Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

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skyhigh872
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Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by skyhigh872 »

Im getting ready to invest 6 figures in etfs
A vgs / vgad and vas combo
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
Im from Australia but i guess this is a world wide thing
MTF
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by MTF »

I’m about to do the same - around $100k due at the end of the month. Tossing up between investing in one go (in line with my 90/10 allocation) or, say, 15k a month for 6 months. I think I’ll just lump sum. I’m from NZ.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by AlohaJoe »

skyhigh872 wrote: Thu Aug 05, 2021 3:51 am
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
There's always stuff going on. In the decades that I've been investing there has never been a time when stuff wasn't going on.

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heyyou
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by heyyou »

Consider your time horizon for holding that specific investment. Is it a few years, or a few decades of time? Retirees may be spending from portfolio every year, but only from a specific portion of their portfolios, so the other parts not considered as being a portion of future spending, have a very long time horizon. That is mental accounting that helps you to just invest it all now.

Having automatically purchased shares in my retirement accounts for 25 years, plus being retired for 15 years, now it doesn't matter whether I bought at a high or low market level in the 1990s or in the early 2000s, the gains are far more than the minor differences in the prices back then.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by seajay »

Buy and hold is like the costless selling out of and lumping back into the market each and every day. If uncomfortable about lumping in a actual cash amount then that is suggestive of some discomfort with the choice of asset allocation being held. Some however gain comfort by investing lump sums in half now, half a year later or other cost averaging methods for a sense of having been neither fully right or fully wrong. Harry Markowitz started with a concept of regret risk. If he were out of stocks and stocks did well, or if he was fully into stocks and stocks collapsed - resulting in a 50/50 stock/bond choice. Benjamin Graham suggested similar, that most investors would be better served via 50/50.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by Ramjet »

skyhigh872 wrote: Thu Aug 05, 2021 3:51 am Im getting ready to invest 6 figures in etfs
A vgs / vgad and vas combo
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
Im from Australia but i guess this is a world wide thing
I'm likely lump summing 25K soon
MTF
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by MTF »

seajay wrote: Thu Aug 05, 2021 5:29 am If uncomfortable about lumping in a actual cash amount then that is suggestive of some discomfort with the choice of asset allocation being held.
For me it’s not this that makes me pause. If I made a lump sum investment and the market dropped fifty percent soon after, I wouldn’t be so worried about the market drop as I understand that I still own the same number of stocks and with my time horizon I’m comfortable that it won’t matter much in the long run. It’s more the regret that, if I’d waited, I could have bought twice as many stocks for the same money. But I also know that if I wait the market could keep going up and, when it does drop, it might not drop back to today’s prices.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by nisiprius »

Stocks are risky.

Stocks are always risky.

If you wait for a time when stocks are safe, either a) you will be kidding yourself--dangerously, or b) you will never invest. My belief is that it is appropriate for most long-term retirement savers to take some of that risk, but your job is to decide how much risk to take.

I am talking about risk tolerance and I am not talking about risk denial.

You have to say something like this: "I know that the money I put into stocks could drop to half its value. I know that most investors will see this really happen... to them... at least once. I know that in all likelihood I will not see it coming and get out in time. I accept this risk because overall, the risk/return proposition for stocks held for the long term has been pretty good. I am not willing to put all of my money at that much risk, but I am willing to put X% of it at that much risk."

In other words, for most investors, the best way to protect themselves, financially and psychologically, against stock risk simply by not putting all their money in stocks and accepting the likelihood of making less money... not by choosing a "safe" time to invest.

If you can't tolerate throwing in six figures--I know that I personally wouldn't be able to--then pick a number you can tolerate and throw that much in.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by jebmke »

I started investing in the late 70s. I don't recall any time when there wasn't a lot of uncertainty "going on."
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by Nowizard »

Those who are in the market are already regularly investing in most cases due to reinvesting interest/dividends/capital gains. If concerned about the current market, it is always possible to invest regularly according to a schedule you devise rather than lump sum. That is more of a psychological decision involving risk tolerance since there are frequently reported studies supporting lump sum investing for those with longer investing horizons and who remain invested during up and down turns in the market.

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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by helloyou »

Same situation here. I think I’ll just go all in. I also keep 30-50k in cash for a potential rental apartment down payment soon so if the worst happens I’ll just invest most of it into the market.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by muffins14 »

I prefer to wait until there are no diseases, so I’ve been sitting in cash for 40 years. One day.

