Playing the stock market to pay off your debt.

[nelson84]

I have been buying stocks and making big money on NIO. MY DEBTS ARE GONE.
ANYBODY ELSE PLAY THE STOCK MARKET?

 

[FCDub]

Uh…

 

[Starport Seven-Five]

Looks like it peaked in February. Hope you got out in time.

https://finance.yahoo.com/quote/NIO/


I only "play" with small amounts of money (<5% of portfolio). The rest is invested in index funds for the long term. We also only carry "good" debt so we're not in a rush to pay anything off.

 

[RamblingMad]

I invest. I don’t play.

It makes more sense for me to invest than rapidly pay down my 1.9% car note. It’s a gamble with my 2.8% mortgage rate. Prices are elevated. It’s really hard to know what future returns will look like.

 

[Sjm9911]

Im still waiting for game stock to go to the moon.....

 

[supersnoop]

I may have ridden a few waves on AMC and GME, and taken a few risks on TSLA. Looks like I got out of WKHS just in time. I should have held on to XOM, UNH, and CCL a little longer, but I exited with a profit. I'm still waiting for VIAC to take off.

But that's all my gambling money.

 

[RamblingMad]

Looks like it peaked in February. Hope you got out in time.

https://finance.yahoo.com/quote/NIO/
View attachment 577323

I only "play" with small amounts of money (<5% of portfolio). The rest is invested in index funds for the long term. We also only carry "good" debt so we're not in a rush to pay anything off.

Same.

My current gamble is DIS and AMZN. The rest is in index funds.

 

[cvjw]

It is insanely crazy how much money we have made since the pandemic started. Bought stocks low when everything crashed in March/April 2020.

 

[StitchandPooh'sMom]

Long time no see, Nelson!

 

[sandam1]

I will admit that I "play" with the stock market. Instead of buying a lottery ticket or something similar, I take $5 per week and invest in stocks using Stash. I own a few individual stocks of companies that I do a lot of business with - primarily Comcast (I'm a Universal annual passholder) and Southwest Airlines (my preferred airline) - and some low-cost funds that contain small and mid-size companies. I enjoy checking on them every few days to see how I've done. If it goes up (I'm up 16% since I started investing last year), great. If I lose money, it's money that I can afford to lose.

 

[nene0182]

I will admit that I "play" with the stock market. Instead of buying a lottery ticket or something similar, I take $5 per week and invest in stocks using Stash. I own a few individual stocks of companies that I do a lot of business with - primarily Comcast (I'm a Universal annual passholder) and Southwest Airlines (my preferred airline) - and some low-cost funds that contain small and mid-size companies. I enjoy checking on them every few days to see how I've done. If it goes up (I'm up 16% since I started investing last year), great. If I lose money, it's money that I can afford to lose.

This is exactly what my husband and I do for
“fun” except we each do $10/week in our own Stash accounts and then see who is “winning” based on the individual stocks/ETFs we’ve purchased. I am currently up almost 27% since I started last May. Since I’ve been working at home for the past 14 months, this is money I would have used anyways on the one day I let myself buy lunch.

 

[Jimmy Mouse]

I have my stocks that I hang onto. AAPL, MSFT, PFE, AQST, SVRA and COIN (Newley acquired) but I have made more money in Crypto this year that my stocks ever made me. I purchased a 300 pt. contract at RIV last August and have paid $15,000 of the loan with Dogecoin and Etherium last month. My goal is to pay it off by August this year with crypto profits. I buy the dips and set limits to sell and I do it all from my phone. Just today I made a little over $1K.

 

[Sjm9911]

Just watch the crypto, they want to tax the gains, and the sales. So be careful with it so you dont owe big later.

 

[Heather07438]

buy the dip

lol!

 

[Jimmy Mouse]

Just watch the crypto, they want to tax the gains, and the sales. So be careful with it so you dont owe big later.

That's right. I hold out 27% of profits that goes into a holding account.

