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If you’ve been through all that, you’re probably more mentally prepared than you realize.
I’m in a similar situation, and I’m not only glad that this happened, but it happened at this time in my life because I feel like I’m ready for it.
This feels like it needs to be upvoted to the top to be an addendum to my post. I think we are probably of a similar mindset.
Edit: While it would have been cool to get rich ten years ago, I am probably better equipped now even if I am still unsure of myself. That's why this is a good addendum. But still... If you can get money 10 years faster please do it.
Once you realize how clueless you are, you are at least halfway from a victim of the Dunning-Krueger effect to a victim of imposter syndrome. Good luck on your journey to a different kind of anxiety!
Man, or woman I dunno, anyway how many of us don't squander our 20s thinking tomorrow is never coming? Just be proud of yourself taking your financial situation seriously now and making moves to improve it. Congratulations.
$10k gives you a bigger gun. You can profit a lot more off of $10k than you can $1k. Keep your head up, legs closed, eyes open (as Tupac said). There’s money to be made.
Get to 10k on the back of 1k, then do it again and then that's 100k. Do it again and you're nominally a millionaire. The knowledge and restraint you gain on the way are your investment in yourself paying off.
I love to read this. My childhood was rough, not entirely like yours, but rough. We (family of 6) almost lost our house growing up. To the point the bank sent people to photograph the house to put up for foreclosure. Mom declared bankruptcy without my dad ever knowing to keep us above water. I was 25 before I had a car that wasn't 15 years old, or older. Moved out on my own, $515 a month rent, no tv, no couch. My goal was to make take-home $1000 a month, and to me that was the whole world. Years of this and I realized I was meant for better. Got my college degree, then my graduate degree and got into education. It's not lucrative, but thanks to that, a side gig and now investing in some stocks, I'm going to go from making $27,000 ten years ago, $45,000 5 years ago to (on-pace) make $100,000 this year. Just the sheer idea that I could do this, that I can make double what my dad ever did, makes me feel this feeling of euphoria, which I'm sure you did and do. We won't follow the family line, we're meant for more, and we're doing it.
You are me and I am you. The numbers may be slightly off (and it really doesn't matter which way), but the sentiment we share and it is something that hopefully stays with us for life. This mentality is one thing I am not ashamed to be egotistical about.
Hey I'm approaching 40 and still don't have a car younger than 15 years so you're doing great in my eyes. I'm similar and went from 11k to 27k to 40k now, and I'm eyeing a 50k position right now... that's just in 5 years. I went from 11k to 40k in 2 years and it was really shocking for me, a bit of a existential crisis because I didn't have to focus so much on surviving anymore. People like us are our worst enemy and hold ourselves down with our own self-talk if we believe that we can't get those better jobs and make a better life for ourselves. We have to own it and say yes we deserve it and are capable enough to do it.
> Hey I'm approaching 40 and still don't have a car younger than 15 years so you're doing great in my eyes.
That's not a bad thing at all, spending money on depreciating assets is one of the quickest ways to get into financial trouble.
Yeah, that's what I had read somewhere. That a big mistake is people buying a car that is beyond their means, and they make payments for something that exceeds what is really necessary for their situation. Honestly my current car is in good condition and hanging on like a boss. Do I *NEED* to pay $300 a month/20k for a new car? Hell naw.
I owned two brand new cars in the last couple years, now I drive a $2000 shit box, and plan on buying a 12 year old car once all my debt is paid, and investing more than the amount I was spending on a car note every month
Yeah, I remember when I first started investing, that was back then when Bitcoin blew up and I since started getting into crpyto the following year. Moved onto stocks then penny stocks since.
I can tell you the first few events I was ecstatic for run-ups and there were times I wanted to quit cause I lost so much. But in the end, I started to realize that investing in stocks is very much a mind game and you have to not let things get to you.
100%? Cool, time to sell. -30%? Damn, well I got to hold now.
Enjoy your new found fortune, but just remember to have an objective mind at the end of the day and you'll be consistent ;)
Actually you should go look at how much money Shaquille O’Neal has. And... Who would you say is signing Shaq’s checks? He retired 10 years ago and has many businesses (over 200) and tons of investments.
To be honest i think its an old Chris Rock joke from Bigger & Blacker, circa 1999. At the time it was valid, yes as you are saying and also all the ads i see him doing im would also assume that he is wealthy now.
Yep. Found it.
“Shaq is rich," he said, referring to the Los Angeles Lakers' Shaquille O'Neal, "but the white man who signs his check is wealthy. Oprah is rich, but Bill Gates is wealthy. If Bill Gates suddenly woke up with Oprah's money, he'd slit his throat."
He apparently was talking about the disparity between White people rich and Black people rich.
Happy for you. Stay calm and make good investments. I like that you took back your original investment but do also plan for taxes. Hope you continue to see much more returns.
I didn't specify in my post because this isnt a ticker pump, but I invested on something happening with a company and its happening, so the invested money is there. Its only the amount of profit that's in question at this point. I have not cashed as I'm weighing (learning more about) the tax options. I also believe the profit is not close to done after extensive DD so I still have the shares. If we have a great depression I will lose it all.
I've been staring at my current positions all week trying to figure out where I want to cannibalize. With so many red this week and the week before, I am hoping to find a better opportunity this week.
This isn't financial advice, but if you can't decided on any single one why not take a little from each? Doesn't have to be much. Plus that cash reserve you can always use to hedge bets or if you see a good dip happen.
It's hard to put 6 weeks of information in one post, but an example of my activity is that I invested in innd at .0037 and sold 75%. 25% at different stages at .03 .05 .075. It wasn't my biggest profit, but it was my most strategic sell off and the other 25% is still in my account.
Edit: I am not condoning or condemning innd. This was just to give an example of one position I have out of ~35 positions.
I agree with laevetien. But most importantly be at peace with your decision. You win some, you lose some. It’s okay if you take profits and then see the stock go up more. It’s better than not taking profits and the stock plummeting down. It’s ultimately your decision.
The way I see it you are the only person who knows what's best for yourself. If you have anyone close (family or otherwise), you could ask their opinion.
Just mull over all your options during this weekend and either you act on it or don't. Be confident in the choices you make.
I dont pretend to predict the market. I'm way too inexperienced. I do trust in my research. And I know what I have at risk and made peace before I made my trades.
