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I would just take some profit from TSLA if you are feeling you are holding too much. Put it somewhere safe and diversified like VOO and BOND (90/10 or maybe 80/20, your call)Hopefully this question is ok in the thread, if I will remove it.
At what point should someone reconsider handling their "play" money stock account? I opened one in 2008 around the crash as I felt it was a good time to pick up some cheap stocks. Over that time, I've put in a few thousand each month and picked up stocks that interested me. Some have had huge growth like Tesla to the point were it's become more than just "playing" with stocks. How have other amateurs dealt with this and what should be my next steps?
I'm not sure I understand your question. Are you asking if you should stop self-managing your "play" money account and turn it over to some fee charging professional? Or your uncomfortable with how big some of your positions have gotten and looking ways to diversify?Hopefully this question is ok in the thread, if I will remove it.
At what point should someone reconsider handling their "play" money stock account? I opened one in 2008 around the crash as I felt it was a good time to pick up some cheap stocks. Over that time, I've put in a few thousand each month and picked up stocks that interested me. Some have had huge growth like Tesla to the point were it's become more than just "playing" with stocks. How have other amateurs dealt with this and what should be my next steps?
I would just take some profit from TSLA if you are feeling you are holding too much. Put it somewhere safe and diversified like VOO and BOND (90/10 or maybe 80/20, your call)
Over the past decade or so my TD Ameritrade acct went from a small chunk of play money to a sizable portion of my net worth. One thing I decided to do was make sure I had something in every sector. I was way too tech-heavy. Aside from ETFs like I mentioned above, I didn't have any real estate so I added O, and I didn't have any entertainment so I added Disney. One sector I think everyone should have is energy. There are ETF's but also individual stocks (I've held ALE for years and they pay a great dividend and have grown to the point where I had to sell half to balance out) Energy stocks have a tendency to move the opposite of the market so are a great tool to rebalance with.
I'm not sure I understand your question. Are you asking if you should stop self-managing your "play" money account and turn it over to some fee charging professional? Or your uncomfortable with how big some of your positions have gotten and looking ways to diversify?
I have been trying to but into more sectors. Recently I've purchased a few green tech and energy stocks which seems to have done favorability today on speculation of incentives from the new administration. Thanks for advice.
It's honestly both. For example, I purchased a $2,000 worth of Sirius Radio back in 2008 at nearly their lowest point. I did sell some awhile back which I used purchase a car but still hold a good amount. Some other stocks like Tesla and BoA have also had great returns over the year. So my outlay of cash has been rather small over time, probably about $10k on average per year. However, it's turned into something that's meaningful. So I do have reservations of turning it over to someone to get a percentage on a recurring basis where they will make more off me than I will off them. And like the advice above, it may be a good idea to start buying into more sectors but I'm feeling more like a gambler at Vegas that doesn't know when to stop. I am in my early 40's so I have plenty of more years to earn, save and invest but working with a professional may be the right move.
Don't turn your money over to "professional." Most are worthless garbage. They'll just steal your money and make worse choices than you. They don't know anything either and will likely under perform total market index. So why pay for worse performance?I have been trying to but into more sectors. Recently I've purchased a few green tech and energy stocks which seems to have done favorability today on speculation of incentives from the new administration. Thanks for advice.
It's honestly both. For example, I purchased a $2,000 worth of Sirius Radio back in 2008 at nearly their lowest point. I did sell some awhile back which I used purchase a car but still hold a good amount. Some other stocks like Tesla and BoA have also had great returns over the year. So my outlay of cash has been rather small over time, probably about $10k on average per year. However, it's turned into something that's meaningful. So I do have reservations of turning it over to someone to get a percentage on a recurring basis where they will make more off me than I will off them. And like the advice above, it may be a good idea to start buying into more sectors but I'm feeling more like a gambler at Vegas that doesn't know when to stop. I am in my early 40's so I have plenty of more years to earn, save and invest but working with a professional may be the right move.
You do realize your "professional" underperformed the market index last year, right? By pretty big amount if your "professional" almost made 15%. I don't know about you but I don't pay people to underperform the benchmark index. I can underperform just fine on my own without paying anyone. You do realize that Vanguard Total Stock Market Index Fund (VTI) returned over 19% in 2020, right? That's index with over 3,000 US stocks. Pretty much diversified as you can be.Not all professionals are garbage. That's a silly statement.
I've consulted with my broker probably 50 times over the past five years (free of charge) and he always gives his honest opinion. He knows his shit.
Years ago my dad wanted to sell AAPL at $100 a share and the guy talked him out of it. That sort of thing is worth a lot of money.
You do realize your "professional" underperformed the market index last year, right? By pretty big amount if your "professional" almost made 15%. I don't know about you but I don't pay people to underperform the benchmark index. I can underperform just fine on my own without paying anyone. You do realize that Vanguard Total Stock Market Index Fund (VTI) returned over 19% in 2020, right? That's index with over 3,000 US stocks. Pretty much diversified as you can be.
Elon Musk is now the world's richest person. He officially passed Jeff Bezos today. I said this would happen when Elon was worth like $30 billion and people laughed and called me crazy. But it was so obvious in my mind and inevitable. I said Musk has a chance to pass $1 trillion in his lifetime and I still believe that. I think both Tesla and SpaceX will be multi-trillion dollar companies. He will be the first person to have started and own two different trillion dollar companies.
I made a personal goal of doing $6000 a month in pure options income. I beat that in 7 days.
2 June $400 Nvidia puts. - $2700
20 Feb $7 KNDI puts - $2200
10 March 19 $8 KNDI call on 1000 shares I own - $1300
1 Jan 29 $140 AAPL call - $250
Is it possible I might have to buy the NVDA back? Sure, but not likely. When my PFE calls expire on the 15th I'm looking to make another fat sale.
KNDI is still cheap enough to look at imo.
Serious question. Why are you so stupid and math challenged?Serious question, if Tesla had 100% market share, do you think you could justify it's current share price? I don't. US Car sales were down 9% last quarter. That's what I mean by the memes pumping up the share price.
Elon Musk is now the world's richest person. He officially passed Jeff Bezos today. I said this would happen when Elon was worth like $30 billion and people laughed and called me crazy. But it was so obvious in my mind and inevitable. I said Musk has a chance to pass $1 trillion in his lifetime and I still believe that. I think both Tesla and SpaceX will be multi-trillion dollar companies. He will be the first person to have started and own two different trillion dollar companies.
Good, someone whose work may end up saving our planet deserves to be the richest person. And not some guy who capitalized on consumerism and the service industry or some other guy who built the worst thing ever for humanity (social media).
You do realize your "professional" underperformed the market index last year, right? By pretty big amount if your "professional" almost made 15%. I don't know about you but I don't pay people to underperform the benchmark index. I can underperform just fine on my own without paying anyone. You do realize that Vanguard Total Stock Market Index Fund (VTI) returned over 19% in 2020, right? That's index with over 3,000 US stocks. Pretty much diversified as you can be.