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Where do you buy stock,option and mutual funds now?

1,840 323 July 17, 2019 at 02:57 PM
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I have only used Merill lynch before. Which bank or financial institution is the best for someone who has less than 8 trades per month with 50k asset to invest?

Thanks!

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Joined Sep 2007
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#2
Probably any of them really, you aren't day trading so... I used Vanguard and bought Amazon, doubled since then and I plan to just leave it. I've been looking into that robinhood app but I understand making trades can be kind of addictive and then they track all of your short term capital gains for the IRS and the gains you thought you had go poof.
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#3
I am think of fidelity at the moment. Just don't know what type of account I should open there.

So IRS only cares about the money you make in the short term but not the total lost at the year end?
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#4
Quote from vairox
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Probably any of them really, you aren't day trading so... I used Vanguard and bought Amazon, doubled since then and I plan to just leave it. I've been looking into that robinhood app but I understand making trades can be kind of addictive and then they track all of your short term capital gains for the IRS and the gains you thought you had go poof.
That's not how taxes work.
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#5
Quote from bonkman
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That's not how taxes work.
short term capital gains are taxed at your ordinary income rate, if I bought amazon at $800 and sold it at $1600 in less than 12 months then that $800 gets taxed for me at 24%, maybe even 32% depending on how much I sold. Why the hell would I want to pay a quarter to a third of my profit in taxes? maybe they do taxes different in your country LMAO
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#6
Quote from vairox
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short term capital gains are taxed at your ordinary income rate, if I bought amazon at $800 and sold it at $1600 in less than 12 months then that $800 gets taxed for me at 24%, maybe even 32% depending on how much I sold. Why the hell would I want to pay a quarter to a third of my profit in taxes? maybe they do taxes different in your country LMAO
Because you still made 600 off of 800 in under 12 months.

If you want to risk losing that profit to avoid paying taxes, that's on you

your statement makes as much sense as doing that you'd hate to win the lotto because you don't want to owe millions in taxes. cutting off the government's nose to spite your face
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Last edited by bonkman July 19, 2019 at 08:06 AM.
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Quote from bonkman
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Because you still made 600 off of 800 in under 12 months.

If you want to risk losing that profit to avoid paying taxes, that's on you

your statement makes as much sense as doing that you'd hate to win the lotto because you don't want to owe millions in taxes. cutting off the government's nose to spite your face
800 + 800 is 1600, so it would be an $800 profit. Risk the profit? amazon almost quadrupled after I bought, I'll let it sit another 15 years. In most cases a short term gain might be 15 to 20%, a lot of which is taken in taxes so trading in and out of stocks regularly isn't worth it for most people unless you have a portfolio in the millions to make even a slight gain worth it after taxes.

Buy stock X at $1,000, 8 months later Stock X goes up 20% (fairly uncommon, but lets use a best case scenario where a stock more than doubles the S&P average). Stock X is now worth $1200, you sell Stock X and make a $200 profit, of which $64 is taken in tax...you made $136, hardly worth the risk for the average person. Even assuming you bought 20 shares of stock X for $20k, you made $2720 after taxes while risking 20 grand...to each his own, I dump money into tax deferred large cap S&P 500 index funds instead, if Buffett says it's the best investment advice I'll take it. So when you say you "still made $600" you really didn't because that is how taxes really work.

If I won the lotto I would immediately move to a state with no state income tax and take the payments just to middle finger california....so I guess you're right.
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Last edited by vairox July 19, 2019 at 09:27 AM.
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#8
Quote from vairox
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800 + 800 is 1600, so it would be an $800 profit. Risk the profit? amazon almost quadrupled after I bought, I'll let it sit another 15 years. In most cases a short term gain might be 15 to 20%, a lot of which is taken in taxes so trading in and out of stocks regularly isn't worth it for most people unless you have a portfolio in the millions to make even a slight gain worth it after taxes.