Reasonable options have already been mentioned
1) lump sum all immediately
2) half today, half over next 3-6 months

The expectation value is higher when investing earlier. For example the market has gone up dramatically since April 2020, even though the risks have not been eradicated
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by Somethingwitty92912 »

AlohaJoe wrote: Thu Aug 05, 2021 4:23 am
skyhigh872 wrote: Thu Aug 05, 2021 3:51 am
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
There's always stuff going on. In the decades that I've been investing there has never been a time when stuff wasn't going on.

Image
This should be sticky at the top of the forum somewhere.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by fortunefavored »

Assuming you plan to invest this for the long term at your normal asset allocation.. you are really only talking about minimizing regret.

What percentage of your net worth is this amount? How much does it represent of your future earnings/investments? If the answer is "not very much" - then lump sum away. Even if it drops 50% for 10 years, you'll overwhelm it with future investments very quickly and still come out way ahead.

However, if you're disabled, not earning, and this is 50% of your entire future wealth, that might cause some severe regret. Then you may want to consider the 50% lump sump, 50% dollar cost average over N months.
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skyhigh872
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by skyhigh872 »

Hey guys i decided to lump sum all of it in and i done that today . 20% domestic, 15% global but hedged and 65% global all index funds
I also have 200k sitting in my offset acc that im possibly buying property with but if the market does drop significantly then ill actually chuck all of that in too and take advantage
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by AerialWombat »

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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by Noobvestor »

skyhigh872 wrote: Thu Aug 05, 2021 3:51 am Im getting ready to invest 6 figures in etfs
A vgs / vgad and vas combo
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
Im from Australia but i guess this is a world wide thing
It's always the same: pick a portfolio that reflects your need/ability to take risk. Or to frame it another way: what's your alternative? Sit in cash that loses to inflation? The market is what the market is. I recommend stocks and bonds as your first big choice in the decision tree. And ultimately, even if you think stocks will return less going forward, so what? You have to put your money somewhere - there's no free lunch or option to sit out.

My general recommendation for those who are nervous is to pick a Target Date fund you can then ignore for decades to come.
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by invest4 »

Whatever the decision, you will not know the outcome in advance...ever.
Just do what is comfortable for you...the eventual joy, regret, or something in between is the "spice of life". :wink: :sharebeer
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by dboeger1 »

Somethingwitty92912 wrote: Thu Aug 05, 2021 7:54 am
AlohaJoe wrote: Thu Aug 05, 2021 4:23 am
skyhigh872 wrote: Thu Aug 05, 2021 3:51 am
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
There's always stuff going on. In the decades that I've been investing there has never been a time when stuff wasn't going on.

Image
This should be sticky at the top of the forum somewhere.
I realize this is nothing new, it's been this way for decades, and I heard and read variations of it a million times when starting investing about 7 years ago, but it really does feel like the lesson sinks in more every day. It's one of those things that just becomes apparent with time in the market. 7 years is not a particularly long time, but even in the past 7 years, there have been a lot of financial porn headlines, many of which I was convinced were critical turning points. To be fair, the events in the news are not meaningless, they do influence the market, they're just not all that unique or uncommon, there's always some reason for the markets to be up or down. That is their function, for valuations to respond to news. The thing is, none of the news events of the past 7 years were reasons not to invest for the long term. There certainly were reasons not to invest money I expected to spend within a year, but for my long-term retirement funds, even big surprises like the pandemic don't really matter in terms of being actionable. In a monetary system that maintains inflation by design, holding cash is doomed as a long-term strategy. It really is as simple as Bogle put it: "Invest we must." The system is set up to reward investors by design. Trying to time the market is akin to swimming against a strong current that you may be lucky to overcome on occasion but almost certainly cannot beat on a permanent or long-term basis.