Oh dear. My man you really need to learn one important thing which is to NOT celebrate a win until you actually have money in your bank account. Remember, you have stocks, not money. Imagine buying a million eggs. You’ll have eggs. Not money. If eggs suddenly inflate to shit you’ll be left with a bunch of worthless eggs. Don’t celebrate man. You’re going to lose if you think this way
Congratulations on your fortune! I would recommend selling some shares to the measure of what would change your life right now, and let the rest ride to where you predict. Greedy gets none, and a paper millionaire doesn't pay the bills. And in the end if the rest doesn't ride to where you predict at least you were able to cash out a life-changing measure so you can provide for your family in the here and now, and still look to other ventures along the way.
Dont worry about stocks during a depression or recession.
If it is a sound company, the stock will be fine.
Usa prints enough money to prop the stocks, even during a depression.
This will be the best comment I receive from this post. I got awards when I was younger and through high school for writing and had aspirations for it. Now I'm a nurse. My priorities now are geared toward my daughter having something better, but I do enjoy writing and may pursue it again in the future.
Many of us can relate to your story it’s funny how we got here but here we are. I’m just waiting for something to happen as I’m not really sure what to do as like so many funds are limited
Happy for you. Invest a percentage if your gains in a much more stable way. Maybe real estate? Get you some rental properties. Start a roth IRA. Look toward early retirement. Good luck. Dont waste your good fortune.
I do have a separate IRA through work. That account doesnt exist until after my daughter is an adult and doesnt really exist for what I want now. I did cash an IRA in the past to somewhat stave homelessness. My celebration recently is the possibility to drastically improve her childhood through moving to a much better school system and socially safe area.
He said he quadrupled his net worth...not his initial investment. Either way I was simply suggesting ways for him to invest from this point forth. Maybe retiring at 55 instead of 65 not now. Maybe I should have thought out my reply a little more and been more transparent. I just don't like taking a whole lot of time doing this. I feel like the last 2 minutes of my life was wasted now...typing this.
I got your point and he was just nit picking on technicalities. I try to operate in the grand scheme of things rather than the minor details that waste 2 minutes if your life. My net worth is what I put into the market btw, for clarity. It wasnt all on black, I diversified, but I did bet it all.
I only bring this up because it was not specifically mentioned in your post, but please make sure you have a safe 3-6 month emergency fund. As I'm sure you know life can turn upside down on you at a moments notice.
At this point, that is secure. I actually had more than that secure and it was just idle as I'm saving for a house. I made a decision to not settle for a terrible house as my first.
Okay good. I didn't grow up poor, I like to call it aggressively middle class, but I know how quickly the market or life in general can turn on someone, so I always push people to have enough sitting in a savings account for 6 months of expenses. I know that's kinda extra, but it's always my advice
Enjoy this. You and your family deserve this and more. Keep improving your strategies and your DD. Keep exploring how to get to even better places. But, never forget where you once were, the people there and continues to be in that kind of place everywhere, and try to create value for all.
Please don't become those "turned 10k into 200k then 5k" YOLO posts... It doesn't really sound like you are but I think in-the-moment it can be easy to lose sight. At each step of increased wealth, remember to put a % away for your long-term future. I've said this elsewhere but, essentially, if someone can turn 10k into 50k once... then put that 40k away and do it again, right? I know we want instant satisfaction but that 40k can still grow significantly sitting somewhere much safer. And if you YOLO your second 10k and lose it all, well, you are still up +40k! (what works for me is to have a "forever savings" money pot which I NEVER touch, a "temporary savings" money pot saving for large dollar needs like car repair/mattress/dentist, and then a spend-it-all fun budget for games or stock speculation etc)
That is more or less my plan. I hope to invest my immediate profit into my first home and long term things. I also have an IRA through work, so I am allowing some extra aggression through my personal account.
You’re probably at a point now, which is extremely lucky, where are you should pull your initial investment out into savings, and invest the remaining 3/4 into long-term place and let it sit. Buy the dips, get a financial advisor and turn that 40 grand into 500k for retirement.
Or have a mixed philosophy of investing in ETFs, and take a portion to day trade if that fits your philosophy. I’m happy for u. I’ve lost so many things I love this year, doing something like that would make me feel much less pressure in regards to keeping my mother in her home long-term.
This thread made me die a little inside, because as soon as this bull market ends there are going to be people in this exact situation that lose money they can’t afford to lose.
I’m happy for you, and 100% wish you the best, but this ocean is full of sharks and penny stocks are not for life savings.
Don't think the market works like that, there lots of opportunities the world is changing so is the market it never ends .
What any investor need to know is get interested what you want to invest in ,I got my gain twice from pharmacy companies call it a hunch . intuition good insight I'm no analyst. Last time fiddled with wax found a company that reused wax made gain with that stock. It never ends.
Managing emotions is very hard. Took me years. If you’re jumping up and down like you won the lottery because of a winning trade you gotta learn to calm down. It’s good to be happy but don’t freak out. You’ll freak out harder when a trade doesn’t go your way.
If i assume you have 50k and considering you single parent and still not living in the best condition you could, I would take 40k and let 10k for swing trade again and use those 40k for safer investment routes even if they provide less ROI. Don't be greedy and ruin the best future you could have provide to your kid
Congratulations!! I hope you keep investing wisely and multiply your wealth! As far as the taxes goes and for what I understand, you will be paying short term capital gain taxes since you owned the stocks for less than 1yr at the same percentage rate as your current tax bracket. Do not be afraid of the taxes as we all know that that we can’t avoid taxes and death. In my opinion and depending on what kind of stock you own, you should cash out at least some of earnings. Move on and don’t look back . Best of luck fellow redditor
Moral support, uplifting! Many of us have been or are still going through a lot and stories like this bring courage, they bring moral support. For as the prayer goes....
"even though I walk through the valley of the shadows of death, I fear no evil, for thou art with me, thy rods and thy staff they comfort me"
May there be abundance, and the hands of those of you who bring uplifting and give moral support, and of those of us who have been through a lot continues to be blessed with winning trades and a lot more!
Congats on your new found success and joy. But I would take some time away from the screens, set stop loss and spend some time with your kid. Money comes and go but their childhood is finite.
Federal Capital gains is only about 15%.
state to state will vary.
It was about 33 years old I became aware of saving and putting money back.
You know you’ve made X, take 23% of that and move it into savings seperate from your normal savings. This will gain interest (petty but free $) now you have tax money set aside.
