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30-08-2017, 08:50 AM (This post was last modified: 30-08-2017 09:32 AM by OakTree500.)
Debt Thread
I didn't know where to put this, so here is where it is haha.

Just wondering, does anybody dabble in stocks/shares/bonds and the suchlike? How easy/difficult is it to "do" and potentially make money out of? One of the many avenues I'm looking at for the "clear my debts sooner" fund, so any input is more than welcome.

Edited to become: the debt thread! Are you in debt as well? How are you paying it off etc.

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30-08-2017, 09:01 AM
RE: Stocks/Shares (and all related things)
(30-08-2017 08:50 AM)OakTree500 Wrote:  I didn't know where to put this, so here is where it is haha.

Just wondering, does anybody dabble in stocks/shares/bonds and the suchlike? How easy/difficult is it to "do" and potentially make money out of? One of the many avenues I'm looking at for the "clear my debts sooner" fund, so any input is more than welcome.

My wife and I are working to get out of debt too. Best solution I've come across to date is the debt snowball supported by a budget, selling stuff you don't use/need, and living like hermits until it's done.

I think playing the stock market for short term gains is like playing the lottery, or gambling in Vegas. But that might be because I don't know that much about it. Just everything I've heard about the stock market is that there is no known get rich quick system that works and investments should be made with long-term goals in mind.

It pays to keep an open mind, but not so open your brains fall out.
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30-08-2017, 09:11 AM
RE: Stocks/Shares (and all related things)
(30-08-2017 09:01 AM)reeveseb Wrote:  
(30-08-2017 08:50 AM)OakTree500 Wrote:  I didn't know where to put this, so here is where it is haha.

Just wondering, does anybody dabble in stocks/shares/bonds and the suchlike? How easy/difficult is it to "do" and potentially make money out of? One of the many avenues I'm looking at for the "clear my debts sooner" fund, so any input is more than welcome.

My wife and I are working to get out of debt too. Best solution I've come across to date is the debt snowball supported by a budget, selling stuff you don't use/need, and living like hermits until it's done.

I think playing the stock market for short term gains is like playing the lottery, or gambling in Vegas. But that might be because I don't know that much about it. Just everything I've heard about the stock market is that there is no known get rich quick system that works and investments should be made with long-term goals in mind.
Yeah, I'm on the "home stretch" with my debts, and I'll be done in a few years time I think...although I'm trying to make it go faster as I get paid an "OK" amount, but I don't see any of it, and haven't for about 5 years, so it's getting me down a bit.

As for stocks and stuff, In all honesty I have no idea at all. A friend of mine does something with them, but that's long haul stuff that pays out in 5-10 years. Just looking into anything that might help me.

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30-08-2017, 09:49 AM
RE: Debt Thread
House flipping is the new big thing.
A lot of houses have gone on the market from foreclosures that can be picked up real cheap.
If you are willing to work hard and you're a bit handy you can flip one and make some big cash quick.

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30-08-2017, 10:52 AM
RE: Debt Thread
Tips:
  • Tear up your debit and credit cards.
  • Work hard.
  • Don't buy anything.
  • Don't own anything.
  • Get lucky.


Yes



Be Jew(ish).

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30-08-2017, 11:01 AM
RE: Debt Thread
Always pay more than is due - especially on your mortgage, but really on all long term debts. See if they let you pay off just interest. It makes a HUGE difference.

If you have extra money, even just a little (as little as $25 a month), do put it in the stock market. You will be happy later, just don't expect to put in a chunk today and pull out a bigger chunk tomorrow. Investing works best over the long term.

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
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30-08-2017, 12:50 PM
RE: Debt Thread
I had help a few years ago to purchase a home in another family's name. I have equity and good credit, but because I am self employed and had two maternity breaks I couldn't be approved. Now I'm at the point where I can and I am going to purchase my own place and use the built equity to pay off racked up credit cards with a portion of it, have an emergency fund and reinvest while continueing the investment of the home in my own name. That's how I'm sorting things out and I finally feel like I'm getting ahead.

I was wondering about stocks, bonds and funds as well but it's kind of overwhelming. The part that concerns me is all the taxes that come off the money made, it's frustrating trying to put things in a place that won't bite me in the end. I've seen it happen to a few people who had good intentions. I have a lot of learning to do, I don't want to just listen to a financial advisor, that's how some of my family got into some less ideal situations.

I'll be following this thread.
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30-08-2017, 12:59 PM
RE: Debt Thread
(30-08-2017 12:50 PM)LadyJane Wrote:  I had help a few years ago to purchase a home in another family's name. I have equity and good credit, but because I am self employed and had two maternity breaks I couldn't be approved. Now I'm at the point where I can and I am going to purchase my own place and use the built equity to pay off racked up credit cards with a portion of it, have an emergency fund and reinvest while continueing the investment of the home in my own name. That's how I'm sorting things out and I finally feel like I'm getting ahead.

I was wondering about stocks, bonds and funds as well but it's kind of overwhelming. The part that concerns me is all the taxes that come off the money made, it's frustrating trying to put things in a place that won't bite me in the end. I've seen it happen to a few people who had good intentions. I have a lot of learning to do, I don't want to just listen to a financial advisor, that's how some of my family got into some less ideal situations.

I'll be following this thread.

My best advice for long term investing would be the Roth IRA. Since contributions have already been taxed, there are no tax penalties in the future. The interest in a Roth IRA grows tax free. There are annual funding limits, but for a started retirement fund, I'm not sure there is a much better option.

It pays to keep an open mind, but not so open your brains fall out.
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30-08-2017, 01:08 PM
RE: Debt Thread
(30-08-2017 12:59 PM)reeveseb Wrote:  
(30-08-2017 12:50 PM)LadyJane Wrote:  I had help a few years ago to purchase a home in another family's name. I have equity and good credit, but because I am self employed and had two maternity breaks I couldn't be approved. Now I'm at the point where I can and I am going to purchase my own place and use the built equity to pay off racked up credit cards with a portion of it, have an emergency fund and reinvest while continueing the investment of the home in my own name. That's how I'm sorting things out and I finally feel like I'm getting ahead.

I was wondering about stocks, bonds and funds as well but it's kind of overwhelming. The part that concerns me is all the taxes that come off the money made, it's frustrating trying to put things in a place that won't bite me in the end. I've seen it happen to a few people who had good intentions. I have a lot of learning to do, I don't want to just listen to a financial advisor, that's how some of my family got into some less ideal situations.

I'll be following this thread.

My best advice for long term investing would be the Roth IRA. Since contributions have already been taxed, there are no tax penalties in the future. The interest in a Roth IRA grows tax free. There are annual funding limits, but for a started retirement fund, I'm not sure there is a much better option.


I'll have to look into that Smile
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30-08-2017, 01:36 PM
RE: Debt Thread
(30-08-2017 01:08 PM)LadyJane Wrote:  
(30-08-2017 12:59 PM)reeveseb Wrote:  My best advice for long term investing would be the Roth IRA. Since contributions have already been taxed, there are no tax penalties in the future. The interest in a Roth IRA grows tax free. There are annual funding limits, but for a started retirement fund, I'm not sure there is a much better option.


I'll have to look into that Smile
Roth is good. I use this place: https://www.capitaloneinvesting.com/?cmp...f_w_invest

Scroll through the tabs on the black taskbar and you can figure it out. It's not that complicated. Shows you all the ways of doing things. Just start with a small amount of money on a stock from a company you like personally and think it will stay in business for a long time. Follow that on the site and you'll quickly learn.

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
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