Lemmy Shitpost
Welcome to Lemmy Shitpost. Here you can shitpost to your hearts content.
Anything and everything goes. Memes, Jokes, Vents and Banter. Though we still have to comply with lemmy.world instance rules. So behave!
Rules:
1. Be Respectful
Refrain from using harmful language pertaining to a protected characteristic: e.g. race, gender, sexuality, disability or religion.
Refrain from being argumentative when responding or commenting to posts/replies. Personal attacks are not welcome here.
...
2. No Illegal Content
Content that violates the law. Any post/comment found to be in breach of common law will be removed and given to the authorities if required.
That means:
-No promoting violence/threats against any individuals
-No CSA content or Revenge Porn
-No sharing private/personal information (Doxxing)
...
3. No Spam
Posting the same post, no matter the intent is against the rules.
-If you have posted content, please refrain from re-posting said content within this community.
-Do not spam posts with intent to harass, annoy, bully, advertise, scam or harm this community.
-No posting Scams/Advertisements/Phishing Links/IP Grabbers
-No Bots, Bots will be banned from the community.
...
4. No Porn/Explicit
Content
-Do not post explicit content. Lemmy.World is not the instance for NSFW content.
-Do not post Gore or Shock Content.
...
5. No Enciting Harassment,
Brigading, Doxxing or Witch Hunts
-Do not Brigade other Communities
-No calls to action against other communities/users within Lemmy or outside of Lemmy.
-No Witch Hunts against users/communities.
-No content that harasses members within or outside of the community.
...
6. NSFW should be behind NSFW tags.
-Content that is NSFW should be behind NSFW tags.
-Content that might be distressing should be kept behind NSFW tags.
...
If you see content that is a breach of the rules, please flag and report the comment and a moderator will take action where they can.
Also check out:
Partnered Communities:
1.Memes
10.LinuxMemes (Linux themed memes)
Reach out to
All communities included on the sidebar are to be made in compliance with the instance rules. Striker
view the rest of the comments
Actually just avoid the stock market entirely and pay someone else to manage your money.
I just have an account that I deposit money to every week when I get paid (actually it's automatically deducted) and never think about it.
Edit: of course make sure you have your 401k, HSA, and IRA accounts maxed out people. I didn't think I was going to have to say this but oh well. And high interest savings accounts are nicer and less risky. Do all of those things then get a broker to manage the rest of your money.
They aren't worth the money they're being paid. It's really not hard to do the most long time proven plan, which is to balance a portfolio between higher risk things like an SP500 index, and lower risk things like bonds. You weight it towards the index when you're young to get high average returns, then back it off into lower risk as you get older to lock it in.
"A Random Walk Down Wall Street" goes into how this strategy has been proven out over decades when so many others have failed. You technically can beat the SP500 (and be sure to include transaction costs), but only by taking on even higher risk.
The best investment advice for most people is really, really boring and not particularly difficult. Shouldn't even try anything else until you're maxing out all of 401k, HSA, and IRA and then have some leftover to try the riskier strategies.
this really
Hi so I am actually maxing out a 401k and HSA, I have a IRA too but I only put a little bit into it. I also have a high interest savings account which is very nice.
But this is my long term savings and retirement. I don't trust myself enough for that and I've made 4-6% gains consistently since I started. Significantly better than I would be able to do (I know because I've tried with smaller amounts) plus I don't have to worry or think about it.
The s&p index returns about 10% a year over the past couple decades.
Anyone reading this would be hard-pressed to do any better than that. So there's no reason to do anything but just put your money in a giant index and wait.
Easy way to gain a lot less than you would by making a few hours worth of research
Sure, but this is my retirement and long term savings. I'm able to admit my limitations and this is one of them.
I go to a doctor when I'm sick too. I trust professionals.
The difference in skill level needed between a good doctor and a good money manager is massive. It's the difference between years of experience and a few you tube videos.
Ah yes there is no such thing as experience or knowledge in financials!
I'm in IT and it's the same way! Throw on an LTT playlist and by the end of the day you'll be a sys admin!
you are severely overestimating the capabilities of what qualifies as a good money manager
I can't tell if you're being sarcastic or not but I worked with someone who watched LTT religiously and seemed to get most of his training from LTT. I spent a lot of time figuring out what he did or didn't do, writing the documentation he didn't write them fixing what he built incorrectly. LTT tries their best but their background is purely in gaming computers and it really shows, especially with the repeated IT failures that really shouldn't be happening in an organization of their size
Understandable, but they also have conflicting interests, which is that THEY want to make money
if you look at the average return rates of managed investing vs unmanaged, you'll see that you earn more by yourself with pretty much equal risks
I suspect many investment companies have deals or interest in making you invest in specific companies even though they're not that profitable
It's a bit like everything: food sold already prepared has a nice taste, but not always the best composition and is less worth it than doing it yourself, but if you don't pay attention enough, you can fuck up your meal. If you are careful, you'll make much more by yourself and it'll still have a nice taste. Yes, this comparison doesn't bring a lot but specialized companies aren't always the best way of going, and that's currently the case for investments and stocks
Yes, but they make money when I make money. I pay like $750 per year to keep my account open, but other than that he only takes a percentage of my monthly gains. The more money he makes me, the more money he gets from me.
