Stocks/Investing

[theesotericone]

@theesotericone im reading that GME is for sure taking off Tuesday. Whats the scoop? Something about brokers eliminating margin calls. Im invested 1800 right meow

The scoop is it was the most boring short squeeze ever. It means the shorts held their positions today. The ones that expire tomorrow will be issued a margin call. Anyone trading this on margin is going to get slaughtered. If it doesn't pop by Wed I'll GTFO. Hopefully with most of my 10K still intact. lol

 

[Bigbarlo]

About to burn one in honor of my cannabis stocks killing it this week.

 

[theesotericone]

About to burn one in honor of my cannabis stocks killing it this week.

Nice man. All you need is Biden to use the words Marijuana and Decriminalize in a sentence and you will be soaring high. lol

 

[Dukestaco]

About to burn one in honor of my cannabis stocks killing it this week.

Nice man. All you need is Biden to use the words Marijuana and Decriminalize in a sentence and you will be soaring high. lol

i picked up 4K in ACB when it reverse split. Not selling till it hits $80. Lol. Wishful thinking.

 

[theesotericone]

i picked up 4K in ACB when it reverse split. Not selling till it hits $80. Lol. Wishful thinking.

How's that WKHS play treating you?

Today was fucking brutal all around. I treated it like a fire sale and invested all my cash holding. If it's the start of a fire instead of the fire sale I'm fucked. lol

 

[Dukestaco]

How's that WKHS play treating you?

Today was fucking brutal all around. I treated it like a fire sale and invested all my cash holding. If it's the start of a fire instead of the fire sale I'm fucked. lol

$25.11 to $23.38 @100k you do the math. I’ve cried enough today. Lol. It’s a dip. It will go up. Stop loss is set at $22.45. Thinking of pulling it and letting it go for downtown ride. I would hate myself if it sells and then comes back up and I can’t get back in in time. I’ll be in the mountains Tuesday Wednesday so no trading for me.

 

[theesotericone]

$25.11 to $23.38 @100k you do the math. I’ve cried enough today. Lol. It’s a dip. It will go up. Stop loss is set at $22.45. Thinking of pulling it and letting it go for downtown ride. I would hate myself if it sells and then comes back up and I can’t get back in in time. I’ll be in the mountains Tuesday Wednesday so no trading for me.

That's a tough call about pulling out early. You already created your stop based on what % you where willing to risk in the trade. Just let it ride to that if it does. If it doesn't your still able to catch any uptrends.

That's the really hard thing about making really big money(for us) trades. 5% of 1k seems like no big deal to loose. 5% of 100K seems like a much bigger deal.

Just so you don't feel alone my IRA dropped 18K today.

 

[Dukestaco]

That's a tough call about pulling out early. You already created your stop based on what % you where willing to risk in the trade. Just let it ride to that if it does. If it doesn't your still able to catch any uptrends.

That's the really hard thing about making really big money(for us) trades. 5% of 1k seems like no big deal to loose. 5% of 100K seems like a much bigger deal.

Just so you don't feel alone my IRA dropped 18K today.

Yea it was a blood bath.

 

[Mike_taco4x4]

GME

 

[Mike_taco4x4]

Got some GME panic sellers. Fuck you. Im still gonna hold. If you dont have FCEL you fail

 

[AssBurns]

Got some GME panic sellers. Fuck you. Im still gonna hold. If you dont have FCEL you fail

Missed the boat on FCEL, but DDD, NNDM and SSYS is doing great today. Wish I got in on MTLS too.

 

[Mike_taco4x4]

Missed the boat on FCEL, but DDD, NNDM and SSYS is doing great today. Wish I got in on MTLS too.

Those look like good ones. Hoping this week is all green!!!

 

[theesotericone]

Those look like good ones. Hoping this week is all green!!!

It most likely will be. Biden is gonna dump another 1.9T into stimulus. Yellen is smart and backing it fall throttle. She also mentioned that we have room to increase corporate tax if we coordinate with other countries. Those are all clear cut issues that have been addressed. The market hates uncertainty and now it doesn't have any.

 

[4runner DOA]

Debating cleaning out a big chunk of my 401k from the last job to clear up some major medical debt, leftover credit card debt from the past few years, and generally starting over. I'll be 42 next month, so 24 years until realistic retirement.

Pros:

I have a new company 401k that matches 50% up to 8% that I'm going to max out if I do this, and probably just push to 10%. Last company only paid 50% to 6% and I was barely at 8% when I got laid off. It would have been higher but I had lawyers to pay for so I stopped contributing for like 5 years and was working my way back up.

I'll save 650/month just on medical bills that can go into my Roth account until it maxes out for the year then I can go into savings. As it stands I'm looking at 4 years of payments to pay off medical. That's 4 years of not making money off interest/dividends.

I'll save 500/month on credit card debt. Lawyers, emergency repairs, etc added up more than I would have liked and being laid off/taking a pay cut put me back on getting things paid off.

My credit score will sky rocket (I'm already at 745, but clearing the credit cards should shoot me above 800)

Cons:

Taxable income. It's going to shoot me way over 6 figures for the year.

10% early withdrawal penalty. 20% fed and 10% state are taken out from the top before I even get the money.

Destroying my biggest piece of savings I have in my portfolio.

