Quote:
Originally Posted by frankv11
Well this is one subject I know nothing about but really interested. I would like to purchase some long term stocks and not interested in trading. What should be my first step?
Maybe Greg can have a crash course on investing and how to use some tools
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First step is to "SAVE" some money. Nobody can just save a hundred grand... but if you start saving $200 a month - that is $2400 per year! And if you read my example above -- you'll see that can grow into a hundred grand OVER TIME.
I tell my kids -- if somebody gives you $100 bucks for a gift. Blow half - and save half. BTW -- "Saving" is not saving to spend.... that is a different bucket.
If you need to save to spend (buy something) make that a different account. Save $100 a month - 50 to buy something - and 50 for REAL savings so you'll have money when you need it most. If you get a raise - or a bonus - SAVE IT.
The key to all of this -- is once you actually accumulate some savings -- you'll be amazed at the mind set CHANGE you'll see. You just won't want to piss it away - it takes some work and sacrifice to save - and all of a sudden you have 10 or 20 grand - blowing it on that new truck just doesn't seem to be as good of an idea. It becomes very satisfying to have "some money".