Do you have difficulty saving money? Have you tried Microsavings?

[Dages]

Quote

For Bitcoin, you have to research and keep up with everything going on.  Read charts & fundamentals. 

I've been in it too... and that's the problem, unlike the Wallstreet hours, Cryptos are ALWAYS open 24/7... this is a trap that eat your time like crazy because you want to buy the dip, hold, make it, etc.

I got out of it. That wasn't good for me.

[computerwiz]

47 minutes ago, Dages said:

I've been in it too... and that's the problem, unlike the Wallstreet hours, Cryptos are ALWAYS open 24/7... this is a trap that eat your time like crazy because you want to buy the dip, hold, make it, etc.

I got out of it. That wasn't good for me.

I completely understand that!  I'm just in different circumstances at the moment, and I have a lot of time on my hands at work.  

[Dages]

3 hours ago, computerwiz said:

I completely understand that!  I'm just in different circumstances at the moment, and I have a lot of time on my hands at work.  

Now, I just have some stocks that are slowly moving... it's more relaxing  

[GodlyDevotion]

On 9/8/2021 at 1:24 PM, Dages said:

I've been in it too... and that's the problem, unlike the Wallstreet hours, Cryptos are ALWAYS open 24/7... this is a trap that eat your time like crazy because you want to buy the dip, hold, make it, etc.

I got out of it. That wasn't good for me.

I agree 100%. I used to be a trader. I spent a lot of time studying different market charts, learning all about the resistance and the support in crypto, and when the market is likely to move upwards so you make money. I also spent lots of my time, learning about the crypto market and the Forex market. It can be exciting, but not when money is involved. Here's one or two things I have learned from trading: 

 

1. It's extremely volatile and can be very unpredictable. This means there are manipulations in the market, so the probability of losing money is certain. 

2. It can take a huge chunk of your time. Sometimes, I spend many days trying to predict the market. Many days I am successful; other days, I am sad and depressed. This can easily overwhelm important activities. 

3. It is very addictive. The more you get into the game, the harder it is to get out. 

4. The money is never too enough. It takes a great level of self-control which I think is unattainable to stop thinking about how to increase your money.                                     

 

Do I think it's bad to save your money in crypto? Not at all. But you need to be careful. It's best to limit your expectations and buy reputable coins like bitcoin. And remember, don't expect too much from it. 

 

Edited September 11, 2021 by GodlyDevotion

[Dages]

23 minutes ago, GodlyDevotion said:

I agree 100%. I used to be a trader. I spent a lot of time studying different market charts, learning all about the resistance and the support in crypto, and when the market is likely to move upwards so you make money. I also spent lots of my time, learning about the crypto market and the Forex market. It can be exciting, but not when money is involved. Here's one or two things I have learned from trading: 

 

1. It's extremely volatile and can be very unpredictable. This means there are manipulations in the market, so the probability of losing money is certain. 

2. It can take a huge chunk of your time. Sometimes, I spend many days trying to predict the market. Many days I am successful; other days, I am sad and depressed. This can easily overwhelm important activities. 

3. It is very addictive. The more you get into the game, the harder it is to get out. 

4. The money is never too enough. It takes a great level of self-control which I think is unattainable to stop thinking about how to increase your money.                                     

 

Do I think it's bad to save your money in crypto? Not at all. But you need to be careful. It's best to limit your expectations and buy reputable coins like bitcoin. And remember, don't expect too much from it. 

Agree.

Normal trading is more relaxing because it isn't open 24/7.

[M.J.]

8 hours ago, GodlyDevotion said:

learned from trading

To add to what you said. If you research the statistics, most people do not make money. Only a few who become very skilled and expert can turn a profit. Even then, many  become addicted to making just a little more...and it never ends...it sucks you back in..."A lover of silver will never be satisfied with silver, nor a lover of wealth with income. This too is futility." Eccl. 5:10. And it requires modesty to say "I'm not good at this, I should stop." I think as a JW, it's better to be an investor; set it and forget it. Most will agree that long-term your money will grow if you just leave it invested, and don't mess with it. (Aside from readusting once in a while)

[computerwiz]

Lol all these feelings are exactly why something like Wealthfront is much better than trying to play the market yourself.  Doing it yourself is an emotional roller coaster.  If you can be logical, abide by rules and strategies (don't go all in/out, don't lose till you sell, Dollar Cost Averaging, etc), then you can get away with managing it yourself.  But it's very very tough.  I, too, abandoned the market back in 2016 because of this.

 

Unless you have a March 2020 event, where everything crashes...then it's easy: buy solid companies (like Royal Caribbean) and double your money when they recover.  Play crashes...as long as you understand the cause of the crash, and that the company will recover.  That's what I did, and what brought me back into the market.  But as of right now, it's very very hard again.  Too much uncertainty, like everyone says.  Right now, it's better to be slow, steady, and use small change.  Only buy solid companies.  Anything else is asking for an emotional roller coaster.  

