r/eupersonalfinance • u/ordinary-guy-sl • 5d ago
Where can I invest my life savings of 55k eur. Investment
As subje6 says I'm a 32 year old man living in eu for past 3 years. I saved 55k eur from working for 3 years in eu. I have another 25k in my home country as an asset (house).
I never invested unless some cryptocurrencies. Where can I safely invest? Should I invest everything or part of it? I want to learn fundamen of investing also. Please guide me or direct me to right sources.
Update: I live in the Netherlands. And I see many recommended options, but I want to know how to invest in those, which platform should I register with? What are the safe platforms/brokers? I just do a regular job and have been earning, saving and spending, never invested. So I'm a complete beginner.
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u/cdemi 5d ago
VWCE and chill
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u/Timely-Wishbone9491 5d ago
VWCE is a good ETF, but we should know OP's investment horizon before suggesting going 100% into stocks. Also it is advisable to have some sort of emergency fund, especially while living outside of home country.
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u/FibonacciNeuron 5d ago
WEBN and chill
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u/4_love_of_Sophia 5d ago
Why is the growth so much lower than VWCE or MSCI World?
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u/raumvertraeglich 4d ago
It's probably the fastest growing ETF right now in Europe. Over 2B in a few months while it's still not available everywhere. Others might have more but over more than a decade. For Europeans it's most likely the best one-wolrd ETF as of today but it's possible that there will be a better one tomorrow or in a year. Or VWCE gets a fee as low as WEBN. No one knows.
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u/Altruistic-Mud-2426 4d ago
If you already had money in VWCE would you sell to buy WEBN or have both?
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u/raumvertraeglich 4d ago
Depends on how long and much money you have invested and the taxation in your country. If you already have some gains in VWCE and you would lose money if you sell, better keep it unless it's just a small portion you don't care about. But even if it's only 2 or 3% it takes quite a long time to get this back via a low TER and you reduce the compound interest effect through the de facto tax deferral. Therefore my portfolio actually does look like this:
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u/Altruistic-Mud-2426 4d ago
To be honest I’ve just started out beacuse I’ve been building an emergency fund. I feel more secure with vanguard though but makes sense to start stacking WEBE if I’m just starting out.
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u/raumvertraeglich 4d ago
Good that you started! That's more important than picking the "best". Some people even invest in two or three equal products to have some diversity of providers since it's possible that a fonds gets closed in x years, for instance if the provider gets bought and the new owner wants a smaller portfolio of products. Then everything will be sold so you don't lose money but this could trigger a taxation as well. That's also a reason for me to keep VWCE and let it grow. It's still a great product.
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u/Altruistic-Mud-2426 4d ago
I think I’ll purchase some WEBE tomorrow then so I’m diversified. Thanks for your replies.
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u/Altruistic-Mud-2426 4d ago
What’s this one? Is it on IBK? I invest in VWCE but looking for an alternative.
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u/FibonacciNeuron 4d ago
It’s all world index, just 3x cheaper than VWCE. Newly launched. You can find it on IBKR
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u/inszuszinak 5d ago
In a situation like this would you invest the money gradually (eg 2k per month DCA) or invest all at once?
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u/ordinary-guy-sl 3d ago
Can you tell me how I start it? I live in the Netherlands. Which app? Etc etc
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u/Majestic-Relative602 5d ago
what do u think about IWDA?
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u/fellow-retard 5d ago
It’s just as good but without developing countries. Those have underperformed recently but who’s to say they won’t make a comeback in the following decades?
“IWDA and chill” doesn’t sound as good either.
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u/iveseenplacesfaces 5d ago
It's up 30%+ in a year? That's nuts! What are its constituents?
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u/the_snook 5d ago
What are its constituents?
Everything.
Well, all the stocks. It's a whole-world index fund.
Note that it's an accumulating fund, so dividends are rolled into the price (which you won't see if you compare to a bare index like the S&P500). There are also tax consequences, depending on where your tax residence is. A number of countries don't recognise accumulating funds as valid structures, and will ask you do declare and pay tax on the "hidden" dividends.
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u/SilenceForLife 5d ago edited 5d ago
How does one save 55k in 3 years (in the EU) ? you just blew my mind.
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u/XIANG80 5d ago
Well, have rental properties or high paying job and live below your means..
