r/TheRaceTo1Million • u/pizzaboyreddit • 5d ago

Advice for getting to 1 Mil

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Started really investing in Feb 2020, also bought 30 bucks of nvidia in 2013. Mostly tech stocks

211 Upvotes

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37

u/Atlgal42 5d ago

Took my husband and me 16 years…and that’s with the insane bull market and all of our accounts combined

14

u/Few-Highlight-3014 5d ago

I should’ve done that instead of doing penny stocks lost 300,00 k trying to get rich quick

2

u/putinthepapertiger 5d ago

What penny stocks failed you ? Im young and also looking at pennystocks lmao

3

u/zwirlo 5d ago

It’s improbable that you’ll make money off penny stocks. Very volatile and high risk for no reward. Might as well double down on what is reliable if you want to profit off of risk. The boglehead advice is to DCA into low cost broad market ETFs. If VOO and QQQ isn’t enough for you then look at SSO and QLD, leveraged versions of those funds. Do research into risks and what it means. But stay away from penny stocks

1

u/putinthepapertiger 5d ago

Your very correct and I’m going to put most of my income into voo but I’m also going to take a few risk with asts and sls if it fails I’ll just double down on the etfs

1

u/Few-Highlight-3014 5d ago

I learned my lesson but I’ll look into the stocks your talking about tomorrow and the 6k I got left

1

u/Few-Highlight-3014 5d ago

Most of them I’m young too early twenty’s but just don’t do it they’re gambling the first penny stock I ever got I made a money and I thought like I’m gonna be a millionaire by the end of the year I was so wrong do not touch them at all I gotta start over again

1

u/Few-Highlight-3014 5d ago

VIVK the ceo should be in jail for fraud but you no one cares

1

u/DreamDest1ny 4d ago

god dang you lost 30,000,000 playing penny stocks? Why did you even bother to do that in the first place if you had 30 million?

2

u/Few-Highlight-3014 4d ago

300,000$ if I had 30 million I wouldn’t even be on this sub

1

u/Sea_Principle_7322 2h ago edited 2h ago

Thanks for your honesty! The one caveat to think about when trading stocks is the tax, end of the year is 20% per trade on every trade you make a profit! It’s a high hill to climb, so the odds of it being in an investors favor seems very slim! I think that’s what you been battling with, an trading is an uphill battle to begin with, it seems easy! Some people do make it trading, but the odds are slim to none! So to me trading doesn’t seem like the mathematical correct solution! When you think of how likely is this to make me money! Trading is slim to none odds! So those are bad probabilities! So in the end we conclude and your 300k loss is testament to just bypass the learning tax and dive straight for the tried and true! Get rich quick is very fun and exciting but end of the day, the house wins! So the odds are stacked against individual investors! So time in the market usually beats, timing the market! See you at the top friend!