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OfflineskOsH
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Pretty good interest on my savings, but best strat?
    #28628496 - 01/20/24 12:08 PM (7 days, 7 hours ago)

I know crypto is fairly useless for most coins

I have been able to save a good amount of money and I have a good way to control my spending, of the ability to say "no" to something, and I'm just thinking, cool, I get about $3 in interest per month or something, or maybe every two weeks, but I tried investing in stocks and I always got burned with my picks. I don't even know how to do calls and stops. I remember gme was at $1 and I thought about buying a ton of it

I remember when my previous boss showed me what dogecoin was at. It had reached 1c for the first time ever. I laughed it off. I could have had about 600,000 coins, and sold it at 0.67c if I actually did it.

I remember thinking about buying bitcoin when it was very dirt cheap, but it was above my head, and I was busy with college, which didn't do me many favors

I am trying to build wealth, but I'm not sure what the best way to do that is. Is it possible to set up multiple cd's with six month deals and moderate risk? I'm really not sure how to farm wealth, besides curbing my spending. I am trying to save up money to be financially secure and possibly build a house on bought land, and I won't have to worry about anything except property taxes.

So, say I have $10,000. What would you do with that, to make it $30,000 in six months, with a guarantee. Is this even remotely possible, or is it luck?

When I read news articles about a company, and its good PR or bad PR, it doesn't seem to always affect the stock price. So I am apprehensive about it..

TL;DR If you had $10,000 and had to make it get to $30,000 in six months, is that even low to moderate risk possible with a healthy return on investment? Could I get $10k to $30k relatively safely in six months, or is this just too tall of an order?


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OfflineBungmurphy
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Re: Pretty good interest on my savings, but best strat? [Re: skOsH] * 1
    #28628544 - 01/20/24 12:51 PM (7 days, 6 hours ago)

It's possible to triple your money in 6 months with gambling, crypto, drug dealing and other high risk ventures. But never at low risk; and no one will ever guarantee returns of any size. S&P 500 has returned in the 7% range over the course of history, but was down the last 2 years from its high, and no investor would even guarantee a 1% return if they were honest. Bernie Madoff guaranteed an 11% return, and that was a Ponzi, so to think anyone would guarantee 300% return is bonkers. CD's can be found around 5% and those are basically zero-risk, same with treasuries. At 5% you could turn $10,000 into $20,000 in 14.4 years. People will tell you to buy land/property as it will increase in value, but houses are coming down from record highs now, and there is no guarantee they will always go up. In your position, I would make sure I had $0 debt; a 6-12 month emergency fund, and then if I still had $10,000 to invest I would choose either a CD ladder or some sort of index fund investing. If interest rates go down, CD returns will go down too, they may be at their high now. I also recommend the Caleb/Financial Audit youtube channel, gives a good perspective on spending and getting in a position to start building wealth, but has little to no investment advice. Remember with investing, anything that sounds too good to be true, probably is.


Edited by Bungmurphy (01/20/24 12:54 PM)


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OfflineskOsH
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Re: Pretty good interest on my savings, but best strat? [Re: Bungmurphy]
    #28629753 - 01/21/24 11:22 AM (6 days, 8 hours ago)

Quote:

Bungmurphy said:
It's possible to triple your money in 6 months with gambling, crypto, drug dealing and other high risk ventures. But never at low risk; and no one will ever guarantee returns of any size. S&P 500 has returned in the 7% range over the course of history, but was down the last 2 years from its high, and no investor would even guarantee a 1% return if they were honest. Bernie Madoff guaranteed an 11% return, and that was a Ponzi, so to think anyone would guarantee 300% return is bonkers. CD's can be found around 5% and those are basically zero-risk, same with treasuries. At 5% you could turn $10,000 into $20,000 in 14.4 years. People will tell you to buy land/property as it will increase in value, but houses are coming down from record highs now, and there is no guarantee they will always go up. In your position, I would make sure I had $0 debt; a 6-12 month emergency fund, and then if I still had $10,000 to invest I would choose either a CD ladder or some sort of index fund investing. If interest rates go down, CD returns will go down too, they may be at their high now. I also recommend the Caleb/Financial Audit youtube channel, gives a good perspective on spending and getting in a position to start building wealth, but has little to no investment advice. Remember with investing, anything that sounds too good to be true, probably is.




Ehh, yeah I don't fancy any of those options at the beginning, although I love playing poker. Always thought that if I was set in life (which I am not yet), and had a few thousand, I might be able to take some sharks down. I have played poker at a certain casino before but never expected to win anything.

Heh, I guess 300% is just a pipedream. Once I thought about it percentage wise after your reply, I realized that what I was hoping for was some sort of miracle. There would have to be. I don't see any coins as being feasible, although one time I bought bitcoin and it went slightly up and I made like $27 so I cashed that out to pay bills.

One more question: say I set up a cd with low risk, can I always just add more to it at any time? I know I can't touch it until the time limit is up, but I feel like if I could just keep tossing spare money into it, that would be my best bet. I would like to do put and call options, but I don't have a supply of "NZT" lol. Limitless reference there

I'll check out that YouTube channel. I need to just get as much advice at this time in my life.


Edited by skOsH (01/21/24 11:27 AM)


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OfflinegeokillsA
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Re: Pretty good interest on my savings, but best strat? [Re: Bungmurphy]
    #28629830 - 01/21/24 01:08 PM (6 days, 6 hours ago)

Quote:

Bungmurphy said:
It's possible to triple your money in 6 months with gambling, crypto, drug dealing and other high risk ventures. But never at low risk [...] remember with investing, anything that sounds too good to be true, probably is.




:whathesaid:

On the other hand, Solana (SOL) did go up 400-500% in a little over two months from October through the end of the year.  It now appears to be working on a "cup and handle" pattern, which if it plays out in textbook fashion, would have us printing the lower portion of the "cup" now, and be building the "handle" portion out in February-ish.  A breakout above that handle would theoretically push price to $200 in relatively short order, which could get you a double inside of six months. 


   


It could in theory continue quite a bit higher, as the old highs were well north of $200 and the network has matured considerably since then.  Consider also that Ethereum, a slower and less cost effective network, is valued at over 7X the current market capitalization of Solana, whereas Solana is seeing accelerated developer and user growth relative to Ethereum.  It's thus not difficult to make the case that Solana has the potential to reach parity with Ethereum, which based on these metrics, would value each SOL (that can currently be acquired at ~$92), as high as ~$680.

Of course, this is all conjecture and FAR from guaranteed to happen, you surely could end up losing value instead.  Nevertheless, my money's where my mouth is.  I sold several tranches between $102-$120 recently, and bought them all back this month between $80-$101.50, with Solana now my largest personal position of any single crypto.

Your mileage may vary.  The safe bets are obviously a high yield savings account, certificate of deposit account, or straight treasuries.  But they're not going to net anything close to what you're asking for, in the time you're targeting.  If you really wanted to take a high flier on it, I think Solana is one of the better, albeit high risk, options out there.


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OfflineBungmurphy
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Registered: 09/08/23
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Re: Pretty good interest on my savings, but best strat? [Re: skOsH]
    #28630037 - 01/21/24 03:40 PM (6 days, 3 hours ago)

Quote:

skOsH said:

One more question: say I set up a cd with low risk, can I always just add more to it at any time?





You purchase a CD, so no, you cannot add more to it. That's why its a good time to buy now; you lock in the current interest rate for the duration you select.


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