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Default Sep 08, 2019 at 08:12 AM
  #1
And when I go manic try things to make that happen. When I missed a few doses of meds last month I went manic and got depressed because of my spending. I realize this month why that is. So I'm trying to be more realistic about my pursuits, looking into investing.

One of the things I joined is an investment program that shows you start up companies and they recommend ones that could take off like amazon etc. However minimum investment is 100 and right now that's not doable. I have a car to fix. But I will invest in something this year.

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Default Sep 08, 2019 at 08:25 AM
  #2
What do you mean, you joined an investment program? Do you have to pay for the information even if you dont invest yet? I hope this isnt another scam. You know you need to be careful. We all do these days.
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Default Sep 08, 2019 at 09:15 AM
  #3
Be careful. ((((((((((((((hug))))))))))))) Even when it is hard...have someone trustworthy check out your money-dream schemes.

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Default Sep 09, 2019 at 02:55 AM
  #4
What is the name of this thing you joined? I'd like to read about it,

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Default Sep 10, 2019 at 09:17 AM
  #5
Much as I admire anyone looking for a good way to make money, many of these get-rich-quick schemes are often too good to be true. The well known entrepreneur Peter Jones who features on BBC's Dragon's Den has a lot of good, sound advice and I recommend you read his website, also listen to him on You Tube. Also Deborah Meaden.

If you have an idea, keep it to yourself lest anyone steal it, but watch on your financies and never, ever, mortgage your house to raise money! Some people have and ended up losing their homes.

Now this article I found on BBC News a few days ago made me smile. It's about a London schoolgirl running her e-commerce business.

The London schoolgirl running her own e-commerce business - BBC News

Hats off to her!
And hats off to you if you're successful!

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Default Sep 10, 2019 at 03:15 PM
  #6
It was an ad that showed up on Facebook, angels and entrepreneurs or something. It was 49 dollars to join, but they had different levels and recommended the 500 dollar level. I paid for a 1 year membership, it insight on start-up companies. They recommend some start up companies they think will become super successful and you invest minimum 100 dollars.

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Default Oct 01, 2019 at 10:26 AM
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Mania and money don't mix. I have a buddy who got manic. Before anyone could figure this out, he had leased a jet and flown to Hilton Head and purchased a yacht. Wife was not pleased. I once bought 7 guitars in 3 days on ebay before my partner figured out what was going on. Why were all these beautiful guitars showing up at the house?

Please have someone helping you with your finances. Once you lose your insight, which will happen when you become manic again, all bets are off. You could do anything. That's why I have had someone else run all my money stuff for years. It's just prudent. Good luck!!

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Default Oct 20, 2019 at 10:35 AM
  #8
Oooh, please be careful. With startups, the odds are against you. Very very few of them will become the next Amazon. And, if they go out of business, you'll lose all the money you invested.

You might want to check out the Bogleheads forum (Bogleheads.org - Index page) - the people there tend to be fairly courteous, and they talk a lot about investing. Their philosophy is much more in tune with "slow and steady wins the race" and they focus on very sensible strategies to grow your wealth in the long term.

I've slowly been absorbing a lot of how they look at things, and am doing pretty well.

Before investing in any startups, I'd ask:
- Are you taking advantage of any retirement accounts you have through work? 401ks (in the US!) are awesome, because you can put money away and avoid paying taxes on it today. Plus, some companies will match your contributions (which is essentially "free money" for you). Pick a sensible asset allocation and use index funds if you have them.

- Do you have a Roth account? Roths are great because even though you pay taxes on your contributions today, they're tax free when you retire (yay!). And, you can always take out your contributions (tax-free, penalty-free) in an emergency.

For example, let's say over the next couple of years, you put in $2000. And it grows, and now you have $3000. Then, you lose your job. You can take out up to $2000 (the amount you contributed) with no penalties, no taxes, no strings. So it's like a super-charged emergency account, but you just have to be careful since, if it's invested, it could also lose money.

- Do you have an HSA? In most states, you can put money in and not pay state or federal taxes on it, you can often invest it (depends on where you have the money), and you can take out all the money (contributions and earnings) for medical stuff - including therapy(!) - at any time. Or, you can leave it in there to grow until you retire, then have access to it (but pay taxes).

- Do you have emergency savings? IE a savings account, preferably at an online bank that pays a decent amount of interest (nothing is super great these days, sadly). This is to help you through rough patches, job loss, etc.

These are much lower risk than angel investing, and more likely to have small, but steady gains over time.

I've also heard good things about the book "The Millionaire Next Door" (though I haven't read it) that talks about sensible ways to save and invest so that you'll end up with a million dollars, even if you're not making a huge salary.

Good luck!
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Default Oct 20, 2019 at 10:49 AM
  #9


I feel for you because mania causes you to overspend and not save.

First, do not only pay the minimum on the credit cards. Pay off the balance so you don’t owe interest.

Then, you need to be able to save some money and not spend it.

Then, you take advantage of accounts, like mentioned above, tax deferred like IRAs and save for retirement. You cannot touch this money until retirement age. If invested wisely it will grow massively and you may become a millionaire from those savings one day!

For free you can read investment books at the library and only invest with reputable companies like Bank of America— not risky start up schemes! Small investors get free financial advice from the bank and the money put into safer funds like Mutual Funds.

The hardest part is saving money and not touching it! You are moving in the right direction, though, good luck!

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Default Dec 28, 2019 at 02:29 PM
  #10
Aviza, quick question.
Why do you aspire to become a millionare?
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Default Jan 05, 2020 at 10:22 AM
  #11
So I can buy two nice houses and cars. So I can travel. I want a place in my current state and a place somewhere warm.

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Default Jan 09, 2020 at 04:55 PM
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Aviza be real. I make pretty nice money but I’d never afford two houses. I’d never be a millionaire. It’s magical thinking. Get back to reality.
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Default Jan 13, 2020 at 10:37 AM
  #13
It's possible, my mom owns two houses and two apartments. She rents one of the houses and two apartments. My dad bought her parents house from them way back, they renovated it, retired there, and mom moved back to her other house closer to her kids, grandkids.

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Default Jan 13, 2020 at 01:14 PM
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My goal is to be happy. Whether I’m poor or rich isn’t as important as being content.

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Default Jan 14, 2020 at 08:23 PM
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Quote:
Originally Posted by Aviza View Post
It's possible, my mom owns two houses and two apartments. She rents one of the houses and two apartments. My dad bought her parents house from them way back, they renovated it, retired there, and mom moved back to her other house closer to her kids, grandkids.
Aviza yes there are people for whom it’s possible to buy two houses. But please focus on yourself. Can YOU afford to buy two houses? And what’s the chance for you to acquire 1mil? How real is it?
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