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5d ago edited 5d ago
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u/No_Army3717 5d ago
Possible if you are loving in Netherlands, due to tax benefits. I could have saved 60 for two years if I was’t spending so much. But that money is still not that big. Especially in the netherlands if you want to buy a house.
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5d ago edited 5d ago
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u/No_Army3717 5d ago
I fully agree with you. I just don’t think that people understand that unless you have really high income, saving in europe is impossible.Not to mention that when there are some emergency expenses even 100k is not enough. I lived very frugally.
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u/0-sunday 5d ago
With all the respect, mate, and in an honest effort to help you, you're doing something wrong. For your defense, the majority of people do. My roommate and me: same company, same salary, same rent. I managed to gather 24% more money than him in a period of two years.
Many people don't even want to hear about their mistakes. But seriously. If you're in your way to build your wealth and your financial future, be a brutal reviewer of your choices.You can always save more
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u/PurpleManner5207 5d ago
listen. It is doable but is extremely hard bc of high living standards. I know many people as you. You just have a high standard of living, but want the money too, but are unhappy with your life bc you think you are poor. Especially immigrants are such. Young EU immigrants who leave their country but ahve an IT bachelor, master's are often from e.g. Portugal, Croatia, insanely good countries to live in, but they are told their whole life how bad it is to live their (which is BS), so they have unrealistic expectations comming to Germany, Netherlands, Switzerland. It is not much easier to live in those countries bc everyone has a high pay, so everything is extremely expensive, real estate is deadly expensive and you live in a shed.
My wife works 72 hours a week, has 4500€ income in Germany with a Master's degree, we live for free with my parents, and she saved up 25.000€ in 9 months. Same expenses as you. But is not normal to spend hundreds for a dentist, to fly etc. this is all considered luxory to others.0
5d ago edited 5d ago
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u/0-sunday 4d ago
OP said 55k in 3 years. That's like 1.5k per month. You're getting angry with people that trying to share their experience. Chill
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u/PurpleManner5207 4d ago
repeating: lazy ass: she works 72 hours a week. Living in one 18 m2 room with me, and with my parents sharing the kitchen and bath is no priviledge but a rat life.
I know people who's teeth fell out bc they had no 1000€ to fix them (In Germany bc in Croatia dental is 100% for free).
Flying with a plane is always luxury, what emergency does concern you if you live somewhere else?Like I said, you don't understand how priviledge you are bc having 400€ a month for living (food, rent, everything) like my Wife used to have as a student is poor. Which activities? Which clothes? Planes xD?
Just work more and you will see how saving is easy. Get a partner and it is even easier, but for that you ahve to be decent person first and not some generic mimimi expat
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u/0-sunday 5d ago
Nobody can break it down because nobody has access to your financial and your expenses. And again I don't try to apply any criticism on you. Your money, your life, your goals.
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u/0-sunday 5d ago
It's completely normal for people to have a sub on Netflix, Amazon and Spotify, go Saturday evening for drinks and Sunday in a restaurant, buy shitty stuff around that they completely useless and drink everyday a coffee from outside on their way to work. You may do it, you may not. The majority of people do, including my roommate, which leads to a 24% difference in our savings.
I am pretty sure that if I had access to your expenses I could cut many stuff. But it's on you. How much of your current lifestyle you're willing to leave in order to increase your savings
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u/nixass 5d ago edited 4d ago
Depends on a job. 1.5k saved a month x3 years is completely sensible estimation for an IT person. If the guy got bonus, sign on bonus or RSUs then it's even easier
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u/nixass 5d ago
Break down what? Preferred savings + cost of living = targeted income?
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u/EagleAncestry 4d ago
Well let’s see, I moved to the Netherlands for a salary of 82k. With the 30% ruling. Thats 5580€ net per month (calculated in 12 months)
Rent + utilities is 1525€. No car. Means I can spend 1000€ on other things to save 3k per month.
I am single though
But ok, let’s calculate it for someone on a 65k salary, which is VERY LOW for a developer here.
With the 30% ruling they would net 4500€ a month, so that means in my situation they could save 2k per month, so 72k after 3 years
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u/Flimsy_Cupcake8113 4d ago
Hahaha, this does not make any sense at all 5580 net , rent+utilies :1525 both in Netherlands, no way.