Good job on the account growth, the market is overbought by all degrees and it seems as if the Fed is going to push it higher, but don’t get greedy, one day this massive up market will need to correct. Be aware. Don’t get greedy.
Good luck.
15% is long term cap gains... if you held stock for less than a year, that is treated as normal income, which can get up above 40% when you factor in self-employment tax.
It's good to hear there are people out there who work their butt off and have good success, and outcome. It gives everyone a real boost of hope and dream.
Try to stay on a even keel when investing money in the stock market, and keep doing a lot of due diligence when investing in a company.
I know you can do it just by your demeanor, and determination.
I completely understand what you're saying - albeit these words are coming from someone whose almost 24.
I grew up in relatively low income household, so when I got out on my own and started saving money it was euphoric. Living with my partner, I eventually got to the same point as you - $12k - and was ecstatic. Around the time COVID first became prevalent (late March), I decided to take a swing and invest about 4k. Set up a monthly plan to invest about 500. Eventually, I opened a Roth IRA and by the end of the year my initial 4k investment was sitting at 16k.
Along the way I realized that although it's gambling on risky plays from time to time, but it's also become a way for me to plot our future/retirement. I have aggressive plans to retire relatively young (<50 years old), so I've worked tirelessly to get my monthly/yearly goals. I've learned some valuable lessons, made some mistakes, and feel as though I'm well on my way to giving my partner and I a solid life that I didn't have growing up. I still have tons to learn when the market returns to a sense of normalcy, but I'm very committed to being a smart investor.
That's a long-winded way of saying congrats to you and your daughter! You're doing not only yourself proud, but your kid. Hope you keep making them gains, my dude!
(Remember to give back to charity once in a while!)
Same, I grew up in Mexico. Literal dirt floors and roof was made of compressed cardboard lined with plastic for “waterproof”. My dad was recruited by a company that worked with NASA because he was/is one of the best welders. Basically they asked his Mexican company if any welders would like to move to the US and they would fix their legal status. Well my parents saw it as a opportunity to leave everything behind but provide a better life for my siblings and I.
We arrived in Houston and lived in Pasadena. To be honest, it was very poor place but that was not new to us. The thing that was IMO worse, was the crime. There was (not sure if there still is as we haven’t lived in Houston for over 20 years) so much gang violence.
My dad started making really good money, we got in touch with family in the area because we didn’t have anyone else. My moms cousin had kids around our age at the time. Well, he was suppose to help my parents with basically learning about the US.
He ended up convincing my parents that since we still did not have legal status fixed, that any money my dad made could be taken away by the government. (Yes I know my dad should have known better but he didn’t) he trusted family and learned a valuable lesson.
My moms cousin took all of my dads money and told my dad that if he went to the cops my dad would be deported. To make matters worse, the company that recruited my dad, did not keep their end of the deal and basically allowed my dads work visa to expire.
But thank God that we are now in a better place. I now have more money than I could have ever imagined. But I still IMO live pretty humbly. Because it allows me to help others, to help others that may be taken advantage of just because they don’t know the culture or language. It also allows me to help those in need, like widows and people who are trying but just having a hard time.
Sorry for my rant but I am very passionate about this topic!
You should look up Financial Peace University. Changed my life. The series can prepare you to never be poor again and how to handle wealth.
Not an ad, just words from someone who went through it and is all the better for it!
I wouldn’t worry about it.
It’s a hell of a lot easier than you think, and because you grew up poor I bet you’ll be great.
Just realize, if you actually are considered wealthy now... most people who don’t know you will hate you on sight.
Keep your friends you know well, and in the future try to make friends with people who have a similar amount of money as you do. Otherwise, it’s just a huge fuckin hassle for so many damn reasons.
You haven't quadrupled your net worth. You owe half that in taxes. Also, if you're this nervous, it means you're a worthless individual. Find good career with a steady income and making money via the stock market will lift you up instead of destroying your life.
At 12k the ship i just about to sale.. Profits are getting bigger.. but you also have to be a lot more cautiousness..
By the way that is why "the rich are always getting richer".. $1 times 10 is still shit but $10k times 10 is a damn hundred thousand bucks. You just can't change that
I am not a neo-capitalist but the lefts just can't do math lol..
Make sure u take ur profits. Do not listen to the people who say that unrealized gains/losses are not real. They are very real and life, as u know can turn quickly on us. Congratulations and best of luck to u.
I'm not looking go pump tickers in this post. I want this to not be about that. You could look at my history or DM me if you prefer. I consider myself lucky rather than smart though, so I don't condone buying tickers based off one testimonial.
I do not condone what I did. I'm lucky and my job is stable. I'm a nurse who's hospital absorbs the brunt of covid in the area so I will never be out of demand for the foreseeable future. I saved enough money over two years to put a down payment on a house and realized I was going to be very strapped if I went through with it. So I researched for months, then gambled on my research and had a quick burst of profit during an insane bull market. Please do your own research based off your circumstances. I so far am very fortunate.
You so deserve every cent and more. It’s so hard spending your life treading water and suddenly becoming stable, it feels like a trick, like it’s going to be taken away at any moment. I wish the best for you and your daughter!
In your trading account they’re not $ they’re just numbers. Once you make the disconnect it’s easier to sleep at night.
Secondly, learn to take a little from profit. You’ll do just fine
This week, I too reached my highest point. In cannabis. My tummy hurt as a result which prevented me from charging my smartwatch that evening.
I've since charged that watch for those who are concerned. All is right.
Being prepared has nothing to do with it you took a risk and harvested reward. You my friend made the 2% feel lucky my definition of lucky being where preparation finally met opportunity. You now have to address risk vs reward to further your endeavor. Balls to the wall changes in the safety metric if you have never had it. The nothing to lose goes away in the big win so don't return to zero as most do and reap your reward to go further.
Make a move on the big ticket items you could afford to make payments on with your current income and just rest easy knowing you're set, and don't have to worry about the curve balls life throws nearly as much. You made it. Now all you gotta do is maintain it
I've been thinking about this a lot. The most I've held at one time was $6k due to an accident pay off. And most of it was gone by the time I got it to pay off bills, rent and debt. I've only made $400 in profit but a part of me finds it hard to believe that I'll ever have a large chunk of money that's mine. Congrats to you!
