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Message
First time investor advice
Posted on 12/14/10 at 4:54 pm
Posted on 12/14/10 at 4:54 pm
I am young, married (no kids) and at this time all my savings are in 401k or my savings account in the bank. So I want to start investing (in a very small fashion) and learn how the process works.
Would you recommend I get an online trading account at Charles Schwab, TD Ameritrade or Scottrade etc. to manage my investing? Which of these sites are the best in terms of services and easy to use online software?
Also where would I begin investing? Would it makes sense to start off with some index funds before looking at investing in individual stocks, bonds etc.?
Also are there any recommended books that will help a first time investor like me?
Would you recommend I get an online trading account at Charles Schwab, TD Ameritrade or Scottrade etc. to manage my investing? Which of these sites are the best in terms of services and easy to use online software?
Also where would I begin investing? Would it makes sense to start off with some index funds before looking at investing in individual stocks, bonds etc.?
Also are there any recommended books that will help a first time investor like me?
7
Posted on 12/14/10 at 6:06 pm to saintforlife
The most important investment you can make at this stage in the game is in yourself. Here's a list of some good reading material.
LINK
LINK
Posted on 12/14/10 at 6:44 pm to saintforlife
You might also find a certified financial planner. Maybe your family or friends might recommend one for you.
You need someone that will look after your interests and not sell you something every week. In spite of what you might think they do exist.
You need someone that will look after your interests and not sell you something every week. In spite of what you might think they do exist.
Posted on 12/15/10 at 1:32 pm to saintforlife
Between Charles Schwab, TD Ameritrade, Scottrade, Fidelity, Merrill Lynch and Etrade, which one do you guys recommend for a first time investor? Which one has the most features/services that would help?
Posted on 12/15/10 at 4:12 pm to saintforlife
I just got started dabbling in the stock market and I found Sharebuilder from ING to be extremely easy to use.
Posted on 12/15/10 at 6:23 pm to RedStickBR
quote:
The most important investment you can make at this stage in the game is in yourself.
Solid advice.
Posted on 12/16/10 at 10:28 pm to I Love Bama
ETF's. Limit your exposure and are easy to navigate. A little research and you can do it yourself. A CFA will take 1% of your money on both ends of the transaction.
Posted on 12/19/10 at 10:05 pm to NELAtigers
I would definitely suggest reading up on books about investing before just jumping into it. I would start with a very basic book first. I think there was a thread a couple months back giving some good input on books.
Posted on 12/19/10 at 11:16 pm to saintforlife
quote:Probably TDAmeritrade, but it's a personal preference. 1st heed RedStickBR's advice. 2nd, based on your reading, decide on a strategy that works best for you. Based on your choice of strategy, make a decision as to which broker would be best for you. They are all similar.
Between Charles Schwab, TD Ameritrade, Scottrade, Fidelity, Merrill Lynch and Etrade, which one do you guys recommend for a first time investor?
Posted on 12/20/10 at 10:47 am to saintforlife
Like the others said, learning some on your own is the #1 thing to do.
To answer your other question, I've been a Schwab customer for years and years and think they're great. Their phone service has always been outstanding and their website is fine also.
I'm sure the other majors do a fine job too, I've just always been happy with Schwab.
To answer your other question, I've been a Schwab customer for years and years and think they're great. Their phone service has always been outstanding and their website is fine also.
I'm sure the other majors do a fine job too, I've just always been happy with Schwab.
Posted on 12/20/10 at 10:54 am to NELAtigers
Why would a CFA take 1% on your transactions?
Posted on 12/20/10 at 11:23 am to NELAtigers
quote:
A CFA will take 1% of your money on both ends of the transaction.
This is not true.
Posted on 12/20/10 at 12:49 pm to NELAtigers
"A CFA will take 1% of your money on both ends of the transaction."
You're an idiot NELAtigers. This is a nonsensical comment. The CFA designation is the pre-eminent designation for investment specialists. It is simply insurance that an investor has mastered a very large body of knowledge. It has nothing to do with a fee structure.
You're an idiot NELAtigers. This is a nonsensical comment. The CFA designation is the pre-eminent designation for investment specialists. It is simply insurance that an investor has mastered a very large body of knowledge. It has nothing to do with a fee structure.
Posted on 12/20/10 at 2:16 pm to saintforlife
If you don't need a full service broker, go with ETrade without a doubt.
Posted on 12/20/10 at 2:35 pm to auditu
quote:
You're an idiot NELAtigers. This is a nonsensical comment. The CFA designation is the pre-eminent designation for investment specialists. It is simply insurance that an investor has mastered a very large body of knowledge. It has nothing to do with a fee structure.
Correct. Also, the CFP is the designation he is most likely trying to refer to, not the CFA.
There is a lot of fail in that post.
Posted on 12/20/10 at 6:11 pm to saintforlife
quote:
Also are there any recommended books that will help a first time investor like me?
Look at the Motley Fool books. You can find info at:
MF
It's a good way to learn at the start since these guys don't make it extremely boring when teaching you important the things.
Posted on 12/20/10 at 10:31 pm to LSUAlum2001
I would start by reading these books in this order:
1. Richest Man in Babylon by Clason - basic money management philosophy
2. Personal Finance For Dummies by Tyson - a thorough and objective overview of basic personal finance concerns (stocks, bonds, mutual funds, taxes, insurance, etc)
3. One of the Motley Fool books on the subject that interests you most.
Once you're ready to start investing, I'd establish a dialogue with an experienced investor so you have someone to talk you out of stupid moves - even the best investors have these people (the Munger to your Buffet, so to speak).
I use eTrade, and I like it FWIW.
Good luck.
1. Richest Man in Babylon by Clason - basic money management philosophy
2. Personal Finance For Dummies by Tyson - a thorough and objective overview of basic personal finance concerns (stocks, bonds, mutual funds, taxes, insurance, etc)
3. One of the Motley Fool books on the subject that interests you most.
Once you're ready to start investing, I'd establish a dialogue with an experienced investor so you have someone to talk you out of stupid moves - even the best investors have these people (the Munger to your Buffet, so to speak).
I use eTrade, and I like it FWIW.
Good luck.
Posted on 12/21/10 at 9:04 am to TheHiddenFlask
quote:
Correct. Also, the CFP is the designation he is most likely trying to refer to, not the CFA.
You are more likely to meet a CFP in the wild than a CFA.
Posted on 12/21/10 at 9:11 am to saintforlife
I respect the opinions of others on this board, so certainly take their advice as you see fit. However ...
I really, really, really, really despise the Motley Fool.
There's often a fine line between honest analysis and attempting to shill for your own products. Motley Fool apparently isn't aware of that line and is perfectly fine with injecting their analyses with promotions for their own services. I find that to be extremely off putting. I suggest you read the above mentioned books, both listed and linked to.
I'm currently in the middle of Jesse Livermore's How to Trade in Stocks. It is very good.
I really, really, really, really despise the Motley Fool.
There's often a fine line between honest analysis and attempting to shill for your own products. Motley Fool apparently isn't aware of that line and is perfectly fine with injecting their analyses with promotions for their own services. I find that to be extremely off putting. I suggest you read the above mentioned books, both listed and linked to.
I'm currently in the middle of Jesse Livermore's How to Trade in Stocks. It is very good.
This post was edited on 12/21/10 at 9:12 am
Posted on 12/21/10 at 10:53 am to TheHiddenFlask
quote:
There is a lot of fail in that post.
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