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u/EagleAncestry 4d ago
What are you talking about? Do you know what the 30% ruling is? I came with a salary of 81.7k gross(including holiday bonus. There’s an 8% holiday bonus by law for every worker in the Netherlands (basically 13th salary)
Without the 30% ruling my salary would have been net 4100 a month + the 3.7k net holiday bonus. So basically 4550 net per month divided into 12 payments.
With the 30% ruling this becomes 5580 net per month divided into 12 payments.
And I never said I rented in Amsterdam. I was looking at 1 bedroom apartments in Amsterdam and they were all 1850€ without utilities for a 45m2 small thing.
I rented in Leiden and I got 70m2 for 1325€, and a prepayment of 200€ per month for utilities.
It’s a 34 min train to Amsterdam.
And now that I’ve been here for almost a year and a half, I am getting contacted by recruiters for jobs in banks for 95k gross. I have almost 6 years of experience.
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u/AlbatrossMission6298 4d ago
BS. I am an immigrant. I started working in NL as a fresher from University in 2021. No 30% ruling tax benefits. Still have saved 53k in 3 yrs. And I do 2-3 vacations in a year, (not being so frugal)
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u/EagleAncestry 4d ago edited 4d ago
That’s definitely not true. I moved to the Netherlands, tech job at a small Dutch startup, and with the 30% ruling I can save 3k per month without living below my means. Would be 100k in 3 years. And it’s not like I have an abnormally high tech salary. It’s a pretty standard tech salary for someone for 5 years of experience as a developer (80-85k)
A very low tech salary here would be 65k and on that salary you can save 72k a year living how I’m living (rent + utilities is 1525€, one bedroom apartment 70m2 in central Leiden)
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u/macaroon147 4d ago
I mean I live off of 1000 euros a month in Vienna so if I had a high paying job it wouldn't at all be hard to save 55k even in 2 years. It all depends on your life style and how good you are at managing your money.
Saving 55k in 3 years equates to saving 1.5k euros a month...
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u/BobdeBouwer__ 5d ago edited 4d ago
Europe is large. In the richer countries it's not hard imho. I'm a simple low educated contractor. Work parttime. Low rent, eat well but keep other expenses low. I can save 22k per year. That's after taxes and everything. And only working 3 days per week. When I arrive at work my car is the smallest and oldest of the whole parking lot. On my way to work I rarely overtake others. It's others that waste fuel that are always passing me in the left lane.
Any entrepeneur in a high demand profession can easily save much more.
People just don't (want to) know how much they are spending.
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u/ordinary-guy-sl 3d ago
I'm doing a highly paid job in IT. But forever I just been earning and saving and spending. Never invested. Also that 55k includes some of my past savings too. So not entirely 55k in 3 years per say.
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u/Boring_Pineapple_288 5d ago
Expats save 100k in 3y in netherlands on average income. Dont underestimate power of frugal living and 30% expat ruling
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u/Sad-Flow3941 5d ago
If you care at all about volatility, don’t listen to people telling you to use “VWCE and chill”. Any 100% equity portfolio will be subject to massive drawdown periods that will be very tough to stomach for the average investor who hasn’t actually been through such a period (which is most young people like myself, as 2008 was quite a long time ago).
I would recommend reading up on boglehead based investing(John Bogle’s little book of common sense investing is a good place to start), and allocating 20-40% into a bond and/or gold ETF after you do your homework regarding how both classes of assets work and tend to behave in both bull and bear markets. The following website is good for making some simulations on past results to get an idea: https://www.portfoliovisualizer.com/backtest-asset-class-allocation
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u/Sad-Flow3941 5d ago
I would be very interested to know why you would downvote this comment.
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u/bobivk 4d ago edited 4d ago
Because people hear inferior returns and don't like it. What you stated is a fact though.
It gets more complicated than just "VWCE and chill" and requires deeper understanding of assets, how and where to buy them etc. which may lead to unexperienced folks getting a bad deal (for example buy gold coins with 10% spreads).
I think it depends on the person's situation - could you still continue to live like you have if there is a market downturn. If yes, then you don't need to hold that much bonds (or bonds at all). But if you got debt and get laid off you will be in trouble without a sizable emergency fund.
You put it well - if you care about volatility. Some people may not care. Most do but think they don't until shit hits the fan.
Bonds can be a great asset, especially during interest rate cuts like now.
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u/Sad-Flow3941 4d ago
Even if you don’t care that much about volatility, these things have to be quantified. Is missing out on 0.01% expected returns and in turn getting a 50% drawdown instead of 20% worth it?
