Wow this month has been brutal on Stock Market

[ST1G]

Or could have followed this advice in 2011:

I dislike silver and gold. It doesn't actually produce value. When a company creates a new product or service and people are willing to spend their money on it, value is created. With gold and silver you're just hoping your neighbor will pay more for it tomorrow than you did yesterday.

[mbonder]

Yeah, I need something even more remedial than this. I got my 401k moved to a Fidelity IRA, but they won't let me do anything with it since its only about $850, they say i have to have $2000. I can put more money in, I just need to figure out what it is I need to buy and how to buy it. And when, I figure I want to get in soon while it is low, right?

What if one doesn't intend to use this money for retirement? Due to health problems I am starting life very late and don't expect to live long or to retire. I am primarily looking for ways to use my past savings to augment my low income so that I can do some fun stuff in the short term before I get too old and my body too broken down to enjoy them. I've always wanted a fast car, to travel, etc., I've lived a shitty life and want to have some fun while I'm here, dammit.

I know I am definitely not trying to get into individual stocks, I need something very simple and low risk, I can't afford to lose my meager life savings gambling.

Thank you for admitting this is gambling, most I have tried to talk to about this stuff immediately get defensive and swear up and down that it isn't at the mere mention. This stuff is so overwhelming, I've been trying to learn about it in my minimal free time for years now and have not gotten very far. If I knew people IRL that were involved with this I feel it would help immensely.

Thanks

So you are working with Fidelity then. I would call up your advisor there and request information on low fee index funds that are based on the S&P500. They will give you a list of funds that they have along with their performance over the year to date, 1 year, 5 year, and 10 year. This gives you an idea of which ones will be the best over the long term, which it appears is what you are looking for. Pick one (or a few) and set up for direct withdrawal on the same day every month to purchase shares in the funds you choose (as long as you have consistent enough income to cover that debit every month). This way, you are investing regardless of what the market is doing at any particular time, remember, if the market is down, you are able to buy more shares, which means when they rise you make more money. The market will have its ups and downs, but over the long term Fidelity should be able to set you up with an index fund that will get you 6-10% over 10 to 20 years, which should net you a nice chunk of change if you are persistent, depositing a couple hundred every month.

[ST1G]

Thank you for admitting this is gambling, most I have tried to talk to about this stuff immediately get defensive and swear up and down that it isn't at the mere mention.

It's not really gambling. The risk is near 0 in mutual or index funds if you have time on your side. As I recall you're a little older, in your late 30's or early 40's?

Over 20 years mutual funds will be very very safe.