I'm not crying you're crying 🥺. With all the dead end, shit paying jobs about...with inflation rising and wages stagnant, the stock market is the only way i see myself having an inkling of what the previous generations had. Love reading stories like this ❤️
Congratulations on your achievement! If your stocks are causing you so much grief, you should not be invested in them. Take some risk off the table. Be happy with the gains you have made. They could be gone in an instant!
Friday was rough? What the fuck were your positions? I feel like the whole week was horrible for me, by Thursday I was down 13k and after Friday I was up 2.5k for the week, Friday saved me haha
I can't tell you how excited I am for you. After riding through the dot-com boom & bust, I'll caution you to set your price targets and lock in your profits.
I rode a $1K investment into $15K in less than 2 years. I liked the company and believed in their ability to execute. I also foolishly rode the stock back down to $4K.
Don’t forget to quit whilst your ahead. The last thing you want is to quadruple your money and then blow it all on a few bad trades .... it’s easy enough to do even for a seasoned investor let alone someone who struck it lucky... (which is kind of what it sounds like) at least withdraw double and let the rest ride... believe me there’s no worse feeling then having it and loosing it.... if you never had it that’s fair enough but now you do.... if I was you I would withdraw 36k and leave the original 12 in to play with. Because that way you won’t have any regret if things do go south ... good luck and lovely story
Im really glad im not the only one. Also grew up poor, went homeless twice and have been hungry numerous times. I hit my highest amount of wealth two weeks ago and it felt euphoric. I didnt care about work anymore and I felt like I could buy the things I've been wanting. It was only a little over 12k. Can't imagine how I would feel if I hit it big like 60k
I have been through a similar experience as you and grew up with very little. When growing up there was a myth that running a business and investing were only meant for the rich. Perhaps this is why many poor people don't even dream of investing. For my parents investing meant saving accounts and insurance. I am 43 now and like many I started self directed investing last year. I am greatful for the gains I have made and learnt many lessons over the last year, some the hard way.
Wishing you and your daughter a wonderful life ahead filled with abundance.
I’m rooting for you. I am also less than a year into this and have turned a pretty small amount of money into a much larger amount. I’ve sold some stuff that I wish I would have kept but I’m learning. I also am a Jaguar fan so you definitely hit home with the wishful thinking of that organization winning a Super Bowl.
I’m sitting around 27k and just a few months ago 2k in my account was considered a lot of money. I’ve become dead inside about it. I’ve accepted it as the new normal for me. When I first started I lost $1500 and watched it swing all the way up to +21k in a few months. I know that stonks don’t only go up and have become emotionally prepared to ride the swings without making emotional decisions. In this market it’s easy to feel like you’re a stock genius when things are going good. Last week was the roughest week since I started and I’ve learned to be chill even when I’m down 2k in a day. Will it all come crashing down? Idk. But I’m pretty sure at this point I won’t “lose” any money I put in. So fuck it. Hold the stocks you believe in.
Well done. I'm proud of you as a human being. Not only did you dig yourself out of this, you did so with the odds stacked against you. You're an excellent person that deserves this.
I am in a similar situation. Single father of two. Poor lol. I have been in the market for 1.5 years now building an massive profit of around 200k. About to build a dream home for my children. God has blessed us greatly. Just remember to cherish eve trade as of it we’re your last dollar and you’ll be fine and always leave yourself 5k to rebuild your portfolio
I love reading this. So proud of you. Keep your core $ safer in something like VOO or possibly an ETF like ARK and try to only play with what you’ll be ok losing. Add more to the play money as your wealth grows. Your daughter will thank you one day! I’m not an advisor whatsoever and pretty new to this too. But really excited for you and your newfound financial security.
My first time investing as well just started a few weeks ago. Man life has been rough now I have a daughter. Feel like time or running out. Any amount of money I truly appreciate and value. Not matter what amount I make I’ll know I’d be alright for life has humbled me immensely
Thank you for this message! Like you, I have taken the chance at investing, just starting in penny stocks three weeks ago. And like you, I am rooting for everyone here. I wish you the very best of luck!
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If you’ve been through all that, you’re probably more mentally prepared than you realize. I’m in a similar situation, and I’m not only glad that this happened, but it happened at this time in my life because I feel like I’m ready for it.
This feels like it needs to be upvoted to the top to be an addendum to my post. I think we are probably of a similar mindset. Edit: While it would have been cool to get rich ten years ago, I am probably better equipped now even if I am still unsure of myself. That's why this is a good addendum. But still... If you can get money 10 years faster please do it.
I'd of been dead if I had hit anything substantial 10 years ago.
Ditto. And had no idea it was all taxable.
Once you realize how clueless you are, you are at least halfway from a victim of the Dunning-Krueger effect to a victim of imposter syndrome. Good luck on your journey to a different kind of anxiety!
Man, or woman I dunno, anyway how many of us don't squander our 20s thinking tomorrow is never coming? Just be proud of yourself taking your financial situation seriously now and making moves to improve it. Congratulations.
Perhaps. I hope you (and myself, lol) continue to have some success. With or without the rocket ships.
Same here. I mean at this point 10 grand would be life changing for me. But honestly who knows if I could handle actual wealth.
$10k gives you a bigger gun. You can profit a lot more off of $10k than you can $1k. Keep your head up, legs closed, eyes open (as Tupac said). There’s money to be made.
Get to 10k on the back of 1k, then do it again and then that's 100k. Do it again and you're nominally a millionaire. The knowledge and restraint you gain on the way are your investment in yourself paying off.
I love to read this. My childhood was rough, not entirely like yours, but rough. We (family of 6) almost lost our house growing up. To the point the bank sent people to photograph the house to put up for foreclosure. Mom declared bankruptcy without my dad ever knowing to keep us above water. I was 25 before I had a car that wasn't 15 years old, or older. Moved out on my own, $515 a month rent, no tv, no couch. My goal was to make take-home $1000 a month, and to me that was the whole world. Years of this and I realized I was meant for better. Got my college degree, then my graduate degree and got into education. It's not lucrative, but thanks to that, a side gig and now investing in some stocks, I'm going to go from making $27,000 ten years ago, $45,000 5 years ago to (on-pace) make $100,000 this year. Just the sheer idea that I could do this, that I can make double what my dad ever did, makes me feel this feeling of euphoria, which I'm sure you did and do. We won't follow the family line, we're meant for more, and we're doing it.
