Originally posted by Shakyamunison
That is about the same amount of money over two days, I made on my digital music sales. 😂
Nice. With wealth comes responsibility. Don't take it lightly.
😉
Realistically, I'm just going puppy-dog berserk over watching it too much. Even for short holding periods, 2 days is laughably short.
Website Roundup
For those interested in learning more, here's a bunch of great resources and what to use them for:
News and Information Websites
1. Investopedia - http://www.investopedia.com/
This is THE place to go to learn about investing. It will hold your hand through the easy stuff, all the way up through advanced trading techniques, terms, and strategies. It lacks the other sites' volume of daily news, and the charting and research options for stocks on this site are very meager, so eventually you'll "graduate" from the site. But it's also somewhere to return to any time something complicated rears its head (which is often). Investopedia also lets you create a dummy account to invest in the stock market (or Foreign Exchange market, if you're bold). Fake money, real market. Great, great practice.
2. Investing.com - http://www.investing.com/
A nice catch-all site, with a mix of charts, news, advice, and tutorials. The lone drawback I've found is that the articles tend to be very general. Not ideal for research on specific stocks.
3. Motley Fool - http://www.fool.com/
They'll try to sell you their services quite aggressively (they have several paid newsletters that offer detailed research and advice). But if you ignore that, the site itself is very helpful. Their intro to investing series of articles is excellent, and they offer solid advice on a variety of stocks. Very user-friendly, and newbie-friendly, despite the scope of some of their content.
4. Yahoo Finance - http://finance.yahoo.com/
I park at Yahoo for my day-to-day chart analysis of stocks. Lots of charting options in a very intuitive format. They're also a great launch-pad to the other sites, as their news aggregator is as good as any.
5. Seeking Alpha - http://seekingalpha.com/
Worth creating a username for their most up-to-date content (they have a paid version, but it's not necessary). Seeking Alpha is very detail-oriented, and offers great analysis when researching.
6. Forbes - http://www.forbes.com/
I'll admit to not using them that often, but they're a big name in investing literature.
7. Morningstar - http://www.morningstar.com/
Haven't used it, but apparently it's used by industry professionals for research and ideas. My brother's hooking me up with a premium account through his work. No clue what it's like, though.
Charting
1. Fin Viz - http://finviz.com/
It stands for Financial Visualizations. Probably the best site I've seen for pulling every relevant statistic about a stock and allowing you to view it all at once. There's a lot of professional-level information available here, and you can also search stocks based on any criteria imaginable.
2. Yahoo Finance
Detailed above, this is a good go-to as well.
Advice
1. Youtube Clip - http://www.youtube.com/watch?v=WEDIj9JBTC8
A 40-minute crash course in investing basics.
2. Cheatsheet - http://www.coffeehouseinvestor.com/wp-content/uploads/2013/04/DSC_0333.jpg
A hand-drawn cheat sheet of common investing advice.
3. Peter Schiff - http://www.schiffradio.com/site
This was recommended to me by a friend. Schiff wears his politics on his sleeve and backs some unconventional means to wealth (primarily, foreign markets and gold as opposed to stocks). I haven't poked around the site a whole lot, but it may be worth checking out for a contrarian point-of-view.
4. Zero Hedge - http://www.zerohedge.com/
This site veers a bit toward the conspiratorial and dystopian, but there are also some reasonable investing warning signals that the site isn't afraid to call people out on. My brother, who does investing work for a living, pointed me here. It's not his favorite or primary site, but as with the Schiff point I made earlier, he uses it to see the other side of arguments on occasion.
Calculators
1. Investopedia Calculator page - http://www.investopedia.com/calculator/
2. IRA Calculators -
Roth: http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx
Traditional: http://www.bankrate.com/calculators/retirement/traditional-ira-plan-calculator.aspx
3. Bond Calculator - http://www.investopedia.com/calculator/bondprice.aspx
Apps
1. Investing.com has probably the most used app, and it's easy to use and fairly comprehensive. Many others are a pale reflection of the sites they try to emulate (Yahoo Finance's app, for example, is disappointing). But this one has a lot to offer. I've tried a few others, and while some are decent, I can't recommend any others.
Online Brokerages
http://online-stock-trading-review.toptenreviews.com/
That's a review site that has 16 different reputable online brokerages. You can click on any of them individually for details. There's a lot to consider, but it breaks everything down for you, so you can make the best choice for you.
