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Originally Posted by Track Junky
Just wanted to say thanks Greg for providing all of this great information. I've been plugging in and out of this thread. I have never dabbled in this sort of thing and may give it a try.
Forgive me if you have already mentioned but what would be the first steps for someone that is new to this?
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First step is to open a discount brokerage account -- I use Schwab which is why I mention them - because it's what I know. I have accounts at many different places but this is the one place that has all the research and info etc that is user friendly. You can (as I do) have several DIFFERENT accounts at one brokerage. SO you could have an IRA as one account - and you could have a separate account for just "savings/investing" - and another one in a joint account with your kids for college savings/investing etc. And a secret one for car parts/track fees...
Once you have an account established -- and funded (as little as $500? I'm not really sure what the minimum is) then you can BUY a stock or two stocks. If it's a small amount - say $1000 or under - I'd just buy ONE stock.... and then you can save up and buy another when you have another 500 or 1000. If you have 10,000 to start - then I'd buy 5 stocks @ 2,000 each and so on. If you have 100,000 then I'd buy 15 to 20 stocks/ETF's and you'd have your very own mini mutual fund - but it would be without the "expenses" the funds have and would probably have a better return!
Schwab people will walk you through this process should you require it. You can actually go to one of their offices and use their computers and have someone look over your shoulder should you need it.
If you go back through this thread -- I've given some pretty good names which I've also shown the growth rates (5 year?) and the dividend %'s on. Pick a couple from there - or compare them with similar names. My point all along has been that this is super easy to do and all it really takes is to just get started.
I need everyone on here to get rich like Charley - so I have people to race with in our old age!
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