Any of you older wise guys invest then club from profits

10 comments

• pensionking

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  7 years ago

  Yes!
  
  And for us married dudes, have your non-retirement investment accounts set up to issue all dividends in the form of a check mailed to your home rather than reinvested. Take these checks to the bank for cash that doesn't flow through your checking or savings accounts for a regular supply of SC cashflow.
• Dougster

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  7 years ago

  Basically all my money goes into investment accounts or crypto currencies, and there is a trickle left for my checking account. If there gets to be too much in checking I just move it to an investment account. Sometimes I move it the other way: from investment accounts back into checking, but the flow, generally, is one way.
  
  So it's like I put more money into investment accounts than I need to, and am okay with taking some of out if it's for a trip or something. Otherwise I try to have enough in checking to cover everything. Haven't moved from investing to checking just for SC alone though, but I don't think I'd be religiously opposed to it.
  
  Unlike most, I don't have (non-retirement) money which I classify as "savings" and off limits from ever spending.
• Dougster

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  7 years ago

  Another thing I think I do differently from most is focus on ways to maximize income, instead of trying to cut back on expenses. The latter is hard, and there is only so much you can cut. The former is easier (well at least for a RICH STUD like me) and there is basically no limit on the upper you can make from income in this country if you are willing to work at it and are smart and are connected.
• JuiceBox69

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  7 years ago

  Very very helpful guys..I'm doing those tips...thanks so much boys
• Dougster

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  7 years ago

  mdfmk888: "I assume that in old age it will take more $ to attract the hottest girls in the club than it did when I was younger"
  
  I think this assumption is wrong. I think the girls just care about the money, not the customers age.
• Lurker_X

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  7 years ago

  Right now I am keeping my 401k in the "stable" fund and waiting for the next bear market before reallocation. I dabble with a few low volatility dividend oriented ETFs in my available brokerage accounts, but I am more focused on paying down mortgage debt on my rentals. It is a safe 3.75% return to squeeze debt out of my life while the market is high and risky.
• joc13

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  7 years ago

  Yes. That's exactly what I do. I pay myself an allowance. If growth is greater than allowance, there's extra to help grow. If less than allowance, I get smaller allowance, and have to adjust cash flow if I want to make up the difference.
  
  The fact that it takes 3-4 days to get money from investment account to easily spendable form helps prevent impulsive spending.
• Dominic77

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  7 years ago

  Thanks, @mdfmk888. I like to read different market and investing approaches from other successful guys on Tuscl.
• Cashman1234

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  7 years ago

  No, I don’t do that. However, that’s a good way to get funds to use when clubbing. I’m not at that point in life - where I’ve begun to take any withdrawals from my long term investments. My focus is on keeping all the funds in those accounts for as long as possible.
  
  Maybe it will change in a few years.
• Dominic77

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  7 years ago

  @mdfmk888, I'm one of the younger guys trying to transition from paycheck-to-paycheck now to saving, then soon to investing for retirement.