I went with OptionsHouse. The OptionsHouse research and charting capabilities are lackluster, but I use other sites for all of that, so I wasn't looking for them in a brokerage. OptionsHouse has cheap transaction fees, which was the most important thing to me, and no inactivity fees or minimum balance once you're funded (though you have to start with 1K or more).
Notes
It's advantageous to have an account on some sites (Motley Fool, Seeking Alpha, Investopedia, maybe Yahoo if you build a portfolio to monitor). But don't sign up for the newsletters, or opt out. I haven't had any trouble unsubscribing to any so far, but they can be a bit annoying.
Originally posted by Shakyamunison
That is about the same amount of money over two days, I made on my digital music sales. 😂
I'm up about 8% over about two months. The gains won't necessarily hold or maintain their same course, but it's encouraging. Even at half that rate, it works out to 24% yearly, which is awesome.
Nevermind that 8% works out to about $100 currently. I'm not yet dealing with significant investments. But it's all valuable practice while gaining more than it would be in a savings or checking account.
Anyone else doing anything? Or am I talking to myself?
Originally posted by Digi
Lol. They fit in there quite snugly, thanks. 😊I have coworkers who will hear about this stuff that I'm doing when we're talking finances and they'll say things like "Oh, right, you actually want to retire..." There's some lighthearted sarcasm there, but they f---ing mean it. They aren't retiring in style, or possibly at all. They'll go straight from the workforce to the nursing home. And it's sort of seen as the norm.
That's terrifying to me. My mom is going to have to work until she can't. Some of what made things that way for her were out of her control, so it's not placing blame. But it's also a model I don't want to follow.
We consume so f---ing much. Dozens of different types of media. Or food. It's not all bad, but the volume of it, collectively, is often sickening to me. I cut the majority of the excess in my life and I'm saving maybe 5K a year from where I was 3 years ago. I could probably double that if I were more disciplined. But if I build my wealth, I can - and will - give back as I'm able. Whether it's to my family, or to charitable causes, it will mean something. And I can live and retire how I want instead of being a burden to others. I won't just be a suction on society, living paycheck to paycheck and consuming. That's the goal, at least. Maybe the market will underperform, I'll pick bad stocks, and I'll be in the same place. But it's worth a shot.
And to boot, this sh*t is fun. I got chills clicking the purchase button on my first stock trade. I don't know how people think it's so dry. And it's a form of personal betterment, which can be empowering.
So yeah, call me Gordon f---ing Gecko. At this point I consider it a compliment. My stock is up a fraction of a point in its first day. Break out the damn caviar.
/rant
Originally posted by DigiYou gonna do fine.
[b]Website RoundupFor those interested in learning more, here's a bunch of great resources and what to use them for:
News and Information Websites
1. Investopedia - http://www.investopedia.com/
This is THE place to go to learn about investing. It will hold your hand through the easy stuff, all the way up through advanced trading techniques, terms, and strategies. It lacks the other sites' volume of daily news, and the charting and research options for stocks on this site are very meager, so eventually you'll "graduate" from the site. But it's also somewhere to return to any time something complicated rears its head (which is often). Investopedia also lets you create a dummy account to invest in the stock market (or Foreign Exchange market, if you're bold). Fake money, real market. Great, great practice.2. Investing.com - http://www.investing.com/
A nice catch-all site, with a mix of charts, news, advice, and tutorials. The lone drawback I've found is that the articles tend to be very general. Not ideal for research on specific stocks.3. Motley Fool - http://www.fool.com/
They'll try to sell you their services quite aggressively (they have several paid newsletters that offer detailed research and advice). But if you ignore that, the site itself is very helpful. Their intro to investing series of articles is excellent, and they offer solid advice on a variety of stocks. Very user-friendly, and newbie-friendly, despite the scope of some of their content.4. Yahoo Finance - http://finance.yahoo.com/
I park at Yahoo for my day-to-day chart analysis of stocks. Lots of charting options in a very intuitive format. They're also a great launch-pad to the other sites, as their news aggregator is as good as any.5. Seeking Alpha - http://seekingalpha.com/
Worth creating a username for their most up-to-date content (they have a paid version, but it's not necessary). Seeking Alpha is very detail-oriented, and offers great analysis when researching.6. Forbes - http://www.forbes.com/
