Money Talk....

socapineman

JA Soca Ambassador
10 Things Your Credit Card Company Won't Tell You



http://www.smartmoney.com/10things/index.cfm?story=january2006



Pay close attn to # 5 , if you have a debit card that is linked to your checking...you are only setting your self up ....the smart thing to do is to play with their funds...


I told Chase a few years ago to keep their debit card, just send me a ATM card.... I don't need a mastercard logo my my debit card..... if they rob you on a debit card...IF you want to talk about drama....see how faST THAT Cash GO BACK INTO YOUR CHECKING ACCT.
 
Last edited:

trinidarkie

Registered User
socapineman said:
Ok... I fully agree with you on # 3, you have to start sooner...than later, yes compounding interest is a wonderful word to learn.



Now re : getting a Financial advisor.... I would not fully disagree with you, but i like what Suze Orman http://www.suzeorman.com/ have to say about that " You are looking at the best advisor in the mirror. "


With the internet now there is no reasons why anyone should not be able to make sense out of what is an IRA, 401k, saving acct, FDIC.... I mean these are things we need to know ...where we can pass on these to our child/ren. Furthermore advisor or not you need to know something so you can judge if they know what they are talking about or if they are only driven by " fees. "
Don't get me wrong I like Suze Orman a lot and I think she is good and funny as hell at the same time and I think it is very important for everyone to have a full understanding of their investments, but access to the internet isn't going to get you

1) Access to securities that only institutional investors have access to.
2) Access to some funds where you need to drop a few hundred thousand to participate in. Which generally are the very high yielding ones hence the reason the rich keeps getting richer.
 
Last edited:

.

L O S T
socadahlin said:
Socapineman, hats off to you for starting this thread! I'm really appreciating what I'm reading so far although I must admit that I am unfamiliar with some of the terms but hey...that's why the internet is out there to help. So I'll catch up on those. I'm not making much money at all right now but I have started seriously thinking about these kind of things because I really want to start out early and have better returns later when it will count even more. So to y'all money heads....carry on please! :read:
likewise.
 

Fryplantain

Doing it my way
Wonderful thread. Good information and ideas I never thought about. So do you have any info for full time students who make a sorry income and have a stipend ever so often. I have the Suze Orman book but, she telling me things I already know and doing. I looking to diversify and move on up. And is it wise for me to get a financial advisor even though i am a lowly student?
 

trinifrombx

Registered User
Fryplantain said:
Wonderful thread. Good information and ideas I never thought about. So do you have any info for full time students who make a sorry income and have a stipend ever so often. I have the Suze Orman book but, she telling me things I already know and doing. I looking to diversify and move on up. And is it wise for me to get a financial advisor even though i am a lowly student?
Start here : http://www.fool.com/school/basics/basics.htm

You are better off learning about thses things. FP are not the best way to go unless you have some serious money, estate issues where you need real help. If you are just starting out in saving or investing, ask questions, read, the key is to read !


http://www.fool.com/fa/finadvice03.htm?source=fa01
 

trinifrombx

Registered User
socapineman said:
I hear that... but on the serious...are you taking part in the boom... ?

Yes upstate is a buy you can sit on a lot for 10k to 20k .....make sense if you have the capital.


right now I am sitting on something in south Philly...getting ready to hit north....

Would you buy a coop in NYC now?
 

trinidarkie

Registered User
trinifrombx said:
Start here : http://www.fool.com/school/basics/basics.htm

You are better off learning about thses things. FP are not the best way to go unless you have some serious money, estate issues where you need real help. If you are just starting out in saving or investing, ask questions, read, the key is to read !


http://www.fool.com/fa/finadvice03.htm?source=fa01
You do not need serious money to get a FP. That claim is completely unfounded. I think that the reason rich ppl keep making money is because they use all available tools.

I know college students who make monthly payments of $100.

A lot of ppl are also not aware that many times you do not have to pay their fees, the fund does.

It does not hurt to look into it, your first consult is free so you can choose to not do it after all their cards are on the table. There are many Charles Schwab, AG Edwards etc.
 

trinidarkie

Registered User
socapineman said:
But keeping it real....a mutual fund with a yield of 3% even prime if you are lucky.... on a $1,000 investment in your 30s 0r 40s does it make sense to receive $30 dollars in cash ( as income payment ) VS. reinvesting that dividend payment ?
Again it will depend on your risk profile. Some ppl are just more cautious.
 

iPicong

New member
trinifrombx said:
Would you buy a coop in NYC now?
In my opinion if that i what you can afford then get it. To me NYC is a coop haven, there is always a steady need for housing. People are scared of coops because there is a common feeling that they are hard to get rid of. But if you look at Brooklyn most of the buildings are coops, not condos. If you getting one for a good price and the maintenance fee is not out of control, then I think its a good move. You going to get some sort of tax write-off and build some equity, as opposed to just renting and taking care of the land lord.
 

socapineman

JA Soca Ambassador
trinidarkie said:
You do not need serious money to get a FP. That claim is completely unfounded. I think that the reason rich ppl keep making money is because they use all available tools.

