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OfflinePsyche delics
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Afraid to lose money investing
    #24830315 - 12/06/17 04:38 PM (6 years, 1 month ago)

I have 10k sitting in a bank account doing nothing I want to invest a good chunk of that but I'm afraid of losing my money I know it's a risk reward situation but I just never invested before and don't want to fuck up and lose all my money. Anyone have any good investing advice or want to encourage me to put more money into investments.


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InvisibleEminence
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Re: Afraid to lose money investing [Re: Psyche delics]
    #24830330 - 12/06/17 04:45 PM (6 years, 1 month ago)

You can find different things to invest smaller amounts into, and you could stick with investing only up to a certain percentage of your savings at the time. You might be rushing too much thinking of investing a big portion of that when you just decided to give it a try.


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InvisibleJean-guy Masta
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Re: Afraid to lose money investing [Re: Eminence] * 1
    #24830538 - 12/06/17 06:52 PM (6 years, 1 month ago)

yea just invest a bit 1-2k. crypto is fun

id be scared to put 10k in crypto for some tax and safety reason tho

possibility to 10x with some alt coins


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OfflinePsyche delics
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Re: Afraid to lose money investing [Re: Jean-guy Masta]
    #24830812 - 12/06/17 09:10 PM (6 years, 1 month ago)

Ya I was planning on 3k doing some risky ones and less risky long term ones. Im just a fomo (fear of missing out) and am worried I'm gonna miss out on the next big crypto.


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Offlineencryptor
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Re: Afraid to lose money investing [Re: Psyche delics]
    #24832800 - 12/07/17 07:54 PM (6 years, 1 month ago)

Buy a rusty sports car sitting in your neighbor’s barn and fix it up for sale.


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InvisibleAsante
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Re: Afraid to lose money investing [Re: Psyche delics] * 1
    #24835377 - 12/09/17 08:29 AM (6 years, 1 month ago)

Quote:

Psyche delics said:
I have 10k sitting in a bank account doing nothing I want to invest a good chunk of that but I'm afraid of losing my money I know it's a risk reward situation but I just never invested before and don't want to fuck up and lose all my money. Anyone have any good investing advice or want to encourage me to put more money into investments.





Your money is not doing nothing in the bank, its losing value fast.

There's this story in the bible (hear me out) of a man with 3 sons. He gave each of these sons a Talent unit of silver (about 100lbs!) and told them to go hence and prosper. The 3 sons did 3 things:
Son 1 did business, it flourished, and he turned a profit.
Son 2 did business, it tanked and he had a loss.
Son 3 buried his Silver Talent and later dug it back up.
Years later, dad came around again. Son one was loaded and got praised for being a good son. Son 2 who lost, even he got praise. But the father got angry with son 3 - because he had not even tried to work with the Talent he was given.
There's a lesson here somewhere :smirk:

PUT YOUR SOLDIERS IN THE GAME.

Back in 1980 banks gave you 15% interest, I shit you not. Right now the bank is where money goes to die.

What could you do?

For instance, you could hedge 10-15% in precious metals. In your $10K example, buy either a 1oz gold coin, a 1oz platinum coin or lets say a 50oz bar of silver, and store it some place safe. This is a hedge that solidifies about 1K of the 10K as precious metal. Of these three, right now platinum looks interesting.



Theres not much precious metal relative to the world population. In some years, they will be worth lots more. Unlike paper assets, they will always be worth something.

You got 1K in metal, as a hedge.

How about spending 2K on high risk but potentially high yielding investments? That slot right now is filled by cryptocurrency :smile:

You got:

1K - metal
2K - crypto

How about taking 2K and using it to optimize your lifestyle? Get LED light in your house to save electricity, get a chest freezer and make room for a pantry and fill it with foods bought in bulk, hunt the international internet to get 5 pairs of the best type shoes for you for the price of 1 pair - stuff like that.

