SO.. unlike everyone else that aquired a huge wad of cash for graduation, i would like to invest mine. I wanted some advice on what to invest in next. I hope for some good returns, so I would like to take some agressive action on my portfolio. Right now Im running a pretty conservative set up with a Blue Chip mutual fund, and some Pfizer stock as well. I would like to try sometihng more aggressive. I have money to lose now that I am young, something i can afford to do. I have about $800 ( not too much in the investment world). I was thinking about opening an etrade account, but all the lingo surrounding their trading costs scares me away. Is there a cheaper place, or is Etrade good?
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Not sure if you mean you graduated high school or college, but if you are 20, you can set up an IRA. Something I have been putting off for a while and really need to do. The younger you start putting money in, the better.-Brandon
'86 325es S50
'12 VW GTI Autobahn DSG
'03 540i M-Sport (sold)
'08 Jeep SRT-8 (sold)
For sale:
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i just graduated HS.Comment
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I mentioned this to Robert, if you're worried about spending it you can put it in a locked savings account for a couple years which earns a better interest rate tahn a typical savings account. Then when you turn 20 you can put it in an IRA or something.
Are you interested in actively increasing the amount of money you have there (such as day trading), or do you want something more passive (Mutual funds)?
-KrisMy mountains are better than yours.Comment
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i almost want to do sometihng such as day trading, because its a more aggressive approach. I already have a good amount in my mutual fund.Comment
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Originally posted by bmwannabe
I suggest downloading one of the portfolio management programs out there, and start trading a virtual amount, equal to what you want to spend. Some of the nicer freeware/shareware ones will allow you to plug in the cost for the broker per trade, etc, so all you have to do is click buy or sell.My mountains are better than yours.Comment
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Yeah, I'll look into it. Gotta mow right now.Originally posted by bimmerphile
I already have a Roth IRA. :pimp: Mom's an actuary, she knows about retirement savings. ;)
It's the summer, I'm bored, and I some $$$, and don't work as much as I'd like. I might do some trading. If, of course, I don't like savings account. (The problem is, I would probably want to be able to access the $$$ when I go off to college, or at least have that option, if neccessary)Comment
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im in the same boat
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1. Start an IRA. You can invest up to $3000 per year. Max it out every year. I wish I started at 18 (2002) but did it a year late (2003). Make the investment vehicle for this account on the conservative side. This could be your ONLY retirement account if social security goes under!
2. Start a 401k plan ASAP! I still need to do this. I am not sure of the contribution limit, but I know in most cases (all?) your employer will match your donation meaning it's like working for twice your hourly rate when you save! Don't worry about changing employers (even if you change often) you can roll your 401k over and over and over.
3. Setup a stock market account. I use Scottrade, but there are many options. Read up on what the SUCCESSFUL investors are doing. Take advice only from professionals. There is a lot of talk on the net and on TV news shows where so called experts give their opinions. Be cautious of this advice. I'm not saying don't pay attention to the news, but I am saying many (actually most) so called experts never really have an idea where the market is heading.
4. Setup a savings account and a regular bank account. After I pay my living expenses my leftover income gets split between my savings account and bank account. The money in my bank account is used for daily living expenses, fun, women, and car mods. I always keep a nice 4 figure sum in this account to cover any unexpected emergencies. Why? If something bad happens I can pay cash to fix it and not use a credit card which charges interest. The savings account is strictly for saving. I will only buy assets with the money in my savings account. Assets put money in your pocket. My list of possible assets to buy are real estate (personal or investment properties), business (either buying a functioning business or trying to start a new business venture), and cars (only to buy and flip).
5. Setup a paypal account if you do online business. It just makes transactions so much easier. My business totally took off once I started accepting paypal.
6. Get one (1) credit card. Use it gently. You want to start building credit now! Be sure to pay it off at the end of each month.
That's it. Follow this advice and you will be amazed at how fast your wealth grows. As it sits now I am still a semi broke college student, but the secret to success is knowing the game plan of the rich and living below your means. Even now my (very low) monthly income is higher then my expenses. Once I start making some real money imagine how fast things will start to build up. I highly recommend you take some time this summer to read some books on personal finance. "Rich Dad Poor Dad" is a great beginners book. I'd also check out the website howstuffworks.com Here you can lean more about personal finance, investing, loans, and other stuff. You can also find information on that website about possible carrier paths you are considering.2004 SL600 - Current
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2006 SL55 AMG - Sold
2004 M3 SMG - Sold
1999 540i Sport - Sold :(
1989 325i coupe- Sold
1988 325is M50 M-tec - Sold :(Comment
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You have to be 18 for both right? I just graduated, but don't turn 18 until the end of october. I'm just kinda considering what I need to look into over the summer, this stuff will become pretty important pretty soon :POriginally posted by lukasbmw
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You have to be 18 for pretty much all the above unless you set up the account with a parents co signature. Start saving for the IRA now, max it out when you turn 18.2004 SL600 - Current
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2006 SL55 AMG - Sold
2004 M3 SMG - Sold
1999 540i Sport - Sold :(
1989 325i coupe- Sold
1988 325is M50 M-tec - Sold :(Comment
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Kyazagi (sp?) is a very financially educated man.My mountains are better than yours.Comment
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Perhaps you should try buying some stock in a smaller board company. I invested in a small cap biotech around 12mths ago and it's increased nearly 300%. You have to do alot of research into these types of companies but the gains are nice.
So check out Biophan Technologies (BIPH.OB) as it is still only trading at appx 1.10 to 1.20 with heavy volume (for a small cap). Analysts are saying that it will go to $4.00-$10.00 when it is acquired by Boston Scientific......The 2 companies have been working together since Dec 2003 to bring Biophans product to market.
Not day trading, but all signs show a very nice profit.
Good luck!
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Eric is da man for $$$. :D1. Start an IRA. You can invest up to $3000 per year. Max it out every year. I wish I started at 18 (2002) but did it a year late (2003). Make the investment vehicle for this account on the conservative side. This could be your ONLY retirement account if social security goes under!
For the IRA I have, I can only put in equal to the $ I earned that year. For my first year, it was only like $5XX - just a small summer job. But I think mine is tax-sheltered, I dunno. I let my mom worry about that shit.
On second thought, I am staying away from trading. My parents have lost like near $13K in the past two years on the stock market - because of shitty investment advice from their former broker.......
When I think about it more, I'll just deposit the money I got from the open house into a seperate account, like the two accounts Eric mentioned. I have two checking accounts and can keep $ that I can spend seperate from $ I want to save.
Finally, there's poker. It's can be considered an investment. 8) Really.Comment
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whats involved with day trading? do you just sit around and buy and sell stocks when they are on the rise/fall? it seems like you could accumulate alot of money in a short amount of time doing this. Also kris, where would i find such a program? Is it really that easy to use for day trading?Comment
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