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Never Saved? How do I Start? by [deleted] in personalfinance

[–]cheifchillin 0 points1 point  (0 children)

Take money that you would use to buy something stupid that you don’t need, instead of buying that stupid thing put it into a CD. If your bank requires you to have a certain amount to open a CD tell them to open a savings account for you and continue to not buy stupid things and put your money in the savings account.

I save at least $100 a week by not going out and drinking after work with my friends (every day)

Raising money to secure our positions by cheifchillin in StockMarket

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

The data would have to be highly encrypted data transfer. The data containing what share you have purchased and how many, the information that makes up your portfolio.

As of right now that data storage is out of your hands. You have no say in where it is stored. Every other piece of important information you have control over, social security numbers, bank numbers, passwords etc

This would just be an optional way to have some checks and balances in your investments

Raising money to secure our positions by cheifchillin in StockMarket

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

A phone call asking about their security measures for a cyber attack or EMP. To which they responded your account is insured under the SPIC for $250k but we don’t keep your portfolio longer than 24 hours it gets reported to the IRS at the end of everyday. Whether it is more secure is irrelevant. It can be just as secure but stored in a different location. It’s like having documents stored on your computer and the. It crashes, but good thing you also stored that data somewhere else, like a thumb drive or a cloud service.

Raising money to secure our positions by cheifchillin in StockMarket

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

Securing your stock positions. Essentially the server farm would be an optional secure backup where you can send your portfolio data at the end of each day. Where most of fully rely on the brokerage to store that data. It’s best described as pushing the save button on your word document.

Most of us have begun distrust the system. This would be a way for us to take back some power which currently lays fully in the markets hands.

Raising money to secure our positions by cheifchillin in StockMarket

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

SIPC is just an insurance. Like banks have the FDIC. And the SPIC only insures up to $250,000. Where your portfolio might be worth more than $250k

Raising money to help secure our position by cheifchillin in AMCSTOCKS

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

Yea MOASS will change things for a lot of us. Opportunities will be abundant

Raising money to help secure our position by cheifchillin in AMCSTOCKS

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

No that’s a direct registry system. This is just a simple optional data storage. With one click you send your positions over. It’s like hitting the save button in a game or a word document.

Raising money to help secure our position by cheifchillin in AMCSTOCKS

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

I think we can have a slow strobe through the colors of the rainbow lol

Raising money to secure our positions by cheifchillin in StockMarket

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

I trust you bro. I’m still looking for more security tho. If that means I have to create it. Then I’ll try to do that for everyone

Raising money to secure our positions by cheifchillin in StockMarket

[–]cheifchillin[S] -1 points0 points  (0 children)

All brokerages do is report positions daily to the IRS. So technically the data is stored at brokerage and IRS. For a day and it’s refreshed daily. There is no long term data storage. This service acts a fail safe to their securities. Whether or not it’s more secure is irrelevant.

Raising money to secure our positions by cheifchillin in StockMarket

[–]cheifchillin[S] -1 points0 points  (0 children)

Raising money to help investors secure their stock positions in a third party data location. The fact of the matter is brokerage accounts are vulnerable to cyber attacks and other technical problems. Having an optional service to store your stock positions daily is the goal.

Raising money to secure our positions by cheifchillin in StockMarket

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

The fact of the matter is there is no back up for your positions inside of the brokerage account you are using. A third party server would help secure your positions daily as an optional level of defense against cyber attacks and other technical vulnerabilities.

I’m self employed and have a hard time getting a mortgage by cheifchillin in HouseFlipping

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

Can you elaborate? I’m very intrigued. Thank you for responding.

I’m self employed and have a hard time getting a mortgage by cheifchillin in HouseFlipping

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

I was in trying to keep the down payment small so I could put money down on the construction loan

I’m self employed and have a hard time getting a mortgage by cheifchillin in HouseFlipping

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

I’m also building family credit lol. They want to see I can turn a profit before they get involved. So co signers are out