You got:

1K - metal (hedge)
2K - crypto (high risk high yield)
2K - lifestyle (very low risk modest yield)
TOTAL: $5,000

You now spent half in a way that will net you a profit if given enough time even if the crypto part of it tanks. If the crypto instead moonshots it dwarfs your wildest expectations.

What to do with the other 5000? If you are a home owner living in a cold climate, your heating bill comes to mind. Home improvement aimed at heat preservation and property value increase can pay themselves back fast. I did a type of insulation that cost me a onetime 1K yet saves me about $200 a year for the decades to come. For others it can be a more fuel efficient car. Find what specific opportunities exist in your life.

Opimizing your spending pattern is a very good investment, because you are your own best customer.


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OfflinegeokillsA
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Re: Afraid to lose money investing [Re: Asante] * 3
    #24835568 - 12/09/17 10:12 AM (6 years, 1 month ago)

Quote:

Asante said:

How about taking 2K and using it to optimize your lifestyle? Get LED light in your house to save electricity, get a chest freezer and make room for a pantry and fill it with foods bought in bulk, hunt the international internet to get 5 pairs of the best type shoes for you for the price of 1 pair - stuff like that.

[...]

If you are a home owner living in a cold climate, your heating bill comes to mind. Home improvement aimed at heat preservation and property value increase can pay themselves back fast. I did a type of insulation that cost me a onetime 1K yet saves me about $200 a year for the decades to come. For others it can be a more fuel efficient car. Find what specific opportunities exist in your life.

Opimizing your spending pattern is a very good investment, because you are your own best customer.




Repeated for emphasis.  If you don't have a ton of discretionary income, learning how to improve your spending habits through more efficient purchasing (e.g. taking advantage of bulk discounts on commonly consumed everyday items, energy use improvements, brewing your own coffee instead of paying $5 to the coffee shop, learning how to exercise your body without a gym membership, etc.) will be way more influential than trying to execute a more traditional investment in financial markets.  These behaviors, once adopted, continue to pay dividends for the rest of your life, as your entire way of life becomes less wasteful.

A note on investing, losses are a necessary part of financial market investing.  If you can't find a way to accept that without letting your emotions drive your actions, you will be very likely to sell low, buy high and ultimately wither your savings.  It's easy to look in the rear view mirror and say "oh yeah I should have bought bitcoin, or AMZN stock in 2000, or that house I was looking at after the real estate crash in 2008"... but it's not easy to actually stick your neck out and do it.  Investing is stressful, not without its merits, but surely not something everyone can effectively manage on their own.  Learn to manage your lifestyle choices more efficiently first, then you'll have more money with which to teach yourself how to invest in other areas.


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··∙   long live the shroomery  ∙··
...π╥ ╥π...


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InvisibleStonehenge
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Re: Afraid to lose money investing [Re: geokills] * 1
    #24836637 - 12/09/17 07:25 PM (6 years, 1 month ago)

Totally agree with asante and geo especially the part about look at your spending habits. They used to say small leaks can sink a big ship and its true. Making money is important but a dollar saved is worth more than a dollar made because you don't have to pay tax on what you save. Not yet, they are working on that one.

I was poor for years, probably due to bad decisions. How did I get out of that state? One main factor was I saved everything I made that didn't have to be spent and I saved lots by shopping around and doing a little work to save a lot of money

For example, I worked in a factory years ago. The people there made decent-ish money. About like 3k a month today, plus time and a half overtime. They spent money like it was wastepaper. They ordered out for lunch and break every day. The delivery guys made bank. The food cost 5x what it was in the store and delivery charge plus tip. I brown bagged it and saved at least $10 a day that way. Plus many other things too. Factory people bought a new car almost every year so people would be impressed and paid high interest rates and ins premiums. I drove a beater. Now I can afford a new car.

