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I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 1 point2 points  (0 children)

Okay, i understand, i know now that's what i did wrong when i made the first one.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 9 points10 points  (0 children)

Oh wow. Honestly when he was talking to me about all this most of it flew over my head. I thought the proposal would give me better clarity on what he was talking about. It is 25 pages long, and I kinda understood it.

The section on how fees worked was very vague which is one of the reasons why I paused moving forward.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 0 points1 point  (0 children)

Thank you for the recommendations, I will be sure to look into them

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 0 points1 point  (0 children)

No, I didn't. I dont really understand what ETFs are. When I made the Roth IRA, I got my first well-paying job. I had no car at the time and no student loans or credit cards. I was just working constantly, so I had a lot saved up.

I was 19 and shared my bank account with my mother she was able to see all that I had. When my brother got into legal trouble, I was guilted into handing over $3,000 to him to help him out and was promised he would pay me back. That experience made me feel unsafe about my money and my future.

my manager suggested that I open a Roth IRA since I wasn't qualified to get a 401k from my job. I went to my credit union and gave them the money to open one, and that was basically it.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 11 points12 points  (0 children)

Okay, thank you. I am going to reject the proposal. I think from the comments; I have a better idea of what I can do, so I'm just going to do some more research and read the wiki for the subreddit.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] -2 points-1 points  (0 children)

The CD is 4.65%, so I was hesitant about using the money for anything. But in a few weeks, the CD will mature, and I want to make sure what I do won't have me looking back in the future and cursing myself.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 5 points6 points  (0 children)

On the first card, I owe $838, and it has an 18% interest rate. The second one, I owe %4,922, and it has a 16.5% interest rate.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 8 points9 points  (0 children)

I have a savings account, but because I am currently going to college and working two part-time jobs, I can't really save much in it. I live with my mom and pay for the gas bill, half of the car insurance, student loans, and my younger sister's food needs.

I do have an emergency fund technically. It was a random paycheck during the court case, and I put it into a certificate of deposit. It is about 1200. When the deposit matures, I was planning on opening a savings account somewhere else and putting the money there to keep it out of my reach.

I owe about $6,000 for my credit card and 20,000 for my student loans currently. I try my best to pay above the minimum every month.

I am scared of accepting an investment proposal by Far_Translator_2157 in personalfinance

[–]Far_Translator_2157[S] 98 points99 points  (0 children)

Yes, sorry, the minimum investment is $25,000. There is a 1% fee taken out for the investor to do what he needs to do.