I'll admit to not using them that often, but they're a big name in investing literature.7. Morningstar - http://www.morningstar.com/
Haven't used it, but apparently it's used by industry professionals for research and ideas. My brother's hooking me up with a premium account through his work. No clue what it's like, though.Charting
1. Fin Viz - http://finviz.com/
It stands for Financial Visualizations. Probably the best site I've seen for pulling every relevant statistic about a stock and allowing you to view it all at once. There's a lot of professional-level information available here, and you can also search stocks based on any criteria imaginable.2. Yahoo Finance
Detailed above, this is a good go-to as well.Advice
1. Youtube Clip - http://www.youtube.com/watch?v=WEDIj9JBTC8
A 40-minute crash course in investing basics.2. Cheatsheet - http://www.coffeehouseinvestor.com/wp-content/uploads/2013/04/DSC_0333.jpg
A hand-drawn cheat sheet of common investing advice.3. Peter Schiff - http://www.schiffradio.com/site
This was recommended to me by a friend. Schiff wears his politics on his sleeve and backs some unconventional means to wealth (primarily, foreign markets and gold as opposed to stocks). I haven't poked around the site a whole lot, but it may be worth checking out for a contrarian point-of-view.4. Zero Hedge - http://www.zerohedge.com/
This site veers a bit toward the conspiratorial and dystopian, but there are also some reasonable investing warning signals that the site isn't afraid to call people out on. My brother, who does investing work for a living, pointed me here. It's not his favorite or primary site, but as with the Schiff point I made earlier, he uses it to see the other side of arguments on occasion.Calculators
1. Investopedia Calculator page - http://www.investopedia.com/calculator/
2. IRA Calculators -
Roth: http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx
Traditional: http://www.bankrate.com/calculators/retirement/traditional-ira-plan-calculator.aspx3. Bond Calculator - http://www.investopedia.com/calculator/bondprice.aspx
Apps
1. Investing.com has probably the most used app, and it's easy to use and fairly comprehensive. Many others are a pale reflection of the sites they try to emulate (Yahoo Finance's app, for example, is disappointing). But this one has a lot to offer. I've tried a few others, and while some are decent, I can't recommend any others.
Online Brokerages
http://online-stock-trading-review.toptenreviews.com/
That's a review site that has 16 different reputable online brokerages. You can click on any of them individually for details. There's a lot to consider, but it breaks everything down for you, so you can make the best choice for you.
I went with OptionsHouse. The OptionsHouse research and charting capabilities are lackluster, but I use other sites for all of that, so I wasn't looking for them in a brokerage. OptionsHouse has cheap transaction fees, which was the most important thing to me, and no inactivity fees or minimum balance once you're funded (though you have to start with 1K or more).
Notes
It's advantageous to have an account on some sites (Motley Fool, Seeking Alpha, Investopedia, maybe Yahoo if you build a portfolio to monitor). But don't sign up for the newsletters, or opt out. I haven't had any trouble unsubscribing to any so far, but they can be a bit annoying. [/B]
Originally posted by Mindship
You gonna do fine.
Thanks. I appreciate the sentiment, though even with the seeming preparedness, it's probably not the guarantee you might think. I have to keep a steady job, keep my spending down so I have capital to invest, I want to get a graduate degree in the next few years and will need a new car soon, and life doesn't get any cheaper as you age even if you manage to avoid unforeseen massive costs. It's a climb.
I'm up 6.5% on my stocks in about 2 months, and have been as much as 8% up. That sounds way less impressive when I tell you I'm only playing with about $1500 right now, but the percentage is encouraging. I need to be able to set aside ~3-5K each year - a challenge - and have quality returns for about a decade before I start to feel good. This is ignoring my Roth and 401K, since I'm paying less into them and don't have direct control. They'll do what they'll do. But climb might not even be the right word. Unless you come from wealth, it's a grind.
And as others have said, this is with self-awareness of the situation. Sooo many people from my generation are going to be in the cold come retirement age.
Side note: if you can invest personally, do it. Professionally managed IRA have the benefit of not having to actively worry or manage them, but there are fees involved in that. Which means the returns have to be greater to achieve the same result. My Roth is actually down currently (though in fairness, I just started it), because I started about 2% in the hole from fees. The comparatively tame transaction fees for online brokerages ($4.75-$9.99 depending on your site) are much more manageable, provided you're not investing with pocket change.
