Strategy for growing your money?

[Byron Sexton]

Need some assistance, I have been looking into vanguard index funds, or some stocks to grow my savings and manage my money better. It doesn't matter how much you bring in you need to invest in yourself first. All my funds shouldn't go to bills and a car. You should be saving/investing anyone can give advice this is the thread to do it.

Sponsored

 

[TrippyPancakes]

The advice I have received many times and often give to others when it comes to investing is have 90% of your portfolio be in S+P 500 ETF's (VOO or SPY probably) and the other 10% can be your individual company picks/risky bids (I would recommend tech related stocks for the majority of that personally). I think this is also the balance Warren Buffet uses as well

 

[quakaroaks]

I

Need some assistance, I have been looking into vanguard index funds, or some stocks to grow my savings and manage my money better. It doesn't matter how much you bring in you need to invest in yourself first. All my funds shouldn't go to bills and a car. You should be saving/investing anyone can give advice this is the thread to do it.

I follow the boglehead philosophy. I have my own modification where I invest a percentage to total stock market fund and total bond market in a tax advantaged account. I personally don't invest in international. All depends on how much risk you want to take.

High yield savings accounts also for short term investments.

 

[suhhh]

Yup definitely put into Vanguard index funds. Also I think it's a good idea to put some money into big companies right now while stock prices are where they are at if you are looking for long term investments. I'm still young so I don't know everything but I'll tell you my plan and maybe you can get some inspiration from it. My dad and I jointly put about $20,000 into major companies like Apple, Microsoft, Adobe, and Vanguard funds back when the market was at it's lowest around March, all we did was sit on the companies and have made about $12,000 profit just doing nothing. Like the above poster I put a small percentage towards more risky stocks mainly geared towards self-automated car companies and also vaccination companies.

Also it would be good to start learning about real estate, that's what I'm doing now. I'm 23 and I'm trying to own/mortgage my first home in maybe 3-4 years and save in the meantime. Put a downpayment on a house and try to mortgage it out to someone else and over time slowly accrue money and eventually own the property and get your money back. From there on you can go about investing into more property and eventually start acquiring multiple properties. When I'm at that point I want to start investing into different businesses such as restaurants or maybe open my own shop so I can quit this bummy ass 9-5 life and have multiple income streams to support myself

 

[Byron Sexton]

Yup definitely put into Vanguard index funds. Also I think it's a good idea to put some money into big companies right now while stock prices are where they are at if you are looking for long term investments. I'm still young so I don't know everything but I'll tell you my plan and maybe you can get some inspiration from it. My dad and I jointly put about $20,000 into major companies like Apple, Microsoft, Adobe, and Vanguard funds back when the market was at it's lowest around March, all we did was sit on the companies and have made about $12,000 profit just doing nothing. Like the above poster I put a small percentage towards more risky stocks mainly geared towards self-automated car companies and also vaccination companies.

Also it would be good to start learning about real estate, that's what I'm doing now. I'm 23 and I'm trying to own/mortgage my first home in maybe 3-4 years and save in the meantime. Put a downpayment on a house and try to mortgage it out to someone else and over time slowly accrue money and eventually own the property and get your money back. From there on you can go about investing into more property and eventually start acquiring multiple properties. When I'm at that point I want to start investing into different businesses such as restaurants or maybe open my own shop so I can quit this bummy ass 9-5 life and have multiple income streams to support myself

Thats what I'm talking about..you have a great strategy. Thank you for sharing. I am thinking about real estate, but im not sure. I wanted some Validation on the Index fund/Vanguard accounts and now i know that could be a way to go. I will also looking into stocks I'm not working with a lot of money, but i'm trying to gather a nest egg.

 

[TrippyPancakes]

Thats what I'm talking about..you have a great strategy. Thank you for sharing. I am thinking about real estate, but im not sure. I wanted some Validation on the Index fund/Vanguard accounts and now i know that could be a way to go. I will also looking into stocks I'm not working with a lot of money, but i'm trying to gather a nest egg.

When investing, even with small amounts of money, remember that time in the market always beats timing the dips of the market.