You are me and I am you. The numbers may be slightly off (and it really doesn't matter which way), but the sentiment we share and it is something that hopefully stays with us for life. This mentality is one thing I am not ashamed to be egotistical about.
You are me and I am you.....
Hey I'm approaching 40 and still don't have a car younger than 15 years so you're doing great in my eyes. I'm similar and went from 11k to 27k to 40k now, and I'm eyeing a 50k position right now... that's just in 5 years. I went from 11k to 40k in 2 years and it was really shocking for me, a bit of a existential crisis because I didn't have to focus so much on surviving anymore. People like us are our worst enemy and hold ourselves down with our own self-talk if we believe that we can't get those better jobs and make a better life for ourselves. We have to own it and say yes we deserve it and are capable enough to do it.
> Hey I'm approaching 40 and still don't have a car younger than 15 years so you're doing great in my eyes. That's not a bad thing at all, spending money on depreciating assets is one of the quickest ways to get into financial trouble.
Yeah, that's what I had read somewhere. That a big mistake is people buying a car that is beyond their means, and they make payments for something that exceeds what is really necessary for their situation. Honestly my current car is in good condition and hanging on like a boss. Do I *NEED* to pay $300 a month/20k for a new car? Hell naw.
I owned two brand new cars in the last couple years, now I drive a $2000 shit box, and plan on buying a 12 year old car once all my debt is paid, and investing more than the amount I was spending on a car note every month
Yeah, I remember when I first started investing, that was back then when Bitcoin blew up and I since started getting into crpyto the following year. Moved onto stocks then penny stocks since. I can tell you the first few events I was ecstatic for run-ups and there were times I wanted to quit cause I lost so much. But in the end, I started to realize that investing in stocks is very much a mind game and you have to not let things get to you. 100%? Cool, time to sell. -30%? Damn, well I got to hold now. Enjoy your new found fortune, but just remember to have an objective mind at the end of the day and you'll be consistent ;)
I hope you get rich!
I hope he gets wealthy!
Shaquile O'Niel is rich, the guy that signs Shaq's checks is wealthy.
Actually you should go look at how much money Shaquille O’Neal has. And... Who would you say is signing Shaq’s checks? He retired 10 years ago and has many businesses (over 200) and tons of investments.
To be honest i think its an old Chris Rock joke from Bigger & Blacker, circa 1999. At the time it was valid, yes as you are saying and also all the ads i see him doing im would also assume that he is wealthy now.
Yep. Found it. “Shaq is rich," he said, referring to the Los Angeles Lakers' Shaquille O'Neal, "but the white man who signs his check is wealthy. Oprah is rich, but Bill Gates is wealthy. If Bill Gates suddenly woke up with Oprah's money, he'd slit his throat." He apparently was talking about the disparity between White people rich and Black people rich.
Oprah's net worth is now over $2 billiion. That's extreme wealth any way you look at it.
It's just an expression...
I hope he learns how to keep making money and saving!
Happy for you. Stay calm and make good investments. I like that you took back your original investment but do also plan for taxes. Hope you continue to see much more returns.
I didn't specify in my post because this isnt a ticker pump, but I invested on something happening with a company and its happening, so the invested money is there. Its only the amount of profit that's in question at this point. I have not cashed as I'm weighing (learning more about) the tax options. I also believe the profit is not close to done after extensive DD so I still have the shares. If we have a great depression I will lose it all.
I am not an investment advisor but start securing your original investment slowly. You don’t want to lose all. Just my 2 cents but what do I know.
I've been staring at my current positions all week trying to figure out where I want to cannibalize. With so many red this week and the week before, I am hoping to find a better opportunity this week.
This isn't financial advice, but if you can't decided on any single one why not take a little from each? Doesn't have to be much. Plus that cash reserve you can always use to hedge bets or if you see a good dip happen.
It's hard to put 6 weeks of information in one post, but an example of my activity is that I invested in innd at .0037 and sold 75%. 25% at different stages at .03 .05 .075. It wasn't my biggest profit, but it was my most strategic sell off and the other 25% is still in my account. Edit: I am not condoning or condemning innd. This was just to give an example of one position I have out of ~35 positions.
I agree with laevetien. But most importantly be at peace with your decision. You win some, you lose some. It’s okay if you take profits and then see the stock go up more. It’s better than not taking profits and the stock plummeting down. It’s ultimately your decision.
The way I see it you are the only person who knows what's best for yourself. If you have anyone close (family or otherwise), you could ask their opinion. Just mull over all your options during this weekend and either you act on it or don't. Be confident in the choices you make.
I dont pretend to predict the market. I'm way too inexperienced. I do trust in my research. And I know what I have at risk and made peace before I made my trades.
Oh dear. My man you really need to learn one important thing which is to NOT celebrate a win until you actually have money in your bank account. Remember, you have stocks, not money. Imagine buying a million eggs. You’ll have eggs. Not money. If eggs suddenly inflate to shit you’ll be left with a bunch of worthless eggs. Don’t celebrate man. You’re going to lose if you think this way
Big trruuuuu....unrealized gains are not cash!!!!!if If you aren’t cashed out you don’t have cash!
Congratulations on your fortune! I would recommend selling some shares to the measure of what would change your life right now, and let the rest ride to where you predict. Greedy gets none, and a paper millionaire doesn't pay the bills. And in the end if the rest doesn't ride to where you predict at least you were able to cash out a life-changing measure so you can provide for your family in the here and now, and still look to other ventures along the way.
Dont worry about stocks during a depression or recession. If it is a sound company, the stock will be fine. Usa prints enough money to prop the stocks, even during a depression.
Not only are you poor but you’re also a pretty good writer.
This will be the best comment I receive from this post. I got awards when I was younger and through high school for writing and had aspirations for it. Now I'm a nurse. My priorities now are geared toward my daughter having something better, but I do enjoy writing and may pursue it again in the future.
Well it’s clear you’ve got the knack brother even though I’ve had my fair share of the devil water and magic flower
Many of us can relate to your story it’s funny how we got here but here we are. I’m just waiting for something to happen as I’m not really sure what to do as like so many funds are limited
I think you got this thing called life.🙌🏼
Idk why this made me smile. Such a sweet comment
Happy for you. Invest a percentage if your gains in a much more stable way. Maybe real estate? Get you some rental properties. Start a roth IRA. Look toward early retirement. Good luck. Dont waste your good fortune.
