I’ll keep it short. I’m 29 and broke. I invested every last dollar I saved in the stock market and I’m currently down almost 85%. Invested: 120k Current equity value: 25k I came to the US with the dream of becoming a millionaire by the age of 35 and invested all my savings in growth companies like Roblox, Snapchat, Pinterest. They have all shit the bed. Same thing with crypto. I’ve NOT sold anything and continue to hold my equity. Could really use some advice from this community on what to do next and if anyone has been in a similar position in the past and can help with some insights. Should I buy the dip with my future earnings or just get out of the market as at this time, it seems like it’s not for me. I love reading about financial investments but it’s getting a little exhausting. TC: 140k Stocks I own: Roblox, PINS, PTON, SNAP, FB, Unity, SHOP, AFRM, SPOTIFY, Twitter. Cryptos: BTC + ETH + ADA (bought at all time highs)
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Don't exit the market. Perhaps divest from single companies into an index fund. But for the love of God, don't realize these losses by selling and exiting.
What’s the difference between him exiting now and buying same stock in but at potentially even lower prices?
Difference is that it's incredibly difficult to time the market!
Try to maintain a healthy balance of stock, cash, crypto, precious metals and real estate
How do you invest in precious metals ? Also how to invest in real estate safely without buying a property ?
He’s telling you to buy physical assets, which to each their own… But you can invest in mining companies (Uranium, Lithium, Cobalt, etc) if you prefer to just own stocks There are also REITs you can buy and hold if you want exposure to Real Estate without having to buy property.
Did you do options or futures? If it was just stocks, be patient and you can recover that money in 2 years. But DCA is your friend if you're purely into equities only.
It’s just stocks. Companies like Roblox, Pinterest etc. Imagine buying Roblox at 120. It’s at 22 now. So disappointed to say the least
I feel you — I was prepared for individual stocks to go down 40, 50, even 60 percent. But so many are down 90, 95. It’s sickening.
Read about index funds and invest in it. Now that you know that you cannot take this kind of loses better to start investing in bonds first and then increase your stocks allocation. This will give you peace of mind.
When is it safe to get bonds?
Remain invested, do not sell unless you have no hope for the company. Now save as much as you can in new money, 40% of your saving invest every month and save rest 60%. If a recession hits and you see huge dip, the you can invest this additional 60%, It will bounce back in 5-8 years.
No one knows when it will bounce back. That’s nonsense
There is a cycle, yeah market can bounce back in 2 months or 20 years. So I can’t say when but I can just say it will.
Sincere advice. Stop gambling. Invest in ETFs first. Learn about asset allocation, diversification first. If you made money in last 3 years, its not called investing. Learn the fundamentals first then invest. Again, Asset allocation + diversification. You are 29, you still have a long way to go. Learn lessons sooner than later.
Ok #1 you’re not broke. #2 don’t even open your portfolio for a year unless you own some really shitty names not mentioned. Delete the app if you have to. Buy into indexes low in the meantime to diversify. Set it to auto buy monthly. Scared money don’t make money and making money takes time, despite what people who started investing in 2020 might have thought until this year.
You start a new life by educating yourself first. Watch this: WHAT MOVES THE STOCKS? http://www.kondratieffwavecycle.com/what-moves-the-stocks/
Keep your goal of 1 mil net worth but dont stress out if you don't reach it in the next six years. Keep DCAing into index funds and work on leetcode / system design to increase your TC. You'll get to your goal eventually it just might take a little longer than you originally hoped for.
Yes patience and carefully making every move is something you can learn from this. This will help you not just financially but I’m everything else in life too.
What’s DCA?
The majority of all your money is in single stocks?
Yes, all of it. I hold stocks like Roblox, Pinterest, Snapchat, PDD Etc.
Consider investing in index funds in the future. If you don’t know what those are go to Investopedia. They’re safer (with some risk obviously) and won’t fluctuate as much as individual stocks