The people that I know that have the most --- have saved FIRST before anything else. They started this EARLY in life and now the compounding is coming home in spades.

I don't want this thread to become personal -- that's not my goal or intentions. I'm not a professional advisor - I'm just a hot rod guy. BUDGETING is a 'nother discussion and I really can't help you with that one.

Hopefully I'm not out of line butting in with a suggestion:
You're not alone, most of us don't save enough and have the ability to save more. Consider developing a household budget and involving everyone in the process is a good first step. That will get the household members thinking along the same lines and may create a team focus. Then discuss funding family and individual wants vs. needs vs. savings. Using pie charts may be the simplest method to develop the plan(s). It will take a little planning and salesmanship but the lessons learned and the resulting savings it may pay good dividends. :thumbsup:

So, Greg, overall you're happy with your Charles Schwab online account?

Right now I have a Merrill Lynch account, because that's what the state says I have to have. I'm doing very well in it, and as long as the governor doesn't get his way I will be able to buy service credit and retire with 72% of my salary at 55, or 90% at 60. I have a 457 plan that lowers my pretax liabilities and doesn't have any penalties for early withdrawal. I still haven't desided weather once I start maxing out my 457 if I should continue to invest in stocks, or amortize the hell out of some real estate.

Someting tells me years from now, ill look back on this with a wife and kids, and think "man, I used to have money!" :lol:

This is an awesome thread ..... one that I am enjoying and learning from. It's right up there with the "12 Gauge Garage" in addiction rating!!

My 401K is in a mutual fund, and I have a couple of small annuity accounts - one each for my wife and I. The stock market has always seemed so complicated, mostly due to the input from the few friends that I have who buy stocks. I've thought about opening an stock account for years, but have always been too intimidated.

I've looked thru the Schwab and etrade websites and setting up an account seems pretty straightforward. $1K minimum to open the account, and it seems like you're off and running.

So, Is it really this simple?

It's $8.95 for every trade. Does that mean that every time I add $ to my account to buy more stock, it costs me $8.95? Or is a "trade" only selling a stock?

I think that I read that there is a minimum number to trades that I have to complete on a yearly basis?

Again .... really that simple? Choose a known stock with increasing value over the last 10 years and hop in the game?

Where is the magic? :_paranoid

Yep -- it's that simple!

A "TRADE" is a buy or sell.... but once you buy something... there is no more cost.

It cost you NOTHING to put money into your account.

The thing that I've been preaching is to just buy good quality names - that pay dividends - re-invest the dividends and DON'T try to be a trader! Don't try to hit the lottery by buying the next "hot stock"... You can do that IF you have lots of money and lots of skills and lots of experience. We're talking SAVINGS here - retirement savings - long term savings.... not trading stocks. Not a get rich quick scheme. Just straight forward save and have the power of time compound your savings.

The big difference between a "savings account" (money in a bank savings account) and stocks is that you don't want to be taking money in and out of stocks. SO.... you have a "savings account" and when you have "enough" in there that you're comfortable with - then the 'extra' should be invested. You don't want to put all your money in stocks - and then not have any savings (ready cash). That would be wrong. Even I don't do that. :wow:

@billscamaros
Regarding Schwab I've been very satisfied with their web services. For over 10 years I've used their services for stock managment, trading, checking, on line bill pay, and over-seeing our company's profit sharing plan which is managed by a professional firm. Very good site architecture with a multitude of tools and sound advice. My only inconvenience is my local branch doesn't take cash deposits.

I think this is very sound advice on achieving what I call Balance. It's never easy, but what you've suggested is perfect. If everyone has the same goal and pulling in the same direction things come a lot easier and quicker. It also allows you to help keep each other in line with your spending.

This is some great info! Greg, thanks for sharing some great stuff as you can do with it with experience and knowledge. Most people would probably charge for the information you gave out.

Between investment knowledge and the work progressing on "BUBBLELICIOUS" I don't see how Greg sleeps and I see how Rodger became a millionaire..........wait.......or is it vice-versa??................lol..........jim :rofl: :rofl: (Seriously Greg, we are all learning alot and we thank you)

Welcome Jim!

Hey -- I like the Bubbleliscious... but I'm not painting it pink!:D