Investing small amounts of money.

[p238shooter]

Something I do not think was mentioned here concerning the existing debts you "could" pay off. How much interest would you be saving if you paid those off? You might be able to get 10% investing, may be not. Suppose you are paying 5 or 6% on your existing debts, you are only gaining the 4-5% difference. If you were to pay those debts off and take the money you were using for payments to your existing loans and buy a toy in a short time, then start investing it in something that might gain you 10%, after a short while you will be way ahead, have your toys, and not have the existing debts hanging over your head. Especially if you were to have an unforeseen expense. Just my opinion. Good luck to you which ever way you go.

 

[nofearfactor]

I'm sorry, no offense, not that it matters because it doesnt, but I thought you were an older fella. We had a thread about debt over at OKF and found out some things about each others finances. All good, nothing bad. I was going to propose to the other retired or semi retired like me fellas and ladies about starting a small investment club just for shits and giggles. Nothing serious, just have some fun with extra money if anyone was interested. Everyone could start out with the same amount. Challenge each other or have a small contest, etc. Was just an idea, didn't really have anything worked out. What got it in my head was being bored online and needed to get away and go to the bank and take some cash in that was left from selling something that day. I googled "what to do with $10k" for the hell of it since that was what I had to take to the bank, the suggestions were actually very interesting. Anyways, sorry, just thoughts.

(Tapatalk)- on the road.

 

[tntrex]

Where is the know it all rent house guru murse?

 

[BadgeBunny]

I'm sorry, no offense, not that it matters because it doesnt, but I thought you were an older fella. We had a thread about debt over at OKF and found out some things about each others finances. All good, nothing bad. I was going to propose to the other retired or semi retired like me fellas and ladies about starting a small investment club just for shits and giggles. Nothing serious, just have some fun with extra money if anyone was interested. Everyone could start out with the same amount. Challenge each other or have a small contest, etc. Was just an idea, didn't really have anything worked out. What got it in my head was being bored and needed to go to the bank and take some cash in that was left from selling something that day and googling "what to do with $10k", the suggestions were really interesting. Sorry, just thoughts.

(Tapatalk)- on the road.

I'd enjoy this ...

 

[761mph]

pay off debt first, you'll realize the "extra" cash right away and then you can start a investment account that has a steady input from month~month with the money you were paying on bills every month

you can also start a 'mad money' stash for spur of the moment purchases

 

[Oklahomabassin]

Whiskey and hookers. Or if you are into it, blow and hookers.

 

[nofearfactor]

Whiskey and hookers. Or if you are into it, blow and hookers.

Yaa, and if you become a pimp and a bootlegger or a drug dealer then you get all the moneys. Definitely a high yield profit machine.

 

[HoLeChit]

Do you have an emergency fund (preferably in cash)? Being able to quickly come up with some money without having to rely on a bank can be very handy.

A small amount, not as much as I should. I've been working on building it.

You need a Roth IRA. You can withdraw the principal tax and penalty free and avoid capital gains taxes on your gains.

Explained below.

On second thought if you can manage 15-20% returns over 40 years I'd recommend buying a plane ticket to Omaha with that money and interview to become the CEO of Berkshire.

If I can manage those returns over that period of time you bet I will. I'm not saying they are manageable over a long period of time, but for the short term, 5 years or less, I would say they are.

Something I do not think was mentioned here concerning the existing debts you "could" pay off. How much interest would you be saving if you paid those off? You might be able to get 10% investing, may be not. Suppose you are paying 5 or 6% on your existing debts, you are only gaining the 4-5% difference. If you were to pay those debts off and take the money you were using for payments to your existing loans and buy a toy in a short time, then start investing it in something that might gain you 10%, after a short while you will be way ahead, have your toys, and not have the existing debts hanging over your head. Especially if you were to have an unforeseen expense. Just my opinion. Good luck to you which ever way you go.

I am thinking this is what I will do. Pay off the debts, then apply any extra cash and the debt payments towards investments.

I'm sorry, no offense, not that it matters because it doesnt, but I thought you were an older fella. We had a thread about debt over at OKF and found out some things about each others finances. All good, nothing bad. I was going to propose to the other retired or semi retired like me fellas and ladies about starting a small investment club just for shits and giggles. Nothing serious, just have some fun with extra money if anyone was interested. Everyone could start out with the same amount. Challenge each other or have a small contest, etc. Was just an idea, didn't really have anything worked out. What got it in my head was being bored online and needed to get away and go to the bank and take some cash in that was left from selling something that day. I googled "what to do with $10k" for the hell of it since that was what I had to take to the bank, the suggestions were actually very interesting. Anyways, sorry, just thoughts.

(Tapatalk)- on the road.

Yeah, I'm just a youngster. I figured you old folks would be a wealth of information. I pride myself in being able to manage my money and being more financially aware than most people my age, but all the confidence and research in the world can't replace the hundreds of years of collective experience you guys have to offer.

 

[HoLeChit]

Whiskey and hookers. Or if you are into it, blow and hookers.

I wish I could, however my only returns (thus far) from such investments are terrible hangovers and this strange burning sensation. I'm thinking of taking a different route.

 

[HoLeChit]

With all this being said, after I pay off my debts and maybe ourchase a toy.... What would be good to invest my money into to diversify my portfolio?

I already have a few CD's (which are a lot of hassle and I dislike), a little bit of silver/old coins (misleadingly valued and hard to sell and make a profit on) a savings account (negligible returns), and a 401k (non liquid equity).

I like the idea of material equity. For example, real estate (hunting lease or a rent house) or even guns. I feel that if you become rich on paper, it can be misleading because it isn't tangible. You can have serious problems cashing it in, and you can be so tangled in paperwork that the profits you have worked hard for are not accessible when you need them.