Hey guys I wanted to make a little list here of all of my wins and losses. My dos and donts of my personal finances.
So let's begin where ive been putting my money. Now im pretty happy with how I did it. I've had a huge sum just rotting (that's how you gotta see cash, as literally rotting) rotting in my bank account.
So step 1: get off your ass and put it in a mutual fund. "Oh its not as good" blah blah its better than just having it sit there and you do nothing about it. Procrastinate procrastinate... just do it.
Step 2: learn about ETFs. The more you learn about mutual funds the more you realize theyre ripping you off. So start putting your own money into a self directed investing account.
Step 2.5 (for canadians): Use TSFA or HSFA or RRSP. If you're young and make decent money, use HSFA. If you make very little money use TSFA. If you make a lot of money, use both. Remember there is a limit to how much you can put in and rules about them so go learn.
Step 3: dont start gambling. Basically you (me not you this is what I did) have no idea what youre doing and now youre just guessing what might go up or down. People on tik tok saying Costco is a buy or amazon or Google or whatever. I bought them all. I still have some but here's my rule right now: only hold what you're willing to lose. If you've got 1000 in your account then only holding 10 in Microsoft might seem like a failure since its up 19% so you might be tempted to put 200 in. But take it from me, im still holding onto stocks that ive over invested in and theyre losing.
Step 4: go slow. You cant beat the market. Just put in money bit by bit. And if you have a big chunk of money, just put it into something safe and buy little by little every week. Set aside a reasonable amount from your paycheck and invest in the same reliable ETFs
Step 5: here is what i invest in:
40% S&P 500, (best option)
10% Gold and/or silver(market stablizer)
10% Uranium (betting on global turbulence)
20% Global markets (diversify)
20% China (risky wealth building)
So my results after a year
My mutual fund with 60% of my money (in 1.5years) = +16%
My TSFA with 30% = +7.5%
My HSFA with 10% (8months) = +12.5%
S&P 500 = +19% (damn I really thought I did better than that)
For all you experienced folks out there, (redected) I cannot ask you anything apparently