Re: OT: DOES ANY ONE KNOW ANYTHING ABOUT INVESTING

Posted by Jim in NC on August 25, 2006 at 19:19:49 from (172.161.229.235):

In Reply to: OT: DOES ANY ONE KNOW ANYTHING ABOUT INVESTING? posted by forklift on August 25, 2006 at 17:53:11:

You can learn to do it yourself. Go to your public library and look through financial magazines. I take only one, Kiplinger's. Learn the different investment tyoes and how they work to see what may be the best for you. Talk to your friends about it and see if they can recommend someone for you to talk with. A fee- only financial planner, one who charges for his time may be a good way to go to get ideas. Most of them do not sell investments. There are plenty of good no-load(no sales charge) mutual funds out there. The brokerage firms and stockbrokers won't tell you about these because they can't sell them and make a commission. There are companies that will let you set up accounts with little or no expense. Your bank, if you use one, probably offers investment services. You can always get info from these folks and see what they offer and suggest for you. You can use these sessions as learnig experiences. You do not have to set up accounts with them. If you have to start with a small amount of money, they probably will not want your business anyway. I think there are still some mutual fund companies that will let you open an account if you will let them withdraw $50 a month fron a bank account. In this field, the more knowledge you have will benefit you greatly. I started looking into this about 20 years ago. I told the wife that we had to do something for our future other than cds and savings accounts. WE could not depend on them and social security. If a broker approaches you with a really hot investment, ask he/she if they own it. If not, walk away. I do not like insurance company sold investments. The fees are high compared to many mutual funds and the rewards are not as good. If you need insurance, buy term life. You need to consider tax consequences when making an investment. Some gains will be taxed as income while some will have capital gain rates which are often lower. Sorry this is so long, but you have to be willing to take some risk to be rewarded. The more knowledge you have, the more you can protect yourself. Yes, I have messed up and I have picked some good ones. I am still ahead of the banks. Sorry this is so long. There is plenty of info out there. Best of luck!

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