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I want to invest my money
Posted: Posted March 15th, 2017 by Red Leaf
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I managed to quadruple my savings account over the past 6 months or so and I haven't received my tax return yet either. But I was dismissed from work without cause and now I am heading back to my home province with about 4400 + whatever I get from taxes, so we will say about 4000 USD for the sake of argument.

If it was you, what would be the first thing you would do to maintain momentum and keep that number growing? I could spend through it quickly if I was reckless but it's also a respectable sum that could be properly invested.

What's the best method? Stocks? Bonds? Buying and reselling? Counting cards? Lol

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How long could you live off of that $4,000 if you needed to?

Posted March 15th, 2017 by Vandy
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The first thing I would do is file for unemployment (does Canada have that?).

Then I would get my resume update ASAP and start applying for any job I would qualify for, even if barely. The job I have now wanted alot more requirements than I actually had but I still got hired anyway.

I wouldn't start investing in stocks or bonds until I had regular income with some to save and invest. Just how I would handle it anyway.

Posted March 15th, 2017 by Q
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Q
 

I have applied for unemployment and for the next month or so I am basically couch surfing at relatives because I have a lot of family to visit and each are happy to take me for a week or so, so my financial responsibilities are on the back burner until probably May which is good.

I just want to find a way to make the money I have work for me and grow itself.

I could probably live off that money for months if I was creative.

Edited March 15th, 2017 by Red Leaf
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I just wouldn't be thinking about investing until I had a source of income, like Q said. And then it's recommended to have three month's living expenses in your emergency savings, but I would want even double that to feel secure before considering where to put my money.

Posted March 15th, 2017 by Vandy
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How many people have three months of expenses in this day and age without investing first?

Posted March 15th, 2017 by Red Leaf
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Well, I don't know, but my wife and I do. Did.

I wouldn't surprise me if a lot of people don't, even if they are able to. I don't know many people that are smart with their money.

Edited March 15th, 2017 by Vandy
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Most people aren't. Most people buy full price consumer items that are heavily advertised, drink coffee from restaraunts instead of brewing their own, eat out a lot or buy food from convenience stores instead of grocery stores, buy premade food instead of cooking, pay absurd bank fees, smoke, drink, take out payment advances from money loaners, have credit cards they can't afford to maintain, have a mortgage on a house they can't really afford, or car payments on a new car, or have oodles of expensive data on their mobile plans. The only one of these I have is the data and it's a problem. But aside from that I have a lot of self discipline when it comes to money.

Edited March 15th, 2017 by Red Leaf
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How many people have three months of expenses in this day and age without investing first?


Maybe not three months, but it actually isn't that hard to get a reasonable savings if you're working full-time and not over-exerting yourself financially (meaning, you bought a used car instead of a new one, or you moved into a cheaper place than you could technically afford). Except for when I was in high school, I have always had at least two months' worth of savings (and I didn't have any above-minimum-wage jobs for about three years after high school).

Granted, I'm also fortunate enough to be relatively healthy, so my expenses were pretty limited to car loan, insurance, rent, and groceries for a while.

But yeah, I wouldn't think about "investing" until you have a reliable source of income. Investing requires you to commit a good chunk of money up front, so it's pretty hard to do when you're strapped for cash.

Have you created a personal budget? I find it helpful to log everything I purchase or spend money on each month, and then craft a monthly budget around that, making sure to leave as much room for a "profit" as possible. (So if I earn, say, $1500 a month, I would probably try to limit my budget to as close to $1000 a month as possible.) If you can, just block of something like $150 and say, "This is money I will only spend for unforeseen things, like say my car gets dinged up in a storm, or the muffler goes, or I get sick and have to go to the doctor." And if nothing comes up, throw it in your savings account. (Also, if you don't have one, put stuff in there. It's not so much because it "earns interest," - the amount it earns is entirely worthless - it's more about the fact that it's sort of harder to access in some ways (since for some, you can only withdraw from the savings account a few times a year).

Ultimately, if investing and financial stuff interests you, you should probably talk to your bank. Good chance they have someone who helps with personal finance stuff.

Posted March 15th, 2017 by Jet Presto
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It's not so much because it "earns interest," - the amount it earns is entirely worthless - it's more about the fact that it's sort of harder to access in some ways


Once I put money in my savings account, in my mind it's not available anymore. Unless of course there's an emergency and I have to - which is the point.

I actually do want to begin investing, though. I'm tired of seeing pennies of interest over months of time. There are just so many options. At some point I feel like you have to just pick one and go. There are too many articles pointing you in different directions.

Edited March 16th, 2017 by Vandy
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Would you go a step forward and say that any "profit" money per month is considered investible?

One time I had a savings account and I would throw as little as 15 dollars in it if that's all I had over budget. It all adds up and I was able to get a laptop that time.

But now I am not saving for anything in particular. Just peace of mind and comfort. Which basically = more money. Maybe in a year I decide to splurge and go on a trip or buy an Xbox Scorpio or something without really feeling the pain.

Edited March 16th, 2017 by Red Leaf
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