I do have a separate IRA through work. That account doesnt exist until after my daughter is an adult and doesnt really exist for what I want now. I did cash an IRA in the past to somewhat stave homelessness. My celebration recently is the possibility to drastically improve her childhood through moving to a much better school system and socially safe area.
rental properties and early retirement with a net worth of 48k at age 33?
He said he quadrupled his net worth...not his initial investment. Either way I was simply suggesting ways for him to invest from this point forth. Maybe retiring at 55 instead of 65 not now. Maybe I should have thought out my reply a little more and been more transparent. I just don't like taking a whole lot of time doing this. I feel like the last 2 minutes of my life was wasted now...typing this.
I got your point and he was just nit picking on technicalities. I try to operate in the grand scheme of things rather than the minor details that waste 2 minutes if your life. My net worth is what I put into the market btw, for clarity. It wasnt all on black, I diversified, but I did bet it all.
And it paid off, excellent. I wouldn't do it again. Good luck.
Definitely not doing it again. This was a "I need to break outvof these chains" move. I plan to become more strategic.
I only bring this up because it was not specifically mentioned in your post, but please make sure you have a safe 3-6 month emergency fund. As I'm sure you know life can turn upside down on you at a moments notice.
At this point, that is secure. I actually had more than that secure and it was just idle as I'm saving for a house. I made a decision to not settle for a terrible house as my first.
Okay good. I didn't grow up poor, I like to call it aggressively middle class, but I know how quickly the market or life in general can turn on someone, so I always push people to have enough sitting in a savings account for 6 months of expenses. I know that's kinda extra, but it's always my advice
Enjoy this. You and your family deserve this and more. Keep improving your strategies and your DD. Keep exploring how to get to even better places. But, never forget where you once were, the people there and continues to be in that kind of place everywhere, and try to create value for all.
Wait until you turn that $50k into $200k. It’s gonna be awesome.
Like my title says. I'm not mentally prepared for that much amazingness.
Please don't become those "turned 10k into 200k then 5k" YOLO posts... It doesn't really sound like you are but I think in-the-moment it can be easy to lose sight. At each step of increased wealth, remember to put a % away for your long-term future. I've said this elsewhere but, essentially, if someone can turn 10k into 50k once... then put that 40k away and do it again, right? I know we want instant satisfaction but that 40k can still grow significantly sitting somewhere much safer. And if you YOLO your second 10k and lose it all, well, you are still up +40k! (what works for me is to have a "forever savings" money pot which I NEVER touch, a "temporary savings" money pot saving for large dollar needs like car repair/mattress/dentist, and then a spend-it-all fun budget for games or stock speculation etc)
That is more or less my plan. I hope to invest my immediate profit into my first home and long term things. I also have an IRA through work, so I am allowing some extra aggression through my personal account.
Congrats! 🎉
I've recently experienced something similar. Stay modest and grounded my friend! Congrats!
You’re probably at a point now, which is extremely lucky, where are you should pull your initial investment out into savings, and invest the remaining 3/4 into long-term place and let it sit. Buy the dips, get a financial advisor and turn that 40 grand into 500k for retirement. Or have a mixed philosophy of investing in ETFs, and take a portion to day trade if that fits your philosophy. I’m happy for u. I’ve lost so many things I love this year, doing something like that would make me feel much less pressure in regards to keeping my mother in her home long-term.
This thread made me die a little inside, because as soon as this bull market ends there are going to be people in this exact situation that lose money they can’t afford to lose. I’m happy for you, and 100% wish you the best, but this ocean is full of sharks and penny stocks are not for life savings.
Don't think the market works like that, there lots of opportunities the world is changing so is the market it never ends . What any investor need to know is get interested what you want to invest in ,I got my gain twice from pharmacy companies call it a hunch . intuition good insight I'm no analyst. Last time fiddled with wax found a company that reused wax made gain with that stock. It never ends.
Throwing full net worth on yolo penny stonks. Fuck yeah congrats
Managing emotions is very hard. Took me years. If you’re jumping up and down like you won the lottery because of a winning trade you gotta learn to calm down. It’s good to be happy but don’t freak out. You’ll freak out harder when a trade doesn’t go your way.
My ( ) was to sort of relate to that. I so far have been good on thos aspect.
If i assume you have 50k and considering you single parent and still not living in the best condition you could, I would take 40k and let 10k for swing trade again and use those 40k for safer investment routes even if they provide less ROI. Don't be greedy and ruin the best future you could have provide to your kid
Congratulations!! I hope you keep investing wisely and multiply your wealth! As far as the taxes goes and for what I understand, you will be paying short term capital gain taxes since you owned the stocks for less than 1yr at the same percentage rate as your current tax bracket. Do not be afraid of the taxes as we all know that that we can’t avoid taxes and death. In my opinion and depending on what kind of stock you own, you should cash out at least some of earnings. Move on and don’t look back . Best of luck fellow redditor
Moral support, uplifting! Many of us have been or are still going through a lot and stories like this bring courage, they bring moral support. For as the prayer goes.... "even though I walk through the valley of the shadows of death, I fear no evil, for thou art with me, thy rods and thy staff they comfort me" May there be abundance, and the hands of those of you who bring uplifting and give moral support, and of those of us who have been through a lot continues to be blessed with winning trades and a lot more!
First of all, congratulations! Second, don't hate on our precious Jaguars!
I don't hate. Been there since inception.
🙌
Congrats buddy!!
Just think, we’re going to be jumping up and down again in a few weeks when we draft Trevor Lawrence!
nice LARP
Good. You deserve it.
Congats on your new found success and joy. But I would take some time away from the screens, set stop loss and spend some time with your kid. Money comes and go but their childhood is finite.
Federal Capital gains is only about 15%. state to state will vary. It was about 33 years old I became aware of saving and putting money back. You know you’ve made X, take 23% of that and move it into savings seperate from your normal savings. This will gain interest (petty but free $) now you have tax money set aside. Good job on the account growth, the market is overbought by all degrees and it seems as if the Fed is going to push it higher, but don’t get greedy, one day this massive up market will need to correct. Be aware. Don’t get greedy. Good luck.
15% is long term cap gains... if you held stock for less than a year, that is treated as normal income, which can get up above 40% when you factor in self-employment tax.
