Stocks are soaring, but most Black people are missing out

[choc_cardigan]

I can co sign as well. I have told everyone I know that is black about M1 and tesla and various resources about stocks etc, but i was only able to get 3 people involved out of at least 50.

 

[Gus Money]

Same.
Did robo investing... completely hands free and its looking lovely.
Im going to hit my goal early.

I’ve been considering the robo investing route but I’m hesitating. Still trying to learn the basics before I open anything. Who are you doing it through?

 

[dora_da_destroyer]

I can see what I can come up with but to create a revenue stream similar to what I have I would need need 6-8 million dollars worth of stock and there wouldn't be any significant deductions on that income so there would be a significant tax bill. I've achieved that at a lower cost basis and practically no state/federal taxes are on my earnings.

Hmm, maybe you got the best CPA I the world. But ain’t enough realistic write offs in the world to even get my rental stream down to a point where I’m paying no taxes unless I basically state in getting half the amount of rent I actually take in, and that’s just 4 units.

 

[DEAD7]

I’ve been considering the robo investing route but I’m hesitating. Still trying to learn the basics before I open anything. Who are you doing it through?

Merrill Edge
Merrill Guided Investing: Portfolio Management Services
I bank with bofa so i get all of the tools in one app, there are lots of other options tho

 

[Youhadasparkwhenustarted]

I'd invest but I have no disposable income. I'm living check to check to and so are most of the people I know. Self improvement is kinda hard when most of your time is devoted to just staying above water.

 

[pete clemenza]

The coli ain't gonna like that answer.

For me right now there's so much dead money that isn't even going towards my equity.

I'm talking a PMI, the $14k transaction fee, and maintenance (such as my air conditioner breaking to the tune of $6000).

So even if my property goes up by $100k in 10 years I have to subtract whatever I paid in maintenance, and transaction costs to determine the real profit. Right now I'd have to subtract $20k from that $100k. You could make the case that I would have to subtract the PMI I've paid as well since it doesn't help to pay off my loan.

$20k in apple 10 years ago would be worth $240k now.

I'd be richer just by renting


Now, to keep it fair I do enjoy my home as a lifestyle purchase. I rented a townhouse before I came to my house and I had some shytty neighbors who were also renters. I live around other homeowners so they treat the neighborhood better in general.

Real talk about home appreciation with the hidden costs, maintenance, and so forth but its the same thing stock market wise. Truthfully you have to have the balls, extra income, and foresight to put "$20K in AAPL ten years ago".. that's the key to all of this. This isn't directed at you Gabbo but the whole Instagram 'sexy talk' invest in the stock game always tends to come down to "if you would've put x-amount of dollars into this stock then ten years later you would have this $$$ amount" is one of the problems with investing these days imo. I'm in the Boiler Room every morning and on a few other sites along with my ETrade account trying to get it, and doing pretty well I might add but its a fukking grind day in and day out even with the safe conservative old school strategies. And then on top of it all you got Covid 19 running around and screwing shyt up. You have your stocks, or options, and long holds lined up and a nice "green day" is in the forecast the next morning then out of nowhere a report drops that one million Americans just filed for unemployment or a news drop that says the stimulus bill was rejected or put on hold then the market tanks and turns red for 2-3 days straight and then your portfolio drops about $2-20K in value overnight depending on what stocks you hold. Yes black folks need to be in the market and capitalize but its not all roses and fine and dandy like these articles suggest and say it is. Like a nicca trying to make the pros you gotta fight for that shyt. Home ownership, stock market, running a business, etc. is a fight to the finish.

 

[DEAD7]

I'd invest but I have no disposable income. I'm living check to check to and so are most of the people I know. Self improvement is kinda hard when most of your time is devoted to just staying above water.

 

[Dolla$]

You Real Estate devotees don't have the numbers on your side. #RENT4EVER gang.

They really don't!

And it's not a purely financial decision (there is some sentimental value in "owning" your house") but strictly looking at the numbers, rent + invest the downpayment + money that would be spent on interest, maintenance, insurance > buying a house and waiting for it's appreciation

I own and live in a Multi-family. You nikkas can’t tell me someone renting is in a better position than me

but I don’t want to de-rail the thread. I’m about to go ham with investing at the beginning of next year god willing

 

[88m3]

Hmm, maybe you got the best CPA I the world. But ain’t enough realistic write offs in the world to even get my rental stream down to a point where I’m paying no taxes unless I basically state in getting half the amount of rent I actually take in, and that’s just 4 units.

Spoiler: Spoiler

I wouldn't go that far but they're more than capable of taking care of what I need. I'll do a couple of high cost projects that are necessary a year, there are contractors that work for me year round, and legal. I'll have xxxk in write offs and end up with a tax rate under 20%. It's not 0 but considering the revenue and everything I need is paid for it might as well be.

 

[No1]

Merrill Edge
Merrill Guided Investing: Portfolio Management Services
I bank with bofa so i get all of the tools in one app, there are lots of other options tho

Same.

 

[Jahbarri]

My friend who im investing with now has made a 829% return since January . Is that genius GOD level? Day trading

 

[Conan]

I own and live in a Multi-family. You nikkas can’t tell me someone renting is in a better position than me

but I don’t want to de-rail the thread. I’m about to go ham with investing at the beginning of next year god willing

I said in a subsequent post that multi-family is the cheat code . But that's contingent on low taxes and maintenance, and good tenants.

But rent > single family IMO.

 

[jilla82]

I'd invest but I have no disposable income. I'm living check to check to and so are most of the people I know. Self improvement is kinda hard when most of your time is devoted to just staying above water.

you gotta cut your expenses everywhere you can...and focus on increasing your income.

EVERYBODY needs at least one investment vehicle...otherwise, youre playing to lose.

This bull market may continue for another 1+ years...
...with the world wide money printing...money needs to go somewhere, and its going to the American equities markets (and bitcoin).

People on the sideline will be left behind wondering what happened years down the line.

 

[ogc163]

 

[Paper Boi]

to me it seems very risky to throw your money in the stock market now. shyt is a house of cards. it's being propped up, but you can't just prop it up forever.

jumping in while shyt is at an all time high, seems like a stupid move. good for people who ate good off the juiced numbers though.