Post: #1

Has anyone heard of this new investing app?

https://www.benzinga.com/fintech/17/05/9...ven-if-he-

"The app, called Beanstox, will allow users to invest small dollar amounts into ETFs and market-leading stocks in order to build portfolios without large up-front capital requirements."

I first head of it on Robert Kiyosaki's podcast and it piqued my interest.

Do y'all think it's a ripoff or a legitimate way to learn how to invest?

Post: #2

Regardless if the app is legit, you should stop listening to that quack Kiyosaki

https://johntreed.com/blogs/john-t-reed-...dad-part-1

Post: #3

Good read on Kiyosaki above

I'm now inspired to write a bullshit book in this

Post: #4

This kind of thing should be taught in high schools, as well as handyman, trade, programming skills, etc. Instead, we have teachers, parents and guidance counselors pushing worthless classes/degrees and not preparing kids for the real world.

Post: #5

Maybe not BS, but completely unnecessary.
If you can save $50 a week like the article says, then you could:

1) Save until $2500 (basically one year)
2) Dump the $2500 into a Roth IRA account and buy SPY
3) Repeat to infinitum.

Creating a Roth IRA is not hard. Pretty much any brokerage will do that for you for free.

Though I suppose if you are too lazy to spend ten minutes to do some basic research on the internet, then maybe it's for you.

Post: #6

Everyone seems to encourage this easy access, flashy app-based investing for poor millenials. Then the millenial gets to show boat about how "responsible" and adult they are on Facebook...

It's just the bankers trying to suck every penny out of already indebted and under job'd young folks. These people are making lowering the bar seem fashionable.

If you can ONLY spare $50/week, a supposed accomplishment these days, you have absolutely no business investing in anything. 100% of your focus needs to be on making more money and jumpstarting an actual career. Otherwise you'll end up being a loser with 10k at age 30 and 50k at age 40 in some investing app who thinks they "aren't doing too bad".

Post: #7

(01-11-2018 09:12 AM)christpuncher Wrote:  If you can ONLY spare $50/week, a supposed accomplishment these days, you have absolutely no business investing in anything. 100% of your focus needs to be on making more money and jumpstarting an actual career.

I don't see how one detracts from the other. Investing $50 doesn't really take any energy, just some basic discipline. It's better than nothing and the contributions can be increased as income rises.

Post: #8

This look like some "Give-me-your-money-if-anything-you-can-do-with-it-is-buy-my-app", people think that millennials want to invest but the only thing they want is to get money fast with high return on investment

The best thing to say to them is :
1) Buy overpriced and rare sneakers
2) Keep them locked for 5 to 10 years
3) Sell them to another stupid like you who want to look cool
4) Profit

Post: #9

What's the one thing millennials love? iPhones.

Anything they can do on the iPhone, they love. It's why Uber is so popular. It's why Netflix is so popular.

If this guy can get kids to invest, and make a little cash himself, good for him.

Aloha!

Post: #10

Do they have a part that talks about the difference between short term and long term capital gains? My experience has been that people who diddle their stocks every couple weeks end up not making very much and pay everything out in taxes, just turning it into online gambling.

Post: #11

(01-10-2018 08:24 PM)TigOlBitties Wrote:  This kind of thing should be taught in high schools, as well as handyman, trade, programming skills, etc. Instead, we have teachers, parents and guidance counselors pushing worthless classes/degrees and not preparing kids for the real world.

That's not the right approach IMO. You don't teach kids about investing in high school, you teach them the basics, and do it well. Maths, algebra, geometry. If you understand geometric series, you can understand compound interest.

Common core is about gutting these basics out of the education system for a range of useless, ideologically-driven "practical" babble.

Post: #12

(01-11-2018 07:43 PM)911 Wrote:  

(01-10-2018 08:24 PM)TigOlBitties Wrote:  This kind of thing should be taught in high schools, as well as handyman, trade, programming skills, etc. Instead, we have teachers, parents and guidance counselors pushing worthless classes/degrees and not preparing kids for the real world.

That's not the right approach IMO. You don't teach kids about investing in high school, you teach them the basics, and do it well. Maths, algebra, geometry. If you understand geometric series, you can understand compound interest.

Common core is about gutting these basics out of the education system for a range of useless, ideologically-driven "practical" babble.

It doesn't have to be one or the other.

They used to teach (women) how to manage the family's finances in home economics class in school, among other things such as cooking, cleaning, sewing, etc. The only reason they don't anymore is because of the purple-haired brigade.

Bring back home ec, include a finance class, and don't cut basics such as math.

Post: #13

(01-11-2018 08:40 PM)Super_Fire Wrote:  

(01-11-2018 07:43 PM)911 Wrote:  

(01-10-2018 08:24 PM)TigOlBitties Wrote:  This kind of thing should be taught in high schools, as well as handyman, trade, programming skills, etc. Instead, we have teachers, parents and guidance counselors pushing worthless classes/degrees and not preparing kids for the real world.

That's not the right approach IMO. You don't teach kids about investing in high school, you teach them the basics, and do it well. Maths, algebra, geometry. If you understand geometric series, you can understand compound interest.

Common core is about gutting these basics out of the education system for a range of useless, ideologically-driven "practical" babble.

It doesn't have to be one or the other.

They used to teach (women) how to manage the family's finances in home economics class in school, among other things such as cooking, cleaning, sewing, etc. The only reason they don't anymore is because of the purple-haired brigade.

Bring back home ec, include a finance class, and don't cut basics such as math.

It wasn't SJW ideology that drove home economics courses out of schools. That was the work of the processed food companies. The book Salt Sugar Fat sets out the step by step history of how they did it, and it is not pretty reading. The processed food industry relentlessly warred on home economics courses in schools: they'd hire home ec teachers to push their product, they'd go after school boards, anything to destroy people doing scratch cooking, i.e. cooking something that didn't come out of a box.

God save us from people who mean well. -storm