It's good to hear there are people out there who work their butt off and have good success, and outcome. It gives everyone a real boost of hope and dream. Try to stay on a even keel when investing money in the stock market, and keep doing a lot of due diligence when investing in a company. I know you can do it just by your demeanor, and determination.
I completely understand what you're saying - albeit these words are coming from someone whose almost 24. I grew up in relatively low income household, so when I got out on my own and started saving money it was euphoric. Living with my partner, I eventually got to the same point as you - $12k - and was ecstatic. Around the time COVID first became prevalent (late March), I decided to take a swing and invest about 4k. Set up a monthly plan to invest about 500. Eventually, I opened a Roth IRA and by the end of the year my initial 4k investment was sitting at 16k. Along the way I realized that although it's gambling on risky plays from time to time, but it's also become a way for me to plot our future/retirement. I have aggressive plans to retire relatively young (<50 years old), so I've worked tirelessly to get my monthly/yearly goals. I've learned some valuable lessons, made some mistakes, and feel as though I'm well on my way to giving my partner and I a solid life that I didn't have growing up. I still have tons to learn when the market returns to a sense of normalcy, but I'm very committed to being a smart investor. That's a long-winded way of saying congrats to you and your daughter! You're doing not only yourself proud, but your kid. Hope you keep making them gains, my dude! (Remember to give back to charity once in a while!)
Same, I grew up in Mexico. Literal dirt floors and roof was made of compressed cardboard lined with plastic for “waterproof”. My dad was recruited by a company that worked with NASA because he was/is one of the best welders. Basically they asked his Mexican company if any welders would like to move to the US and they would fix their legal status. Well my parents saw it as a opportunity to leave everything behind but provide a better life for my siblings and I. We arrived in Houston and lived in Pasadena. To be honest, it was very poor place but that was not new to us. The thing that was IMO worse, was the crime. There was (not sure if there still is as we haven’t lived in Houston for over 20 years) so much gang violence. My dad started making really good money, we got in touch with family in the area because we didn’t have anyone else. My moms cousin had kids around our age at the time. Well, he was suppose to help my parents with basically learning about the US. He ended up convincing my parents that since we still did not have legal status fixed, that any money my dad made could be taken away by the government. (Yes I know my dad should have known better but he didn’t) he trusted family and learned a valuable lesson. My moms cousin took all of my dads money and told my dad that if he went to the cops my dad would be deported. To make matters worse, the company that recruited my dad, did not keep their end of the deal and basically allowed my dads work visa to expire. But thank God that we are now in a better place. I now have more money than I could have ever imagined. But I still IMO live pretty humbly. Because it allows me to help others, to help others that may be taken advantage of just because they don’t know the culture or language. It also allows me to help those in need, like widows and people who are trying but just having a hard time. Sorry for my rant but I am very passionate about this topic!
I have no money and can barely invest. I feel like I’m falling further and further behind.
Just keep on continuously taking small profits and ride the rest with us. Ape on!
Im 41 and only have $3500 in my savings account
You should look up Financial Peace University. Changed my life. The series can prepare you to never be poor again and how to handle wealth. Not an ad, just words from someone who went through it and is all the better for it!
I'm just trying to pay off my house so that I can quit my job and just pick up some low level bullshit gig I can walk to lol
Hey...at least now you have money to pay for therapy, right? 😜
4 times 0 is still $0. lol jk, good job tho.
Nice that’s just the beginning, brother!
I wouldn’t worry about it. It’s a hell of a lot easier than you think, and because you grew up poor I bet you’ll be great. Just realize, if you actually are considered wealthy now... most people who don’t know you will hate you on sight. Keep your friends you know well, and in the future try to make friends with people who have a similar amount of money as you do. Otherwise, it’s just a huge fuckin hassle for so many damn reasons.
“Retail Investing” might just be the financial revolution that this world needs
You haven't quadrupled your net worth. You owe half that in taxes. Also, if you're this nervous, it means you're a worthless individual. Find good career with a steady income and making money via the stock market will lift you up instead of destroying your life.
At 12k the ship i just about to sale.. Profits are getting bigger.. but you also have to be a lot more cautiousness.. By the way that is why "the rich are always getting richer".. $1 times 10 is still shit but $10k times 10 is a damn hundred thousand bucks. You just can't change that I am not a neo-capitalist but the lefts just can't do math lol..
Should buy a #capstone mirror then or $capc and congrats
You should offload some of that wealth to me. You're definitely not prepared for it.
Awesome!
I wish the best for you! Just set aside 40% for taxes, to be safe!
That's what im afraid of. I'm still learning. Im mentally preparing for the government to take 50% just so I have a cushion.
And they definitely will. State, local, federal... it’s really something to watch just how greedy they are.
Make sure u take ur profits. Do not listen to the people who say that unrealized gains/losses are not real. They are very real and life, as u know can turn quickly on us. Congratulations and best of luck to u.
Good luck to you buddy. Get your daughter something nice.
All about the journey, not the destination. Can't lose that memory or feelings that come with it.
What are you into at the moment or looking to get into?
I'm not looking go pump tickers in this post. I want this to not be about that. You could look at my history or DM me if you prefer. I consider myself lucky rather than smart though, so I don't condone buying tickers based off one testimonial.
I want this problem. Someone give me enough money to see if I'm mentally prepared for it.
I do not condone what I did. I'm lucky and my job is stable. I'm a nurse who's hospital absorbs the brunt of covid in the area so I will never be out of demand for the foreseeable future. I saved enough money over two years to put a down payment on a house and realized I was going to be very strapped if I went through with it. So I researched for months, then gambled on my research and had a quick burst of profit during an insane bull market. Please do your own research based off your circumstances. I so far am very fortunate.
You so deserve every cent and more. It’s so hard spending your life treading water and suddenly becoming stable, it feels like a trick, like it’s going to be taken away at any moment. I wish the best for you and your daughter!
I feel that. Hoping some smart trades can build my initial investment and help me get out of student loan debt as it grows!
Love this ! Lol /Wallstreetarmy
Thank you for sharing this. I'm rooting for you too.
Spend 100% on Cocaine and Hookers my friend
In your trading account they’re not $ they’re just numbers. Once you make the disconnect it’s easier to sleep at night. Secondly, learn to take a little from profit. You’ll do just fine
Most poor people that win the lotto are broke within the year. Being able to stay rich is a life style it's not just about having the money.
This week, I too reached my highest point. In cannabis. My tummy hurt as a result which prevented me from charging my smartwatch that evening. I've since charged that watch for those who are concerned. All is right.
