School me on Credit Cards vol. Getting no money vol. Thread Change

[flyny]

Original Thread: School Me on the Stock Market
Ive heard things about sites like trade, scottrade, etc.
Is it as easy as it sounds? Buy stock..wait till it goes up..sell it..collect the profit?

Someone please elaborate. And are these sites even worth it?

EDIT: Apparently i have a 2 thread a day limit..

So new Question

Im looking into getting my first credit card. 

Starting off, they'd probably give me a credit limit like 500 or 1000, i don't know. 

So what are some good cards out there. 

I have no idea what APR and all them numbers do, all I know is

Im planning to pay off my credit card in full each month(I won't go too ham with the spending, maybe 500 a month at most). Will never carry a balance, bleedat

Mainly doing this to build credit

What are some good credit cards out there

no Rush Card

 

[jackieboy]

Buy, Wait, Sell.

 

[Gex the Damaja]

Not sure on those sites, Stocks are far from easy though. You have to realize the market, currently, is a buyer market. Meaning there are very few chances of mega jumps in price but I have seen one stock gain major profit, hint it was one of the Automotive big three.

 

[yeah]

Originally Posted by FlyNY

Ive heard things about sites like trade, scottrade, etc.
Is it as easy as it sounds? Buy stock..wait till it goes up..sell it..collect the profit?

Someone please elaborate. And are these sites even worth it?

That's the foundation of the stock market. You buy shares in a company, wait until it goes up (or in most cases down,) and then sell it when you think it would be most beneficial.

Where a lot of people get confused and mess up are with all the intricacies of trading. You need expert know-how or a hell of an intuition to know when you should get out, stay in, or just not do anything at all -- and you need to know how to do those things without breaking the law or losing too much money.

Some tips to start you off:

Don't invest in small medical firms unless you know they have a product that will mean profit for you. Smaller medical companies are where the most artificial inflation/deflation or "scamming" occurs, so if I were you I'd just stay clear.

Get involved with the companies you're thinking about investing in. Some will allow you to help make decisions as far as what direction the company goes in, some will come with stock options, or any other number of benefits. Know where your money is going.

Check regularly, and pay attention to other companies in the same field(s). A big profit for them will usually mean a major loss for you, and vice versa.

Finally, buy low, sell high. Pick companies that have room for growth, and not ones that may have already plateaued (e.g. Facebook.)

 

[flyny]

Got it. So how exactly do i buy these stocks? other than websites like etrade and scottrade, I'm clueless

 

[sifupooh]

stock market is a racket.

 

[thenewjs23]

Its a lifestyle.

 

[zmoney3]

probably way easier to learn if you just read a few books.

 

[rocky437]

I recently started investing seriously for the first time. I bought a mutual fund through my bank (TD). When you buy a mutual fund, its a collection of stocks picked by professional money managers working for the bank. There are some small Management Expense Ratio Fees associated with mutual funds of course, but its a good place to put your money and have the money managers pick a collection of stocks. Mutual Funds are better than stocks if you don't have the time to research, change stocks etc. Their good if you just wanna put your money somewhere and watch it grow (Hopefully, you gotta know where to invest). They are also less risky because its a collection of stocks like 10 or 15, so if one goes down your not at a huge loss.  

 

[grypr33]

If you're just starting out try researching a few mutual funds.
That'll allow you to diversify your portfolio and spread out your risk without having to make a huge initial investment.

 

[shiznut123]

hey man, check out www.investopedia.com, they have guides for people new to investing in markets. =)

 

[iceberg slim]

Bluehorshoe loves Anacott Steel

 

[superdude2311]

stock market is a lot more than buy low sell high. you are investing in companies, and therefore economies. scott trade and etrade are middle men that buy and sell stocks on your behalf. there are many different options you can purchase on stocks, and is a lot more complex than simply buying a stock and selling it once is increases in prices

 

[bkroc915]

don't bother picking individual stocks, thats all about luck in my opinion...Just buy an Index like the S&P 500 and hope it goes up for the year

 

[grypr33]

Originally Posted by bkroc915

don't bother picking individual stocks, thats all about luck in my opinion...Just buy an Index like the S&P 500 and hope it goes up for the year

Ding ding ding

 

[flyny]

Thank you NT...New Question (keep the answers coming)

 

[freakydestroyer]

Originally Posted by GRyPR33

Originally Posted by bkroc915

don't bother picking individual stocks, thats all about luck in my opinion...Just buy an Index like the S&P 500 and hope it goes up for the year

Ding ding ding

if it's that easy we'd all be rich

 

[iceberg slim]

Originally Posted by bkroc915

don't bother picking individual stocks, thats all about luck in my opinion...Just buy an Index like the S&P 500 and hope it goes up for the year

This is what I always get told from the investment banker that I know

Read this book. It it simplifies the whole thing as much as possible

Originally Posted by freakydestroyer

Originally Posted by GRyPR33

Originally Posted by bkroc915

don't bother picking individual stocks, thats all about luck in my opinion...Just buy an Index like the S&P 500 and hope it goes up for the year

Ding ding ding

 if it's that easy we'd all be rich 

You gotta have enough to put into it which damn near no one has

 

[scientific method]

You get banned for like 7 yrs?

Anyways, starter credit cards all have %!+$ interest rates so you have to make sure you always pay it off before the end of the month or whenever payment is due so as not to incure any fees. It shouldn't be hard because it is going to have a low limit anyways, probably 250. My first card was by First Premier, now I got a Capital One which is only slightly better but they report to all 4 bureaus which helped me build my score up quickly so I could buy a house

 

[iceberg slim]

Yeah my first credit card has a ridiculous interest rate. 26.99% but I have a 2k limit.

 

[eaalto]

Spend a credit card like you would cash. American Express Blue Cash. I usually average around $600-$800 in cash back a year and I don't pay a dime in interest. Keep your money in an interest earning account and pay your bill on the due date.

It's not a lot, but I earn 2.5% on my money in my checking account, and probably get a blended 3% or so for cash back on my credit card. In the end I get at least $700/year just for how I manage/spend my money at zero cost to me.

 

[snake201]

Saving for later.

 

[odog24]

im also interested in building credit

 

[dakid23]

which bank are you with?

 

[solegit08til]

Originally Posted by eaalto

Spend a credit card like you would cash. American Express Blue Cash. I usually average around $600-$800 in cash back a year and I don't pay a dime in interest. Keep your money in an interest earning account and pay your bill on the due date.

It's not a lot, but I earn 2.5% on my money in my checking account, and probably get a blended 3% or so for cash back on my credit card. In the end I get at least $700/year just for how I manage/spend my money at zero cost to me.

qfmft

take notes brethren, this man is doin it right.
and stay under 1/3 of your credit limit.