MemberMay 11, 2021 at 3:20 am
IM worried about a financial market crash with the squeeze and preparing a plan of action. That being said when this happens and I sell with life changing $ (praying) Is it best to leave the money in etrade account or transfer to my personal bank? I understand this is not Financial advice.
MemberMay 11, 2021 at 4:39 am
Personally I’m going move it around to multiple brokerages and banks. Each account is insured for 250k so having it spread out protects more if everything crashes. Plus brokerages often give either stock or cash bonuses when you do a high staring deposit. Between those bonuses and cash bonuses for bank accounts you could potentially make 100-200k in the first month just by protecting yourself. I have worked most of my career in banking so this is just based off my own personal knowledge and their might be better ways but free money just by putting money in an account is a no brainer. Especially when you will have a lot of money just sitting their waiting to do something for you.
MemberMay 11, 2021 at 8:34 pm
Hi Nick, thanks for the answer. So you saying, if you would have 1million sitting in Fidelity by selling all stocks.. you would move parts of it to other brokerages? Wouldnt it be also save to take all the money first into a bank? Of course to a private bank etc. which will be able to handle a large amount of money?
Would it have any impact on taxes if you would transfer all the money into a bank account and then plan what to do with it?
MemberMay 12, 2021 at 12:08 am
Taxes are calculated from selling the stock regardless of what you do with it after. Yes, I would look into what brokerages give bonuses for first deposit and try to max out as many as I can to get the free money.
MemberMay 11, 2021 at 10:23 am
Absolutely spread out as Nick suggests. And I didn’t even think of his sign-on bonuses he mentioned until just now so rest assured I’ll be looking for those! 🙂
Some other things I am considering…
* Find a quality (honest, non-sleezy) property management company in your area and work with them for you to buy an appropriately sized home for a rental and have them manage it. They get a decent cut but handle all the headaches. You have a business write off and monthly income from the rent. When you can add another house or two. The passive income will be great and there are always families looking to rent a house (vs businesses that may come and go).
* Buy some bitcoin. It’s been a solid long term investment and my understanding is we’re near the end of the current 4-year cycle and could be great timing to get some and sit on for massive gains in a few years. Diverse with a few secondary coin. Crypto has good growth potential and some benefits that may make it more inflation proof, though with it’s own risks. Check the CryptosRUs channel for some discussion (found him from Matt Kohrs & Trey Trades).
* Start slow but learn to invest in the “real” stock market. GME/AMC are unique events as said again and again. But there have been millionaires made daily in normal trading. If we do have a short term crash from all this (and I’m thinking we probably will) then a lot of businesses will be ripe for bargain shopping.
* Buy back into AMC when the price settles. I really believe in the company and think it’s going to do great. No, I’m not going to hold my shares from 500k ( 🙂 positive waves ) all the way back down to $20. But I’ll take a nice chunk and buy back in when the dust settles and feel good supporting a company that’s given me great memories over the years and a wild ride the last few months.
MemberMay 11, 2021 at 1:55 pm
This is exactly what I’ve been thinking. Where I live here in the PNW we have seen a huge influx of people who gave up on California so rental properties are a great investment.
MemberMay 11, 2021 at 9:17 pm
It is a good time to go from a speculator to an investor. An investment is a vehicle that pays money to the owner, like property rental, a business, or a farm.
Of course speculation is fun, so I will always have a little for speculation.
MemberMay 11, 2021 at 9:21 pm
Even before I evolved into an ape, I was looking for those things that survive market crashes. I looked at the great depression, the Carter depression (the current administration is doing ALL of the things Carter did and worse), the .com bubble, the housing bubble etc.
I have found that grocery stores and individual grocery items and lower end retail thrive due to the upper middle class lowering their standard of living.
For the 2008 housing crash, Kroger and Dollartree killed it, as did fast food chains.
MemberMay 11, 2021 at 10:14 pm
I have been giving a lot of contemplation on how to best serve my community and pay back other kindnesses.
First, invest in my Mother and elevate her like the Queen she is. Repaying her kindness is first on my list.
Invest in crypto and other stocks I believe in. Diversify slooooowly! Gotta fund the activities to spread around wealth and teach others to take care of themselves.
Invest into non-profits I work with and have created. Invest in at-risk youth. Especially communities of color.
Do something nice for myself. I’m turning 40 this year and am tired of hustling. No one needs to work this hard.
Essentially my point is to spread the wealth around. It will always come back to you. Generosity is the root of wealth. It is a different lens to answer your question but I felt called to put it out there.
MemberMay 12, 2021 at 1:02 am
@dewi-anderson awesome points. I think most of us have plans for helping family and causes that mean a lot too us and it’s great to see you put that right out in front. Nice reminder that even if we’re thinking it there’s nothing wrong with talking about it too. Easy to get wrapped up in the excitement and “what’s next” when talking with other apes.
As for helping family and friends it’s tricky to keep it under the radar so they don’t get hit with any tax burden. But lots of options there.
MemberMay 12, 2021 at 9:17 am
Love it! 🙌
As for the tax burden? Build it into the money you offer your family and friends. Plan ahead!
MemberMay 11, 2021 at 10:29 pm
I’m Going straight into the pot game that just went legal in NY will be the biggest market on the east coast.
MemberMay 12, 2021 at 8:37 pm
I would just be glad to have so much money that I would have to think what am I gonna do with it good problem to have AMC is going to change a lot of people’s lives
MemberMay 12, 2021 at 8:39 pm
Thank You all for the info!
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