back up.

    I'm down about 9.5% in the past 2 weeks (or about $90 so far) on that one, and it doesn't look like it's gonna turn around anytime soon, so I'm gonna get out. (for now).
     
  11. Adjuster

    Adjuster

    Messages:
    20,318
    Likes Received:
    12,089
    Joined:
    Feb 8, 2006
    Location:
    Port Richey Florida USA
    Why did you go with individual stocks as opposed to something like a managed mutual fund? There is usually a fee but that fee goes towards paying someone much smarter than you to pick and choose the stocks. Right now I am all in on MAAGX. I believe their largest holding is Amazon as well. I think they need to get some Tesla in there.



    /
     
    mtpisgah, BradD and Bruce M like this.
  12. rlogue06

    rlogue06

    Messages:
    119
    Likes Received:
    179
    Joined:
    Sep 18, 2016
    One more thought, the number one way to lose money ... imagine this scenario:

    You investe in a bunch of stocks, the market is very high right now. I wouldn’t let that stop me from investing, but the market is a roller coaster by nature. At some point, nobody knows when, it will take a downward turn. People get emotional and pull out when the market gets ugly... and promptly lose a large portion of their money.

    It’s a long term plan, whatever you do, I’d advise you not to panic at the first down turn. The only thing that matters is how much it’s worth the day you sell it.

    Suggest investing in index funds and stay with it hell or high water. Long term returns are historically almost always good. Short term can get you in trouble.

    But low, sell high... average beginner buys when the market is on Fire the panics when it drops and they end up buying high and selling low. You gotta have thick skin.


    Sent from my iPhone using Tapatalk
     
    Jack Ryan and WeeWilly like this.
  13. Binge&Purge

    Binge&Purge Making B&P Great Again

    Messages:
    7,284
    Likes Received:
    13,343
    Joined:
    Oct 30, 2001
    Location:
    Kept Algore out of the White House
    I know a guy who pretends to be a big shot trader. He likes to buy stocks when they fall. He bought GE on a "pullback" in the $30's or $40's to impress a pretty girl, and it's dropped over 50% since. Now he brags about the dividend.

    Tip 1: Do not take advice from strangers on the internet.

    Tip 2: When in doubt, see Tip 1.

    Charles Payne has an outstanding newsletter and it is affordable. You can do a 3 month trial, and it doesn't automatically renew like most others. Payne is an outstanding stock picker.

    Only invest in things people like Charles Payne recommend.

    Learn to trade options, and find a good service to recommend stocks to trade options on. DO NOT go with those Najarian brothers on CNBC. Their options trading book is basically stuff you can find anywhere for free.

    Just an example: I read of a company who had genetically modified salmon to grow faster and stronger, and got them approved to sell. Then they developed an apple that didn't turn brown as it aged. You would think WOW, that's a no-brainer. The last time I checked, their stock was down over 50% from when they announced the apple. Sometimes things don't make sense, and is why it is better to subscribe to someone who knows.
     
    LASTRESORT20 and BGDaddy like this.
  14. HollowHead

    HollowHead Firm member

    Messages:
    29,511
    Likes Received:
    13,520
    Joined:
    May 16, 2005
    Location:
    Where the buffalo roam
    This is it. I've been very, very impressed with my guy at the local Edward Jones. HH
     
  15. Adjuster

    Adjuster

    Messages:
    20,318
    Likes Received:
    12,089
    Joined:
    Feb 8, 2006
    Location:
    Port Richey Florida USA
    Pork bellies and orange juice futures is where its at.



    /
     
  16. Jonesee

    Jonesee

    Messages:
    9,036
    Likes Received:
    10,775
    Joined:
    Apr 16, 2009
    Last edited: Sep 29, 2018
    SuperSlyko, AirCav, OGW and 3 others like this.
  17. Larry302

    Larry302

    Messages:
    1,076
    Likes Received:
    1,385
    Joined:
    Feb 7, 2014
    At Least , drawing 5% off a million a year is not living great. 7% not much better , after that you’ll risk depleting principal.

    I have a 63k a year pension, wife and I will each get SS and we have zero debt and close to 2million in inverstments ,she doesn’t think that’s enough . We live in what ,many consider a starter home, bought one new car ever .

    To the op I’d sock as much away into vanguard funds ( you can do the research) as soon as possible .
     
    NDcent, Jack Ryan and Ramjet38 like this.
  18. Ramjet38

    Ramjet38 Mentally Frozen

    Messages:
    24,049
    Likes Received:
    70,807
    Joined:
    Apr 9, 2001
    Location:
    Wilderness of Life
    Sounds good to me.

    I said in excess of 1 mil and depending of your age and lifestyle that you want.

    Myself, I don't want to want and not have.
     
    NDcent and LASTRESORT20 like this.
  19. BGDaddy

    BGDaddy Nurse Extraordinaire

    Messages:
    1,110
    Likes Received:
    2,769
    Joined:
    Nov 19, 2003
    Location:
    East TN & West FL
    OK, that is depressing. And here I am thinking, if I can sock away $500K by then, I'll be ok.

    Maybe I'll get lucky and die before it's time to retire. :eyebrow:
     
    Jack Ryan, 10or45, treg and 3 others like this.
  20. JTQ911

    JTQ911

    Messages:
    37
    Likes Received:
    85
    Joined:
    Jul 21, 2011
    Keep it simple and invest in low cost index funds.

    Professional advisors are experts at selling you products where the high fees rob you of your hard earned money, tens if not hundreds of thousands worth of returns for an average investor over their lifetime.

    If it sounds to good to be true, it is.

    Search bogleheads forum
     
    mc1911, Jack Ryan, bubbatime and 2 others like this.