I remember when I started getting seriously into investment shortly after starting my career, I had a coworker who was obsessed with oil prices and bought some kind of triple leveraged oil ETF or something because oil prices had tanked and he was certain they had nowhere to go but up. I honestly haven't followed them closely enough to know how he did, but I do know that despite the extreme volatility and certain periods of price rebounds, that was also before that headline about oil futures going negative. I haven't talked to that guy in a while since we no longer work at that same job, but I almost guarantee he lost serious money on that position despite (and frankly because of) being ahead of the curve when it came to oil prices rebounding. That's part of what makes market timing so darn tricky, you can't just be right about something, you have to be precisely right about the timing for it to pay off. If you're even a year too early or late with correct predictions (assuming your predictions even come true), you can still fall well behind the total market. And then you have to hold the winners through the trend, which is not easy. I was recently talking to another coworker who told a story about how he had bought some high-flying stocks like AMD and Nvidia and sold out of them fairly early at what he thought were huge gains, only to miss out on the bulk of the gains since then. When market timers and stock pickers look at a chart in retrospect, they naturally discount how much of the bad parts of the chart and how little of the good parts of the chart they would have captured. They tend to see the big up swings and think, "Hey, I could get those and make big bucks," while simultaneously looking and the big drops and saying, "Yeah, I can avoid those and come out on top." In practice, this is just not very likely and certainly not within anybody's control.

I'm sure these lessons will only continue to sink in more over the next 7 years and beyond, but even now, seeing how much my portfolio has grown with virtually no active management required and no real attention or stress paid to financial headlines, I just don't see why anyone would bother with such schemes. I mean, I do see why, I just have been thoroughly convinced they don't work and likely wouldn't be worth it even if they did. To answer OP, yes, now is as appropriate a time to invest for the long term as any, as long as you choose an AA that you can live with. The point is not to try to have more money tomorrow. Stocks are too volatile to provide any kind of certainty about tomorrow. The point is that they will almost certainly be worth more in 15 years, and even if they're not due to a historic downturn, the solution is still to keep investing regularly through down markets. Even when looking at historic downturns like the Great Depression, there's a huge difference in outcomes between putting money in at the top to never invest again versus making regular investments throughout the bear market. The latter still produced significant gains as the markets recovered over time. In this way, you don't actually need stocks to be higher in 15 years for you to make money, you just need the average delta between purchase and sale price to be positive for your shares.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by namajones »

nisiprius wrote: Thu Aug 05, 2021 6:46 am You have to say something like this: "I know that the money I put into stocks could drop to half its value. I know that most investors will see this really happen... to them... at least once.
I've noticed that people here--perhaps elsewhere--like to use the notion that stocks could drop by "half" at any time.

That's a helpful mental exercise, but it's important to note that "half" is both arbitrary and potentially a best case scenario. First of all, half of what? Half of where they are today or half of where they were just 5 years ago (which was half of where they are today). People were saying that stocks could drop by "half" just 5 years ago. They've doubled, in other words, in 5 years. Does that mean the "half" of 5 years ago is suddenly out the window and the level of 5 years ago is now the floor?

Half is a mental accounting trick, and it's a form of denial, as well ("if they drop by half, I can still stand that").

Let's get real, as in "worst case," in terms of possible percentage drops and, well, "drop" the "half" business. Great Depression saw the market down by 85 percent, more by some measures.

So let's use that as a worst-case scenario, not the best-case "half."

Take the amount you have invested in equities and reduce its value by 85 percent. Keep it at that level for, oh, 15 or 20 years (not all bears snap back quickly). Could you live with that? Will you be dead (and broke) by the time stocks bounce back?

If you couldn't live with that scenario, then your asset allocation is too aggressive.

And don't engage in the other common form of denial, "if that happens, we'll all have bigger problems to worry about." Some will. Some won't. Life will go on. How will yours go?

My father's generation was brought up in the Great Depression, which didn't really end until World War II, or thereafter, for many people. For them, the mantra was "don't invest anything in the stock market that you can't afford to lose." That mantra is as valid today as it was then.

The reason that stocks can drop a *lot* faster than they can rise is because a whole lot of people suddenly realize that they have money in the market that they can't afford to lose.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by fortunefavored »

namajones wrote: Fri Aug 06, 2021 5:13 am
nisiprius wrote: Thu Aug 05, 2021 6:46 am You have to say something like this: "I know that the money I put into stocks could drop to half its value. I know that most investors will see this really happen... to them... at least once.
[snip]

Take the amount you have invested in equities and reduce its value by 85 percent. Keep it at that level for, oh, 15 or 20 years (not all bears snap back quickly). Could you live with that? Will you be dead (and broke) by the time stocks bounce back?
This ignores the "need" part of "need, ability, willingness to take risk"

Most people early in their investing career will not reach their financial goals using your criteria, thus, they use the more likely 50% and 2-3 year bounce back scenario.

