All Forum Posts by: Lenny Smith

I mean, I never asked for politeness. I would rather people keep it real and tell it how they see it. That is why I am here asking for advice, where I assume most know better and more than me. 

But, in response to you telling me to do something else, that is what I am asking about.  Aside from learning to trade I would be using the freed up time to find something better. Now the question is, is it smart for me in my particular situation to quit the job before finding something better? If I want a break from working a job I hate and possibly getting right back into another crappy job, is it smart to allow myself to take a 6 month-1 year break while I focus on school/finding work I enjoy? 

Time is valuable.  That not only includes time spent making money but time spent figuring things out and making a plan/setting goals.  I hadn't had a moment to myself in what feels like years until I was laid off recently. My gut is telling me my time would be much better spent staying disciplined everyday and focusing on my future, figuring out a move I can make to put me in a better place, than to stay at a dead end job while the misery increases and self worth deteriorates. Am I wrong? Maybe. 

I learned of a brokerage that allows day trading with only $400 in the account.  I didn't make an account and read into it so there might be a catch here.  What do you mean '2 steps behind the trading algorithms'?  From what I understand there are stocks(indexes, futures, not sure of the right term here) that you can day trade with reasonable commissions.     

I'm definitely not going to even attempt to day trade until I feel confident that I will make more than I lose. 

 I might not have said that right, but by mentioning trading and tendlines etc. I was talking about day trading. I have seen day traders make $50-$100 or even more in an hour.  If I could do this I would have no issue quitting my job. I should also mention that my job pays just above minimum wage, and I do not plan on being there in a year regardless.  I am finishing up an associates degree and will most likely be putting all of my time into getting a bachelors after the end of this year.  This is another reason I want to quit my current job and find something I can do (such as day trading) that allows me to make money independently of an employer.  I have crammed a full college schedule into my 40 hour work weeks for the last two years and I feel like I never had time to really learn the material I was working with. I sort of just blazed through it to make time for my job. 

I have thought about rentals.. I guess at the moment though I am just really hung up on the day trading idea. Probably because it seems less involved.  I will look into it further though. 

Alright. As the title says I am in need of financial advice.  I am 28.  I have been working a job I hate for two years, and have managed to save close to 10k.  At the beginning of the year I inherited a little over 150k, the 150k is going to be taxed when I take it out of the account it is in but the remaining money is not taxed(can't remember the amount).  Now. I am extremely lucky. I am in an extremely fortunate position. I want to capitalize off of this the most that I can so I can help my own family and friends in the future like the person who left me this inheritance helped me. 

I have a very low cost of living, I moved a little over two years ago with my parents to a property they purchased years ago, and I live rent free in a small cabin on the property. With bills, food, and necessities I probably pay $380 a month most months, but never more than $480.  When I am working, which I haven't been for the last 2 weeks due to COVID, the only added expense is gas which is about $80-$100 a month(of course it's much cheaper now).  

So, like I said before I realize that I am extremely fortunate.  I've been completely broke, living in a really crappy 1 bedroom apartment while working at a job many considered a career, paying $600 a month in rent and barely being able to afford food.  I am stressing the fact that I realize how fortunate I am because I think it is important that I take advantage of every opportunity that I have being in my position.  A lot of people can't afford to think about quitting there job to learn something that might help them earn more. A lot of people inherit money but have to spend most of it on their current living arrangement and bills. 

With that said, I am thinking about quitting my job. It truly makes me miserable, and I think having more time to focus on learning to invest and trade in the stock market among other things would be worth it in the long run.  I am only going to be 28 once, and if I can take this year to develop skills by 29 that I wouldn't have if I stayed at my job, and I can profit off those skills, why shouldn't I do it? 

With COVID causing so many to lose their jobs, I figure there will be no shortage of jobs in the future.  I have enough money in my savings alone to live comfortably for at least 6 months, at least a year even.  But, I acknowledge that my ambition and the amount of resentment I hold for my current job might be clouding my judgment.  So I would like to ask for advice/opinions on what I should do? 

Should I quit? 

If so, is the stock market/trading a realistic way of earning income considering our economy today? 

I have already began taking some courses on TD ameritrade's website, I opened a brokerage account and downloaded thinkorswim(trading program), and I have been observing stocks and messing with trendlines and different forms of analysis. I am seriously motivated to learn this.  I do not want to be broke, I do not want to be one of those idiots who inherits money and burns through it.  This is a blessing and I want to take advantage of it fully.  

I appreciate any help. Thank you.