Investing help..

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  • Pompnewbie

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    Just curious if anyone on here knows anything about investing..
    I have a savings account but i know that is only really making my bank $ since that adds to their capital.

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    fl57caveman

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    I suggest precious metals...not as an investment, but as a hedge against inflation.


    3 90% silver dime from 1964, will still buy the same amount of goods today, but 3 modern dimes is only a down payment on a candy bar


    I am done with stocks....what I have learned, is that it is a bankers game..
     

    John B.

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    I invest in precious metals too.... brass and lead, buy it cheap and stack it deep.

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    Mouser

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    With interest rates being artificially held low, you can't earn enough interest on your savings to offset inflation. And here is the catch-22...if you move it to some sort of money market/CD you'll have to lock it up for some time to get any kind of interest....if you are not earning 3-4% on your money, you are losing money.

    For the average person, an IRA is the way to go...traditional IRA pre-tax or Roth IRA post tax. Vanguard is a good one and there are several others. There are rules about how much you can make in contributions and when you work with one of these firms, you will have a financial adviser to help you navigate your choices. In todays world, for a guy like me that is the best choice as I'm not a wizard of wall street.

    A good rule of thumb is you should be doubling your money every 10 years or so...it needs to be growing because money is devalued over time...houses and guns don't really appreciate in value, they just withstand depreciation better than most.

    Best advice I can give a young person...start early even if you start small...just do something. After a few years in the workforce, it isn't hard to see that 2-3% raise doesn't even register on the paycheck hardly...take a few of those raises and dump them in 401K or an IRA and you will be satisfied with he results decades later.
     

    Mouser

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    As many have stated too, gold and silver are decent investments...I have not done so myself as I believe gold, as stated, is a hedge against currency more than an investment....stocks/bonds will yield more through your life than gold will (that is my opinion anyways). So far as gold in an economic collapse...I figure my powder, lead and guns will be more valuable than gold or silver if we are in a true shtf situation. My belief is our biggest threat is that China's currency replaces the dollar as the worlds reserve currency....if that happens, it could be ugly because we just keep adding zeroes to the spreadsheet now...no need for printing presses...and a long time since we needed mining equipment to create currency.

    I strongly doubt any of that will happen in my lifetime and frankly speaking, if it were to happen, at my age and relative health life wouldn't be worth living anyways so just roll with it....enjoy today, plan for the future and know that what you do today will impact you in the future...better or worse. Good planning to look at investing...most people hit their prime "money making" years in their 40's and if you have kids, when you get them out of the house and on their own...if you can cut the cord...most have 10-20 years of work to pack money away, pay off mortgages and debt etc...sometimes though, it doesn't quite work out that way so be prepared... glad I was because life can throw you a curve ball from time to time.
     

    fl57caveman

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    the average lifespan of a fiat currency, like our dollar, is 27 yrs....there have been hundreds,if not thousands of fiat currencies..


    all eventually fail...it is mandatory to have "hard" assets, whose value cannot fall to zero..with a stroke of the pen, our ira's, 401's, etc can be seized for the greater good of the country....

    argentina did it, other countries have also.


    Monetary scholar Edwin Vieira ... pointed out that every 30 to 40 years the reigning monetary system fails and has to be retooled. The last time around for the U.S. was in 1971, when Nixon cancelled the convertibility of dollars into gold. Remarkably, the world bought into the unbacked dollar as its reserve currency, but only because that was the path of least resistance. But here we are 40 years later, and it is clear to anyone paying attention that the monetary system is irretrievably broken and will fail.


    the value of gold and silver has never been zero.. if society implodes, the barter system will rule first, then the law of the jungle, and recovery will involve most likely silver and gold

    http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html
     
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    SAWMAN

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    My "IRA" is an old fashioned savings account at the bank where my checking account is at.
    We earn almost no interest however we don't have to pay tax on what we don't earn either.
    The real plus for us is twofold . . . #1. We can draw it out anytime we want to,in any quanity we want. We can also put money in it in the same manner. #2. We auto deposit to it so we never "miss" the money. Our statement as to how much was deposited and when comes with our normal bank statement.
    Every year we draw a little out and hide it elsewhere. (NOT at home.) --- SAWMAN
     

    fl57caveman

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    a roth IRA , I think is the best vehicle, you can trade stocks yourself in one, or the broker, who will charge more..

    tax free withdrawals after a certain age..

    but if the market does another 1929 crash, you will have worthless paper...diversify diversify...
     

    Welldoya

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    Find yourself a good financial planner. Ask friends who they use. Get started early and you will be glad you did when you reach 55.
     

    Mouser

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    Some history for all to check out...and this was an executive order! Not even a law passed by congress... https://en.wikipedia.org/wiki/Executive_Order_6102

    The year 1933...Roosevelt...no more gold until president Ford. Even gold and silver is precarious. There are things you can control...do so. There are things you can't control...educate yourself and live on. The great depression is an interesting study and as is often stated, history is written by those in power. The great depression was made great by the policies of govt. more than anything and yes, history repeats itself...why you ask? Because humans are human and we are fallable, make mistakes and blame everything and everyone but the man in the mirror where the issue really lies.

    We have fiat currency...it is the one we have. Diversify as others have said. I often felt that real estate was one of the best investments...but like anything, a thug or a govt under duress, with a swipe of a pen, can take it from you. Can't control that. Invest something early in life, diversify and enjoy life while you build your portfolio.

    I have a theory that poverty is the physical manifestation of a mental state of mind (and wealthy)...I see people spending money in three ways...all unique to the individual and in different ratios...1. We consume our wealth....like throwing money in a burning barrel....vacations, gambling, drugs, vacations, various entertainment venues etc... 2) we spend money on assets and stuff...some hold value and some depreciate in value, but most has some intrinsic value to somebody...value being something a person someone is willing to trade for...and lastly 3) you spend your money on things that make you more money...investing, real estate, businesses etc. The more you spend on #3, the more wealthy you will be and the more you spend on #1 the less wealth and if a person spends their money on self-destructive drugs it gets nasty. Most, the middle class working person, spends their money on life and stuff.

    That a person is looking at investing indicates a shift to spending on #3...good thing. Small business often go through an interesting cycle too...the founder that builds the successful business is often a smart, hard working person..maybe a "workaholic". They inevitably pass the business to their children who don't have the same passion and dedication and the business and it begins eroding. By the third generation, the grandchildren are so removed, the run the business into the ground and it fails. Wealth is a fleeting thing if one doesn't behave in a way that is sustainable. I hope those lessons are always a part of being an American...a place where one can go from rags to riches for the driven and riches to rags for the incompetent.
     

    FelixH

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    I recommend using Vanguard. Here's a link to their website on getting started.

    https://investor.vanguard.com/investing/how-to-invest/

    You need to learn how to do this. There are those who will take advantage of you. I speak from experience.

    Good luck

    Vanguard is a great way to get started. Create an IRA account (Traditional or Roth, your choice), link to your bank account so you can make contributions easily, and include your IRA contribution in your monthly budget. Every Month!
     

    pcola4

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    Max your Roth IRA. When you get more expendable income buy real estate. You really make your money when you buy it right.


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