How do you make money work for you?

I subscribe to this as I'm also interested.

 

I've messed with stocks as an amateur for probably 5-6 months all together. I don't know a whole bunch about the ins and outs. But, I learned that they take up a lot of time if you are actively trading. If you're trying to trade stocks on a daily or weekly basis (which I assume you are since you said you're learning about candlesticks), there is a lot to keep up with. As a beginner in stocks, it is smart to research every single stock you're trading, right? Doing this for me took up way too much of my time for what it was worth. Not to mention the stress. If you are looking for a steady and safe way to invest your money, get a 401k through your employer or create a Roth IRA and start contributing there monthly. If you're not in significant debt, I would contribute atleast 15% of your take-home pay. Most of the people that I know that invest in their own stocks (even with countless hours of research) instead of putting money into a safe investment have lost significant amounts of money. Just be smart and let your money work for you!

I'm very interested in real estate investing, but I've consistently blocked my own path to it. I see a path for me to enter the real estate investing market soon, though. I'm hoping to buy an investment property within the next 3 years.

 

Well, there are a few different paths you can take. Investing in the stock market is a popular option, where you can buy shares of companies and potentially earn dividends. Real estate is another avenue to explore, whether it's renting out properties or flipping houses. You could also consider investing in mutual funds or index funds for more diversified options. And if you're into gaming, there are a lot of games to play for money, but you might want to check out online poker or eSports competitions for some money-making potential. Remember, it's important to do your research and assess your comfort with risk before diving in.

 

I believe that trading (e.g. day trading) isn't truly about making money work for you. In fact, you always have to be on top of things, keep up with the news, draw lines on a graph... it's just another 'job' except that if done well, it pays well.
Money works for you when you make investments and get dividends. Bonds, buying (and holding) stocks (more fundamental than technical), physical investments... (notice the difference between investing and trading)

 

There are basically three kinds of approaches: 1) active investing - building your own portfolio of investments (or paying a fund manager to do it for you), 2) passive investing - simply spreading your holdings across multiple low-cost index funds, 3) speculating - trading securities sometimes in the very short-term purely to make gains from price fluctuations.

I generally advocate the #2 approach with maybe a dash of #1, avoiding #3 altogether. A very good resource which goes into this philosophy is the Bogleheads site named after John Bogle, one of the pioneers of index funds.

In fact one of the books they recommend is the one that really set my basic philosophy, and has served me well: The Only Investment Guide You'll Ever Need by Andrew Tobias. In that book he describes, in a basic sense, how money works e.g. debt, saving, and investing as well as income and taxes.

 

Understanding supply, demand, and candlestick patterns is key. When considering avenues for passive income, diversification can be powerful. Alongside stock market or real estate exploration, consider backdoor Roth IRA 2023 for retirement planning. It involves strategic conversions for potential tax benefits. Exploring various options allows you to spread risk and optimize returns.

 

I just have money in mutual funds and such i just pay someone else to do it as i dont know much and dont really have the time required to learn it id rather just hire someone who does lol