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New to investing/trading - don't know where to begin

Discussion in 'Beginner's Lounge' started by DI., Mar 20, 2017.

  1. DI.


    Likes Received:
    Mar 20, 2017
    Hi there! I'm recently discovered about investing/trading from stumbling on 'RichDad/PoorDad' book at the library. I've been researching on how it works and such because:

    I'm a 37yr old hairdresser of $40k single income with a disabled partner (very labour intensive job - try cutting hair every 5-10mins for 8hrs 5days/week, see how you fair as you get older)
    Have spent about 6 years just to save for a 1st-home deposit (nearly impossible now with the way things are going) and can only come up with $20k
    Got really depressed because we've sacrificed not going for overseas/interstate trips while all our friends/clients shared pictures of theirs
    Getting more anxious coz rents are climbing higher in Melbourne (don't want to be homeless, living in less than satisfactory condition)
    No insurance, so if I am no longer able to work/died, we're f---ed

    The book gave me a glimmer of hope, so I consulted a financial planner, hoping he could give me an idea if I could open an online account to trade with maybe $2k. But my hopes are dashed when he said that I'll need at least 50k+ to do so.

    Any thoughts on this? Is he right or do I just try and call a broker anyway? Thanks! *feeling hopeful*
  2. Trembling Hand

    Trembling Hand Can be found on the bid

    Likes Received:
    Jun 10, 2007
    Frankly you would be better trying to increase your income rate rather than adding more work by learning to trade/invest. Its not a quick skill to learn. You already have a set of skills, whats stopping you from earning a higher rate?

    Maybe just index investing to have some skin in the game and some hope of upside. But as a work to reward ratio I would guess there is more upside in the short term by investing in your ability to earn more.
    Modest likes this.
  3. Gringotts Bank

    Gringotts Bank

    Likes Received:
    Jun 30, 2007
    Cutting hair every 5 minutes?!


    Ok who's next?
    OmegaTrader likes this.
  4. tech/a

    tech/a No Ordinary Duck

    Likes Received:
    Oct 14, 2004
    Compound your abilities
    You are one
    Become 2/3/4/10


    Melbourne is a far bigger more lucrative market

    Your financial adviser is about as useful as your $2k in investment

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