NT I Need to Invest... Best Options from experience?

fraij da 5 11

fraij da 5 11

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Jan 3, 2004
Earning $0.27 interest on the $4700 I have sitting in my BoA savings account just is not cutting it.


Where would be the best place to stash away $5,000 to turn some profit?  I shouldn't need to touch the money for a while.  Any help would be great.
 
You'd most likely be interested in a Certificate of Deposit (CDs). They have virtually no risk and earn a higher rate than your savings account. The only downside is that you can't touch your principal (contributed money) for the specified period. I checked BofA's website and here's the info for a 36 month CD:

- Fixed 1.75% APYFootnote 2
- A longer term savings solution with a fixed return
- Withdraw interest monthly without penalty
- Minimum opening deposit of $1,000

If you're willing to take on a little more risk, an Exchange Trade Fund (ETF) is a good way to diversify with a small amount of money. You can pick one that mirrors a number of different things. For example, you can pick one that mirrors the S&P500 performance (a proxy for the stock market). It's ticker is "SPY". There are others that mirror small/large cap stocks or even that mirrors particular industries, like Financials or Health Care.

PM me if you have more questions ...
 
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1.75%
 
Originally Posted by fortheloveofthegame8

If you're willing to take on a little more risk, an Exchange Trade Fund (ETF)
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since you're young and therefore can take on a little more risk while not being really active, i'd go this route.
 
I guess this will be a good place to ask.

Yes I tried the official stock market thread, but those dudes don't even help.

I have money sitting in my savings account, Chase is worse.

I have $10 g's sitting and I've only earned $0.01.  I'm not joking either.  I'm going to start moving money soon. 

I really want to play the stock market, but I want to be well informed.  Any books you guys recommend?

Any info on ING? Charles Schwab? etc.

I tend to pick up things pretty fast, just need to be shown the way.
 
If you're willing to take on a little more risk, an Exchange Trade Fund (ETF) is a good way to diversify with a small amount of money. You can pick one that mirrors a number of different things. For example, you can pick one that mirrors the S&P500 performance (a proxy for the stock market). It's ticker is "SPY". There are others that mirror small/large cap stocks or even that mirrors particular industries, like Financials or Health Care.

I say this, OP. Like rsdplaya said, you're young and can afford the risk.
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Before the banks went to hell

I scored a cool 5% APR on 5K at ING. The rates suck everywhere now.

I still don't know what to do with the 7K I have right now. Just sitting there collecting 1%
 
Originally Posted by ooIRON MANoo

I guess this will be a good place to ask.

Yes I tried the official stock market thread, but those dudes don't even help.

I have money sitting in my savings account, Chase is worse.

I have $10 g's sitting and I've only earned $0.01.  I'm not joking either.  I'm going to start moving money soon. 

I really want to play the stock market, but I want to be well informed.  Any books you guys recommend?

Any info on ING? Charles Schwab? etc.

I tend to pick up things pretty fast, just need to be shown the way.
Click to expand...
I would suggest "A Random Walk Down Wall Street" ... After reading that book, I will never purchase stock in an individual company. Here's a brief description of the book:




"After all, a "random walk"--in market terms--suggests that a "blindfolded monkey" would have as much luck selecting a portfolio as a pro. But Burton Malkiel's classic investment book is anything but random. Since stock prices cannot be predicted in the short term, argues Malkiel, individual investors are better off buying and holding onto index funds than meddling with securities or actively managing mutual funds. Not only will a broad range of index funds outperform a professionally managed portfolio in the long run, but investors can avoid expense charges and trading costs, which decrease returns."




[font=verdana, arial, helvetica, sans-serif]That's why I suggested ETFs to the OP. If I were you, I would create an account on UpDown.com and practice with "play" money for a few months before investing any actual money. I'm currently doing this myself with a portfolio of only index funds.[/font]

[font=verdana, arial, helvetica, sans-serif]
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[font=verdana, arial, helvetica, sans-serif]EDIT: I forgot to mention .... I would suggest Scottrade if you would like to trade online. I've been very pleased with them and they only charge $7 per trade.[/font]
 
Man yall dudes w/ them stacks in the bank need to break bread.
laugh.gif


This a good thread tho. I tried followin the stock market thread but that's not a double dutch thread, u can't just jump in when u ready
 
Originally Posted by fortheloveofthegame8

I would suggest "A Random Walk Down Wall Street" ... After reading that book, I will never purchase stock in an individual company. The author believes in the Efficient Market Hypothesis and states that it is impossible to consistently beat the market (at least, after trading costs). Here's a brief description of the book:




"After all, a "random walk"--in market terms--suggests that a "blindfolded monkey" would have as much luck selecting a portfolio as a pro. But Burton Malkiel's classic investment book is anything but random. Since stock prices cannot be predicted in the short term, argues Malkiel, individual investors are better off buying and holding onto index funds than meddling with securities or actively managing mutual funds. Not only will a broad range of index funds outperform a professionally managed portfolio in the long run, but investors can avoid expense charges and trading costs, which decrease returns."




[font=verdana, arial, helvetica, sans-serif]That's why I suggested Index Funds to the OP. If I were you, I would create an account on UpDown.com and practice with "play" money for a few months before investing any actual money. I'm currently doing this myself with a portfolio of only index funds.[/font]
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ehhhhhh, i know the theory and all sounds good but the truth is you can outperform the market with individual stocks.  it's not easy of course, so i see why you would lead OP into the index fund game, but to say it can't be done, not true.

know the company's your investing in!  know their financial statements, future prospects, product development, expansion strategies, etc.

for example: let's say Company X plans to expand into Europe and plans to produce revenue growth of 5% by doing this...if you buy the stock at this price, this 5% of growth estimate is already reflected in the stock price (depending on what you believe)...but what if it explodes and increases revenue growth by 15%, your stock is gonna JUMP, outperforming the market.
 
speaking of investing whatever happened to Dey Know Yayo?
Dude is probably too busy making 6+ figures to hang around NT haha
 
Originally Posted by fortheloveofthegame8

[font=verdana, arial, helvetica, sans-serif]If I were you, I would create an account on UpDown.com and practice with "play" money for a few months before investing any actual money. I'm currently doing this myself with a portfolio of only index funds.[/font]
Click to expand...

Dope site. I just signed up.
 
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