Read a lot of different books and only after the books you go and do more research on Reddit and YouTube and podcasts and websites like seeking alpha (there are a lot of total idiots out there, know who you're taking advice from - are they mainly in it to make content and get rich from YouTube and superchats, or are they mainly in it to educate). More is always better, but just a little every months is much better than nothing at all. Start small, it doesn't matter, you have a giant age and time advantage. It's excellent that you have an interest in investing at this age. Especially if it allows you to live in a low cost of living area so you can save and invest more. Doctors and oil field workers can have a similar income, and often a slightly lower income is worth a part time less stressful really great job that you enjoy that also leaves more time and energy for family and friends. What are your talents and interests, what jobs appeal to you, and of those jobs, which pay best compared to how many (stressful?) hours you have to put in. (Not that it will go to plan, but it really helps to have goals).
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I'm still learning a lot, but this already is going better that the random let's buy the dip, without having a clue about why it dropped, without knowing if the company is on its way to bankruptcy, without knowing if the stock price drops because of a split or really bad earnings and so on.Īlso. I put 80 percent in index funds(75%) and bond funds(25%), and 20 percent is for "fun/more risk" stock picking - now based on value investing rules where you actually read the company financials and sec filings, understand how the company works and what their advantage is over their competitors, and then you wait for the ticker price to drop well below its intrinsic value, and only then do you buy. Still a very long way off - started very late because of chronic illness and inability to work. I'd love to FIRE but am probably too old for the E to be more than a few years (40s), so I'm mainly aiming for FI. Options are not for me because I absolutely hate losing money (but am perfectly happy holding and waiting for things to improve if a stock is way down), and to me options seem like it's just a lottery where you're trying to predict the future. Index funds.Īnd by now I've read a lot more, and watched a lot more on YouTube, and listened to a bunch of podcasts, and read the news and realized that value investing combined with Bogleheads is probably the style that fits my personality and amount of risk I want to take best. Got lucky on some, am still way down on others, the tickers that consistently performed best were VWRL and VUSA. I started out clueless with very little money to invest, and a "this stock looks super low compared to where it's been over the last year (or 3), let's buy it and wait for it to go up" strategy.
Gnucash i spent money and profits increased full#
(Opportunity cost)Īnd if you start doing options you will definitely regularly lose the full amount you invested, or even way MORE than you put in (!) You have to be absolutely sure of what you're doing.
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Know that you will absolutely lose money at some point - or at least will be holding a stock that's down a huge % for years. See what style of investing fits you best - how much risk are you willing to take, and how much ignoring of being way down, and how often do you have to check in on it.
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Put everything in an index fund (like SP500/SPDR/SPY and/or whatever the equivalent of VWRL is in Canada) and start reading all the investing books you can get your hands on.