Any people on here in finance?

  • Posted by a hidden member.
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    Sep 26, 2010 7:27 PM GMT
    I am starting to put money aside and need some advice where to put it. Prefer something long term but doesn't require a huge initial investment.
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    Sep 26, 2010 8:27 PM GMT
    Open an account with Scottrade and look at ETFs (exchange traded funds). They are managed funds like mutual funds, but without minimum investments and redemption complications.

    Be sure you do some research before buying in though. Look at the long term performance, not just what's been "hot" the last month or so.

    Start here.
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    Sep 26, 2010 8:30 PM GMT
    Hndsmkansan is. Touch base with him when he gets back.
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    Sep 26, 2010 10:07 PM GMT
    The last thing you want to do is seek financial advice from Realjock members.

    Financial advisors are a dime a dozen. Find one. You'll be glad you did.
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    Sep 26, 2010 11:51 PM GMT
    Personally, I've never had much use for so called financial advisors. Granted, having worked with three in my lifetime is a small sample size, but I've never felt any advice I got from a financial advisor was a good fit for me, but rather was just cookie cutter advice.

    One financial advisor my company made available to employees looked like he was probably still paying off his student loans himself.

    To each his own though.
  • turtleneckjoc...

    Posts: 4685

    Sep 27, 2010 12:38 AM GMT
    Caslon15000 saidHndsmkansan is. Touch base with him when he gets back.


    I agree. He would be a good one for advice, however, I have some suggestions as well.

    As a former banker with 25 years in the industry, I don't know how much money you have set aside, but if you have debt, I would get rid of that first.

    Pay off any and all high interest credit cards or other accounts if you have them. Do that first. Take the money that you would normally pay in your monthly installments to them and put it back into savings. If you have enough to open a money market account, do that. Shop around with the banks in your area to see who has the highest "yield" (seen in their advertising as APY or annual percentage yield). The yield will be higher than the interest rate and if you don't withdraw your money from the account, the yield will be what you receive in interest. Short term certificates of deposit are good too if you have money you won't touch for some time.

    Again, if you have over $10,000 in savings then there are some options which will give you more bang for your buck.

    Hope this helps and I would still use the money market account to keep some savings handy in the event of an emergency.

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    Sep 27, 2010 3:50 PM GMT
    turtleneckjock said
    Caslon15000 saidHndsmkansan is. Touch base with him when he gets back.


    I agree. He would be a good one for advice, however, I have some suggestions as well.

    As a former banker with 25 years in the industry, I don't know how much money you have set aside, but if you have debt, I would get rid of that first.

    Pay off any and all high interest credit cards or other accounts if you have them. Do that first. Take the money that you would normally pay in your monthly installments to them and put it back into savings. If you have enough to open a money market account, do that. Shop around with the banks in your area to see who has the highest "yield" (seen in their advertising as APY or annual percentage yield). The yield will be higher than the interest rate and if you don't withdraw your money from the account, the yield will be what you receive in interest. Short term certificates of deposit are good too if you have money you won't touch for some time.

    Again, if you have over $10,000 in savings then there are some options which will give you more bang for your buck.

    Hope this helps and I would still use the money market account to keep some savings handy in the event of an emergency.



    This makes the most sense...and I agree, pay off school first! Thanks dude
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    Sep 27, 2010 3:52 PM GMT
    reppaT saidThe last thing you want to do is seek financial advice from Realjock members.

    Financial advisors are a dime a dozen. Find one. You'll be glad you did.


    I have one but I also like hearing what other people think. I really do not always trust professionals because they stand to make a buck in the whole thing.
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    Sep 28, 2010 12:32 AM GMT
    agri_sci said
    reppaT saidThe last thing you want to do is seek financial advice from Realjock members.

    Financial advisors are a dime a dozen. Find one. You'll be glad you did.


    I have one but I also like hearing what other people think. I really do not always trust professionals because they stand to make a buck in the whole thing.

    Exactly. It's hard to find unbiased advice even among those who say they're unbiased.
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    Sep 28, 2010 4:17 PM GMT
    Global_Citizen said
    agri_sci said
    reppaT saidThe last thing you want to do is seek financial advice from Realjock members.

    Financial advisors are a dime a dozen. Find one. You'll be glad you did.


    I have one but I also like hearing what other people think. I really do not always trust professionals because they stand to make a buck in the whole thing.

    Exactly. It's hard to find unbiased advice even among those who say they're unbiased.


    Indeed. I got quite a few friends in finance as well as several warm relationships with professors that are economists/accountants/investors in addition to a very money savy father. The latter is pushing me a bit too hard..