Supplement disability income by trading stocks?
I would like to supplement my disability income. I have about 5k to play with and was thinking of trading stocks as a way to earn some extra cash. I have time and I largely spend my days in front of the computer anyway.
If 5k is too little to do anything with I could take from my IRA, where I have 5k invested in Vanguard VTINX. Being disabled I can withdraw from that w/o penalty. But that is basically an emergency fund that has to last until I die (I'm 57), so I'm reluctant to rob from it (and it would be taxed).
What might I need to consider before I proceed?
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The most important thing you need to consider is that you should absolutely not be doing this with money that you can't afford to lose.
Pulling money from an IRA. If it is taxed (You contradict yourself as to whether it is) then between that and transaction costs for trading the odds are exceedingly high that you will not be only fail to make a profit, but you will lose money.
Even if you were successful, making a return on K that would be considered a significant income supplement would make you extremely lucky of a financial wizard.
Bottom line: This sounds like a horrible idea.
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