And yes of course I could do enough research to match or very them in gains and I could spend enough time watching the markets to make sure I am making sound decisions. Or I could just pay someone a few hundred bucks a month to do it for me. I know what decision I chose.
WHAAAAAAT
The thing is it's relatively simple in the most part. Just invest in a couple mainstream ETFs and boom, no need to be fancy or taking some time after that
if you want a more safe direction then it's a bit different but for the most part, that's it
I think you missed three facts that I keep trying to hammer home.
I can understand it, and respect your decision. At that point when we're talking about such amounts, it's better to offload this mental stress to a reputable company, even if it means a bit lower interest rates
The main thing to get out of this is that you're investing and frankly, it's pretty much all that matter
Thank you. You are the first person to actually understand what I am trying to say.
❤️
I experienced something kind of similar I guess. When I learned about this I was excited, but even though everything seems fine, there's still this part of me that is like "what if I'm forgetting or fucking up something? I don't want to lose my money, that's a lot"
That doesn’t make any sense, they have a shared interest. They make more money when you make more money.
They could also make you invest in their partner companies (or even their own) and have themselves invested prior to that in the same company, then sell later, making them a bigger cut, or similar schemes. What I mean is that it's not that simple.
overall their work is not that hard and statistically doesn't pay off, at least in the past years
They're trying to stay relevant, but ETFs are now the main way of investing and are providing more interest than picking niche fields. They're doing what they can to stay relevant, but it doesn't really work. They still need to complexify a bit your investments to make it seem like they're doing something useful
Yeah, I do the ETF thing too.
I get the possibility of some kind of insider trading, but they still have to make good returns or they’re gonna lose the job.
It's all about balance ⚖️
This doesn’t make sense?
If someone is “managing” your money, they’re managing stocks and/or investments tied to stocks, even if it’s something like a direct deposit to a CMA.
High interest savings is pretty decent if you can find the right one, it’s a no-effort way to collect interest. Just make sure you can afford the bank’s rules like minimum amounts or any fees.
As far as someone else managing your money you left out a lot. Who and how? Money managers take fees one way or the other, they trade your money around based on whatever works for the business and not always what is best for the client. No matter what any trades will incur trade fees and capital gains taxes. Those gains and fees are losses that could have been avoided. I’ll stand by my original opinion.
So I do actually have a high interest account from Capital One it's very nice. But yeah there's a bunch of rules like minimum monthly deposits and it takes up to 5 business days to transfer money out of it. And because y'all are assuming, I also have a 401k and HSA maxed out, and a Roth IRA I put some money in each month.
But yeah I intentionally left out a lot because I am not a financial expert, which is the reason why I went with a broker anyways. But here are the answers for your questions
I’m not continuing this discussion to change your mind. If you’re happy with what you’ve got you’ve no need to listen to me. Big consumer investment houses are there to make money off you. Everything you listed is exactly what I mentioned as being a reduction in your ROI and incurring fees and taxes. For instance, we’ve invested in QQQ (feel free to check it) for more than a decade using the strategy I mentioned first. Even over the last 5 years it’s had 110% return. $10k is now more than $20k without bothering to calculate DCA or returns investing. Now do that across more index funds. Even if averages 7% with gains/losses and no fees or capital gains you can see that this comes out far ahead.
All that said, good luck.
Based on my recent meeting with someone from the retirement planning arm of my bank, high interest savings is ideal for an emergency fund. If you're keeping 10-20k sitting around it's just going to keep losing value in any traditional savings account. But having the rest in an IRA or RothIRA (US-specific tax advantaged retirement accounts. Basically one is taxed as money enters the other is taxed as money exits, and there's limitations to try to prevent abuse by the ultra-rich) can lead to significantly higher interest. He ran a report of "if we took your 401ks that we're rolling together and they just lived in this account over the last 30 years of markets here's what you'd have" and the answer was actually a lot more favorable than I expected.
IRAs are tied to stocks.
There’s no way to “avoid the stock market entirely” using this. Yes, you should balance how you want your tax burden to look in the future by deciding how you wish to invest in Roth or regular IRA. IRAs are also limited to how much you can contribute, whereas traditional stock investment does not.
I don’t want to get too deep in the weeds here for investing strategy. There’s pros, cons, and costs to each of these kinds of investment. People have to look at all of these, their personal capabilities, and risk tolerance. Personally, we’re (another key word here:) diversified across multiple investments and someone absolutely should take advantage of the same if they can.
I wasn't the one who said to avoid the stock market. I just got the feeling that your comment I was replying to was saying to just place money into a high interest savings account and wanted to throw an alternate opinion out there
Ah, sorry didn’t see the name change. No, that was never my intent. Diversification is a must.
No worries! Have a wonderful day!