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Just started a brokerage account

2,540 Views | 17 Replies | Last: 6 days ago by aggieiniowa
water turkey
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1:07p, 8/24/24
Just started investing in a Fidelity brokerage account, outside of a maxed out 401(k). Not looking to become a pro, just would like to make enough to buy a new truck in a few years or something.

What funds would you suggest I invest in? My first investment was in FSKAX and I bought some GNRC, because it's hurricane season….

Going to target putting in $1,000 a month. Won't be able to get there every month.

Also, how do you manage the taxes on earnings?Thanks for the advice!
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permabull
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2:28p, 8/24/24
AG
The easiest way to handle taxes is to just adjust your w4 at work to withhold a little extra the year you realize the capital gains. If they are short term gains you will be taxed at your marginal rate, if they are long term you get a discount based on your taxable income for that year (note that the gains add to your taxable income so having large capital gains can push you into higher brackets)
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water turkey
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2:31p, 8/24/24
Short term vs long term, what are the lengths of time?

Thanks
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permabull
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In reply to water turkey • 2:35p, 8/24/24
AG
1 year is the cut off. You will likely have a mix of short and long term gains but the nice thing is Fidelity will show you the break out on the tax information page for your account once you make the sale so you can plan the withholdings accordingly.

You can also make a one time payment direct with the IRS since technically you are supposed to pay taxes in the quarter that you earn them, however as long as you withhold 110% of what you owed for the previous year with your work w4, you won't be charged a penalty even if you pay too little. So if your tax liability ends up being $15k for 2024, set your w4 to withhold $16.5K for 2025 and you won't have to worry about a penalty
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EliteZags
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In reply to water turkey • 3:05p, 8/24/24
AG
water turkey said:
would like to make enough to buy a new truck in a few years or something.


Going to target putting in $1,000 a month.

if started this 3 years ago only a handful of homerun names ie NVDA would've returned close to enough for a new truck
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water turkey
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In reply to EliteZags • 3:07p, 8/24/24
EliteZags said:
water turkey said:
would like to make enough to buy a new truck in a few years or something.


Going to target putting in $1,000 a month.

if started this 3 years ago only a handful of homerun names ie NVDA would've returned close to enough for a new truck



Maybe I should have said newer. I don't buy new vehicles. I have a 10 year old truck now.
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tlh3842
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6:53p, 8/24/24
AG
If you have time, check out the long running "Stock Markets" thread on here. Several posters (especially ProgN and Heineken-Ashi) post lots of different stock and trade ideas. Starting out it's best to read and learn before necessarily jumping in (unless it's clear goals, timing, etc). I've learned alot in the last year just be following that. Can't recommend it enough for getting started.

If you're looking to have some of it working nonstop, you can DCA into a variety of things (an ETF for the S&P500, one for energy, etc). Otherwise it's best to do research and think of companies that should/could go up in value in short or long term (whether they just had a drop for some reason but historically they've been much higher and that reason for the drop doesn't seem critical).

Also, It's best to just have the goal to just start making more than interest from a HYSA.

Welcome to the fun!!
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EliteZags
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In reply to EliteZags • 4:17p, 8/25/24
AG
EliteZags said:
water turkey said:
would like to make enough to buy a new truck in a few years or something.


Going to target putting in $1,000 a month.

if started this 3 years ago only a handful of homerun names ie NVDA would've returned close to enough for a new truck

actually come to think of it I essentially did roughly this with PLTR (tho more <$10 and less >$20) and have def made truck money though holding for house money
but point being there will be few assets that can return that much in a few years timeframe, and prob the only one I'll ever have the amount of conviction to relentlessly buy over years of extended dip and recovery
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mefoghorn
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11:21p, 9/3/24
AG
Look at PRCOX for your monthly buy. Since you are dollar cost averaging the market risk is lower. Normally it's best to just save in a CD or MMA for a short term spending goal, but it's hard to pass up the market returns.
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gigemhilo
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5:54a, 9/4/24
AG
VOO - it's a great no-load fund that mirrors the S&P 500. I'd start with something like that (for diversity) before getting into individual stocks - at least while the market is still inflating.
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Petrino1
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In reply to water turkey • 8:07a, 9/4/24
water turkey said:
Just started investing in a Fidelity brokerage account, outside of a maxed out 401(k). Not looking to become a pro, just would like to make enough to buy a new truck in a few years or something.

What funds would you suggest I invest in? My first investment was in FSKAX and I bought some GNRC, because it's hurricane season….

Going to target putting in $1,000 a month. Won't be able to get there every month.

Also, how do you manage the taxes on earnings?Thanks for the advice!
Just stick with FSKAX, its the entire stock market, its all you need. Keep investing there consistently every month and you will be well off in 10 years.
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water turkey
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In reply to Petrino1 • 9:20a, 9/4/24
Petrino1 said:
water turkey said:
Just started investing in a Fidelity brokerage account, outside of a maxed out 401(k). Not looking to become a pro, just would like to make enough to buy a new truck in a few years or something.

What funds would you suggest I invest in? My first investment was in FSKAX and I bought some GNRC, because it's hurricane season….

Going to target putting in $1,000 a month. Won't be able to get there every month.

Also, how do you manage the taxes on earnings?Thanks for the advice!
Just stick with FSKAX, its the entire stock market, its all you need. Keep investing there consistently every month and you will be well off in 10 years.


That is what I have done. I have added a couple of individual stocks but mostly FSKAX.
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LMCane
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9:27a, 9/4/24
SPY
DIA
ONEQ

for beginners to establish a foundation

VTSAX is the overall market tracker
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AgOutsideAustin
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In reply to water turkey • 9:41a, 9/4/24
AG
Just starting out in an account and making enough to buy a new truck in a few years would qualify you as a pro !
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water turkey
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In reply to AgOutsideAustin • 11:09a, 9/4/24
AgOutsideAustin said:
Just starting out in an account and making enough to buy a new truck in a few years would qualify you as a pro !


Ok, so I am being ambitious
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Fireman
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10:56a, 9/6/24
AG
NVDA and beer never broke my heart. It's an amazing stock with room to grow.
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Deputy Travis Junior
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4:50p, 9/12/24
First, you need to form an opinion on whether the world and markets are going to ***** From there, go buy or sell a bunch of vix options
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aggieiniowa
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9:10a, 9/13/24
AG
Congrats and good luck with all future investments. My advisors laughed at me when I told them that I view my brokerage account as a savings account. I don't necessarily buy and sell frequently but am trying to figure out how to maximize it as a different avenue for wealth generation than our financial plan. For me I bought individual stocks that I thought would go up, sometimes they did but if they did not I just continued dollar cost averaging and buying more over time. $1,000 a month adds up quick and you can make a little money for sure. For me it was always a question of what companies do I like for the longer term horizon and then continue buying them over and over. Toast is at a ton of restaurants, O realty pays a monthly dividend, Google is currently off its high. Find what you like and go for it. Good luck
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