Promotion -> More income -> Need advice - Page 2 - TigerDroppings.com

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TigerTatorTots
LSU Fan
Mandeville, LA
Member since Jul 2009
66624 posts

re: Promotion -> More income -> Need advice








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kennypowers816
LSU Fan
Houston
Member since Jan 2010
1864 posts

re: Promotion -> More income -> Need advice


quote:

Learn investing from people who have been doing it a while, especially ones that have been successful. Educate yourself online. Investopedia is a good place to start for beginners to get the basics of investing


I do agree with this.

quote:

Maybe even start day trading. Start small (stocks no more than $5/share) and get good at it before putting real amounts of your money at risk. Set a budget of what you would be ok losing if that were to happen, as you learn the ropes on a small scale. Just like going to a casino, budget for loss, hope and try to do well.


I do NOT agree with this at all.

You're 24, seemingly pretty involved in your career, and I doubt you have a ton of time to play around with trading all day. I think the risk of attempting to day trade (gambling to an extent) outways the reward for you. Put your money in some quality funds right now, and spend your time learning real investment fundamentals so that you can begin making the right choices for yourself as you get older.






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Janky
LSU Fan
Team Primo
Member since Jun 2011
8045 posts

re: Promotion -> More income -> Need advice


quote:

Maybe even start day trading. Start small (stocks no more than $5/share) and get good at it before putting real amounts of your money at risk.


No way you're serious, right?

Day trading penny stocks, that's the ticket.






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Crbello4Hiceman
LSU Fan
Lurking
Member since May 2011
438 posts

re: Promotion -> More income -> Need advice


quote:

1- Should I max out my contributions to my Roth (this seems like a no brainer)


Sure

quote:

2- Should I increase my mortgage payments?


I wouldn't. That is prob the cheapest money you will get for the rest of your life. I'd put the extra $100 a month toward investing.

quote:

3- I don't know much about investing, so what should I do with the excess? I'm 24 so I can be rather aggressive.


If you don't feel like spending alot of time trying to learn it or taking big risks, I'd say go on Fidelity's site and open an account. Buy into a no fee S&P 500 index fund. If you google it, you will be able to get names. For the most part, managed funds tend to eat up additional gains with fees. Alot of research indicates it might be better long term to just go with an S&P500 index fund.






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Chris Farley
Maryland Fan
Regulating
Member since Sep 2009
3675 posts

re: Promotion -> More income -> Need advice


quote:

Day trade


Dont do this






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