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11-30-2011, 10:33 PM #21
Thanks to everyone who has contributed to this thread. It helps a lot and I truely do appreciate all the advice and help given. I have already sold my NFLX stocks a few days ago and glad I did. I have invested in two other ones so far, and they're doing well at the moment. Made back some money from the loss of NFLX.
Shawny, thanks for your posts and I understand I am making many mistakes. I'm sure I will continue to do so, so I will try to learn as much as I can and minimize mistakes in the future.
Bulls, thanks for your continued support here and I will be contacting you shortly.
M6, I will also be sending you a PM, thank you as well for your help."I think we're here to fvck shit up." -Joe Rogan
"There are only two opinions in this world: Mine and the wrong one." -Jeremy Clarkson
12-01-2011, 12:59 PM #22
what the heck is an FC?Kunal Desai
12-01-2011, 01:02 PM #23
12-01-2011, 08:10 PM #24
If you decide to hire anyone, make sure they are certified, and are fee-only. This way, they will have your best interests in mind rather than their own commission.
From your original post, it's hard to tell exactly what you want. I can't decide if you want to invest for the future, or want to try to get rich off the market in a short period of time. You can't beat the market, and you can't time it. Some have gotten lucky, but it doesn't last forever. I don't recommend trying your hand day-trading, not only because broker fees will eat up part/most of your gain, but also because it's risky. If you do decide to go for it, make sure you know what you are getting into. It is certainly possible to profit, no doubt about that, but you have to have your stuff together and know what you're doing.
If you just want some basic pointers on where to start as far as basic finance/investing, I (along with most personal finance gurus) would say:
Get rid of all debt
Establish an emergency fund (some say $1000, some say 3 or 6 months of expenses)
Contribute to 401(k) up to your employer's match
Max out a Roth IRA
Max out 401(k)
And then, after getting your necessities in order, perhaps you can spend any leftover/play money on trying to beat the market? This kind of stuff is my hobby and soon to be career, so if you have any more questions, feel free to ask. And I'd like to hear others' opinions too, I know this isn't the plan everyone else operates on (kunal00 obviously has a different mindset from me, and he appears to know what he is doing, and I respect that), but it is a plan easy enough for anyone to follow if they don't know what else to do or where to get started.
Also, for more detailed ideas and help with finances (particularly retirement-related, but open to other discussions as well), I suggest visiting Bogleheads Forum. Everyone there is very welcoming, open-minded, and willing to share valuable information and experience with new users.
Last edited by Dr. Handsome; 12-01-2011 at 08:22 PM.
12-01-2011, 09:28 PM #25
^ Very good advice!
12-01-2011, 10:25 PM #26
Pheew, NJ seems to have quiet a few excellent (and valuable) FC's.