Anyone good at investing?

[CATCH17]

If so do you have any tips and good sources where I can learn how to make some money.

 

[Hoov]

be careful who you listen to. Generally speaking, a good accountant can point you in the right direction. Find a good one local to you by asking for references. Be wary of "shortcuts" to wealth. And people that promise to make you rich are usually the ones that take your money or recommend risky moves that can lead you to troubled waters.

 

[DFWJC]

The only lock I know of is that in the next year or two, interest rates are going up.
In the short term, I'd be be afraid to say and would not want to be the guy to lead anyone to a loss.

 

[CowboyMcCoy]

There is a lot of common sense in investing. Follow demand and need.

 

[TheKey]

There is a lot of common sense in investing. Follow demand and need.

Read cocktail economics. Good beginner knowledge

 

[WV Cowboy]

This is not the place to learn about investing.

Your first mistake.

 

[DallasCowpoke]

If so do you have any tips and good sources where I can learn how to make some money.

I have a Certified Financial Planner (CFP) that I've used since the mid-90's. This IMO, is the best way to go.

I day trade on average 2-4 hours everyday w/ a Scottrade acct that I opened w/ a minimal amount of my portfolio. I'd suggest opening an account w/ one of the many "discount" brokers. Find one in your area, visit their "brick-and-mortar" locations and open an account w/ the one you get the best vibe from. Then utilize their free seminars along w/ the help/counseling they offer.

I have a Series 3 license which I got while working for a relative's commodities firm in college. I've also taken the S-7 test online, but that was only really to get the knowledge, and I never really used it, save for my own $$$ and it's long-since lapsed. The S-3 is the only one I renew when needed.

 

[zrinkill]

1. Learn Austrian economics
2. Make your base a long term reliable
3. only have one "chance" invested at a time.

 

[TwoCentPlain]

How much do you have to invest?
How much are you looking to make? Rate of return?
How much can you afford to lose? There is no reward without risk.
What is your approximate income now?

Things like this you need to factor in before getting advice.

 

[ologan]

Buy low......sell high!

 

[WV Cowboy]

Buy low......sell high!

Genius !

I can't wait to start getting rich by investing.

 

[ologan]

Genius !

I can't wait to start getting rich by investing.

Thanks...I think? Sure beats hell out of "Buy high.....sell low"!

 

[WV Cowboy]

Thanks...I think? Sure beats hell out of "Buy high.....sell low"!

I just wish it was that easy.

Good luck !

 

[Wimbo]

1) get out of debt - all credit cards & payment plans, except for your house and maybe your car. No investment plan is going to make you more money that you will lose paying interest on loans.
2) Have about 4 months of cash on hand in a safe place, like an interest bearing savings account, for emergencies or layoffs.
3) Participate in your companies 401k plan (or similar) to maximize the amount of pre-tax earnings you can invest. Make sure the money is being diversified rather than being put in one place (such as company stock). Most companies have some sort of match program, which is free money - but only if you are in the plan. Do it.
4) Every year max out your allowance into an IRA. The amount changes yearly, but take advantage of it. Any money you can invest while minimizing taxes is like getting free money.
5) Get a money manager (Merryl Lynch, Morgan Stanley, T Rowe Price, etc) to help you get your initial investment sum allocated in mutual funds that get your money distributed over several investment options, according to your risk levels - you want Large Cap, Small Cap, Bonds, Real Estate, International... you manager can advise you how to balance your risk levels and at the right % per investment area.
6) Set up an automatic money transfer every month to allocate more money to your money manager to add to your investments.
7) At least once a year talk to your money manager about re-balancing your assets.
8) Don't panic when the market dips - keep buying... you are just getting an opportunity to buy at a discount.
9) Wait. Do not touch the money that is invested. Watch your retirement money grow. It is a lot easier to wait & watch than it is to work late in life because you were irresponsible with your earnings in your prime.

 

[WV Cowboy]

1) get out of debt - all credit cards & payment plans, except for your house and maybe your car. No investment plan is going to make you more money that you will lose paying interest on loans.
2) Have about 4 months of cash on hand in a safe place, like an interest bearing savings account, for emergencies or layoffs.
3) Participate in your companies 401k plan (or similar) to maximize the amount of pre-tax earnings you can invest. Make sure the money is being diversified rather than being put in one place (such as company stock). Most companies have some sort of match program, which is free money - but only if you are in the plan. Do it.
4) Every year max out your allowance into an IRA. The amount changes yearly, but take advantage of it. Any money you can invest while minimizing taxes is like getting free money.
5) Get a money manager (Merryl Lynch, Morgan Stanley, T Rowe Price, etc) to help you get your initial investment sum allocated in mutual funds that get your money distributed over several investment options, according to your risk levels - you want Large Cap, Small Cap, Bonds, Real Estate, International... you manager can advise you how to balance your risk levels and at the right % per investment area.
6) Set up an automatic money transfer every month to allocate more money to your money manager to add to your investments.
7) At least once a year talk to your money manager about re-balancing your assets.
8) Don't panic when the market dips - keep buying... you are just getting an opportunity to buy at a discount.
9) Wait. Do not touch the money that is invested. Watch your retirement money grow. It is a lot easier to wait & watch than it is to work late in life because you were irresponsible with your earnings in your prime.

Good stuff, .. I'm waiting for #10

 

[Wimbo]

Good stuff, .. I'm waiting for #10

10) The list may not be doable on day one. Start with #1 & when you get out of debt, start on #2. Then keep going.

 

[WV Cowboy]

10) The list may not be doable on day one. Start with #1 & when you get out of debt, start on #2. Then keep going.

1) check
2) check - but I hate that it is only getting ~2%
3) check
4) check - well I don't max out, but I try to add. Once again hate it is only at 2%
But isn't the benefit of an IRA that I won't have to pay tax on the money when I take it out since I already paid tax on the money that I put in it?
5) check
6) check - he only gets the 5% interest/dividends from bonds but that is all I can do right now
7) check
8) check
9) check

That's why I enjoyed reading your list

 

[Longboysfan]

If so do you have any tips and good sources where I can learn how to make some money.

Just three stocks that I bought.

AIG - American International - They paid off their massive debt to the US Government in 5 years and the stock is going up.
VZ - Verizon - Tech and cell phones always expanding and making money.
Philip Morris - What the people in the US don't smoke goes overseas. We're number 1 in making cigerretts.

 

[Wimbo]

4) check - well I don't max out, but I try to add. Once again hate it is only at 2%
But isn't the benefit of an IRA that I won't have to pay tax on the money when I take it out since I already paid tax on the money that I put in it?

The 2 main types of IRA are "Roth" and "Traditional"
With Traditional - money is deposited prior to paying taxes on it. All transactions and all money earned while the money is in the IRA is tax free. Then, when you withdraw from the account it is taxed as income. So, your money works for you tax free while it compounds, then you pay tax only on what you take out.
With Roth - money is deposited after it has been taxed. All transactions and all money earned while the money is in the IRA is tax free. Then, when you withdraw from the account it is NOT taxed .

 

[WV Cowboy]

With Roth - money is deposited after it has been taxed. All transactions and all money earned while the money is in the IRA is tax free. Then, when you withdraw from the account it is NOT taxed .

Right, .. mine is a fixed annuity Roth IRA