Day trading and penny stocks

[NilesMike]

" He doesn't have any actual investments to my knowledge"

I have been surprised more than a few times by people, just sayin'

[fenders53]

(05-07-2021, 06:43 PM)NilesMike Wrote: " He doesn't have any actual investments to my knowledge"

I have been surprised more than a few times by people, just sayin'

True enough.

[ChadR]

Fenders, I know a few that did the Dave Ramsey method and don't have a credit score, but they do have a ton of investments.

Now HVAC guys are a different. I know a couple that are like him and do a lot of work under the table. Most have a ton of cash sitting in a safe. One client from a previous job told me he had around $400k sitting in cash in his safe. Thought all financial planners were crooks (pot meet kettle) and he didn't trust the stock market. That was about 7 years ago so I wouldn't be surprised if he wasn't sitting on $600k or more now. He missed out on a huge market bull run, but he didn't want to pay taxes.

[NilesMike]

(05-08-2021, 08:53 AM)ChadR Wrote: Fenders, I know a few that did the Dave Ramsey method and don't have a credit score, but they do have a ton of investments.

Now HVAC guys are a different.  I know a couple that are like him and do a lot of work under the table.  Most have a ton of cash sitting in a safe.  One client from a previous job told me he had around $400k sitting in cash in his safe.  Thought all financial planners were crooks (pot meet kettle) and he didn't trust the stock market.  That was about 7 years ago so I wouldn't be surprised if he wasn't sitting on $600k or more now.  He missed out on a huge market bull run, but he didn't want to pay taxes.

I appraised a downtown Chicago condo, new construction, for a buyer once. He was paying cash, but wanted to know how much he was under water (GFC had just hit), made his money selling $1.50 hot dogs!

[fenders53]

(05-08-2021, 10:43 AM)NilesMike Wrote:

(05-08-2021, 08:53 AM)ChadR Wrote: Fenders, I know a few that did the Dave Ramsey method and don't have a credit score, but they do have a ton of investments.

Now HVAC guys are a different.  I know a couple that are like him and do a lot of work under the table.  Most have a ton of cash sitting in a safe.  One client from a previous job told me he had around $400k sitting in cash in his safe.  Thought all financial planners were crooks (pot meet kettle) and he didn't trust the stock market.  That was about 7 years ago so I wouldn't be surprised if he wasn't sitting on $600k or more now.  He missed out on a huge market bull run, but he didn't want to pay taxes.

I appraised a downtown Chicago condo, new construction, for a buyer once. He was paying cash, but wanted to know how much he was under water (GFC had just hit), made his money selling $1.50 hot dogs!

Interesting conversation to me.  People lead their lives different ways.  I can't imagine how much money I would have if I stayed single because I figured out financial planning early in life.  I'm happy though.  We wouldn't have two nickels to rub together if my wife were in charge of the main accounts.  Thirty years ago she told my mother she gets no gratification out of saving money.  It's a waste of perfectly good spending money in so many words.      I let her do her thing.  She worked about 25 years and made her car payments, bought stuff for the family she found pleasure in buying.  She had the new car, I drove the used truck.  I mostly tamed her and she let me handle the rest.  She understands now how much different life would be going forward if we hadn't done it this way.  Most everyone she socializes with, and her family will be working until 65 minimum, and 90% of them won't be in better shape even after that effort.

And I've never heard of a Hot Dog tycoon that didn't have his face on the package at the grocery store lol.

[rayray]

i love it when you can spend hours, days or weeks, sometimes several weeks talking to family or friends about the fundamentals of investing and when it's all said in done they buy crypto or penny stocks

eventually in the end, the game is rigged in their mind(s)

try to explain that 3200 per share amazon is a better buy then some 5$ stock--it can't be done 99.9% of the time

[ken-do-nim]

Yeah, exactly, I couldn't even sell my sister-in-law on leveraged funds like NAIL lol. Anyway, she just posted yesterday on Facebook no less about her success.

"I invested 200 bucks two weeks ago last Saturday. This is my account balance now.. I made two hundred bucks in literally 8 mins.. lol apparently having no life and day trading pays off lol"

Picture then shows her account balance of $7,215.02.

Watchlist contains:

• Litecoin (LTC)
  
• Cosmos (ATOM)
  
• Polygon (MATIC)
  

I can see that Polygon is at $1.03 I think that's the one she traded back and forth to get to this.

[fenders53]

This mentality was prevalent in the 1990s among those who weren't making a real attempt at investing. Most did believe the dot coms were going to be actual companies though. Most people buying crap coins realize it's a hyped narrative. They believe they have a chance to run like BTC and they will have time to get their profits out. A few will and the millions of bag holders will think they got scammed by the "whales".

I got not problem with having some fun but if this is all you are doing? I guess you get your lesson but we would all be better off if they stuck around and actually invested most of their money somewhat rationally.

All this makes a blue chip a tough sell to a new investor. Making $10 on a position in a year is a yawner compared to the casino.

[ken-do-nim]

(05-10-2021, 05:35 AM)ken-do-nim Wrote: Yeah, exactly, I couldn't even sell my sister-in-law on leveraged funds like NAIL lol.  Anyway, she just posted yesterday on Facebook no less about her success.  

"I invested 200 bucks two weeks ago last Saturday. This is my account balance now.. I made two hundred bucks in literally 8 mins.. lol apparently having no life and day trading pays off lol"

Picture then shows her account balance of $7,215.02.

Watchlist contains:

• Litecoin (LTC)
  
• Cosmos (ATOM)
  
• Polygon (MATIC)
  

I can see that Polygon is at $1.03 I think that's the one she traded back and forth to get to this.

Sister-in-law texted me this morning.  She's up at $11,119.  I'm going to interview her this weekend to get more specifics on what she's doing.