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re: Just become a millionaire, how should I invest my money?
Posted on 12/5/24 at 1:34 pm to U_south_cack
Posted on 12/5/24 at 1:34 pm to U_south_cack
Backdoor Roth (if you dont already have a substantial traditional IRA balance) Fund 2024 now or before tax deadline and 2025 soon after. Twice.if married.
Do you have an HSA? If so, fully fund it and let it grow tax free. Pay medical out of pocket and save receipts to withdraw years later.
I'd put the rest in a low expense ratio index ETF.
I wouldnt chase dividends or income generating as they will create tax drag and typically under perform.
If you hire an advisor make sure they dont sell insurance, push high fee funds, churn, or otherwise.profit on your positions. Even a 1% asset under management fee can cost 10s-100s thousands.over 30+ years. Find a fee for service fiduciary instead and pay them to devise.a.plan you execute and periodically return to revise it.
Read Simple Path to Wealth and The Next Millionaire Next Door.
Do you have an HSA? If so, fully fund it and let it grow tax free. Pay medical out of pocket and save receipts to withdraw years later.
I'd put the rest in a low expense ratio index ETF.
I wouldnt chase dividends or income generating as they will create tax drag and typically under perform.
If you hire an advisor make sure they dont sell insurance, push high fee funds, churn, or otherwise.profit on your positions. Even a 1% asset under management fee can cost 10s-100s thousands.over 30+ years. Find a fee for service fiduciary instead and pay them to devise.a.plan you execute and periodically return to revise it.
Read Simple Path to Wealth and The Next Millionaire Next Door.
This post was edited on 12/5/24 at 5:24 pm
1
Posted on 12/5/24 at 3:04 pm to U_south_cack
quote:
What’s the best way for me to strategically make my money work for me?
1- Pay off home and that will increase your income by the % saved.
2- Flip stocks. Buy a reputable stock and sell a call at the next strike price up.
3- Dividend stocks/ETF and set it to drip.
Posted on 12/5/24 at 3:15 pm to U_south_cack
I would probably not pay early.on 5.75% mortgage. Made that mistake when younger w a 5.5% mortgage and missed years of growth in stock market meanwhile my capital sat tied up in home equity that was more expensive to access. Sure house appreciated modestly but would have done so anyway and would have had better ROI w less equity.
Posted on 12/5/24 at 3:21 pm to U_south_cack
Let Norway invest your money. Guaranteed to never lose money
Posted on 12/6/24 at 9:22 am to U_south_cack
Invest the majority of it. Start with low cost index funds and adjust over time as you learn more. Become a student regarding investing. Hire a financial planner if you aren't comfortable doing it yourself.
Posted on 12/6/24 at 10:02 am to U_south_cack
The problem with all these guys advising you to throw it into the market is that you’re not going to have leverage.
I would recommend going into real estate in an upward trending city/area near you. Ideally I’ve heard of (not done personally) people using FHA and others to put a small down payment on a multi-unit piece, living out of one of the units for a year, and using property depreciation to write off most of the initial down payment that would have otherwise been taxable income.
You should probably bring a CPA/lawyer in to help you get all of your ducks in a row, but it’s the quickest way to make your dollars and overall economic growth/inflation work for you.
I would recommend going into real estate in an upward trending city/area near you. Ideally I’ve heard of (not done personally) people using FHA and others to put a small down payment on a multi-unit piece, living out of one of the units for a year, and using property depreciation to write off most of the initial down payment that would have otherwise been taxable income.
You should probably bring a CPA/lawyer in to help you get all of your ducks in a row, but it’s the quickest way to make your dollars and overall economic growth/inflation work for you.
This post was edited on 12/6/24 at 10:03 am
Posted on 12/6/24 at 10:51 am to U_south_cack
quote:
my income and net worth has sky rocketed to end this year and should continue for the next two years
Invest safely sure, but more importantly, figure out a way to extend this part of your net worth calculation.
Posted on 12/6/24 at 12:07 pm to DaBeerz
quote:
Let Norway invest your money. Guaranteed to never lose money
CELSIUS!
remember that guy who lost his arse in celsius?
what was his name again?
Posted on 12/6/24 at 1:47 pm to Fat Bastard
1. Don't listen to the "noooo never pay down your mortgage" crowd
Posted on 12/6/24 at 2:14 pm to LSUmajek
quote:This.
Sit down with a financial advisor & discuss what your goals are & plan accordingly.
I started with a financial advisor (the principal of his own firm) about 30 years ago. My partners had enough money to get in the door, I didn't at the time. They leaned on him and three decades later everyone is still happy and financially independent.
Do not go to a slap dick at Edward Jones.
Posted on 12/6/24 at 2:31 pm to TorchtheFlyingTiger
1. Buy a congressman.
2. Get kickbacks.
2. Get kickbacks.
Posted on 12/6/24 at 2:31 pm to U_south_cack
As a few have said in this thread
I'd be willing to help. Lmk and you can email me if you want.
quote:
You need to get a financial advisor
I'd be willing to help. Lmk and you can email me if you want.
Posted on 12/6/24 at 5:12 pm to soccerfüt
quote:
Do not go to a slap dick at Edward Jones.
