The worst investment that I ever made was to invest $5,000 to buy shares directly from the owner of the first publishing "house" that published a version of "Forced Mate". I received a share certificate, but the publishing house "went under". My loss was 100%.
On the upside, I met some wonderful friends who went on to great success with other houses, and who gave me fantastic advice, but they would have done that without my investment in the company.
This is not about those great ladies, or that instructive experience. This is about my brother and sister authors who make money from writing (no matter how little or how much) and about Individual Retirement Accounts.
If you earn, you can set up an IRA. Disclaimer, I am not a qualified financial advisor.... and I did not stay at a motel chain last night.
If you have an IRA, be it Roth or Rollover, you can day trade in volatile markets and not pay capital gains taxes. You can buy a stock in the pre-market on a down day, sell it later that day if it pops, buy it back when it drops, rinse and repeat, and you will pay no tax.
In my opinion, in an IRA, you should do the reverse standard behavior, which is to let winners "ride". Let losers ride because you cannot harvest losses to offset gains. With gainers, take profits.
For security of your IRA, use a unique name instead of your email address, and do not use that name on any other accounts. Ditto, use a unique password that you do not use anywhere else. Your password might be a "pass phrase" or "pass sentence", such as "Daily, I eat garlic...NOT" with a few substitutions of numerals for vowels.
A highly creative and mischievous friend of mine once wanted to get around a particular State's ban on the use of coarse words on vanity license plates. She secured IVn1k8or.
IV is the Roman numeral for 4. Knowing that you can figure out the derogatory noun. Please do not enter the correct answer as a Comment.
George Bernard Shaw did something similar with the word "fish". He said it could be spelled gh-oe-ti.
The "gh" sounds like "f" as in "cough".
"Oe" as in Oedipus sounds like "I".
"ti" has a "shhh" sound as in the middle of "ambitious".
Back to being secure....
Refuse to agree to set up your voice as authentication. Some brokerage houses will try to force that on you, and it is a very stupid policy now that a criminal only needs a couple of seconds of your recorded voice to create deep fake sentences using AI.
Do not "save" or "remember" that ID and password on any application or on your browser or device regardless of convenience.
All the best,
Rowena Cherry
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