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Thread: Stocks and Investments...I'm Lost

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    Senior Member seishibella's Avatar
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    Stocks and Investments...I'm Lost

    Recently a custy came in and after our vip booth he gave me a stock portfolio and a packet of articles on investing/stock trading. I wasn't really sure how to take that, but I took the information and started reading it at home. I've read some of the threads on stocks/investments/taxes/etc but I'm really lost and don't know where to start.

    I really want to invest so I can retire early or at least have money to fall back on when times get rough or if I want to buy a house. Currently, I'm working on stabilizing my finances after two years of terrible money woes.

    Is there a benefit with stocks over other types of investments? How do I get started in stocks? Who should I call? Should I look into getting a financial advisor or can I handle this myself?

    I need some direction!
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    Featured Member Hello_Kitty27's Avatar
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    Default Re: Stocks and Investments...I'm Lost

    If you really have no clue at all about this, I wouldn't suggest doing it on your own. As far as learning about retirement in general, I like the kiplinger website (www.kiplinger.com). You may also learn a bit from www.money.com. Maybe you could start with a good savings account or a CD and them once you look into some different options, move your money to an account that more suits you (whether its an IRA, or some kind of stock account, like on etrade.com, etc)






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    Default Re: Stocks and Investments...I'm Lost

    Is there a benefit with stocks over other types of investments?
    temporarily at least (i.e. until the Bush cap gains tax cuts are allowed to expire in 2008, or the new congress passes a new law removing the cap gains tax cut sooner), money earned as a result of an increase in the price of stock shares held for a year or more is considered to be a 'long term capital gain' which is taxed at 15%. This typically compares to 'ordinary income' such as bank savings account / CD interest earnings being taxed at 25-30-35% (depending on how much money you earn from other sources).

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    Default Re: Stocks and Investments...I'm Lost

    Read everything you can get your hands on. I started my financial education 3 years ago today (MLK Day 2004) when I saw David Bach on Oprah. There is A LOT of conflicting advice out there. I invest very differently today than I did 3 years ago.

    For a very basic introduction to how, where and why you should save money and put it into the stock market, get David Bach's series of books. They are very easy to read, and quite repetitive actually. Smart Women Finish Rich and The Automatic Millionaire are my two favorites. You can check his website out at www.finishrich.com

    My other favorite author Robert Kiyosaki has a completely conflicting viewpoint. His website is www.richdad.com I've made a lot more $$ using Robert's principles, but I'm also a much more educated investor.

    They guy that gave you a portfolio of stocks is a SALESMAN for the brokerage firm he works for. Although he probably has honorable intentions for helping you get a nest egg....he also stands to make a commission himself if you buy the particular investment products he tells you to buy.

    Brokers are salesman. It takes more hours to become a licensed massage therapist than it does to become a licensed broker....so think twice before you think he/she knows more than you do.
    Rebecca Avalon







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    Default Re: Stocks and Investments...I'm Lost

    Quote Originally Posted by britneyireland View Post
    .
    Brokers are salesman. It takes more hours to become a licensed massage therapist than it does to become a licensed broker....so think twice before you think he/she knows more than you do.
    She's right about that, there are some incompetant fools in my industry, and you can take the Series 7 as many times as you want until you pass (I think)

    I can't believe a broker would give you a portfolio right there in the club? Is he a regular customer of yours? The NASD is pretty strict about just handing out investment packages to any stranger out there, especially for a licensed broker.

    Was it just general information? Did it make specific recommendations? What type of porftolio was it? Did he develop it using Morningstar, or some type of official financial software, or was it just info in a document?

    This entire thing seems hokey, and there are a lot of disreputable people out there.

    But don't hate on financial professionals, we help out a lot of good people!

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    Senior Member seishibella's Avatar
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    Default Re: Stocks and Investments...I'm Lost

    Thanks so much for the imput! I'm going to probably take some courses at community college on accounting and finance...Bc I think that might be the best start!
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    Veteran Member StuartL's Avatar
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    Default Re: Stocks and Investments...I'm Lost

    If you are just recovering from 2 years of financial woes, as you put it, there are better places to start than a stock portfolio.

    Do you have any cash saved in the bank for emergencies? What if you injure yourself or are sacked or something else that limits your earnings potential. That needs to be job 1.

    Then maybe a little insurance might be of use ... income protection again springs to mind. Do you have any short term debts that need repaying?

    Stocks and portfolios are really the types of things that you should be doing near to last on the list, not first.

    Good luck with it all.

    BTW - agree with Katrine. The financial services industry helps lots of people in some amazing ways, but giving out a folder of sales bumph after a lapdance seems pretty odd to me. Frankly, if he were the most educated and competent guy on earth, I still think I'd not trust someone who does that.

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    Default Re: Stocks and Investments...I'm Lost

    Quote Originally Posted by StuartL View Post

    Then maybe a little insurance might be of use ... income protection again springs to mind. Do you have any short term debts that need repaying?
    Income protection is VERY hard to get for a stripper, at least here in the US. First, lots of disability won't qualify people who work in a nightclub. Then, you have to prove taxable income. No workman's comp for strippers. She could possibly get something through her state's risk pool, it can vary......

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: Stocks and Investments...I'm Lost

    Quote Originally Posted by britneyireland View Post
    For a very basic introduction to how, where and why you should save money and put it into the stock market, get David Bach's series of books. They are very easy to read, and quite repetitive actually. Smart Women Finish Rich and The Automatic Millionaire are my two favorites. You can check his website out at www.finishrich.com

    My other favorite author Robert Kiyosaki has a completely conflicting viewpoint. His website is www.richdad.com I've made a lot more $$ using Robert's principles, but I'm also a much more educated investor.
    Personally, I'm fan of Die Broke.

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