I used to read this blog a lot, it's pretty good. http://www.getrichslowly.org/blog/
Originally posted by Bardock42
I used to read this blog a lot, it's pretty good. http://www.getrichslowly.org/blog/
👆
That was the first website I found when I was doing Google searches. I haven't been on it much, but yeah, it seems good. It's cool that it has alternative advice like "How to buy a mattress" instead of just stock stuff. It is basic-level at best for strictly wall street stuff, but is a good all-around site for living more frugally.
Originally posted by Digi
But the other point - that we should be learning some life skills (like basic investing) - is completely true. I probably could have been putting a grand or two a year into an IRA since about age 20-22 (I'm 29 now, for reference, and started with my company-match plan about a year ago). The fact that nobody told me this stuff angers me. And if I hadn't taken the initiative myself, I wouldn't even be doing anything. Just ridiculous.
That means you are currently between 1000 (1000$ for 7 years at 3%) - 5000$ (2000$ for 9 years at 6%) behind (probably the lower end cause of the crisis really)?
Obviously it's the last years that matter most there, perhaps you can try to make up this difference with more excessive saving in order to alleviate your bad feelings about the possibility that you could have started earlier (at the cost of comfort, right now).
Originally posted by Digi
👆That was the first website I found when I was doing Google searches. I haven't been on it much, but yeah, it seems good. It's cool that it has alternative advice like "How to buy a mattress" instead of just stock stuff. It is basic-level at best for strictly wall street stuff, but is a good all-around site for living more frugally.
Yeah, I enjoyed reading their ideas, they also had a great article about reading self-help advice not being the same as actually helping yourself, even though it feels the same to your brain. But I can't find it, has been many years though.
I don't really actively invest. I have a savings account where some of the money is invested in fonds. And I have a mortgage.
I suppose I am an entrepreneur now, so I do invest in my own businesses. I am pretty lucky that my parents are well off and I will likely come into some good money and a functioning company at some point (hopefully the inheritance in the far future, perhaps taking over the company sooner)
Originally posted by Bardock42
Yeah, I enjoyed reading their ideas, they also had a great article about reading self-help advice not being the same as actually helping yourself, even though it feels the same to your brain. But I can't find it, has been many years though.I don't really actively invest. I have a savings account where some of the money is invested in fonds. And I have a mortgage.
I suppose I am an entrepreneur now, so I do invest in my own businesses. I am pretty lucky that my parents are well off and I will likely come into some good money and a functioning company at some point (hopefully the inheritance in the far future, perhaps taking over the company sooner)
Well, a mortgage is investing. It's just a commodity instead of an equity. I know a guy that makes more buying and selling Magic: The Gathering cards than he does in his "real" job. It's all investing; just varying levels of legitimacy. Same with owning a business. It's equity just like stock, just far less abstract.
Savings accounts are fine if that's not all you're doing. You're at least somewhat diversified, plus you have the business, so that's good. But plenty of people stockpile a savings account as though it alone will take care of them. Even Money Market accounts and such don't keep up with inflation, much less growth.
Originally posted by Bardock42
That means you are currently between 1000 (1000$ for 7 years at 3%) - 5000$ (2000$ for 9 years at 6%) behind (probably the lower end cause of the crisis really)?Obviously it's the last years that matter most there, perhaps you can try to make up this difference with more excessive saving in order to alleviate your bad feelings about the possibility that you could have started earlier (at the cost of comfort, right now).
Good point about the crisis. 2008 was brutal.
And yeah, that's the plan. I don't live beyond my means, and I try to search for ways to limit spending (with varying levels of success). I stopped buying comics about two years ago, for example. That was a $10-30 sink each week. It's still not ideal...if you live in a city with a lower middle class income, there's only so much you'll realistically be able to save. But in about three years I've worked off ~12K in debt and have maybe 4-5K invested in my various funds. So it's progress.
I actually read a couple money-saver links on the "Get Rich Slowly" after you just posted it. Didn't take long to come across a couple decent ideas I may try. Little by little...
Anyway, thanks for the link, and gl with your business. What type of business is it?
Originally posted by DigiWait'll marriage and kids. 😉
Thanks. I appreciate the sentiment, though even with the seeming preparedness, it's probably not the guarantee you might think. I have to keep a steady job, keep my spending down so I have capital to invest, I want to get a graduate degree in the next few years and will need a new car soon, and life doesn't get any cheaper as you age even if you manage to avoid unforeseen massive costs. It's a climb.
