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Can you offer investment advice? I'm debt-free, about to start earning $2k more per month than I need to survive. Please offer any suggestions for optimal investment method(s). (lemm.ee)

submitted 1 year ago* (last edited 1 year ago) by LemmyInRedditSux@lemm.ee to c/personalfinance@lemmy.ml

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48 years old, currently have no investments. My net worth is my car and the clothes on my back, and I don't ever want to be in this situation again.

(Edit: I don't need to buy a house or anything whatsoever related to a house, so please don't mention the "h" word in your response, it's triggering me for tangential reasons. Let me be clear, I will NEVER care about real estate whatsoever, mmmkay? Just trust me when I say I have a roof over my head and it's completely paid off, no property taxes, and No, I will never sell it, so the whole h-word" aspect of life is not a concern for me, k?)

Just looking for guidance where to invest this relatively small amount of money every month so in a few years when I'm older & frailer I'll have enough for retirement. I don't want it to just sit in my bank account, I want it to grow.

For reference, I've been living on approx $1500 per month for as long as I've noticed, so I don't need much per month, and the sooner I die, the less retirement fund I'll need, but we can never predict when anyone's death will happen, so let's assume I'll live to 100 because I'm ridiculously healthy & an exceptionally good driver, never been in an accident, one speeding ticket in my entire life, no social life so I never get into risky situations, so let's just plan for the possibility I'm going to live another 50 years.

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[–] NoiseColor@startrek.website 3 points 1 year ago (1 children)

Come on, It's not "incredibly misleading". There is a risk factor with any investment, with life itself. Cryptocurrencies are just a higher risk, some more than other. How much risky is Ethereum is a good question, but I don't think we have to search for new adjectives and phrases to talk about cryptocurrencies.

I'm not saying anyone will become a millionaire or to buy some crazy assets, I'm saying that its good to diversify investments also by risk, so to invest a small portion of money into potentially more lucrative areas.

[–] dhork@lemmy.world 1 points 1 year ago

Yes, it is, because the general public views crypto as a single thing, while there is a big difference between BTC and ETH, on their own chains, with their own network effect backing them, and a token which literally anyone can start on their own and manipulate its market to make it look like a good investment before dumping.

So the general public shouldn't really be getting into this without understanding these risks. It's not just a matter of "these are more risky", it's that there is a huge difference in risk that the casual investor who is uninformed about Crypto can't spot.