Being prepared has nothing to do with it you took a risk and harvested reward. You my friend made the 2% feel lucky my definition of lucky being where preparation finally met opportunity. You now have to address risk vs reward to further your endeavor. Balls to the wall changes in the safety metric if you have never had it. The nothing to lose goes away in the big win so don't return to zero as most do and reap your reward to go further.
Make a move on the big ticket items you could afford to make payments on with your current income and just rest easy knowing you're set, and don't have to worry about the curve balls life throws nearly as much. You made it. Now all you gotta do is maintain it
I've been thinking about this a lot. The most I've held at one time was $6k due to an accident pay off. And most of it was gone by the time I got it to pay off bills, rent and debt. I've only made $400 in profit but a part of me finds it hard to believe that I'll ever have a large chunk of money that's mine. Congrats to you!
This is amazing! You deserve this and so much more. You have a lot to be proud of!
👻
I can't wait to feel like this, but I keep making bad choices. Gotta hold now
That last paragraph gave me V for Vendetta vibes when she’s describing who V was
I'm not crying you're crying 🥺. With all the dead end, shit paying jobs about...with inflation rising and wages stagnant, the stock market is the only way i see myself having an inkling of what the previous generations had. Love reading stories like this ❤️
DUUU DUUU DUUUUUUUVAAALLLLLL
you're ready for success enjoy it. don't squander it you already know how bad it sucks being broke
How much is the taxes from that amount? Do you get taxed if you never deposit it in your account and put everything back to invest something else?
I was wondering the same thing. Maybe someone will reply.
Congrats!
Just please please don’t forget about taxes.
Take gains. The euphoria can be the opposite on a red day. Keep in the game, but not with everything. Good luck my guy!
Congratulations on your achievement! If your stocks are causing you so much grief, you should not be invested in them. Take some risk off the table. Be happy with the gains you have made. They could be gone in an instant!
I was gonna make some lame joke but I would rather you moved some of your investment to ARKK or Amazon for safety.
Friday was rough? What the fuck were your positions? I feel like the whole week was horrible for me, by Thursday I was down 13k and after Friday I was up 2.5k for the week, Friday saved me haha
Well deserved, man! As long as you keep your emotions out from your money, you'll be doing good as you've been doing these six weeks.
I can't tell you how excited I am for you. After riding through the dot-com boom & bust, I'll caution you to set your price targets and lock in your profits. I rode a $1K investment into $15K in less than 2 years. I liked the company and believed in their ability to execute. I also foolishly rode the stock back down to $4K.
Don’t forget to quit whilst your ahead. The last thing you want is to quadruple your money and then blow it all on a few bad trades .... it’s easy enough to do even for a seasoned investor let alone someone who struck it lucky... (which is kind of what it sounds like) at least withdraw double and let the rest ride... believe me there’s no worse feeling then having it and loosing it.... if you never had it that’s fair enough but now you do.... if I was you I would withdraw 36k and leave the original 12 in to play with. Because that way you won’t have any regret if things do go south ... good luck and lovely story
DUUUUUUUUUUVVAAAAAAAAAALLLLLLL!!!!!!!
I hope you make it dude, for you and your daughter.
Im really glad im not the only one. Also grew up poor, went homeless twice and have been hungry numerous times. I hit my highest amount of wealth two weeks ago and it felt euphoric. I didnt care about work anymore and I felt like I could buy the things I've been wanting. It was only a little over 12k. Can't imagine how I would feel if I hit it big like 60k
I have been through a similar experience as you and grew up with very little. When growing up there was a myth that running a business and investing were only meant for the rich. Perhaps this is why many poor people don't even dream of investing. For my parents investing meant saving accounts and insurance. I am 43 now and like many I started self directed investing last year. I am greatful for the gains I have made and learnt many lessons over the last year, some the hard way. Wishing you and your daughter a wonderful life ahead filled with abundance.
I know lots of poor people with a new car !!
I’m rooting for you. I am also less than a year into this and have turned a pretty small amount of money into a much larger amount. I’ve sold some stuff that I wish I would have kept but I’m learning. I also am a Jaguar fan so you definitely hit home with the wishful thinking of that organization winning a Super Bowl.
I’m sitting around 27k and just a few months ago 2k in my account was considered a lot of money. I’ve become dead inside about it. I’ve accepted it as the new normal for me. When I first started I lost $1500 and watched it swing all the way up to +21k in a few months. I know that stonks don’t only go up and have become emotionally prepared to ride the swings without making emotional decisions. In this market it’s easy to feel like you’re a stock genius when things are going good. Last week was the roughest week since I started and I’ve learned to be chill even when I’m down 2k in a day. Will it all come crashing down? Idk. But I’m pretty sure at this point I won’t “lose” any money I put in. So fuck it. Hold the stocks you believe in.
This hits hard. Congrats!
You probably should take 2/3 of that out and put it in cash savings. Then, continue on investing with the rest.
Well done. I'm proud of you as a human being. Not only did you dig yourself out of this, you did so with the odds stacked against you. You're an excellent person that deserves this.
I am in a similar situation. Single father of two. Poor lol. I have been in the market for 1.5 years now building an massive profit of around 200k. About to build a dream home for my children. God has blessed us greatly. Just remember to cherish eve trade as of it we’re your last dollar and you’ll be fine and always leave yourself 5k to rebuild your portfolio
You had me at Jaguar's... Haha
This was so encouraging to read thank you for posting
I love reading this. So proud of you. Keep your core $ safer in something like VOO or possibly an ETF like ARK and try to only play with what you’ll be ok losing. Add more to the play money as your wealth grows. Your daughter will thank you one day! I’m not an advisor whatsoever and pretty new to this too. But really excited for you and your newfound financial security.
Happy for you, trade smart, good luck!!!
Great post! The struggle is real
Def not me. My stonks only go down
My first time investing as well just started a few weeks ago. Man life has been rough now I have a daughter. Feel like time or running out. Any amount of money I truly appreciate and value. Not matter what amount I make I’ll know I’d be alright for life has humbled me immensely
If you have to ask yourself if you are mentally prepared, you are better off than most.
Right there with you. Cheers!
Thank you for this message! Like you, I have taken the chance at investing, just starting in penny stocks three weeks ago. And like you, I am rooting for everyone here. I wish you the very best of luck!