Buy stock X at $1,000, 8 months later Stock X goes up 20% (fairly uncommon, but lets use a best case scenario where a stock more than doubles the S&P average). Stock X is now worth $1200, you sell Stock X and make a $200 profit, of which $64 is taken in tax...you made $136, hardly worth the risk for the average person. Even assuming you bought 20 shares of stock X for $20k, you made $2720 after taxes while risking 20 grand...to each his own, I dump money into tax deferred large cap S&P 500 index funds instead, if Buffett says it's the best investment advice I'll take it. So when you say you "still made $600" you really didn't because that is how taxes really work.

If I won the lotto I would immediately move to a state with no state income tax and take the payments just to middle finger california....so I guess you're right.
Yes, stocks are a risky investment. Get over it.

Your anger at taxes is humorous. You assume a stock will go up and won't make a trade because you don't want to pay tax. Stupid. you're never taxed at 100%. you always make money.
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Last edited by bonkman July 19, 2019 at 09:59 AM.

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#9
Quote from bonkman
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Yes, stocks are a risky investment. Get over it.

Your anger at taxes is humorous. You assume a stock will go up and won't make a trade because you don't want to pay tax. Stupid
Humorous? taxes are one thing, when your state is spending $100 million on healthcare for illegals it becomes another game altogether, perhaps my take on "taxes" is a bit different than those living in the United States. I find every advantage I can, out of $140k my AGI is close to $50k, the state actually paid me more in a return than I paid in taxes and that makes me sleep damn good at night. If you like paying taxes that don't actually go to help yourself or the people of your state knock yourself out, I'll keep doing what I do until I bounce with my pension. LMAO
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Quote from vairox
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Humorous? taxes are one thing, when your state is spending $100 million on healthcare for illegals it becomes another game altogether, perhaps my take on "taxes" is a bit different than those living in the United States. I find every advantage I can, out of $140k my AGI is close to $50k, the state actually paid me more in a return than I paid in taxes and that makes me sleep damn good at night. If you like paying taxes that don't actually go to help yourself or the people of your state knock yourself out, I'll keep doing what I do until I bounce with my pension. LMAO
Ok, great. I'm not saying that you should voluntarily pay more taxes than you want. I'm saying that holding onto a risky investment because you don't want to give a bit to the government is stupid.

You buy 800 and sell at 1600. After taxes, you make 600 in under a year with 75% roi, a great number. You're mad you paid 200 to Uncle Sam. You hold onto the stock so it's capital gains tax. Stock slips to 1200. You only owe about 100 in taxes but now you only made 300 profit. Good move! All to avoid taxes.

Never be afraid to make profit. but you're free to do whatever you want.

if I win the 100mil Powerball, I'm happy with my 60mil take home. you're mad about the 40mil in taxes. enjoy that anger
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Last edited by bonkman July 19, 2019 at 10:33 AM.
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#11
won't be angry bro, I'd voluntarily give 40% more to the fed if it meant taking it from california LMAO
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Quote from vairox
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Humorous? taxes are one thing, when your state is spending $100 million on healthcare for illegals it becomes another game altogether, perhaps my take on "taxes" is a bit different than those living in the United States. I find every advantage I can, out of $140k my AGI is close to $50k, the state actually paid me more in a return than I paid in taxes and that makes me sleep damn good at night. If you like paying taxes that don't actually go to help yourself or the people of your state knock yourself out, I'll keep doing what I do until I bounce with my pension. LMAO
love it or leave it
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Quote from rebat
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love it or leave it
i love the way I'm doing it, super slick, then I'll leave it.
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#14
Ask your bank about mutual funds.

Undocumented immigrants pay $1.7B in taxes for California so $100M comes from this.

Who buys stocks or lottery tickets not knowing there is tax?
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#15
Might want to consider M1 Finance and Robinhood as alternative options. With M1, you can also buy fractional shares of stock, don't have to buy the full share (price).
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