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Started By
Message
If you were me what would you do?
Posted on 5/19/15 at 10:36 pm
Posted on 5/19/15 at 10:36 pm
Hey guys long time lurker but first time posting a thread. I need a little advice on what to do investing wise.
I am still in school and have two current mutual funds that I invest in regularly but I have recently been looking closely at individual stocks such as some of the ones that are mentioned in here. I would have around $500-$1,000 to mess with that wouldn't hurt me if I ended up losing it in a bad investment. My question is at my age and small amount of money is it even worth trying to get into the trading game or just up my mutual funds each month?
I appreciate any advice that y'all can give me. I am a Finance major which can probably explain wanting to get into the game
I am still in school and have two current mutual funds that I invest in regularly but I have recently been looking closely at individual stocks such as some of the ones that are mentioned in here. I would have around $500-$1,000 to mess with that wouldn't hurt me if I ended up losing it in a bad investment. My question is at my age and small amount of money is it even worth trying to get into the trading game or just up my mutual funds each month?
I appreciate any advice that y'all can give me. I am a Finance major which can probably explain wanting to get into the game
4
Posted on 5/19/15 at 10:44 pm to MSU4ever
Put that money towards a ROTH IRA.
Posted on 5/19/15 at 10:50 pm to MSU4ever
quote:It's enticing. So enticing. But you should refrain from making the mistakes I made last summer. I put $1,200 in. I did not take $1,200 out.
My question is at my age and small amount of money is it even worth trying to get into the trading game
I can think or 4 possibilities with $1,000 money.
1) add to your emergency fund if necessary
2) Contribute to Roth if not maxed out
3) Open Roth account if you do not have one
4) Take a trip with friends/enjoy it.
Posted on 5/19/15 at 11:12 pm to bayoubengals88
Should I wait until I'm out of school and have a full-time job to start a Roth IRA account and just continue to invest in my mutual funds for now?
Posted on 5/20/15 at 7:07 am to MSU4ever
No need to wait. Take advantage of that tax shelter. After having a Roth for a year I was only able to invest around $2,100...that's better than zero, and that's better than investing the money elsewhere.
Also I had 7.0% gains, now 8.1%...
Also I had 7.0% gains, now 8.1%...
Posted on 5/20/15 at 7:11 am to MSU4ever
Do you even have a job? Or scholarship money? If not you can't make a Roth IRA contribution.
Posted on 5/20/15 at 7:21 am to MSU4ever
Stick with your funds as long as they are low cost.
1000 dollars is not enough money to make a diversified portfolio of individual stocks.
1000 dollars is not enough money to make a diversified portfolio of individual stocks.
Posted on 5/20/15 at 7:40 am to Shepherd88
If he's got $1k he can open a Roth through Vanguard with the target retirement funds.
But I agree that he should just save if he doesn't have enough liquid.
But I agree that he should just save if he doesn't have enough liquid.
Posted on 5/20/15 at 8:19 am to bayoubengals88
These are all wrong answers
1. Have one bad arse party/weekend. You're young, enjoy it. It doesn't last. The purpose of money is to maximize life, not the other way around.
2. With whatever is left open up a Robinhood account and start investing. You'll make mistakes and you might lose it all but you'll learn indefinitely more about stock trading with your own money on the line. This knowledge will be invaluable later on when you can start investing real money.
1. Have one bad arse party/weekend. You're young, enjoy it. It doesn't last. The purpose of money is to maximize life, not the other way around.
2. With whatever is left open up a Robinhood account and start investing. You'll make mistakes and you might lose it all but you'll learn indefinitely more about stock trading with your own money on the line. This knowledge will be invaluable later on when you can start investing real money.
Posted on 5/20/15 at 8:26 am to bayoubengals88
No, you can't make an IRA contribution that exceeds the amount of "earned" income you made in that year.
So if he does not have a job nor scholarship money he therefore does not have any "earned" income.
So if he does not have a job nor scholarship money he therefore does not have any "earned" income.
Posted on 5/20/15 at 8:35 am to white perch
quote:
These are all wrong answers
quote:
I can think or 4 possibilities with $1,000 money.
1) add to your emergency fund if necessary
2) Contribute to Roth if not maxed out
3) Open Roth account if you do not have one
4) Take a trip with friends/enjoy it.
I obviously mentioned enjoying the money.
but,
quote:???
Have one bad arse party/weekend.
I can't
enough. At least have memorable fun with the money... Since when is saving wrong? Not everyone will make a physicians income.
Posted on 5/20/15 at 8:45 am to bayoubengals88
Yes, you did mention it, I apologize.
I didn't say blow it all, just enjoy life a little.
I didn't say blow it all, just enjoy life a little.
Posted on 5/20/15 at 8:52 am to white perch
quote:No doubt
I didn't say blow it all, just enjoy life a little.
...even I am taking a trip in July (though I hate thinking about spending $1,000 Back to the discussion: I'm assuming that the op has SOME source of income since losing $1,000 won't hurt him.
Posted on 5/20/15 at 9:14 am to bayoubengals88
Keep at the mutual funds...but seriously, travel. Think of it as investing in yourself. Experience of the world, it will make you a better employee & human being. (Note: I said experience the world, not simply visit the same theme park/beach/resort you've seen 15 times already.)
Posted on 5/20/15 at 10:05 am to MSU4ever
Do you even Acorns bro?
j/k. Make sure that you build up your emergency fund first before putting it where it can't be accessed.
j/k. Make sure that you build up your emergency fund first before putting it where it can't be accessed.
Posted on 5/20/15 at 11:49 am to mach316
I would put the money in an Index Fund or just keep it in savings until you graduate. It is a small amount of cash and it would be nice to fund your Roth if you plan on keeping it until retirement, but it is nice to have some cash heading into the real world.
At the worst, use this to buy yourself furniture or whatever you need in your first apartment. I remember being stressed out when graduating because it costs a lot of money to buy all the furnishings for your new place. Assuming you will be moving to a new city and starting your life, it is nice to have some cash on hand to support this.
At the worst, use this to buy yourself furniture or whatever you need in your first apartment. I remember being stressed out when graduating because it costs a lot of money to buy all the furnishings for your new place. Assuming you will be moving to a new city and starting your life, it is nice to have some cash on hand to support this.
Posted on 5/20/15 at 12:42 pm to Lawyers_Guns_Money
I appreciate the input from everyone. I think I'll just keep investing in my current funds until I have a steady job.
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