 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
|
amother
OP
|
 Wed, Feb 28 2024, 8:33 pm
I need to invest in something.
Just saving it and using it when I’m in a crunch gets me nowhere.
What do I do? Where do I start? What is reliable and worth investing?
| |
|
| Back to top |
 0
 0
|
|
amother
Lavender
|
Wed, Feb 28 2024, 8:34 pm
|
It would probably be best to work with a recommended financial advisor. Investing is hey big deal and you really need someone who is trustworthy and knowledgeable to assist you in a way that is individualized for your personal needs.
| |
|
| Back to top |
0
2
|
|
amother
Caramel
|
Wed, Feb 28 2024, 9:01 pm
|
| Back to top |
0
0
|
OddoneOut1
|
Thu, Feb 29 2024, 4:51 am
I would never give financial advice, but I am happy to quite Naftali Horowitz who has information on Kosher Money podcast and Living Smarter Jewish.
Regarding long term investments:
He always says that investing in the S and P 500 will give a return in 15 years, always has historically.
The thing about investing is that you really need to be okay not touching your money, because it WILL fluctuate. Every time there is a market crash, investments drop SIGNIFICANTLY and the key is to NOT pull out, but wait till they go back up.
That's why its not recommended for seniors to invest in a mutual fund like the S&P, becuase they might need to take it out.
He says that this happened everytime the market crash, those who pulled out lost tons, those who stayed in the market until it went back up had great returns.
You need to know what you are able to NOT touch and how you manage watching money lose value, becuase it likely will at different points.
No advice for short term investments...
| |
|
| Back to top |
0
1
|
|
amother
Banana
|
Thu, Feb 29 2024, 5:01 am
When you put out a plea like this, please be careful--you can get targeted with scammers.
This is an excellent book to get started: https://www.amazon.com/One-Up-.....00403
Read fool.com and seekingalpha.
Don't take someone else's word for advice. Become educated.
| |
|
| Back to top |
0
0
|
|
amother
Freesia
|
Thu, Feb 29 2024, 7:57 am
|
| Back to top |
0
0
|
|
amother
Almond
|
Thu, Feb 29 2024, 8:08 am
| amother Banana wrote: | When you put out a plea like this, please be careful--you can get targeted with scammers.
This is an excellent book to get started: https://www.amazon.com/One-Up-.....00403
Read fool.com and seekingalpha.
Don't take someone else's word for advice. Become educated. |
I think fool.com is a big money waster . Index funds are much safer option
| |
|
| Back to top |
0
0
|
justforfun87
|
Thu, Feb 29 2024, 9:09 am
|
Read the book simple path to wealth. How soon do you need the money? If you don't need to touch it for more than 10 years then invest in S&P. If you may need the money in 18 months put it in a high savings account through an online bank. It's like 4+% interest.
| |
|
| Back to top |
0
0
|
|
amother
Candycane
|
Thu, Feb 29 2024, 9:17 am
| justforfun87 wrote: | | Read the book simple path to wealth. How soon do you need the money? If you don't need to touch it for more than 10 years then invest in S&P. If you may need the money in 18 months put it in a high savings account through an online bank. It's like 4+% interest. |
Any good recommendations for a high savings account?
Was also wondering how people save their sons and daughters bar/bas mitzvah money? What would be a smart choice?
| |
|
| Back to top |
0
0
|
|
amother
Geranium
|
Thu, Feb 29 2024, 10:42 am
| 3under323 wrote: | I would never give financial advice, but I am happy to quite Naftali Horowitz who has information on Kosher Money podcast and Living Smarter Jewish.
Regarding long term investments:
He always says that investing in the S and P 500 will give a return in 15 years, always has historically.
The thing about investing is that you really need to be okay not touching your money, because it WILL fluctuate. Every time there is a market crash, investments drop SIGNIFICANTLY and the key is to NOT pull out, but wait till they go back up.
That's why its not recommended for seniors to invest in a mutual fund like the S&P, becuase they might need to take it out.
He says that this happened everytime the market crash, those who pulled out lost tons, those who stayed in the market until it went back up had great returns.
You need to know what you are able to NOT touch and how you manage watching money lose value, becuase it likely will at different points.
No advice for short term investments... |
If you are investing long term in the stock market only check your balances when you know the markets are doing well. I have gone over half a year without checking my balance when the markets were down because I didn't want to know.
In Q1 of 2020 my portfolio went down by almost 115k but went back up by 220k over the next three quarters. Imagine had I got cold feet and sold at the bottom and missed the rebound.
If you can't withstand your portfolio dropping 20, 30 or even 40% do not invest in the stock market.
Don't try and time the market, invest consistently over the year. Sure you won't become a millionaire overnight but if you can invest steadily over many years it will add up when you are ready to retire.
| |
|
| Back to top |
0
1
|
OddoneOut1
|
Mon, Mar 04 2024, 4:13 am
| amother Geranium wrote: | If you are investing long term in the stock market only check your balances when you know the markets are doing well. I have gone over half a year without checking my balance when the markets were down because I didn't want to know.
In Q1 of 2020 my portfolio went down by almost 115k but went back up by 220k over the next three quarters. Imagine had I got cold feet and sold at the bottom and missed the rebound.
If you can't withstand your portfolio dropping 20, 30 or even 40% do not invest in the stock market.
Don't try and time the market, invest consistently over the year. Sure you won't become a millionaire overnight but if you can invest steadily over many years it will add up when you are ready to retire. |
Absolutely.
Thats what Horowitz said regarding 2008, all his people were panicking and the ones who didnt pull out rebounded, everyon else lost tons.
My portfolio is 75% the S and P and I am not looking at it for a few more years:)
| |
|
| Back to top |
0
0
|
|
amother
Almond
|
Mon, Mar 04 2024, 7:26 am
| amother Candycane wrote: | Any good recommendations for a high savings account?
Was also wondering how people save their sons and daughters bar/bas mitzvah money? What would be a smart choice? |
We use Lending Club for high interest savings and Capital One for high interest CD
Bar mitzvah funds are in IBonds
| |
|
| Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
