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Old 04-21-2009, 04:08 AM   #41
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my .2 cents would be to invest in penny stocks. cause i mean, those are in there for the long haul. ABTG, NEOM, THPW, COIN are a few of the ones im invested in. and the techknowledy they are claiming to have will jump here within the next 1- 2 years. so i mean, thousands of shares at like 100$ sounds like a deal to me.
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Old 04-21-2009, 06:20 AM   #42
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Quote:
Originally Posted by goofyboy View Post
Also, if you forgo the "wants" now, you can afford much cooler "wants" later in life. I will have an exotic sports car one day. It will be used, but it will still be sweet. Only 30 years to go.
That's the attitude Goofy.......!!!
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Old 07-22-2009, 12:15 PM   #44
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Quote:
Just wanna revive an old thread. I'm young and want to make money. Any advice?
Sure. First of all, few who invest make money by chasing performance or buying penny stocks. The biggest advantage you have right now is that you're young. Basically, if you can save $30,000 in a retirement fund by the time you're 30, that money will compound and be worth over a million dollars by the time you're 60. Thus its important to start early. You can do so with very conservative investments.

A: Max out your 401k.
B: Setup a Roth IRA
C: Setup a diversified mutual fund
D: Have an emergency fund of cash

That's it. It is a long-term strategy. The end goal it to have financial security in the future. Many people fail to save anything for retirement and will be eating cat food when they retire.
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Old 05-06-2010, 09:55 AM   #45
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this assumes you dont have a 401k and you aren't going to put much effort in

I would recommend you dollar cost average into a target date retirement from Vanguard, they are highly respected and have low fees. Keep this in your Roth IRA and put as much cash into it as possible up to the 5k yearly limit.

Dollar cost average=put a set amount every month into your investment every month regardless of how the market is. A automatic recurring transfer out of your paycheck is best. let your long time horizen and compounding interest get you there slow, steady and safely.

DO NOT use leverage, short or invest in penny/high risk stocks. Vegas is for gambling not the market

If you want to get more into stock picking read "one up on wall street" by Peter Lynch and go from there
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Old 05-06-2010, 10:15 AM   #46
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Quote:
Originally Posted by bobwilson1977 View Post
Sure. First of all, few who invest make money by chasing performance or buying penny stocks. The biggest advantage you have right now is that you're young. Basically, if you can save $30,000 in a retirement fund by the time you're 30, that money will compound and be worth over a million dollars by the time you're 60. Thus its important to start early. You can do so with very conservative investments.

A: Max out your 401k.
B: Setup a Roth IRA
C: Setup a diversified mutual fund
D: Have an emergency fund of cash

That's it. It is a long-term strategy. The end goal it to have financial security in the future. Many people fail to save anything for retirement and will be eating cat food when they retire.

I agree with everything, except B. I'm not a fan of Roth IRA's. Why do you like Roth IRA's? I know that they are tax free when you take distributions, but you don't get to take a tax deduction on your income tax now, which should be a greater advantage then later in life when your overall income is lower.
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Old 05-06-2010, 06:05 PM   #47
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Quote:
Originally Posted by Richman21 View Post
I agree with everything, except B. I'm not a fan of Roth IRA's. Why do you like Roth IRA's? I know that they are tax free when you take distributions, but you don't get to take a tax deduction on your income tax now, which should be a greater advantage then later in life when your overall income is lower.
My financial advisor told me roth was the way to go. My accountant told me just the opposite. I'm dumping the roth an sticking with a straight IRA.
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Old 05-06-2010, 07:01 PM   #48
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because roths give tax free treatment on profits.

assume you invest 10k in both a roth and regular ira
a regular ira gives $2500 in tax savings (assume 25% tax bracket) up front
roth give no deduction
40 years later both are worth 100k

roth gets all 100k tax free

ira pays 10k in taxes (assume 10% tax bracket)

seems like a no brainer to me
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Old 05-11-2010, 08:43 PM   #49
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Quote:
Originally Posted by Brunes View Post
Actually he's a genius- Right now is some of the lowest buying points in a while-and he's only 19-so he has a TON of time a head of him for the stock market to build and crash and build again!!

Might be worth looking into mutual funds and/or IRAs depending on your goals-
If you want to save some spare cash for a rainy day/emergency- You can go with a "high yeild savings account" like ING does or you can get into a mutual fund (preferably a no-load-which means no fees). I suggest a mutual fund as right now is not the time to start trying to day trade- the market is too volatile to be trying to learn what you are doing imho.

If you want to start a retirement account-Go with a Roth IRA-With you going to school you may not be able to afford to max out contributions for a year-but every little bit you put in now is alot when you are 65 and want to retire.

I use USAA for all my investments and banking- which doesn't help you much....but at least you've got some ideas now...

damn it brunes!!! if we keep agreeing like this you're just gonna have to stop posting here on TW. i cant understand the people who are saying this is a scary time to invest. i just jumped into the market about a month ago and i wish to hell i'd waited till last week. the whole damn market was cheap as shit and is already back on the rise.

as for the OP's question i've heard penny stocks are a seriously shaky investment. you may want to start off on some safer stocks until you get the hang then start getting daring
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