Then I invested the money saved into things that gave a return and was able to quit the factory job. Later I got into bitcoin and with what I had saved up, was able to make good money on that too.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755


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InvisibleAsante
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Re: Afraid to lose money investing [Re: Stonehenge]
    #24839004 - 12/11/17 04:30 AM (6 years, 1 month ago)

Stonehedge, as a fellow metal bug..

For his ~10% metal hedge, which has your preference?

1x 1oz platinum eagle
1x 1oz gold eagle
6x 10oz silver bar
(1x 1oz palladium maple)

I put these in the order that I think is best for buying, can you rearrange them in an order of your preference given the current markets? If there's one you wouldnt even advise getting into now, put that one between brackets.

Platinum looks better than gold to me at the moment, outside of a VAT territory. In the EU VAT region, generally gold is taxfree as it should be.


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OfflinegeokillsA
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Re: Afraid to lose money investing [Re: Asante] * 1
    #24839734 - 12/11/17 02:45 PM (6 years, 1 month ago)

I hold gold, silver and palladium.  Palladium on a technical basis is the strongest of all these metals.  I was buying back in the $700's a few years back... after retreating to $500, it's finally putting in new highs around $1000.

Platinum may be building a base, but looks pretty dead.  Gold and silver, same story.  Decent bases, but no upside momentum.


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InvisibleStonehenge
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Re: Afraid to lose money investing [Re: geokills]
    #24839774 - 12/11/17 03:06 PM (6 years, 1 month ago)

I'm mostly into gold with a minor in silver, no platinum. But hugely into btc. None of the metals have shown much profit compared to btc and alts. I bought kruguerands because the premium was less though eagles are easier to sell and less % taken out  when selling. My silver is all in 1 oz rounds except for some loose dimes and quarters. I avoid bars, some silver bars are minted and will be accepted without drilling but forget the big bars. Soon as the chinese start counterfeiting the 10 oz silver they will go back to drilling. There are other ways to test.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755


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OfflineThePolice
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Re: Afraid to lose money investing [Re: Psyche delics]
    #24842228 - 12/12/17 03:26 PM (6 years, 1 month ago)

Trade options contracts. Safer than stocks, more leverage than stocks or even crypto currencies. You can short trades without credit, meaning you can short stocks without going a literal billion dollars in debt. You only risk your initial investment, whether trading up or down. And the wins on average can be x2-x10 your investment in a matter of minutes to hours.

You'll never see leverage like that in ordinary stock trading, and the best part, you just trade the same stocks everyone else is, your just trading options contracts instead of stocks. Use the same platform you would use for trading stocks and everything. Trade options for serious leverage.


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OfflineLogicaL ChaosM
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Re: Afraid to lose money investing [Re: geokills] * 1
    #24843022 - 12/12/17 10:29 PM (6 years, 1 month ago)

Well said Geokills.

All investing comes with risk. Its basically gambling, but smarter, informed gambling.

U have to accept that u might lose money. Its part of investing.

If u want slow growth but "safe" investing, try Bonds.


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InvisibleAsante
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Re: Afraid to lose money investing [Re: Psyche delics] * 1
    #24843340 - 12/13/17 06:40 AM (6 years, 1 month ago)

Quote:

Psyche delics said:
I have 10k sitting in a bank account doing nothing I want to invest a good chunk of that but I'm afraid of losing my money I know it's a risk reward situation but I just never invested before and don't want to fuck up and lose all my money. Anyone have any good investing advice or want to encourage me to put more money into investments.





Quote:

Asante said:
About a week ago I got a basket of 16 cryptocurrencies, each of them I invested in with a token sum, my secondary basket.

That one is up 19+% OVER BREAK EVEN, so in addition to overcoming buy/sell discrepancy.

One week.

I feel like I've adopted a crack dealer LOL, 19% in 1 week?!





Not to sound like a complete dick but, 19+% in a week, how's the bank been treating your money lately?


Hedge most in something stable, sure-fire and safe, and put some at risk.


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higher knowledge starts here


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