A visual that really shows this

 

[suhhh]

Thats what I'm talking about..you have a great strategy. Thank you for sharing. I am thinking about real estate, but im not sure. I wanted some Validation on the Index fund/Vanguard accounts and now i know that could be a way to go. I will also looking into stocks I'm not working with a lot of money, but i'm trying to gather a nest egg.

No prob bro I'm glad it helped. But yea vanguard/index is definitely the move, it's fairly safe and you'll def see returns over the years. As for real estate you do need some money saved up to get into it but I think it's a great thing to get into for your future, look up "Graham Stephan" on youtube he helped me understand a lot of the basics pretty quick after knowing absolutely 0 about anything real estate related.

If you're working with a little money right now you can also join a stock trading discord server. You pay a fee usually monthly to get stock advice on what to buy and what's poppin, although you won't become a millionare off it it'll help you learn how the stock market works and you can hopefully break even at least

 

[TypeSiR]

Balance your portfolio based on your age and risk tolerance between VOO or VOOG and AAPL, AMZN, or TSLA. Don’t try to time the market.

 

[charleswrivers]

X3 or more on not timing the market. I screwed up in ‘08-‘09 and lost a couple years worth of $$$ when I wasn’t making much and investing much and totally cocked it up.

I’m a Navy guy banking on a pension here shortly and have been doing the TSP which has some govt employee equivalent. Not much experience outside of it.

I will say this in general: It takes money to make money. If you set yourself up with a more modest standard of living to where as you get raises and your means grows... you hold your standard of living where it’s at and put the extra in whatever your investments are... you’ll do better and better.

Compounding interest is “the most powerful force in the universe” (next to Hulkamania) and it does the most good starting young but don’t discount the power of investing progressively larger and larger sums of money later and later as your pay (hopefully) increases by maintaining a constant standard of living and not letting it rise substantially with raises. I didn’t make much of anything until I hit my late 30s and only got serious at putting money away over the last 5 years or so once I felt like my standard of living was such that I was comfortable. Before that, I was just saying a hundred or two a month... certainly not enough that’d provide for a comfortable retirement even given decent gains over 30-40 years.

I have modest cars... with the Odyssey being the most expensive vehicle I’ve ever bought. A modest home... but it’s still decent. Each of my kids gets their own bedroom and I’ve got a mother-in-law apartment for guests. I bought well under my means. I don’t live “poor”... but I don’t throw my money around.

I save more than my mortgage payment in my investment monthly. I’ll be transferring off of shore duty back to sea duty which will give me about an extra $1000 a month in extra pays I’ll get... along with a raise for crossing 18 years of service. It’s all going into retirement. By that time, I expect a quarter or so of my gross pay will be going to retirement.

By the time I retire... a million dollars won’t be a whole lot of money and I certainly plan on calling myself a millionaire before I quit working. By having a still-modest standard of living with a huge chunk of change saved, it’ll be easy to live on a still-modest fixed income that’ll still let me take larger withdrawals and splurge on trips and things.

Anyone... even someone who makes a large salary can be “poor” if they spend everything they make. I’ve found the constant standard of living to be a strategy on living a good life while having increasing means in which to invest. Whatever specific investment strategy you decide on, good luck.

 

[Tev42]

Vanguard Roth IRA should be the first step. Choose a target fund around 2060 (depending on your age). The annual max contribution is 6k so it is a good place to start. It is a better idea to invest over time in smaller amounts rather than dumping in a large amount all at once

 

[JO3L]

I am about to sell my few individual shares and move towards a Vanguard Total Index fund myself. Easy way to diversify your money and a set it and forget it type approach if you don't have the time to constantly monitor stocks. Sometimes the biggest gains come from simply forgetting about your stocks and not paying attention to the market. Take out the human element from the equation and you won't end up panic selling with the rest of them.

You should also take a look at buying physical gold/silver to further diversify.

 

[gtman]

I once tried to grow my money this way, but never had any luck:

 

[Byron Sexton]

I did too it doesn't work!!! XD....

 

[civicmanic]

Remember, investing is a long term commitment. Don't try to trade stocks, that's a losing strategy. Don't invest with money you need any time soon. It's not a get rich quick type of thing. But if you commit to a long term strategy in things like SPY and QQQ, you should retire wealthy.

Sponsored