CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH
- Thread starter Sunalmighty
- Start date
What does he wanna do?Putting penny stocks in your Roth IRA?
Yea you don't wanna do that.
BaldingSoHard
Veteran
Alright brehs. Got a little extra change so I'm thinking about opening up an IRA Roth with Vanguard. Sound good coli fam?? Was checking the website and it said you only need $1000 to start. I'm 22 so the younger the better right?
Edit: @BaldingSoHard you seem very knowledgeable about this kind of stuff. You use Betterment for your Roth correct? Think they would be a better choice over Vanguard?
Edit2: said fukk it and opened up an IRA Roth with Betterment. Will have my account verified by Wednesday.
Good shyt sorry for the late response. I have a regular investment acct through Betterment, my ROTH is through USAA but having a ROTH at all is more important than where it's located. They all offer (mostly) the same investment choices anyway so you did good breh. At age 22, you're gonna be so ahead of the curve...
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Sunalmighty
Superstar
Have you looked into any IPOs?Putting penny stocks in your Roth IRA?
Yea you don't wanna do that.
BaldingSoHard
Veteran
What does he wanna do?
Basically, just find something that's gonna produce long-term results and ride it out.
When you think of retirement investing (401(k) IRA, etc.) I want you to think of one thing and only one thing... time.
Time is the secret ingredient that makes all this work. Time is the catalyst for compound interest, and compound interest is how you're going to end up rich.
The more time you have to make that money grow, the better off you're gonna be. It's that simple. That's why the younger you start, the better off you'll be; because you have more time.
The reason penny stocks would be bad here is because they're incredibly volatile. Even if you did see a legendary 30% increase in a week, there's very little chance that stock would continue to appreciate at any meaningful pace over the next 30 years.
I'd put money into something boring like SPY, maybe some Procter and Gamble for dividends, any number of index funds, etc and just let it ride.
BaldingSoHard
Veteran
I have not. I'm a boring investor, breh. I'm the tortoise that eventually wins the race (hopefully).
Sunalmighty
Superstar
Would you invest in Oil right now?
Clark Wayne
Superstar
Good shyt sorry for the late response. I have a regular investment acct through Betterment, my ROTH is through USAA but having a ROTH at all is more important than where it's located. They all offer (mostly) the same investment choices anyway so you did good breh. At age 22, you're gonna be so ahead of the curve...
No problem fam. My account got verified today and I'll be making a deposit sometime this week. Think I might go ahead and open up an investment account too. 
BaldingSoHard
Veteran
If not now then very very soon. In fact I'm looking at all the commodities right now.
boxfullofjoel
All Star
Cash it in and start your own business. If it fails, try again with new found knowledge repeat until one takes off. Retiring with $200k in a 401k is not wealth. The easiest solution does not equal best.
Sunalmighty
Superstar
Try telling that to my inlaws. My father inlaw was left a paid off house from his parents. His wife has convinced him to sell the house. Basically they will have his 401k and the income from the house. They live in this big ass house in San Diego. Im thinking how in the hell you can continue to RENT and live off of whats in your 401k and a few hundred thousand(minus debts) after retirement? You have no income coming in to sustain your lifestyle. Living off of savings will break you financially
BaldingSoHard
Veteran
I have more than 200k in retirement savings, and I'm only mid 30's. Compound interest hasn't even started yet
.Start young, brehs.
me it was when i was 18...i had a full scholarship to college for undergrad plus a 3000 a dollar a semester grant from the state (IT fellowship I was recommended for and won since I showed promise in computer Science according to a professor)
that 3000 was basically refund money...now i would have used it to buy a car back then but my dad stopped me..explained that i could get a start on building a portfolio with it...turned out to be good advice
BaldingSoHard
Veteran
me it was when i was 18...i had a full scholarship to college for undergrad plus a 3000 a dollar a semester grant from the state (IT fellowship I was recommended for and won since I showed promise in computer Science according to a professor)
that 3000 was basically refund money...now i would have used it to buy a car back then but my dad stopped me..explained that i could get a start on building a portfolio with it...turned out to be good advice
18... breh...
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