The First thing you need to do is get a job that pays more. No idea how you're saving 500 per month making 22 a year

Grinding (not sure how many hours this means) to make $100 per month is not a good use of your time. Spend your time gaining skills and levelling up your profession. Network. Make connections. Get a better job. That is your investment. Invest your time, not your money.

Bit of background. Very stable job and just got this job after years of heavy alcohol addiction. Saving 500 p/m tbh because ive learned to live hand to mouth and old habits die hard haha.

Thanks. Lately I am super wary of how much time im spending on poker to how much its actually making me. two things have kept me going are 1. I enjoy it. 2. It's making me money not losing me money.

I suppose the big thing is what I jump to instead, scared to do something that costs me money when I know poker is making me peanuts as it is. Again with the alcohol addiction, when I was struggling it was ice to have a consistent income.

Keep up the good work. Poker is fun. I think people see investing as 'easy, do nothing money'. The only thing you have to do is not spend it, which is hard enough itself. Saving anything is a great step. But really, to make a substantial return you really need to invest your time, not your money.

good on beating the addiction, and the savings is a nice start. Imo get to 5k in an emergency fund, then start investing in yourself like others have said. Poker isn't a long term solution and should be more of a hobby because you aren't making enough.

Thanks gents. I think for now I'll keep saving and saving. Can't go wrong there. I'll try and be on the look out on how to invest my time better long-term. Still only 29, plenty of time to grow.

Tons of time to grow, but should always be growing. Don't procrastinate. Investing in yourself now will pay huge dividends later in life.

Just dumped 4k into Amarin Corp. (AMRN on nasdaq)

FDA approval on one of their drugs is incoming, just gotta hope for approval, a buy out and a triple up.

if you're gonna gamble on FDA approval on pharma why not just buy options and 100x your money instead?

Its not a gamble. They had their adcom a month ago where it was voted unanimously. The motion just has to officially go through and it wuold take extremely unlikely events to stop it from happening.

Also, why do you care what someone else is doing with their money?

BobbyBigWheel69 - Why do you think that the current price of the stock does not include that piece of information?


Because this is a discussion forum around discussing helping others to invest.

If you didn't want people to comment on it, or to provide feedback on it, it sure is a weird place for you to write about it.

bobbybigwheel69 sends me a rage filled PM telling me to kill myself multiple times. After my simple suggesting of buying calls to make more money.... Gotta love the internet.

I have about 3/5th of my net worth in a 401k I can't touch for 9 more years. If I sell my condo next year, which I plan to do, I'll have the rest in cash.

If it's not super painful - I'd like to find a way to not have all my eggs in the basket of $USD/US banks. I don't trust this country not to implode. Yes I know that will drag the rest of the world down if we do, but at least it would presumably make the Euro/Euro banks a somewhat safer haven. Basically I expect them to be the last to go if everything hits the fan.

(Not trying to start a political discussion - just some background on why I feel this way.) People are ready for a civil war NOW and the economy is on fire. Imagine what's going to happen when the recession comes? There will be a lot of finger-pointing/scapegoating and things are going to get very very ugly. JMHO - but everything this govt is doing right now to weaken our country in the eyes of the world is one step closer to losing the dollar as the world's reserve currency. Then it's Katie bar the door.

I don't necessarily think this kind of total collapse is likely. I fully expect to live out my days pulling down my fidelity 401k in relative stability (you young millennials and gen-Z are probably ****ed though). I'd just like to hedge against it even if there's just a 1% chance of the mother of all black swans happening to the US. Anyway regardless of whether or not you agree with the premise - just humor me on it and let me know if you think my plan makes sense.

I also plan to be outside the country when this happens. So I guess in my ideal world I'd like to have a few $100k in a European bank account - in Euros (or in investments based on Euros) - that isn't impossible to access. Is that hard for a non-.01%er American to do?

I'm also not opposed to gold. But I think it's kind of threading the needle to think that a) things will collapse that bad, but b) the rich people who actually hold your gold are going to just give it to you. So now you're talking about hoarding gold coins and bullets and stuff to use in trade and I don't think I'm ready for that yet - especially since i plan to be living out of my car, traveling the world.

I suspect a lot will recommend BTC. I don't know if I'm ready for that yet, but it does seem to be stabilizing - which is something I need to see.

Anyway - I'm open to other "hedging against US collapse" ideas and expecting plenty of ridicule. So fire away.

suzzer99,

When the USA collapses, you're welcome to stay in my spare room* anytime. That should be a sufficient safety net, so you can now invest the rest of your net worth in some normal combination of low cost index funds for equities and stocks.

*on the condition that you tidy up your underwear

Are you still on IoM? I need my sunshine or I get the melancholy.

Yes, I am. When the US implodes, I'll take you on cheap trips to the poverty-stricken Miami for the sun; My valuable British Pounds will be very valuable as a source of valuable foreign currency. Also, I have a boat ramp out the front of my house, it will remind you of Los Angeles.

Suzzer stop watching news.

Dont bet on anything collapsing unless you hate money, and ffs dont load up on gold.

Cashing out the networth of stocks because 'the crash is coming' is nothing but a losers game. If you want less risk then allocate to bonds.

I'm not cashing out. I'd just like to have 2/5th of my money disconnected from US currency and not in US banks. I'll still invest it.

I don't think it's likely the US is going to have a financial collapse in my lifetime. But I also don't think it's impossible. So if I can hedge by keeping a chunk of money in Europe w/o a lot of pain or risk - I'd like to do so.

The problem with the pound is your country is doing the same stupid **** the US is doing right now. So why would I hedge in that?

If the USD collapses then so does everything else. Being in foreign stocks/currency/bonds wont come close to saving you.

If you want world wide exposure there are ETF's for that. You don't need to convert $100k+ to foreign currency and then buy foreign stocks with it abroad.

If $USD stops being the world reserve currency and we can't print our way out of every problem - I'd rather have some money in something that's based on the Euro. Maybe Europe holds out and is stable for another 10 years - which is just enough to get me to the sweet release of death or senility.

I don't think you're getting what I'm saying. I don't trust the rich guys at Fidelity to give me my money back when the US banking system collapses and the state starts seizing things in a national financial emergency or w/e.

Thats super worst case scenario obviously. Is it likely? Probably not. But it's happened plenty of times in history. The one common thread is that, by definition, no one ever thought "it could happen here".

So like I said I don't expect many to agree with the premise. I'm just curious how difficult it is to have a chunk of money disconnected from US banks and dollar - as an American citizen abroad.

This

Most European financial institutions are very reluctant to onboard US citizens (probably even more so if they are also US residents) because it comes with pretty onerous due diligence and reporting requirements.

It can certainly be done, but the amount that you are presumably looking to invest might not get them interested. Your best bet may be a large international bank which operates in North America but also in Europe (HSBC? They generally seem to be quite terrible, but might be the type of bank that can help in this spot).

Believe it or not guys I know the standard advice on investment. I don't need it reiterated to me multiple times. I'm not talking about hoarding bullets - I'm just talking about keeping some money/investments in another country.

Can we get to the actual question at some point? Has anyone who's an American citizen ever had a chunk of money in a Euro bank? I mean I know it's an option for the rich. Should be there for everyone right?

Yeah this sounds like an interesting idea. Thanks.

I also have a good friend in Germany, who's lived there 25 years with a German wife, that I trust 100%. Maybe that could turn into something.

But what about the whole Swiss bank account thing? Is that only available to the uber-rich and international extortionists?