 

[LuvOrlando]

Smartest thing I EVER earned in college was from one of my Finance or Economics teachers in college, really smart dude named Yale Meltzer who crossed the water & taught my class down by the ferry. Came in one day after a volatile day trading, commodities I think & it was obvious he had a lot on his mind and made the statement, more or less, "I know most of you are doing this to be traders but let me make this absolutely clear, the markets have no rules so unless you are in a position where you can blow your money in Atlantic City and not be bothered, you shouldn't invest it. Only invest what you can afford to lose." His wise words never left me.

Play, of course, but if you can't play with it then do something else with it, the markets should be treated like a day in Vegas or AC, go for it but know you can lose. I would never play the markets or do sports betting or horse racing to pay off debt, this sounds like a terrible idea and shouldn't be encouraged unless you are independently wealthy.

 

[pigletto]

I have been buying stocks and making big money on NIO. MY DEBTS ARE GONE.
ANYBODY ELSE PLAY THE STOCK MARKET?

I don’t carry debt , so I don’t have to gamble to pay it off .

 

[Starport Seven-Five]

Smartest thing I EVER earned in college was from one of my Finance or Economics teachers in college, really smart dude named Yale Meltzer who crossed the water & taught my class down by the ferry. Came in one day after a volatile day trading, commodities I think & it was obvious he had a lot on his mind and made the statement, more or less, "I know most of you are doing this to be traders but let me make this absolutely clear, the markets have no rules so unless you are in a position where you can blow your money in Atlantic City and not be bothered, you shouldn't invest it. Only invest what you can afford to lose." His wise words never left me.

Play, of course, but if you can't play with it then do something else with it, the markets should be treated like a day in Vegas or AC, go for it but know you can lose. I would never play the markets or do sports betting or horse racing to pay off debt, this sounds like a terrible idea and shouldn't be encouraged unless you are independently wealthy.

I think this needs a bit of nuance. Day traders vs long term buy and hold investors have very different expectations and the rules followed should be different... yet they both are considered "the market". Buying a total market index fund is not equivalent to playing in a casino.

Realistically, the only way for most to retire is investing of some type because you need the compounding returns. 0.5% in a savings account means your cash is losing purchasing power to inflation.

 

[cvjw]

Smartest thing I EVER earned in college was from one of my Finance or Economics teachers in college, really smart dude named Yale Meltzer who crossed the water & taught my class down by the ferry. Came in one day after a volatile day trading, commodities I think & it was obvious he had a lot on his mind and made the statement, more or less, "I know most of you are doing this to be traders but let me make this absolutely clear, the markets have no rules so unless you are in a position where you can blow your money in Atlantic City and not be bothered, you shouldn't invest it. Only invest what you can afford to lose." His wise words never left me.

Play, of course, but if you can't play with it then do something else with it, the markets should be treated like a day in Vegas or AC, go for it but know you can lose. I would never play the markets or do sports betting or horse racing to pay off debt, this sounds like a terrible idea and shouldn't be encouraged unless you are independently wealthy.

Does this mean you do not invest in the stock market? Not even in a 401K? We aren’t day traders - we have a financial advisor. We are also old enough to remember 2 market crashes. We used them as buying opportunities. We felt sorry for others who panicked and sold at the bottom. If you do that, you really lose as the market came roaring back both times.

We have been investing for years and years. We do not look at the daily ups and downs. You can’t do that. We lost $100,000 one day last week. Then two days later, we made $150,000. We just look at the overall, yearly gains.

 

[redleader74]

Ditto, ditto, and ditto: don't bet what you can't afford to lose. With that being said, the week after the order to Shelter In Place was issued, I bought: Royal Carribean, TripAdvisor, and United Airlines. You do that math

Anyway, when I was very early in my working career (this was during the day trading craze, when E-Trade first came out and everyone was trading online), I would constantly pester one of the big bosses at my job about how to make money, how to invest, what's the best stock pick today, etc. and finally I think he got sick of me pestering him and just said, "....you want some cheap advice? NEVER use your own money..." I had no idea what he was talking about at that time and in my head I was thinking, "gee, thanks for nothing." Later on, when I had mortgage and car loans and such, I realized....hey, the loan on the house is what, 3% and I'm making 10-15% on my index funds????? you can bet I remembered the words of my old boss!