Been paying attention to the stock market again.....

[Cranky]

But this sounds like you actually had an edge over the regular retail investor.
Not cheating but someone working at mc donalds probably would not have done as well.

I was a machinist out there and the tool room attendant would post the stock price every hour....which didn't hurt none lol.

 

[Ron H]

All I ask is the Dow stay above 35000 into January so I can make my 2024 withdrawal...

Was discussing our funds with my wife just yesterday as we made some nice money during November. I keep some tab on it thinking if we can recoup the losses (since our funds were higher at one time) I’d maybe just call the broker and say take it all out and dump it in the CD’s earning 5+ percent, being too old to worry about the market retired 2 years now. Serious losses always take years to recover thinking back to ’08 and ’00. If it tanks like it has a few times, I’ll be dead before the recovery, just getting back to where we were..

 

[Richard Cranium]

All I ask is the Dow stay above 35000 into January so I can make my 2024 withdrawal...

And put it where?

 

[dadsbee]

And put it where?

I have to pull my RSP or convert it to a RIF before I turn 71 or the government mandates the withdrawal amount each year. Pulling a "bit" at a time to the max amount that I can to stay in the minimum tax (12 to 13%) brackets been working great to pay bills, oh and buy cars! If I lump summed it it would cost me 50 to 52%.

 

[68BabyBlue]

And put it where?

Well, it depends on available options. I have a unique situation, in that my wife had a life long career in education, some odd stuff not available to the mainstream. Big deal in my case is an annuity option with ridiculous pay offs compared to the private sector. By betting I’ll live past 80, I can beat the historical average of the stock market until I croak. If I go earlier, it won’t matter, I’ll be dead.

 

[Cranky]

Well, it depends on available options. I have a unique situation, in that my wife had a life long career in education, some odd stuff not available to the mainstream. Big deal in my case is an annuity option with ridiculous pay offs compared to the private sector. By betting I’ll live past 80, I can beat the historical average of the stock market until I croak. If I go earlier, it won’t matter, I’ll be dead.

With the way I'm feeling these days, not sure I want to see 80 lol

 

[Cojohnso1]

Investment diversification is, and has always been the best bet against sudden market changes. 2/3 of my investment income is tied to real estate. 1/3 in a retirement stock/money market accounts. Real Estate has made the most, but can bottom out as we've all seen. The retirement account is more stable and diversified.

Most Americans I believe caring too much debt. I've been guilty myself as wants can be a powerful motive to not so smart money management decisions.

Day trading thoughts scare me. As a performance car enthusiast and participant. I know I'm capable of taking risk. Sometimes too much. My fear of the whole day trading is that I begin getting used to it. Even convincing myself Im good at it. Then "Bam" Chasing good money after bad. My son made thousands in cryptocurrancy trading. (Not bad since he only started with hundreds.) But to me? WAY too "Hocus Pocus." The whole self trading format.

 

[VANDAN]

All I ask is the Dow stay above 35000 into January so I can make my 2024 withdrawal...

Best of Luck to you, it's a "crap shoot" at this point. Withdraw It, and Spend It, BEFORE it's Worth More than TP.................

 

[VANDAN]

Well, it depends on available options. I have a unique situation, in that my wife had a life long career in education, some odd stuff not available to the mainstream. Big deal in my case is an annuity option with ridiculous pay offs compared to the private sector. By betting I’ll live past 80, I can beat the historical average of the stock market until I croak. If I go earlier, it won’t matter, I’ll be dead.

I had my run in with Annuities, BEWARE. There are MUCH Better Options to Provide a Better Return...

 

[VANDAN]

Well there's a lot of money to be made if you have access to insider information, high frequency trading or another way to cheat.
There may be other working "systems" everyone can use but unfortunately if so you won't find them using google and i haven't figured it out yet. (Otherwise i would be in las vegas right now enjoying my life)

But i would really appreciate if someone could put me in the know (send PM) since



i'm VERY poor. Please help!



I agree using something like an S&P 500 ETF like VOO or SPY or a Total Stock Market ETF like VTI seems to be the only reasonable thing to do if you don't have an edge (see above) over the majority of other players.
Depending on the goal i would might combine VOO with SCHD.
Unfortunately the return isn't really great and not even guaranteed. I've heard many retirees didn't recover financially after the 2008 crash.
Also right now i would be frightened putting a lump sum into the market. I think there is a high possibility for an at least 40% crash within the next 3 years. Most likely within 6 months after the next elections no matter if the democraps or republicans will win.

I think you should diversify into investment/rental properties but this again is hard to do for poor people with a net worth under 5 million $$$. (Investing in stocks + having paid off house + paying cash for investment properties)

Mike, if you Like a Gamble on the Markets, Look at the Grey Scale Crypto's. Some of the BIG Players (BlackRock) Are Pushing for These to be Legit, and some Financial Institutions Have been Recognizing These, for some time now. These are still Relatively Cheap, and IF They Explode when the Federal Note Collapses, well, Do the Math...

 

[Sam69sat]

What's a good stock to pick when the average person is deep in debt, the saving rate is at an all time low, food prices are at an all time high, housing and rent are at all time highs, inflation is running rampant, interest rates are high, people are getting laid off, and the fed is playing russian roulette with the dollar?