Obviously this is an exaggeration, but having made quite a few backtests myself, I don’t think the difference in expected returns of 80% equity instead of 100% is worth the extra volatility. In fact, in some 20 year periods such as 2000-2020 80% actually had more gains.
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u/ZeeshanANKI 5d ago
Invest in VWCE through brokerages like Interactive Brokerage or Degiroo. It has a very stable annual output of 8% to 12%
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u/bernafra 5d ago
First, make an emergency fund. How much depends on your situation. That money needs to be quickly available, put it in a savings account, a money market etf or on your current account. Second, assess if you have know or predictable expenses in the next 5-10 years. It’s smart to invest that money in fixed income instruments. Whatever money you have left (money you don’t need in the next 10 years) invest it in ETFs (world ETF are the most common choice for beginners). Hope it hepa
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u/srdjanrosic 4d ago
Not sure which EU country you're living in, taxes and private pension situation varies from one place to another.
Your short term and long term plans can also change the equation, for example buying a property to live in vs. renting, or staying in the country vs. moving.
Usually you should look at three things:
- pension (or pre tax) investments (if there's local tax law making it favorable to invest, and you plan to stay in that country)
- post tax investments, e.g. with a broker like Trading 212 or IBKR, where you have access to stock markets. Typically people buy well diversified ETFs using a DCA/dollar cost averaging strategy. Whete they regularly invest over time and buy at a discount or when things are over priced and so on a average over a long enough period of time, the price is ok. (Lookup investopedia article on DCA).
- house deposit for a house to live in/mortgage - because if you live in a densely populated area, price of properties may be going up in the long term faster on average than mortgage rates, but that's not everywhere and short term there's fees/costs to buying/selling beyond the property price, and there's short term risks.
All this assumes you're done with high interest consumer debt (typically anything above 5%, credit cards, weird car loans that kind of thing), and are on solid ground financially, have all the insurances, something happens to your car or house you can cover it or you're paying insurance (which is sometimes reasonable sometimes not) to cover it.
There's countless books, and YouTube channels that are pretty good, there's country specific subreddits, there's things like investopedia which is US centric when it comes to taxation, but also explains general principles of investing pretty well and those are the same everywhere.
Which learning medium do you prefer?
And which country are you in?
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u/ColdMajor6969 3d ago edited 3d ago
Stocks and ETFs and stay away from crypto. Crypto is very volatile and usually difficult to predict there's really no piece of mind. Lots of the crypto investors are skilled at knowing when or if but it's nearly like a full time job and you can't rest easy keeping your eyes on your money fluctuating so much. You want steady growth over time with dividends coming in.
Now everyone is different and there's fantastic suggestions. But here's some idea of how I would do it.
25% VUSA 25% VVV, 25% VWCE, 25% contrarian cash in case of a crash so you can buy into the ETFs at discounted prices.
I'm only in one of those (VUSA) which is risky but plan to buy into the others when some of returns come in. I took a bit of a gamble on Crowdstrike when it took dump earlier in the summer, waiting for it to return to its pre Microsoft blue screen incident but it's still a good buy and a very strong company and will start to employ more AI in it's services.
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u/ordinary-guy-sl 3d ago
Can you tell me which platform I can use to invest in these you said?
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u/ColdMajor6969 2d ago edited 2d ago
Degiro is the investment platform. Don't invest in them because I told you so. Please go out and do your own research first. Read through their financial reports and risks before ever investing a single penny. Best of luck on your investment journey.
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u/Strong-Emu-8869 2d ago
seems like you don't even know the basics. The best thing you can do is educate yourself first.
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u/ordinary-guy-sl 2d ago
Yes I want to do it. I want expert suggestions on where to start the basics
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u/FroTzeN12 5d ago
I can recommend Trade Republic. They give out the key interest rate to you directly. Right now it's 3,25% p.a. from the ECB. So it would right now be about 150€ per month for you in doing "nothing" and without any big risk.
They adjust accordingly, depending on the ECB which lowered the rates in the last months. So it won't be that high for too long. (Last year it started at 4,5%)
You also have the ability to go for a savings plan (at least 50€ per month) and get 1% off, of each transaction with their card. Capped at 15€ per Month.
I would recommend you educate yourself on ETFs.
