-DJ R-Tistic- Member since Nov 06th 2008 51986 posts
Wed Apr-15-15 11:58 AM
"In your opinion...best ways to invest $500-$2,000 per month"
Most of my friends are turning 30, or have just turned 30, and are looking at a lot of long term options for investing.
The ones who majored in Business seem to have a good idea on all the basic options, such as Roth IRA, 401k, but most haven't started investing yet (shoutout to Sallie Mae).
What are some of the best options to you...I would say for something that you put in anything from $500-$2,000 per month into. I know there's some plans where you can't touch it for 10-20 years without penalty, while there's some that you can access right away.
I'm slightly familiar with the most common options, but haven't read up on it in years.
9. "Fake money is based on the value of solid gold...aka real money....so ye..." In response to Reply # 2
But i'm talking strictly about small $$ like $500 or so/month. IMO...that's a great way to invest in something that has a better chance of short term gains and is there for cashing in on short notice.....also perfect for "under the table" income.....
"Seasons may come and your luck just may run out, and all that you'll have is some memories..."
53. "RE: Lots of people saw the oil price dip. " In response to Reply # 48
>Deejboram was talking about it months bfr it happened on >here.,
yeah but they still ban me for some reason i dont know what like i don contribute nothing to this community the gay prince in atlanta dont contribute NOTHING but tee-hees, ha-has while he spilling his tea everywhere
i got a mortgage post that kicked KNOWLEDGE
let me up my stock picking post
only good thing about being banned from posting is it forces me to focus more on daytrading which (for the most part) has been making me a nice piece of change lately
i'm long on oil stocks now tho HERO is my hero so is HK check my stock post from months back i called it there SQNM even EXCEEDED my lofty predictions i had for it back at $2.25
i've made money on BLOZF but admittedly i'm kinda caught in a pickle right now and have to go long because i cant stand to lose
51. "That's assuming economies still use precious metals " In response to Reply # 49
as their standard to support their printed currency The U.S. switched over to credit decades ago so unless you're planning to move somewhere that still uses gold as their standard, the way I understand this is your point is moot.
10. "They should be on the same line in terms of liquidity" In response to Reply # 6
But I was thinking of if a person needed to stop paying into either one. Its easier to stop paying life insurance (no penalty) versus closing a Roth etc ,(10 percent early withdrawal penalty, unless an exception applies).
first part is getting the pillow set up. some people call it a safety net. you want 6 to 9 mos of living expenses put there.
once thats hit then that is set in a not to far savings account where I should be able to access it if and when the shit hits the fan
I've been thinking about maxing out my 401k for the year but I'm not sure if I want to do that this year.
next is an aggressively balanced fund at betterment.com I am taking the set it and forget it approach but I will be contributing a weekly amount to the account.
and next will be several thousand sunk into a T-bill for a 5 or 10 year length. its boring, but its consistent and safe.
thats for now, along the way I would like to add more but this is my path for the time being.
max out anything tax advantaged first: 401k, ira, hsa you can decide if the regular or roth versions make more sense for your situation (or put half in each type)
one good thing about roth iras is that you can access your contributions (but not any gains/interest/etc.) without penalty before retirement
i keep 2 months of living expenses in a checking account, another 6-8 months in an online savings account that pays ~0.90% (discover bank, ally bank, etc.) and the rest of my money is in taxable investment accounts
18. "I'd be looking at getting some passive income." In response to Reply # 0
maybe save for a few months. Find a small business that's doing well but could use some cash and buy a stake. Perhaps try to find you a laundrymat, one of those lunchtime office carts.
20. "speaking of passive income, i have an idea/not an idea " In response to Reply # 18 Wed Apr-15-15 01:11 PM by double negative
idea being or rather question being if it would be possible to start something using just $1000 to start something that would bring in 3 to 500 per month with a minimal amount of input (minimal being, no more than 10 hours a month)
i should post this on reddit and see how quickly the post would go to wood
30. "Invest it into the development of an App" In response to Reply # 20
Use those 10 hours a month to perform updates and fix bugs.
Or a website that relies on subscriptions.
An anecdotal example, I didn't want to pay a Lawyer for a last minute contract I needed, so I paid for a web-based legal form service, it was a standard form and free unless you wanted an official document, which would be 29.99 a month for unlimited access (they offer most standard legal forms). Even though I only needed that one document, I was so impressed by how thorough the contract was, I kept the service for a few months--expecting I'd need to use them again--I didn't, and I wound up paying them exactly what a lawyer would have charged me. Think of the minimal effort needed to maintain a service like that.
32. "i am in the industry...." In response to Reply # 30
>Use those 10 hours a month to perform updates and fix bugs. > >Or a website that relies on subscriptions. > >An anecdotal example, I didn't want to pay a Lawyer for a last >minute contract I needed, so I paid for a web-based legal form >service, it was a standard form and free unless you wanted an >official document, which would be 29.99 a month for unlimited >access (they offer most standard legal forms). Even though I >only needed that one document, I was so impressed by how >thorough the contract was, I kept the service for a few >months--expecting I'd need to use them again--I didn't, and I >wound up paying them exactly what a lawyer would have charged >me. Think of the minimal effort needed to maintain a service >like that.
Funny you bring up a subscription based model, this is exactly where my head has gone lately. I have a product in mind, I've just been....unsure about my ability to pull it off so I've not pursued it even though I can imagine it being an actual thing people would want.
37. "That sounds like work, not investment" In response to Reply # 36
>Something I've been looking into. Is renting a small space in >a near capacity office park that is a lil' removed from >restaurants, etc. > >Set up shop, sell sandwiches/soups/pop tarts... You get the >gist. > >Between the lease, and a few items necesarry (cash >register/microwave/fridge/crock pot) You should be able to do >that for CLOSE to $1k.
29. "the penalty is pretty much irrelevant at the rate of return" In response to Reply # 0
i'm getting in my ira. 1/3 of the money i have in there , i didn't put there. it was just growth. between the tax savings and return on my investment, there would be virtually no penalty. plus, there's also an exemption for first time home buyers if that's what you want to use the money for.
47. "if you have $500/month to invest..." In response to Reply # 0
put that towards a short term investment ( along the line of tbills) at the end of the year take the 6k plus and get in the market...
of course this assumes you have invested in the market before and have a few kinks under your belt.
if you're on the high end and have 2k to invest do the same and go short term...at the end take the 24k plus combined with a loan and purchase a rental property.
my investment streams are varied...but I initially began via real estate (half my family owns various properties across the states). I just purchased a plot of land in and up and coming area within my city from two siblings that received the property from their mother. long story short they've been bickering over the property for awhile, I was provided the solution in selling to me.
I'm tearing down the house currently there. The lot is big enough to for 3 doubles. I'll net aprox 6k monthly after accounting for tax obligations, insurance, mischellaneous upkeep.
I advise all of my non financial acute people I speak with to start with real estate because it trains your mind on how to analyze investments and see what's under-valued.
Coming from 401k's, IRA's, mutual funds and Jumping directly into the stock market on your own , using your own strategy and doing your own analysis has a steep learning curve and can be very volatile
happiness is a mediocre standard for a middle class existence - S. Williams
I don't not like you because you have dumb ideas about the world, I don't like you because you have other people's dumb ideas about the world. - Rjcc
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