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RE: Why Minnows Don't Buy STEEM

in #steemit • 8 years ago

You can still make solid money in your 401k. Don't give it up. You can now buy and trade individual stocks inside your 401k. It's not just mutual funds anymore. I can tell you more about what I'm doing if your interestes. Plus, even as great as any investment can be, you have stay diversified. Workers for Enron stuck all their money back into that company. We all know how that turned out. I love Steem.l and I agree with your entire post. I just don't love everything to place 100% of my money on it.

8 years ago in #steemit by
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     8 years ago 

    Amen. @aggroed I think that you should consider taking a multi-pillared approach to saving. I'm a CPA, not a CFA or CFP (so take any advice from me or others with a grain of salt), but I think it is wise to look at the following pillars when considering your savings:

    • Low-risk stable investments (savings accounts, certificates of deposit, treasury bonds (particularly like TIPS, or other inflation protected/indexed securities))
    • Stock market / 401k - as someone else mentioned, if you work at a company that matches 401k contributions... that is free money. make sure you max that. i know a lot of people on Steem are skeptical, but it is wise to diversify
    • Real property (real estate, precious metals, art, etc)
    • Currency
    • Health insurance

    If you can diversify across those pillars, you will survive any macro-economic shock with minimal downside. It is always possible to look back in hindsight and say "if only I had invested more in XXX, I'd be on a boat right now!", but for every situation like that there are dozens of others that you don't think about where the reality would be if you had invested more in XXX you'd be worse off today. Saving is not a race, and a disciplined approach will leave you in the best possible position

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     7 years ago 

    @canuckpride makes a lot of good points! I think being diversified across available asset types is a smart play as you never know what is going to happen in the future. My only caveat is that while I agree that saving isn't a race..... timing and when/where you start definitely play a huge role in how you finish!