I know college students who make monthly payments of $100.

A lot of ppl are also not aware that many times you do not have to pay their fees, the fund does.

It does not hurt to look into it, your first consult is free so you can choose to not do it after all their cards are on the table. There are many Charles Schwab, AG Edwards etc.


You really pushing these FPs...huh..lol, personally I find they clueless !



That is the point, most sales ppl, Insurance agents, FPs, etc. have a vested interested to put you into a specific product that is " load " where they charge a comission up front or an insurance product where the comm. is more for this product vs. the next...



My point in all of this is that unless you have a lot of loot or you can't read or you just don't care about knowing about your funds or you have an estate problem....then I can see where they would come in...either way I wouldn't use one....at the end of the day I am going to need an Estate Atty to set up trusts, all the legal stuff they can't do anyway....so i might as well understand what is going on with my funds !



8 things your financial planner won't tell you


http://moneycentral.msn.com/content/Retirementandwills/Createaplan/P34210.asp
 
Last edited:

socapineman

JA Soca Ambassador
Fryplantain said:
Wonderful thread. Good information and ideas I never thought about. So do you have any info for full time students who make a sorry income and have a stipend ever so often. I have the Suze Orman book but, she telling me things I already know and doing. I looking to diversify and move on up. And is it wise for me to get a financial advisor even though i am a lowly student?

Re : Suze, I love her program, now you might think that some of her advice is elementary, yes you are correct, but you have a lot of clueless ppl. who just don't know.

What I like about her is that unlike FPs, Stock Brokers, Insurance Agents, etc... she is not pushing a product, she is just speaking about finance in a simple term.... priceless trust me.


Re : FPs or FAs....Well I have no use for them...since you are a fan of Suze Orman you of all should know that the Best FP is looking right back at you in the mirror, trust me this stuff is not complicated at all, now if you want to talk about derivatives, call options, currency trading, long the stock, short the option....then i would agree with you , what you don't know or understand just ask....




Now where should you start right at this site :

http://www.youngmoney.com/index.php


Young Money, numerous articles on life, money, finances, etc.... check it out let me know if find the info helpful.


Peace.
 

trinidarkie

Registered User
socapineman said:
You really pushing these FPs...huh..lol, personally I find they clueless !

That is the point, most sales ppl, Insurance agents, FPs, etc. have a vested interested to put you into a specific product that is " load " where they charge a comission up front or an insurance product where the comm. is more for this product vs. the next...

My point in all of this is that unless you have a lot of loot or you can't read or you just don't care about knowing about your funds or you have an estate problem....then I can see where they would come in...either way I wouldn't use one....at the end of the day I am going to need an Estate Atty to set up trusts, all the legal stuff they can't do anyway....so i might as well understand what is going on with my funds !

8 things your financial planner won't tell you

http://moneycentral.msn.com/content/Retirementandwills/Createaplan/P34210.asp
LOL, I ent pushing nothing because I have nothing to gain. I am just giving some advice that I think is good.

I do have friends who are financial advisors but they deal mostly with high net worth clients so even for them to start talking to you, you must have 1 million to invest. So believe me I am not here trying to get them business.

They will be the first ones to tell you that everyone thinks they can be a financial advisor. Yes, knowing about assets etc is funadamental but unless you have the tools to properly use your knowledge, really it amounts to nothing.

It is not that I cannot read or do not care about my money... as a matter of fact I have a degree in finance, I work with investments everyday. I could invest my own money because I know what to look for, how to calculate yields blah, blah, blah. I read the Wall Street Journal so I could tell you the stocks and mutual funds that are performing well.

But most ppl do not take into account that the Wall Street Journal is old news. I will only find out about pulling my money out of somewhere when the entire market knows, most likely resulting in me taking a bigger loss than someone who has a portfolio where there are analysts watching the market and speculating.

Can you make money investing on your own..sure you can. But would you have access to IPOs that have 500% returns in a matter of months? No, because generally they are only offered to insttiutional investors, which is why there was the big hoopla about Google.

Anyway this is turning into a book so I gone, to each his own.
 

socapineman

JA Soca Ambassador
Trinidarkie ;

I hear you...note that comment was not for you... I was speaking in general, I would not insult or try to insult you in a forum like this :


" It is not that I cannot read or do not care about my money... as a matter of fact I have a degree in finance, I work with investments everyday. I could invest my own money because I know what to look for, how to calculate yields blah, "




So don't think that was for you.... but again read what you wrote....the key to giving info is to know your audience correct ? So the 1 million to invest in I don't think come into play.... I gather most on here is trying to get to first base or trying to clean up their credit.


Now re: IPOs ( initial public offerings ) the first time shares are offered to the public for sale in a company...hence the company becomes " listed " on a major exchange such as NASD, NYSE, etc.

don't buy into the hype, in order for a broker to flip you or place you into a stock that popped 500% on the open....you more or less have to funded his first born kid college fund...or giving him mad commission....again I don't think that will apply here for most.....
 
Last edited:
Top