Of course, once you've piled up a bunch of money and are older.. then you definitely should be evaluating your willingness vs. need.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by reader79 »

I only get paid twice a year, so I lump sum twice annually and then forget about it. I won't need the money for a few decades. The key is to invest it and then get on with your life. That money is gone, working harder for you than anything or anyone, and waiting for you to spend it or give it away when you're much older.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by LadyGeek »

I removed "co#id stuff and" from the thread title. As a reminder, see: Please read before posting on coronavirus/COVID-19
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by mptfan »

There will always be uncertainty. Do you expect there will ever be a time when everything is "certain?"
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by mrspock »

skyhigh872 wrote: Thu Aug 05, 2021 3:51 am Im getting ready to invest 6 figures in etfs
A vgs / vgad and vas combo
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
Im from Australia but i guess this is a world wide thing
Yes. There is always uncertainty, in fact it’s the fuel which allows you to make money in equity markets. Without it, there would be little profit, as everything would be highly predictable, and you’d have 0 risk premium.

Mitigate the risk with bonds as well as to have assets to
rebalance, but otherwise embrace it, bath in it…. look forward to it. Any time the market has tanked, I’ve ended up making more money in the ensuing years than I dreamed. The quicker/steeper the tanking the more I made, and more quickly.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by delamer »

namajones wrote: Fri Aug 06, 2021 5:13 am
nisiprius wrote: Thu Aug 05, 2021 6:46 am You have to say something like this: "I know that the money I put into stocks could drop to half its value. I know that most investors will see this really happen... to them... at least once.
I've noticed that people here--perhaps elsewhere--like to use the notion that stocks could drop by "half" at any time.

That's a helpful mental exercise, but it's important to note that "half" is both arbitrary and potentially a best case scenario. First of all, half of what? Half of where they are today or half of where they were just 5 years ago (which was half of where they are today). People were saying that stocks could drop by "half" just 5 years ago. They've doubled, in other words, in 5 years. Does that mean the "half" of 5 years ago is suddenly out the window and the level of 5 years ago is now the floor?

Half is a mental accounting trick, and it's a form of denial, as well ("if they drop by half, I can still stand that").

Let's get real, as in "worst case," in terms of possible percentage drops and, well, "drop" the "half" business. Great Depression saw the market down by 85 percent, more by some measures.

So let's use that as a worst-case scenario, not the best-case "half."

Take the amount you have invested in equities and reduce its value by 85 percent. Keep it at that level for, oh, 15 or 20 years (not all bears snap back quickly). Could you live with that? Will you be dead (and broke) by the time stocks bounce back?

If you couldn't live with that scenario, then your asset allocation is too aggressive.

And don't engage in the other common form of denial, "if that happens, we'll all have bigger problems to worry about." Some will. Some won't. Life will go on. How will yours go?

My father's generation was brought up in the Great Depression, which didn't really end until World War II, or thereafter, for many people. For them, the mantra was "don't invest anything in the stock market that you can't afford to lose." That mantra is as valid today as it was then.

The reason that stocks can drop a *lot* faster than they can rise is because a whole lot of people suddenly realize that they have money in the market that they can't afford to lose.
The financial markets and federal oversight today are such that an 85% long-term drop in the overall stock market in a functioning economy is not worth worrying about.

Key being “functioning economy.” Is there some black swan event that could cause the economy to tailspin for an extended period and thus sink the stock market too? Sure.

But if the economy isn’t functioning for an extended period, then life as we know it now might not go on. And whether your stock allocation was 40% or 80% won’t matter.
Last edited by delamer on Fri Aug 06, 2021 1:17 pm, edited 1 time in total.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by wander »

This reminds me that my sister-in-law told us to get out of the stock markets last year because there was uncertainty going on.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by howard71 »

mptfan wrote: Fri Aug 06, 2021 1:09 pm There will always be uncertainty. Do you expect there will ever be a time when everything is "certain?"
When stocks reached a permanently high plateau sometime in the 20's, and the Tulip Mania in the Netherlands are the only two that come immediately to mind.

