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/biz/ - Business & Finance

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1991489 No.1991489 [Reply] [Original]

IRA/CD/INVESTING

How and what are the best ways to double your money in 2-3 years?

>> No.1991499

>this level of parody

>> No.1991503

>>1991489
>This is a crypto board.

Unless you're a boomer or someone who doesn't want to get constant 10x gains get the fuck off my /biz/

>> No.1991542
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1991542

>>1991489
An IRA and CD are unlikely and very unlikely to double in 2-3 years.

An IRA is a collection of stocks and bonds in a portfolio that aims for above 5% to 10%.

A CD rarely goes above 3% and has a fixed rate of return.

Now investing is different. You could double your money overnight but the odds of doing so are not in your favor, unless you do an impressive amount of research or you have insider information. It is far safer to accept the Rule of 72. For example, the rule of 72 states that $1 invested at 10% would take 7.2 years ((72/10) = 7.2) to turn into $2. In reality, a 10% investment will take 7.3 years to double ((1.10^7.3 = 2).

Now if you want to discuss reasonable investing ideas I would be fond of it. Anything shorter than 5 years is not realistic for the vast majority of investors.

>> No.1991703

>>1991542
I just really don't know what to do or how to invest at all

Basically I make 85k on the books and 60-65 take home each year

I want to be good to retire in my 40-50s and somehow not sure what to do

I have thought of getting a second job, one where I can comfortably make an additional 15-20k per year working part time and that will be some additional money on the side

I have been asked this before, and I don't even have a 401k or any "banking/investments"

I will be buying some property soon, so hoping that will be good to go and I might pay it off in a couple of years

>> No.1991719

in order of importance

1. max 401k
2. max ira

rest into posw

>> No.1991727

>>1991719
Why 401k?
How do I setup a 401k?
I'm guessing through my Hr dept or I need to get a CPA?

>> No.1991940

>>1991727
If you're in the US, a 401k is a retirement account and is tax advantaged. Same goes for IRA.

Ignore his meme advice about this 'POSW' nonsense.

>> No.1991951

Traditional or Roth IRA?

I'm leaning toward Roth IRA because it seems better in every way, redpill me on these.

>> No.1992109

>>1991489
Oil leaae gets your money back on average in 3 years if it stays over 45$ a fucking barrel.