Posted on 12/6/24 at 6:26 pm to U_south_cack
Watch every Michael Saylor video on YouTube. Will open your eyes to why Bitcoin is the best financial asset to own. It’s outperformed the stock market for the last 15 years. It has, and will out perform gold, real estate, etc.
Inflation is destroying the dollar. Can’t believe people are so happy over their 20-30% gains with their IRA. There is a reason the market keeps going up, and people are seeing these returns. Believing that inflation rate is 2% is laughable. Inflation is bringing these so called gains, not savvy investing. That’s why the average returns from index funds averaged 7% 20 years ago. Then it when to 15% 10 years ago. Now 30% returns are the norm.
Hint…You are not making the money you think you’re making. Don’t be a sheep.
I’m 100% in crypto. Have been for 7 years. I trade altcoins just to be able to buy more bitcoin during down years. Gains I make during these few months of bitcoin bull market far outpace any S&P or individual stocks that I would have bought, and it’s not even close.
jMO
Inflation is destroying the dollar. Can’t believe people are so happy over their 20-30% gains with their IRA. There is a reason the market keeps going up, and people are seeing these returns. Believing that inflation rate is 2% is laughable. Inflation is bringing these so called gains, not savvy investing. That’s why the average returns from index funds averaged 7% 20 years ago. Then it when to 15% 10 years ago. Now 30% returns are the norm.
Hint…You are not making the money you think you’re making. Don’t be a sheep.
I’m 100% in crypto. Have been for 7 years. I trade altcoins just to be able to buy more bitcoin during down years. Gains I make during these few months of bitcoin bull market far outpace any S&P or individual stocks that I would have bought, and it’s not even close.
jMO
This post was edited on 12/6/24 at 6:40 pm
Posted on 12/7/24 at 7:45 am to U_south_cack
I think you should talk to a professional that you trust and like personally. Make sure they aren’t just selling products that generate fees. Many of them do that now days.
If you venture in without professional advice, do some research. Don’t jump into trendy investments that are more trade than investment ie The meme stocks, stocks pumped up by people or bots on social media or the internet, bitcoin or other type digital currency.
Try to understand what you’re owning and why. Pay attention to earnings, dividend history, growth patterns, industry, and the markets in general. Understand your own appetite for risk and volatility.
Fortunately we are near the top in list of the leading index’s for stocks. I tend to think many stocks are over valued right now. I don’t advocate trying to time the market but it might make sense to dollar cost average into whatever market you’re considering. If you’re long term investing then it might not really matter.
Be careful with advice on the internet. A lot of success in investing is avoidance of the disaster and these days there are several and it’s real easy to trumpet the virtues.
Anyway, good luck in your ventures.
If you venture in without professional advice, do some research. Don’t jump into trendy investments that are more trade than investment ie The meme stocks, stocks pumped up by people or bots on social media or the internet, bitcoin or other type digital currency.
Try to understand what you’re owning and why. Pay attention to earnings, dividend history, growth patterns, industry, and the markets in general. Understand your own appetite for risk and volatility.
Fortunately we are near the top in list of the leading index’s for stocks. I tend to think many stocks are over valued right now. I don’t advocate trying to time the market but it might make sense to dollar cost average into whatever market you’re considering. If you’re long term investing then it might not really matter.
Be careful with advice on the internet. A lot of success in investing is avoidance of the disaster and these days there are several and it’s real easy to trumpet the virtues.
Anyway, good luck in your ventures.
This post was edited on 12/7/24 at 7:51 am
Posted on 12/7/24 at 8:38 pm to U_south_cack
Congrats to you. You need a financial advisor and CPA.
I use three people. None of them try to sell me anything. If you inquire they will elaborate, but besides giving sound advice they let me be.
Get an attorney to draft a will to protect your estate. It took me about two months to get it finished.
Get life insurance. If you have it already then look into upgrading.
I have a significant amount of cash and stocks, but multiple mortgages in investment properties. I would be completely at ease if they were paid off, so I will hit them hard over the next year. There is nothing wrong with paying off your mortgage early. Sure you may be able to make a larger return somewhere else, but what happens if the market crashes?
I use three people. None of them try to sell me anything. If you inquire they will elaborate, but besides giving sound advice they let me be.
Get an attorney to draft a will to protect your estate. It took me about two months to get it finished.
Get life insurance. If you have it already then look into upgrading.
I have a significant amount of cash and stocks, but multiple mortgages in investment properties. I would be completely at ease if they were paid off, so I will hit them hard over the next year. There is nothing wrong with paying off your mortgage early. Sure you may be able to make a larger return somewhere else, but what happens if the market crashes?
Posted on 12/7/24 at 9:00 pm to U_south_cack
Be careful...don't know how old you are...remember this..nobody went broke taking a profit
Posted on 12/8/24 at 12:53 am to mach316
quote:Yes. And if you believe him, the go buy a bitcoin ETF or physical bitcoin...NOT MSTR.
Watch every Michael Saylor video on YouTube. Will open your eyes to why Bitcoin is the best financial asset to own. It’s outperformed the stock market for the last 15 years. It has, and will out perform gold, real estate, etc.
quote:wut
Now 30% returns are the norm.
Posted on 12/8/24 at 10:31 am to U_south_cack
Sell the house to pay off the credit card.
Tonight.
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