My husband has recently started to buy and sell options on an everyday frequency , obsessively listening to some investment guru on Youtube and plays with his set of savings in stocks on Robinhood based on that. He sometimes brags to me about his wins and sometimes stresses about the losses. Staying awake at night worried about a stock price .. etc . I do not share my salary or investment accounts with him . But i am concerned about the tax implications of this on our earnings and also.. feels like i am living with a maniac who is obsessed with making money. We are immigrants from India on our H1B and he says the policies in this country are highly unreliable and we need to be very smart and savvy like this. I am confused. TC: 180k yoe: 4
I mean sounds like a justified (by him) gambling addiction. Unless you’re a pro trader common sense dictates not making plays that keep you up overnight.
If he's day trading on Robinhood, he won't cut it. He just won't. No seasoned trader uses Robin. The lag. The delays in data. The speed of execution. Even the user journey, makes it impossible to get in/out right. He's not gonna go far lol. Tell him to stop now before it's too late lol. I sincerely hope he's not doing penny stocks on robinhood, it's the absolute worst.
Lol. ! Wow .. I am surprised that I am familiar with so many terms people in comments are quoting related to trading . He did mention penny stocks and tried to tell me that people think low of them .. but the profits add up .. sort of a thing 🤔
Sure, penny stocks can make big WHEN they make big. But more people will tend to lose money on penny stocks given that movements can be large and they fail to sell at the right time. My strategy- always budget your own money for penny stocks, rather than using margin accounts and other sophisticated debt. If the money runs out, end the game. That means never to budget more than what you can comfortably afford to lose.
An 'autist'? Wtf is that supposed to mean?
Probably a mod
He needs help soon, if he doesn’t stop 🛑 this . I personally did penny stocks, day trading, waking up at Market open, no sleep, looking at prices all the time, puts , short, calls, plain stocks, all of this takes a toll, I just did this only for 2 months with a full time, I left it all put everything in Wealthfront ( made better than SPY in a year) . So tell him very sincerely to leave this, or he needs serious help !
Do you recommend Wealthfront? I’ve been looking into it, is it worth it and a somewhat optimal way to put your money (what type of growth can you realistically expect?) thanks so much.
Good advice. If he does not stop you need to see a lawyer for advice on protecting your assets before he loses everything. Are you in a community property state?
“But i am concerned about the tax implications of this on our earnings and also.” Really?? You should be more concerned about not having enough left to pay taxes on.
Haha I found that comment funny too.
Exactly what I thought too. Op, you may need to understand the situation much more deeply to be able to address it
Seems your husband has an addiction. Do everything possible to stop him from trading. It’s not worth harming your mental health by trading in a highly volatile environment.
He likely is not good at investing due to lack of experience. His practicing is good to game some experience. His current approach is likely poor, but again, he is still learning investing. I would not ban him, but I would recommend having him share the reports of his investment account so you will know if he is losing a ton of money. If he is losing money then taxes won't be a problem.
not true, shorterm trading generate tax liability immediately after gain. Huge loss later can offset but it is complex matter
And you came here to complain to a set of husbands who likely have similar problems.
my wife was addicted to this too and lost 600K but we recover through some good investments
Jesus! 600k? Did you add a 0 somewhere?
He’s not investing, he’s gambling.
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There are some guys who lost a fortune and even went into debt with robinhood, greediness always lead to unhappiness, it is like gambling addiction
Is that possible ? Going into debt ? What happened with them ? Could you elaborate
they have margin account which means you can borrow money if it went below 0 to cover losses