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Originally Posted by GregWeld
See how simple most of this is?? Seriously... you don't have to have half a gazillion dollars to open accounts or invest.... you just have do to a minimum amount of searching and talking to people and make a couple phone calls...
I can tell you that I post my dividends on occasion for no other reason that to keep the interest going. You know people LOVE seeing what everyone else "has" ------ but I get a kick out of seeing people that I know two years ago didn't know a dividend from a postage stamp --- post up that they just got a dividend!! Yeah --- it might barely be enough to buy dinner -- but it comes 4 times a year --- and is buying them more shares... So the snowball has been FORMED. You guys have no idea how proud that makes me!
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and Greg you should be proud, it's got to be a real kick seeing people get inspired!!
NOW having said that, so I open up an account and dump a chunk of my "recent windfall" into the Brokerage account.........that's where I fall off the "edge of the flat earth" .. I mean UNCHARTED territory!! I don't have a freaking clue how to actually pull the trigger on the actual first stock purchase. I assume the easiest thing to do is to take a check with me to open an account at my local Schwab branch and let a Schwab rep guide me through it.
and then there are taxes - and I remember reading this Weld-ism
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So let's use this as an example. BE CAREFUL about taxes! If you bought at 2 and sold at 10 -- within ONE YEAR AND A DAY - you'd OWE regular income tax rates on that GAIN.... but if you held it ONE DAY AND A YEAR - that becomes LONG TERM CAPITAL GAINS and is max tax rate of 15%
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I don't plan on selling any shares in year, but how do you handle dividends? I'd want to reinvest the dividends into more shares, but obviously in the beginning you'd have to bank those dividends (in the Schwab Checking account earning some interest) along with payroll deposits until there is enough $$ for more shares. Surely you're taxed on the dividends as gains right?
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Originally Posted by Sieg
In total jest Gentlemen......... realistically Greg's little thread is the best thing I've ever came across on the internet. Thank you  
Thankfully I was programmed in a manner that's allowed me to resist the temptations and capitalize on much of the investing advice. In a very small way compared to many, but I'd guess much better than the majority. 
I don't know about the Filet Mignon..........thankfully I love a good fried Spam sammich!  |
I love me some Spam sammich...... Comfort food going back to my childhood!!