If I may paraphrase: "Man plans; Life laughs." Odds are, it won't be easy, but you're thinking about this and planning ahead now, which is very forsightful. Sure, they'll be tough times ahead, setbacks, mistakes, perhaps moments of despair. But you seem like you'll stay the course, no matter what. That's the most important thing: the Commitment.
I was more of a dreamer at your age (hell, still dreamin'😉. "'Retirement? Pfft. That's so far away." I didn't start saving til my early 30s. Fortunately, my profession's benefits saved my ass.
Originally posted by DigiRest assured, yours didn't invent unpreparedness. I think what does make it tougher for your generation is the apparent dwindling of reliable job institutions (eg, 30+ years at a company ---> pension). As a group, "Millennials" have to be more self-reliant, more self-promotional than my peeps did, imo.
And as others have said, this is with self-awareness of the situation. Sooo many people from my generation are going to be in the cold come retirement age.
Originally posted by Mindship
If I may paraphrase: "Man plans; Life laughs."
I dunno. I mean, yes, some things are unforeseen and can't be planned for exactly. Many things, in fact. So there's a lot of truth to it. But this is used a lot as sort of a psychological excuse. Good plans that account for variance tend to work, and the people who I hear invoking similar phrases to this are usually the least intrinsically motivated people I know.
Then again, my internal locus of control is stronger than nearly anyone I know. So I have an instinctual aversion to phrases like this that may not be entirely rationally founded.
Originally posted by Mindship
Rest assured, yours didn't invent unpreparedness. I think what does make it tougher for your generation is the apparent dwindling of reliable job institutions (eg, 30+ years at a company ---> pension). As a group, "Millennials" have to be more self-reliant, more self-promotional than my peeps did, imo.
Most likely, yeah. Student debt is probably the biggest thing hitting this generation that other generations haven't had. When I hear people saying things like "Pfft! You only have 30K in student loans?! You're lucky," you know things have gone a bit south.
Originally posted by Lek Kuen
I'll have to look over some of the info you provided earlier, as my uncle recently has been trying to talk to me about this sort of stuff. I only recently turned 22 and I really barely heard about anything outside of films. With the exception of my mom simply telling me what to write on forms.
👆
Start with Investopedia, Motley Fool's intro to investing series, and maybe Get Rich Slowly (links below). Those are the best entry points for basic knowledge. You don't have to dive into stock markets and such. A basic understanding of the various types of IRAs, the difference between stocks and bonds, etc. is a good first step. Many people never graduate beyond a work 401K and/or Roth IRA. And if you're doing enough to fund them, that can be enough.
http://www.investopedia.com/
http://www.fool.com/how-to-invest/thirteen-steps/index.aspx
http://www.getrichslowly.org/blog/
A no-name OTC (over the counter, meaning not on a major index) microcap stock that I own is going to be traded on the NASDAQ starting next week. It's already up 20% today as a result of the announcement.
Granted, it had slid about 16% since I purchased it originally, so right now I'm only slightly higher than I was than when I purchased it. But it should continue to skyrocket once it's on the NASDAQ. I'm excited. Again, the excitement is as much from percentages as it is from actual dollar amounts at this point. But like, if this stock makes me $1,000, that would be epic.
Originally posted by DigiCareful. You'll start watching Fox News Business Block soon. Go, Brenda!
A no-name OTC (over the counter, meaning not on a major index) microcap stock that I own is going to be traded on the NASDAQ starting next week. It's already up 20% today as a result of the announcement.Granted, it had slid about 16% since I purchased it originally, so right now I'm only slightly higher than I was than when I purchased it. But it should continue to skyrocket once it's on the NASDAQ. I'm excited. Again, the excitement is as much from percentages as it is from actual dollar amounts at this point. But like, if this stock makes me $1,000, that would be epic.
Originally posted by Mindship
Careful. You'll start watching Fox News Business Block soon. Go, Brenda!
That would require watching TV. By the time they're talking about it, it's old news. I'm looking for the stocks that they'll be talking about next week. I actually have a couple writers I like to follow. At this stage, I'm not trying to pick blue chip stocks that make me 3-5% a year and protect my wealth. I'm trying to hit home run balls with microcap stocks that could double (or more) within months. If they're discussing it on TV, it's either too well known, or it's already made a major move and it's no longer worth getting into.
