Thread: Investing 102
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Old 12-12-2011, 07:46 PM
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pw2006 pw2006 is offline
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My OCD probably started when I was 12 years old drooling over cars in Super Chevy magazine. I soon came up with a plan, got my first job when I was 13, bought a junked 71 Nova that year and rebuilt the entire car in our barn over the next 3 years. I paid cash for the car, bought parts after I saved enough money and did nearly all the work myself (except when my dad heard me cussing and throwing tools, he would calmly come in, help me fix whatever I was stuck on and tell me to ask him for help if I get stuck again, then he would leave). I had it ready on my 16th birthday and man was I proud of that car...but I digress.

Sounds like you are heading in the right direction. I do all of my own investing, watch CNBC, read financial magazines/books, joined motley fool years ago and have some close friends that I discuss the market/stocks with. I hate debt. I maintain a net worth spreadsheet that also includes my annual financial targets/goals and a 10 year forecast. I still update it weekly(except when I am on vacation). Yes, I have OCD, especially when it comes to family, money and cars. We also try to stretch our money as far as possible by searching for deals on quality items and are not shy about using coupons/discount codes whenever possible.

Nowdays, whenever I hire a new grad, I give them the following advice...max your 401k and ESPP contributions, save a portion of any bonus received and target some of that bonus money for fun, establish a budget that looks out at least a year and build an emergency savings account with ~6mths of expenses. Find a good doctor and pay him a visit each year, being healthy has a very positive impact on net worth.

If you haven't opened a brokerage account, you should look into Schwab. They have a lot tools (online and people) to get you started without any sales pressure. They also offer free seminars to customers (investing 101, intro to options, adv option strategies, etc) that are pretty good. Since Christmas is around the corner, here are a few books that you might find interesting: Warren Buffet's biography, The Millionaire Next Door and The Richest Man In Babylon. So many ways to spend it, so few to make it. I'm sure others will pipe in, but that is my 2 cents.
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