-----

So do I pay off everything now and start rebuilding my retirement/savings debt free, or keep spending the money to pay shit off. I'm still dealing with lawyer/child custody shit, and have money put away for the current situation, but I have no idea how much more that's going to draw out over the next 6 years either. I'm thinking I'd rather squirrel away as much as I can now vs paying off shit that I made bad decisions over in the past few years.

 

[theesotericone]

Debating cleaning out a big chunk of my 401k from the last job to clear up some major medical debt, leftover credit card debt from the past few years, and generally starting over. I'll be 42 next month, so 24 years until realistic retirement.

Pros:

I have a new company 401k that matches 50% up to 8% that I'm going to max out if I do this, and probably just push to 10%. Last company only paid 50% to 6% and I was barely at 8% when I got laid off. It would have been higher but I had lawyers to pay for so I stopped contributing for like 5 years and was working my way back up.

I'll save 650/month just on medical bills that can go into my Roth account until it maxes out for the year then I can go into savings. As it stands I'm looking at 4 years of payments to pay off medical. That's 4 years of not making money off interest/dividends.

I'll save 500/month on credit card debt. Lawyers, emergency repairs, etc added up more than I would have liked and being laid off/taking a pay cut put me back on getting things paid off.

My credit score will sky rocket (I'm already at 745, but clearing the credit cards should shoot me above 800)

Cons:

Taxable income. It's going to shoot me way over 6 figures for the year.

10% early withdrawal penalty. 20% fed and 10% state are taken out from the top before I even get the money.

Destroying my biggest piece of savings I have in my portfolio.

-----

So do I pay off everything now and start rebuilding my retirement/savings debt free, or keep spending the money to pay shit off. I'm still dealing with lawyer/child custody shit, and have money put away for the current situation, but I have no idea how much more that's going to draw out over the next 6 years either. I'm thinking I'd rather squirrel away as much as I can now vs paying off shit that I made bad decisions over in the past few years.

You dumb ass. Why didn't you mention this in December? Because of COVID the IRS allowed anyone to take out up to 100K from their IRA or 401K WITHOUT the 10% penalty. You could have withdrawn it, payed off what you needed then started a ROTH with the rest. I'd look into whether that program got extended.

If it hasn't you could roll that 401K into a ROTH. Then withdraw the money from the ROTH. You can withdraw from a ROTH penalty free for "qualified reasons". I'm pretty sure medical bills are on that list. Look into 401K ROTH conversion and ROTH withdrawal rules.

I'll post up any other thoughts later but that should be a good start.

 

[4runner DOA]

You dumb ass. Why didn't you mention this in December? Because of COVID the IRS allowed anyone to take out up to 100K from their IRA or 401K WITHOUT the 10% penalty. You could have withdrawn it, payed off what you needed then started a ROTH with the rest. I'd look into whether that program got extended.

If it hasn't you could roll that 401K into a ROTH. Then withdraw the money from the ROTH. You can withdraw from a ROTH penalty free for "qualified reasons". I'm pretty sure medical bills are on that list. Look into 401K ROTH conversion and ROTH withdrawal rules.

I'll post up any other thoughts later but that should be a good start.

Fuck serious? I should have done this is in December anyway because I made less money last year than Im going to make this year, but it wasn't at the top of my priorities until I almost went to collections and had to face the actual payments.

 

[theesotericone]

Fuck serious? I should have done this is in December anyway because I made less money last year than Im going to make this year, but it wasn't at the top of my priorities until I almost went to collections and had to face the actual payments.

Yep. Serious. I took out 20K from my IRA.

If you withdraw it or convert it will that pay off all your debt? If so how much does that leave you left over?

 

[AssBurns]

You dumb ass. Why didn't you mention this in December? Because of COVID the IRS allowed anyone to take out up to 100K from their IRA or 401K WITHOUT the 10% penalty. You could have withdrawn it, payed off what you needed then started a ROTH with the rest. I'd look into whether that program got extended.

Pretty confident it has not been extended. Couple of my clients were banking on that and now they can't pull as much as they expected for the down payment. What was also great about that is you had the option to delay the tax penalty over a 3 year period, therefore lowering your overall income per year to keep you in a lower bracket, and helps deaden the blow as a large lump hit on taxes.

 

[4runner DOA]

Yep. Serious. I took out 20K from my IRA.

If you withdraw it or convert it will that pay off all your debt? If so how much does that leave you left over?

I mean it's damned near going to clean out my 401k, but it'll leave me about 20k. It was never that high to begin with because I didn't contribute for 5 years. It'll clear all but about 3k of debt if I account for the 10% early penalty.

 

[theesotericone]

Pretty confident it has not been extended. Couple of my clients were banking on that and now they can't pull as much as they expected for the down payment. What was also great about that is you had the option to delay the tax penalty over a 3 year period, therefore lowering your overall income per year to keep you in a lower bracket, and helps deaden the blow as a large lump hit on taxes.

With Biden in office it might get extended. Friday he's set to work on economic policy. It will be done through some Executive Orders. Keep an eye on it.

Not only can you repay it over 3 years but if you repay all of it it's effectively tax free. That's my plan. Claim 3K this year and next. Repay 20K on the third year then file amended returns for 2020, 2021 to get my taxes back that I paid on the 3K I claimed each year. That free money is in my brokerage account being traded actively. It will be way more then 20K when I need to pay it back. I'm borrowing against my future to enrich my present and I'm fucking the GOVT while doing it. WIN/WIN. lol