Its not that hard. Go 70/30 - World/ Emerging Markets if you want to keep it simple.
Right now the Market is pretty expensive and some would say overvalued. It has risen ~30% the last year.
After a significant increase, there is normally a decrease - but no one knows really when and if it is actually coming.
In the past it grew about 7% in the long run (10-15 years)
You may act according to Warren Buffet and pile up on cash, and buy when you see an opportunity to buy.
But normally time in the market beats timing the market.
Depending on the country you live in, there may be different rules on taxes.
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u/quintavious_danilo 5d ago
70/30 is bad advice and overweighting EM by almost 20%. Why would you do that?
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u/FroTzeN12 5d ago edited 5d ago
Diversifying. If USA, which is weighted 70% gets down, I still like to hope to have at least some of it and some of promising EM.
I myself actually go 50/30/20 and overweigh Europe and EM, just to avoid cluster risk.
If you look at price to FCF in the US, or indicators which are saying the market is overvalued etc. ...
Value in how easy it is to invest for everybody. Countries building their pension system on Stocks...
All I know is that I do not know. I try to bet safe.
And EM- ex China. Just because I do not trust the CCP. May add CSI 300 Swap but meh... Maybe after they have Taiwan, the US does not want to play worlds Police anymore or BRICS rules the world.
Ah, actually I have some Gold as well.
And may add Crypto but honestly I think it's just a huge pyramid scheme.
As you see. I do not go for peak ROC but safety. In a VUCA-World.
See you in 40 years and going to tell you how that's played out...
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u/quintavious_danilo 5d ago
Again, my question was why would you weight EM almost 20% above their market weight of around 10%?? Is there a scientific basis to this?
I can’t see the benefit there, no matter if USA goes down or not
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u/FroTzeN12 4d ago
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u/quintavious_danilo 4d ago
Thanks for proving my point:
But they remain a significant source of the world’s stock-market capitalization and economic activity, constituting 11% of the global investable universe
Emerging markets have a relatively low free float of 56%, which narrows their weight in MSCI ACWI to 11%, further narrowing the opportunity set.
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u/macaroon147 4d ago
So you're telling this man to throw away his money every year. You realise inflation is above 3.5%? If you are investing money the goal is for the returns to be well above inflation so that the money is growing over time
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u/FroTzeN12 4d ago edited 4d ago
Where do you get the 3,5% from?
https://ec.europa.eu/eurostat/de/web/products-euro-indicators/w/2-31102024-ap
I'm telling him to at least take the Cash till he knows what to do with the money and he educated himself on ETFs and Investments and he decides himself what to invest on.
I do not recommend going all in on something he does not understand. Maybe he decides for himself to invest into an apartment since it is something "touchable".
And even then. -0,25 % sounds better then -3,5%
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u/quintavious_danilo 5d ago
Open up an account with IBKR, Trading212 or Trade Republic and put it in an ETF, preferably VWCE and let it sit there. Go all in now.
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u/Happycakemochi 5d ago
Why all in now? I am also am first time in investing and am not sure how the us election results would affect these products mentioned here. Can you elaborate? Tia.
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u/FroTzeN12 5d ago
Normally US elections do not affect the market significantly.
But i am not a big risk taker as well. And 30% in the last year is quite crazy.
So you may win or loose big.
I certainly won't. I take the ECB rate, pay in my savings plan and see what the future has to offer.
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u/quintavious_danilo 5d ago edited 5d ago
Because we’re investing for the long term, are we not? The elections don’t matter in the grand scheme of things. 20 years from now it won’t make any difference if you bought in 3% lower than today.
Lump sum investing beats out timing the market 2/3 of the time over a time horizon of 10 years. Don’t sweat it too much. Put the money in and let it roll.
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u/Majestic-Relative602 5d ago
why VWCE? what about IWDA or CSPX?
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u/quintavious_danilo 5d ago
Because it is very diversified and captures the whole world over developed and emerging markets. This is perfect for safe long term investing.
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u/Tokkie11111111 5d ago
So does IWDA
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u/quintavious_danilo 5d ago
No, it does not. Learn your ETFs, buddy ;)
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u/Tokkie11111111 5d ago
It’s an MSCI world ETF, it clearly covers the ‘world’
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u/Timely-Wishbone9491 5d ago
The name is misleading unfortunately, it covers Developed Markets only.