 

[68BabyBlue]

What's a good stock to pick when the average person is deep in debt, the saving rate is at an all time low, food prices are at an all time high, housing and rent are at all time highs, inflation is running rampant, interest rates are high, people are getting laid off, and the fed is playing russian roulette with the dollar?

I lived through this scenario in the 70s. The stock market didn't do squat for a decade. I made a real estate investment, and lost my shirt. The all original 1970 Plymouth GTX I bought for $1500 was probably one of the better investments of that era. I could have bought certificates of deposit paying 9% at the time, in hindsight the best play available.

 

[Ron H]

And put it where?

There are some good mattress sales going on..

 

[68BabyBlue]

I had my run in with Annuities, BEWARE. There are MUCH Better Options to Provide a Better Return...

Most of these are bad. Need to read the fine print, high seller commissions typically eat into modest returns. Hybrid option my wife has can't be compared to the stuff on the private market. I had 95% of my long term savings in the stock market until I reached full retirement age, then started shifting resources. The payoff for me betting I'll live past 80 is a few basis points ahead of the long term return of the S&P 500. Educators get some retirement perks that aren't available to the general public. I spent several decades putting excess retirement contributions from my earnings into my wife's plans. Working full time until I was 69, and not drawing on the stash really pumped the numbers up as well.

 

[YY1]

What's a good stock to pick when the average person is deep in debt, the saving rate is at an all time low, food prices are at an all time high, housing and rent are at all time highs, inflation is running rampant, interest rates are high, people are getting laid off, and the fed is playing russian roulette with the dollar?

None.

Pay off debt is the best investment.

 

[YY1]

Might want to edumacate us US folk about what RSP and RIF are.

Is that like a mandatory withdrawal from a traditional IRA?

 

[YY1]

The reason most folk don't recover well after a severe downturn is pretty simple-

They completely miss the huge BUY opportunity.

 

[68BabyBlue]

The reason most folk don't recover well after a severe downturn is pretty simple-

They completely miss the huge BUY opportunity.

I bought the last four GTXs with profits I made going all in after the 2008 debacle. Wife had a friend who took every penny out when the stock market hit bottom. Sadly, that's what too many folks do.

 

[Cranky]

Might want to edumacate us US folk about what RSP and RIF are.

Is that like a mandatory withdrawal from a traditional IRA?

RRSP stands for Registered Retirement Savings Plan, and RRIF stands for Registered Retirement Income Fund. RRSP is how you save money for your retirement fund, and RRIF is how your retirement money moves back to your pocket1. The purpose of an RRSP is to save for retirement through contributions, while the RRIF is meant to provide you with income for when you are retired2. A RIF uses the savings from your Retirement Savings Plan (RSP) to provide you with a steady, dependable source of income3.

 

[dadsbee]

LOL, you'd have to explain what an IRA is if you expect me to explain what a RIF is..

RSP... we get to put funds into one yearly. I believe the max amount is based on 18% of your previous years pay, but when I was putting funds in it was capped at $7500, then $8500 and I think the last year I had a pay check (18 years ago) the max was $13,500. I started putting any bit of extra income that I could into one when I was 22 years old.

The general idea, you put $10,000 into an RSP and it reduces your taxable income by that amount. For most of my years of inputting I was in the 38 to 52% tax bracket. Call it 40% and each $10,000 put into the RSP saved me $4000 in income tax payable. The government hoping all along that at some point your going to trip in life and have to withdraw while you're still working and then they not only get your 40% back... they get 40% on the increase that your RSP has made as well. If you do happen to keep your RSP intact, when you reach 71 years old you have to convert it to a RIF. At that point the government mandates what percentage of your fund you have to withdraw every year and pay them tax on it. Of course by this age you are also getting CPP (Canada Pension Plan) and Old age payments that are also taxable that when combined with your RIF withdrawals probably puts you in a higher tax bracket = more funds for the government.

I'm working on depleting my RSP, or should I say repositioning it, before I hit 71. I have zero employment income, so by pulling the max amount out of the RSP that I can, while staying in the minimum tax bracket, I'm only coughing over about 12% tax vs 50/52% if I leave it there and croak. If I croak it comes out as a single years income and the government will take over 1/2 of it. Bin there, lost that, with my Mother.

Now once the funds are withdrawn out of the RSP, we now have a tax free savings (TFSA) program in Canada. I've never put a dime into one as of yet, as interest rates were so low it didn't really matter. Now that they're on the rise I may have to put the Tax Free program to work as it's cumulative. You're allowed to only put so much into one every year and I never have since it started in 2009. As of this year I could put $88,000 into a TFSA and it can be a simple bank account, exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and mutual funds. For now I'll just keep using the withdrawals to pay bills and probably buy another car or two, as cars transfer to family up here for free. If they go to the Wife they don't even need a safety check. My cars can be passed to any of the following without paying tax. They may get nailed for capital gains when selling, as they got it for nothing, but I know of nobody that's ever been chased for that in Ontario.
You can transfer ownership of your vehicle to the following family members without requiring them to pay the retail sales tax (RST):

• spouse (including a common law spouse)
• parent or step-parent
• grandparent or step-grandparent
• son or step-son
• daughter or step-daughter
• grandson or step-grandson
• granddaughter or step-granddaughter
• son-in-law
• daughter-in-law
• father-in-law
• mother-in-law
• sibling
• half siblings (siblings with a common parent)
• adopted siblings (siblings with a common parent through adoption)