Thread: Beginners tips for saving and investing

pimp ho's

Use your company's 401k if they match you at all, put enoufh away so you get the maximum match. This is not liquid but has tax advantages, you don't pay tax until you withdrawal after 59.5 years old.

Start a Roth IRA and put your own after-tax money in at a brokerage firm or ETrade. Advantage is whatever you grow your Roth to, you can take out 100% tax free after 59.5 years old.

A savings account is the dumbest place to put money, .50% interest rate. Better spent on drugs and hookers than earning less than 5% IMO.

Problem is, you can't get long-term benefits or do long-term investing while having easy access in case something comes up. ALL retirement saving vehicles have time constraints of when you can withdrawal the money due to the tax benefits.


Basically this "I'm interested in long term savings/investing but also I need a way to set money aside to have easy access to just in case a situation comes up." is trying to have your cake and eat it too. You need to separate long-term monies from immediate monies, and have an emergency fund. So you save up 6 months worth of living, put it in your shitty savings account, and then start saving long-term money in the bond or stock market or real estate or whatever.

GICH.

Diversify, diversify, diversify!

Personally, Etrade can suck my dick....I switched to Scottrade.

I also like VectorVest VectorVest | Stock Analysis Software | Portfolio Management Investment Software | Market Timing Software

Originally Posted by Big Pimpin

Diversify, diversify, diversify!

Personally, Etrade can suck my dick....I switched to Scottrade.

I also like VectorVest VectorVest | Stock Analysis Software | Portfolio Management Investment Software | Market Timing Software

Ive been playing resource stocks for years. It helps being involved in the industry. I keep a balance between blue chip miners and speculative exploration stocks. On average I make an additional 30% on top of my salary.

Buy lottery tickets.

Hide change under your mattress with your coupons.

Originally Posted by sprayherup

Buy lottery tickets.

A former customer of mine hit the Megamillions for $140mil back August 2008. He got $67mil after taxes but had a big problem....he had to cash the check within 30 days while banks and investment banks were crashing left and right. He ended up going through Morgan Stanley and putting it in US treasuries at the time. Poor guy.

try to live 25% below your means instead of above it.

always match the company 401K contribution, it's free money

credit is for suckers, use it only in emergency's

only invest what you can afford to lose

Originally Posted by LAM

try to live 25% below your means instead of above it.

always match the company 401K contribution, it's free money

credit is for suckers, use it only in emergency's

only invest what you can afford to lose

Great points!


Here's one more:

Interest is meant to be made, not paid!

Originally Posted by Big Pimpin

A former customer of mine hit the Megamillions for $140mil back August 2008. He got $67mil after taxes but had a big problem....he had to cash the check within 30 days while banks and investment banks were crashing left and right. He ended up going through Morgan Stanley and putting it in US treasuries at the time. Poor guy.

Are you serious?

I always wondered what to do with the money. It probably wouldn't be smart to just put in a bank account. Hmm.

Originally Posted by sprayherup

Are you serious?

I always wondered what to do with the money. It probably wouldn't be smart to just put in a bank account. Hmm.

Actually I was a little off:

August 29, 2008 - $133 million won by the Skinner family of Carrollton, GA

Originally Posted by theCaptn'

Ive been playing resource stocks for years. It helps being involved in the industry. I keep a balance between blue chip miners and speculative exploration stocks. On average I make an additional 30% on top of my salary.

Then tell me two stocks to buy right now that will make me 5 - 10% in the next few months. I just bought MRVL and F. MRVL blows and Ford sucks.

Originally Posted by ROID

Help me out:

Putting money in a savings account seems like i'm not taking advantage of all it's potential.

Where is a good place to start when it comes to learning how to invest and save money.

I'm interested in long term savings/investing but also I need a way to set money aside to have easy access to just in case a situation comes up.

Books, personal experiences, things you wished you would have done when you were my age(28), tell me about all of your 20/20 hindsights...

I think you asked the same question few months ago on here

I agree with what ebn wrote in regards to long-term savings.. while adding the following:
You should max your 401K regardless of what your company matches if your budget allows ($16.5k annual cap) and max your traditional or Roth IRA ($5k annual cap). Tax benefits = free return and your IRA allows for more flexibility in investment options.

For the short term, I would recommend stocks if you are comfortable enough with them. I am still learning myself, but I have someone who manages my portfolio on the most part.

Originally Posted by LAM

try to live 25% below your means instead of above it.

always match the company 401K contribution, it's free money

using credit and not paying it off in full monthly is for suckers

only invest what you can afford to lose

Fixed. Personally, I enjoy the 1-3% cashback on purchases I was going to make anyway.

Originally Posted by Doublebase

Then tell me two stocks to buy right now that will make me 5 - 10% in the next few months. I just bought MRVL and F. MRVL blows and Ford sucks.

You might keep an on eye where Apple bottoms out at assuming the market rebounds quickly after this initial Japan shock. Personally I think Apple stock is way overpriced but the sheep keep buying their products and their stock.

Don't get married.

Disclaimer: I haven't followed this stock in 3 years.

That said, since the early 2000's I have jumped in and out of VTSS as one of my high risk high reward stock. I have been in this stock everywhere from .79 share to $10/share and everywhere in between. I think the longest I've been in it is 6 months and the shortest was a few days. Back in around late 05 I bought in around $1.50/share and it did nothing for awhile until one day Cramer's stupid ass got a phone call on his show and he gave it his stupid Booya. In a week it ran up to $3.50+ share so I bailed. That's the last time I was in it. VTSS isn't for the faint of heart.

Originally Posted by Big Pimpin

Disclaimer: I haven't followed this stock in 3 years.

That said, since the early 2000's I have jumped in and out of VTSS as one of my high risk high reward stock. I have been in this stock everywhere from .79 share to $10/share and everywhere in between. I think the longest I've been in it is 6 months and the shortest was a few days. Back in around late 05 I bought in around $1.50/share and it did nothing for awhile until one day Cramer's stupid ass got a phone call on his show and he gave it his stupid Booya. In a week it ran up to $3.50+ share so I bailed. That's the last time I was in it. VTSS isn't for the faint of heart.

so you day trade ?

Open up a Roth IRA account.

^^^ bump! I wanna hear more about this. very interesting stuff!

index funds.

Originally Posted by ROID

so you day trade ?

Hell no. BUT with VTSS you pretty much had to watch it every day. I risked as little as 10% and as much as 25% of my portfolio in that stock back in the day.

Originally Posted by sprayherup

Are you serious?

I always wondered what to do with the money. It probably wouldn't be smart to just put in a bank account. Hmm.

try the world bank with that kind of money. it is the only bank hat can back that kind of money
or swiss banks that is secure I know that for a fact

Open a CD...duh

Or hid it in your Vag

Use coupons when possible and spend all of your money on candy.

Hit up Costco for lunch. Walk around the store eating the free samples they put out. Different shit everyday and you don't have to spend a cent. Score!