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Relocating this as I think I posted it in the wrong place first time.
I really dont know the first thing about investing. I have a small amount of cash in some savings account with Mutual of America, I think its a 403? Anyhow, I am thinking of investing that little sum as I have never invested before and have read that any investing is better than delaying building some savings. At 35 I think I should start thinking about this! However, with whats happening with the economy, is no one in their right mind investing right now? The rep at Mut. was telling me I could do some diversified thing where a little goes here and a little goes there and since the money is spread out its safer and more likely not to lose your money.
Anyone can say if this is just a ridiculous time to invest and, if not, should I do what this guy is suggesting? He says he doesnt work for commision and therefore is not trying to make money with my money. Thank you!
I really dont know the first thing about investing.
Short answer: then do not. An investor with green money who does not know the first thing about investing is a teenage girl walking through a maximum security prison's yard in a halter-top--when the guards are all busy.
Short answer: then do not. An investor with green money who does not know the first thing about investing is a teenage girl walking through a maximum security prison's yard in a halter-top--when the guards are all busy.
Man, you sure like these rape and sex analogies when talking about investing.. lol
Man, you sure like these rape and sex analogies when talking about investing.. lol
That's because they fit and they get the message across. I see people saying 'I want to invest in XYZ but I really don't know anything about investing' and I think, 'Man, are you going to take a hosing.' Some of the worst people in the whole world of investing are utterly dependent upon naive, credulous investors who actually believe that you can trust someone because he's wearing a suit. I suppose I could always use mean streets gang analogies, or analogies to warfare, but neither is an experience everyone really understands. Sex is an experience most people do understand.
LOL! excellent analogy, you did get your point across! Thank you
Quote:
Originally Posted by j_k_k
Short answer: then do not. An investor with green money who does not know the first thing about investing is a teenage girl walking through a maximum security prison's yard in a halter-top--when the guards are all busy.
Some of the worst people in the whole world of investing are utterly dependent upon naive, credulous investors who actually believe that you can trust someone because he's wearing a suit.
Well, I can give you some advice, but first let me take off my suit!
Just choking...I don't wear a suit.
Your investment advisor is correct: spread your money over a few investment ideas to diversify. But, it depends upon how much money is being considered. If a small amount is, say, $3,000, then yes you could put $1,000 into each of three ideas. But if a small amount is $300, then that does not make sense since the broker fees will be a quite large % of the amount invested.
So, the best thing to do is to send your money to me at:
Teak's Retirement Fund Investment Group, Ltd. (strictly limited!)
111 Crooked Motives Blvd.
Tax Shelter Bay, Panama 88888
Seriously, at 35 you should be investing outside of your pension or 401(k). I would recommend thinking of this outside account as your own personal portfolio that you control.
Avoiding fees is one way to grow your wealth, in fact, if you read through the many thread topics you will see some good and free advice about building your own portfolio. It starts by noting that people with suits and business cards are mostly in the business of growing their own wealth. Thus there is this divergence of interests: yours versus theirs.
Open an account with an online broker (Charles Schwab, E-Trade, Scottrade, Ameritrade) and begin to build a portfolio one company at a time. At 35 you do not need instant diversification; you build that up over the next 10-15 years. Determine which sectors you want to be in, e.g. consumer staples, energy, materials, commodities, etc., and then begin to build positions in those sectors over time.
Last edited by Teak; 07-06-2009 at 08:37 PM..
Reason: correction
I think Teak has a good idea. I would read up on MSN Money, Motley Fool, Bloomberg, Charles Schwab and other websites to educate yourself. Park your money in a money market or 3 month CDs at a discount broker until you feel comfortable investing it somewhere.
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