Oh, and I forgot that yields on bonds have nowhere to go but up.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by reln »

skyhigh872 wrote: Thu Aug 05, 2021 3:51 am Im getting ready to invest 6 figures in etfs
A vgs / vgad and vas combo
Just wanted to get your opinions on throwing in 6 figures now with everything thats going on ?
Im from Australia but i guess this is a world wide thing
It's still a good time to invest.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by howard71 »

Some kind of all-weather portfolio might be right for you if that's the way you are feeling about jumping in.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by reln »

howard71 wrote: Fri Aug 06, 2021 1:21 pm
mptfan wrote: Fri Aug 06, 2021 1:09 pm There will always be uncertainty. Do you expect there will ever be a time when everything is "certain?"
When stocks reached a permanently high plateau sometime in the 20's, and the Tulip Mania in the Netherlands are the only two that come immediately to mind.

Oh, and I forgot that yields on bonds have nowhere to go but up.
There is an argument that bond yields don't have to go up for decades based on aging population around the developed world. The basic argument goes, old people like me are net lenders and we are in over supply while young people are net borrowers and they are in short supply. And that this supply gap of lenders and borrowers is expected to continue to grow instead of reverse. So, rates can keep going down into deeper negative levels like they have been in some places during the 2010s+.

But who knows? It's just a narrative out there. So, I think future rates rising still qualifies as uncertain.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by namajones »

delamer wrote: Fri Aug 06, 2021 1:16 pm
But if the economy isn’t functioning for an extended period, then life as we know it now might not go on. And whether your stock allocation was 40% or 80% won’t matter.
I addressed this kind of thinking in my original post in this thread.

"life as we know it now might not go on" is not a good rationale for not factoring in a worst-case scenario, IMO. I'm not talking about a scenario that has not actually occurred already in history. You say it could not occur again. I say that's a form of denial. An experience as recent as 2008-2009 should demonstrate to anyone who witnessed it that the worst could occur again.

People have and did live through a period after the stock market declined by 85 percent and stayed down/bad for 20 years. Why would they not again?
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by Laurizas »

Only the minority of population owned stocks back then.
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by Toons »

I would Certainly invest 6 figures now.
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Re: Is it still a good idea to invest 6 figures now with all this co#id stuff and uncertainty going on ?

Post by TomatoTomahto »

reader79 wrote: Fri Aug 06, 2021 10:45 am I only get paid twice a year, so I lump sum twice annually and then forget about it. I won't need the money for a few decades. The key is to invest it and then get on with your life. That money is gone, working harder for you than anything or anyone, and waiting for you to spend it or give it away when you're much older.
More often than you, but DW gets most of her pay quarterly, so as with you, it’s TINA (There Is No Alternative).
Last edited by TomatoTomahto on Fri Aug 06, 2021 7:21 pm, edited 1 time in total.
I get the FI part but not the RE part of FIRE.
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FlatSix
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by FlatSix »

Best time was yesterday
Second best time is today
Third best time is tomorrow (next business day)
Firemenot
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by Firemenot »

The psychology of sitting on a pile of cash is bad. Either just cross your fingers and dump it all in at once or dollar-cost average in a set amount per week/month for a pre-determined period (e.g., 6-24 months). Best of luck!

And remember — even those that lump sum invested into index funds just prior to Tech Bubble popping are now fine. More than fine in fact if they have let it ride all these years.
howard71
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Re: Is it still a good idea to invest 6 figures now with all this uncertainty going on ?

Post by howard71 »

reln wrote: Fri Aug 06, 2021 1:39 pm
howard71 wrote: Fri Aug 06, 2021 1:21 pm
mptfan wrote: Fri Aug 06, 2021 1:09 pm There will always be uncertainty. Do you expect there will ever be a time when everything is "certain?"
When stocks reached a permanently high plateau sometime in the 20's, and the Tulip Mania in the Netherlands are the only two that come immediately to mind.

Oh, and I forgot that yields on bonds have nowhere to go but up.
There is an argument that bond yields don't have to go up for decades based on aging population around the developed world. The basic argument goes, old people like me are net lenders and we are in over supply while young people are net borrowers and they are in short supply. And that this supply gap of lenders and borrowers is expected to continue to grow instead of reverse. So, rates can keep going down into deeper negative levels like they have been in some places during the 2010s+.

But who knows? It's just a narrative out there. So, I think future rates rising still qualifies as uncertain.
Interesting idea. I hope it all works out.

Same thing with inflation. Maybe the Fed has learned lessons from the inflation of the 70's the same as they did from deflation in the 20's and 30's and we'll never get into those situations again. Could be. How do I know?
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