Submitted by Radiant-Barnacle9129 t3_yhg91q in personalfinance

Hello, i just quit gambling for a small period... Kind of payd my debt and I am left thinking... What can I do. With money... To not have the urge to lose them again... I just want to see more advices from other people... What would you invest in... To see if i find something that suits me... I hear about people investing in all sort of companies that pays divident if i remeber correctly... I am interested in that... But don't really know how to search some.... If someone has some more knowledge I would be glad to get some smart answers.

0

Comments

You must log in or register to comment.

KReddit934 t1_iudruig wrote

Read this about how to not gamble with retirement savings.. https://jlcollinsnh.com/stock-series/

Then look for something that gives you a dopamine hit that doesn't involve money.

(Or if you still are fixated on money, have you tried radical frugality? Making a game of how little you pay for things and how to get by with less..watching your savings grow and grow?)

2

micha8st t1_iudq2tg wrote

Investing in one company is...gambling. I guess it's not strictly gambling, because you're spending your money on something that holds value instead of a chance at something of value. But, given how fickle investors are, and how fickle the market is, I would consider individual stock to be gambling.

Yes, a lot of companies pay dividends. Apple. Motorola. Stanley Black and Decker. Pfizer. And a whole lot more. But instead of buying one or a couple of them, I'd buy an index fund that invests in dividend funds. Vanguard has two: VDIGX and VDADX.

Then there's "Dividend Aristocrats" -- those are companies that have not only consistently paid dividends for at least 25 years, they've consistently raised their dividend. NOBL is an ETF that invests in Dividend Aristocrats. There are others.

I hold some VDIGX, but nowadays I'm putting money into more traditional index funds. VTSAX and VTIAX come to mind

You should be investing for retirement...but to invest into a tax advantaged retirement account, you have to have income from a job.

1

Longjumping-Nature70 t1_iue69d9 wrote

Start a Dividend Reinvestment Plan

https://www-us.computershare.com/Investor/#DirectStock

You can start pretty low, and then contribute $50 per month. We selected a stock that charges him NO FEES so his $50 buys $50 worth of stock, and his purchases are at a 2% discount to market fair value on the day of purchase.

My son started one in August of 2021 with an investment of $500. He invested $50 per month starting in September.

Is he rich? No.

Is he losing money? No. You only lose money when you sell at a loss. He has not sold.

Is he building an asset? Yes.

Is he learning about the power of compounding interest? Yes.

if my math holds(multiplication in my head), he invested 14 months * $50 = $700.

He started with $500.

Total so far $1200.

Account is worth $1,117.95.

Technically, he is losing money, but he started when the market was HOT, so his buy to open the account was at $52 per share or something. Now, he is dollar cost averaging by buying shares as the price declines. His last purchase was at $41 per share.

In 40 years, he will have invested $24,500 of his own money. The account should be worth around $190,000. This assumes 8% growth per year, the historical S&P 500 rate of return.

Investing can be very boring. But if you look at the long term effect, the payoff can be pretty good.

1

Left-Landscape-3890 t1_iuextdl wrote

Have a good foundation of total market Etfs in a roth ira, taxable brokerage and a 401k if you have one. Send as much as you can to these hopefully maxing them out in contributions. Any left over cash after an emergency fund is built can go ibto a play account with options and goofy stuff.

1

DaemonTargaryen2024 t1_iudmbhv wrote

Hold on if you have a gambling problem you need to sort that issue out before you think about investing, otherwise you’ll just gamble in the stock market what you had previously gambled in casinos or sports books or whatever.

Investing done right should be boring, long term.

R/personalfinance has good material on budgeting, start there. Give it at least a few weeks and once you have spending and saving down, you be can start investing. Good luck

0