 

Or just get Wealthfront and let them do the work.  

 

9 hours ago, GodlyDevotion said:

Do I think it's bad to save your money in crypto? Not at all. But you need to be careful. It's best to limit your expectations and buy reputable coins like bitcoin. And remember, don't expect too much from it. 

 

Wise advice!    You'll see coins go up 100, 200, 500% sometimes.  Yeah...some people get to become millionaires overnight from stuff like that.  But that's too scammy and dangerous.  Stick with tried and true coins...

 

[Tortuga]

53 minutes ago, computerwiz said:

Lol all these feelings are exactly why something like Wealthfront is much better than trying to play the market yourself. 

Have you ever used a financial advisor?

[computerwiz]

50 minutes ago, Tortuga said:

Have you ever used a financial advisor?

No...they cost money. 

 

[Tortuga]

8 hours ago, computerwiz said:

No...they cost money.

I have been using a Financial Advisor for over 7 years and it's my experience that he is worth the cost. He has access to stocks that I didn't have access to, he moved me away from high expense funds and he diversified my portfolio into international funds. My portfolio performs better now than it did when I was managing it and that offsets his fee. He also provides other services an no charge. He did Roth conversions, he estimates and pays my income taxes each year, he reviews my insurance policies and makes recommendations and he has even provided advice on the best way to finance large purchases. 

 

I had used a financial engine like Wealthfront to manage my portfolio and the first thing it wanted to do was dump the company stock that I had accumulated in my 401K. I dumped the engine, kept the stock and within 2 years the stock increased by 10X it's value.

 

The main reason I use a FA is for stress management. Every month he transfers money to my checking account and the only thing that I worry about is how to spend it.. 

[computerwiz]

18 minutes ago, Tortuga said:

I have been using a Financial Advisor for over 7 years and it's my experience that he is worth the cost. He has access to stocks that I didn't have access to, he moved me away from high expense funds and he diversified my portfolio into international funds. My portfolio performs better now than it did when I was managing it and that offsets his fee. He also provides other services an no charge. He did Roth conversions, he estimates and pays my income taxes each year, he reviews my insurance policies and makes recommendations and he has even provided advice on the best way to finance large purchases. 

 

I had used a financial engine like Wealthfront to manage my portfolio and the first thing it wanted to do was dump the company stock that I had accumulated in my 401K. I dumped the engine, kept the stock and within 2 years the stock increased by 10X it's value.

 

The main reason I use a FA is for stress management. Every month he transfers money to my checking account and the only thing that I worry about is how to spend it.. 

Be that as it may, I don't want anyone else having access to ALL my money.  I don't trust people enough for that.  Consequently, I don't think a financial advisor can work their magic if they'd only have access to some of my money.  

[Tortuga]

16 minutes ago, computerwiz said:

Be that as it may, I don't want anyone else having access to ALL my money.  I don't trust people enough for that.  Consequently, I don't think a financial advisor can work their magic if they'd only have access to some of my money.  

Are you familiar with some of the large financial institutions such as Fidelity, Vanguard? The money is in the institution and there are limits to what the FA can do with it.

[computerwiz]

2 minutes ago, Tortuga said:

Are you familiar with some of the large financial institutions such as Fidelity, Vanguard? The money is in the institution and there are limits to what the FA can do with it.

Nope, never looked into it.  I might do that...but I think if I open 1 more account, my mom (who does my taxes) might kill me.    I may have taken the old adage about "not keeping all your eggs in one basket" a little too seriously when it comes to money.   

[computerwiz]

And the other thing to consider about using a financial advisor.....they don't have paradise in view.  If I used one, they'd plan for the next 30 years with my money.  We're not gonna be in this system that long!    Forgot about that aspect...

 

 

[Tortuga]

59 minutes ago, computerwiz said:

And the other thing to consider about using a financial advisor.....they don't have paradise in view.  If I used one, they'd plan for the next 30 years with my money.  We're not gonna be in this system that long!    Forgot about that aspect...

 

 

It just means you will have more money to throw in the streets...

[computerwiz]

2 hours ago, Tortuga said:

It just means you will have more money to throw in the streets...

Exactly!  That's why the only 401k I have is whatever my company likes to give me from "profit sharing"! 

 

Beyond that, I'm only saving in ways I can quickly access my money if needed.  I don't have to talk to an advisor and explain my reasons or anything like that with Wealthfront.  If I need money, I just initiate a withdrawal and get it in a few days.  No human interaction!  

[New World Explorer]

7 hours ago, Tortuga said:

thing that I worry about is how to spend it.. 

You can send me more donuts LOL 

[New World Explorer]

7 hours ago, Tortuga said:

I had accumulated in my 401K

1 Donut is around $1 ...so you are telling me that you have purchasing power to buy your friend 401.000 donuts? 🤣

I am your friend forever ...LOL 

Would you consider relocating to Victoria?