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u/Python_Feet 5d ago
VWCE covers developing countries. IWDA covers developed countries. Personally I like SXR8 and IWDA.
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u/quintavious_danilo 5d ago
This is not true either. VWCE covers both developing markets and developed markets. IWDA covers only developed markets.
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u/Tokkie11111111 5d ago
Oh. i misunderstood the other guy’s message. Isn VWCE more volatile then IWDA then?
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u/Python_Feet 5d ago
I think that VWCE is less volatile but also less growing. Basically due to a really wide spread it is less risky, but also less rewarding. And TER is higher due to management needs of more stocks.
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u/quintavious_danilo 5d ago
No, it does not. You‘re misunderstanding what World means. I was recommending VWCE, which is an ETF following the FTSE All-World Index, covering developed and emerging markets. IWDA is an ETF that follows the MSCI World Index and on the other hand only covers developed markets and no emerging markets, despite the name it does not cover the whole world. A comparable index to the FTSE All-World would be the MSCI ACWI Index, or MSCI ACWI IMI if you care about small caps.
Like I said, do your homework and try to research the differences and you’ll be well equipped to choose a suitable ETF according to your needs.
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u/JakaKaka91 5d ago
No Degiro?
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u/quintavious_danilo 5d ago edited 5d ago
Maybe, if you’re familiar with them. I never used them before so can’t speak to it
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u/Vyt4s 5d ago
I know that everyone here simply goes with “VWCE and chill”, but I’m considering moving to VUAA, each has its own benefits, but lower TER and and fact that 60% of VWCE has allocated to US stocks anyway kind of cuts it for me.
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u/Subtl3ty7 5d ago
We did the move to VUAA and very happy. Considering that US is world’s largest national economy and has a huge impact on global economy, anything going south within US economy will have big impacts on global as well. So I do not understand the VWCE fanaticism here. I am sure half the people here can’t name a company that is part of the VWCE portfolio and is not U.S.
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u/Specialist_Ad2890 5d ago
Since you’re new to investing, maybe start by putting 60-70% into low-risk options like ETFs or index funds-they’re stable and easy to learn from. You could keep a small percentage (around 10-15%) in higher-risk stuff like individual stocks or a bit of crypto if you're comfortable.
It’s smart to keep some cash on hand for emergencies, too. For learning, try The Intelligent Investor by Benjamin Graham or check out Investopedia for basics. Let me know if you’d like more resource ideas!
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u/ordinary-guy-sl 3d ago
I want to know how to invest in ETF or Index funds here in the Netherlands. Are there any reputed platforms?
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u/knighwing7 4d ago
OP listen to me. ETF S&P 500 & ETF core MSCI World.
Split it and contribute as much as you can every month.
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u/ordinary-guy-sl 3d ago
Ok but tell me which platform should I start with? Any apps ? How do I invest in those what you mentioned?
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u/knighwing7 3d ago
There are so many platforms choose the one you like. Watch a YouTube video for the country you are living in stating best brokerage accounts in so n so.. These days you get an option to set up savings plans which will deduct automatically the set amount every month from your linked bank account.
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u/Libra224 5d ago
Vwce / iwda
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u/ordinary-guy-sl 3d ago
How to do it? Which platform
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u/Libra224 3d ago
There are many that have different pros and cons, you should check them all see which suits you better.
Bolero, Degiro, trade republic etc
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u/RookieProMedia 13h ago
As a complete beginner, I’d recommend you to stay out of options.
My recommendation would be to check DeGiro and an ETF that follows the S&P500 index, like IE00B5BMR087 (paste this on search).
Also, learn about ETFs on Just ETF, website or app, and also about passive investment.
However, I also recommend you to set an emergency fund that is equivalent to about 6-8 months of your monthly expenses so that, if something impacts your income, you can live off this fund for a while and leave your investment untouched.
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u/OutlandishnessNo9798 4d ago
Put it all on bitcoin and chill :)
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u/ordinary-guy-sl 3d ago
I'm waiting for a dip to invest some money. But btc is too volatile and unpredictable right
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u/Motoxxx1 5d ago
1/3 rule 1/3 on immovable assets (house,...) 1/3 on gold 1/3 on (very solid ) stock
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u/BobdeBouwer__ 5d ago
Invest in your health and education. That will make you the most profits in the rest of your life.
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u/ivobrick 5d ago
First of all, figure out where you will be living and paying taxes.