The $MONEY$ thread

GME Moon the sequel?

 

Looks like it's a buy again.

 

How did it work out with your dad? My dad is kind of interested in investment opportunities, and has money, but has no idea about computers, stock trading, trading apps, etc. so he doesn't do anything with his money. I've been doing pretty well with stocks and options (I guess everyone is these days!), but I only have a little money to invest! Wondering if I should convince him to give me a small amount to play with, would just have to figure out how to split the profits, keep things fair, and maybe keep our money separate. Or just say it's all his money and split whatever we make! I only have a small amount in now.

 

It was a great experience, even my father was little uncomfortable with tech part, but I helped him, and we started initially with a small amount, and we bought 10 shares of infosys, and sold them next day, then we also tried moving money back to bank account from trading account, and that was enough to make him confidence with buying and selling of stocks, slowly he even learnt future and options and also started analyzing stocks through sites like tickertape and moneycontrol. Then we increased our investment within 2 months. Till this time, I was giving him suggestions and helping him with tech part but final decision was always with him, But by third month he opened another trading and demat account for me, and gave initial investment amount, and told me to use my brain and invest wherever I wanted. I am from science background, subjects like economics or accounts are not in our stream, that's it was not only he who had to learn all these things, but even I was learning these subjects from beginning.

I had actually never thought about splitting part in profit or something, I was still under 18, and was happy with just getting a new laptop from profit money. And it was never my money to start with, so how can I ask him to give share in his profit. But when he gave me a new account, it was settled that any profit I make here would be mine, and the initial amount he gave me, he doesn't want it back, he told me to keep it like a reward for helping him earlier, it is actually nothing compared to what profit we made in this lockdown. He actually once told me how he had kept his money for 10 years in a policy only to get returns of about 60%, fd is even worse and saving and current bank accounts wasn't able to safeguard his money against inflation, whereas in stock market his money became more than double within 6 months. So, I don't think he is in loss.
Actually earlier I had planned that I would invest with the amount I earn during 4 years of b.tech, but then suddenly this crisis took place, and I thought I won't find another perfect opportunity to learn, that's why I started before I even started doing b.tech, I was only concerned about gaining experience so that I won't waste time on learning basic things about stock market in my first year of college. And I am happy that I did that.

 

That sounds great. I'm worried about tax issues if he gives me any money or lets me take out any profits. I think everything would have to be in his name for his taxes with his money. Then maybe if he wants to give me any money, maybe it can be as a gift or some other way to avoid taxes. I guess we should just start, see how it goes, and work out the issues questions as we go, assuming we're even successful. Might just be a good father/son activity/hobby. I've had a ton of fun investing with my friend. But our parents have the big spending power!

 

I do not invest but i keep track of my finance by doing administration. Every month i make a spreadsheet of my income and expense so i have full knowledge of my own situation. I managed to save up to 60% more money every month by just realizing if i really need a product or this service or not. The most surprising thing i discovered is that my life in quality went up instead of going down.

 

A lot more money going out than we realize. Good tip. I try to simply LOOK at my bank account once a day so that I can analyze and judge the value of everything going out.

 

It's a simple advice that I really liked a couple of years ago but didn't stick to it. Well, I guess I just have to start it all over again. Thanks for the reminder!

 

I'm watching GME and BKEP this week. Anyone else?

 

Invest in leveraged funds right after a stock market crash. TQQQ performed 1,000% (10x your money!) after the 2020 crash.

 

There’s a tech bubble now just like 2001. Keep money out until the market corrects itself and crashes in 2022 or 2023