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Old 12-06-2006, 05:15 PM #22
trilogykid23
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And what happens when you leave/get fired/laid off with that employer?

(What's a 401k account?)
It can stay with you, and you can get it when you retire, OR you can withdraw it but take a penalty for it.

e.g.

You have 1000$ in it, they will penalize you $400.
You get $600 dollars back
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Old 12-06-2006, 05:17 PM #23
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Big companies like Disney, Microsoft, etc. have already peaked and will have little to no growth. If you wanna make money, invest in penny stocks.

Also invest alot while you're young because if by any chance you do lose money you have another 50 years to get it back.
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Old 12-06-2006, 05:17 PM #24
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Originally Posted by trilogykid23 View Post
It can stay with you, and you can get it when you retire, OR you can withdraw it but take a penalty for it.

e.g.

You have 1000$ in it, they will penalize you $400.
You get $600 dollars back
Ahh, that's the bank account my teacher told us to put it in, so if we did take it out, it would be a bad move.

Quote:
Originally Posted by FlashZ33 View Post
Big companies like Disney, Microsoft, etc. have already peaked and will have little to no growth. If you wanna make money, invest in penny stocks.

Also invest alot while you're young because if by any chance you do lose money you have another 50 years to get it back.

Everybody mentions penny stocks, what are they?
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Old 12-06-2006, 05:19 PM #25
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Originally Posted by LiquidSpeed View Post
And what happens when you leave/get fired/laid off with that employer?

(What's a 401k account?)

Its still your money. You can keep the account open but your best bet is to roll it over into your new employers 401k plan or into an IRA.

A 401k account is a retirement plan offered by many employers that are run by financial institutions. You are allowed to have a specific dollar amount or percentage of your paycheck withheld PRE tax. Up to $14k a year. And usually your employer will offer to match up to a certain dollar aount or percentage at the end of each fiscal year.

The financial institution will offer different places your money can be invested (mutual funds/gold/tech stocks) your money will apperciate with over time and you are able to withdraw from the account without penalty when you turn 65. You can draw from it before you turn 65, but you will be heavily taxed on it. You can also use your 401k as collateral on a loan or as reserves (which are needed to finance a home).

Your best bet is to start as young as possible, with as much as possible. And also to be more aggressive in the options the financial institute is offereing at a younger age.
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Old 12-06-2006, 05:21 PM #26
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Penny stocks are high risk stocks... usually are associated with companies that are just starting out.

Look it up on Wikipedia. I don't really feel like giving a definition.
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Old 12-06-2006, 05:24 PM #27
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http://www.allstocks.com/pennystocks/

help any?
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Old 12-06-2006, 05:31 PM #28
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screw a savings account and screw when you turn 21. As soon as you are working and over the age of 18, open a 401k account through your employer. If they dont offer 401k, then open an IRA account. An IRA will allow you to deposit up to 2000 - 2500 a year. which is between 165-210 a month. Your account will yield much higher returns than a savings account. In the 6-8% range whereas a savings account will bring you 3-4%


you know whats better than that a roth ira because you pay taxes when you put money in but you dont have to when you pull it out
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Old 12-06-2006, 05:37 PM #29
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you know whats better than that a roth ira because you pay taxes when you put money in but you dont have to when you pull it out
Didnt quite get it?
Please try again lol, and grammar and spelling this time, make it a must!
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Old 12-06-2006, 07:36 PM #30
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Yeah, come on guys. Don't screw this forum up with unintelligent posts.

Fixed for grammatical reasons.
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Old 12-06-2006, 08:36 PM #31
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Quote:
Originally Posted by trilogykid23 View Post
When I traded penny stocks I always had good guaranteed profits using the jump on the next day. Say a stock has large growth at the end of the day, it will typically grown a little bit more the next day in the first few hours then there will be a massive sell off.
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Old 12-06-2006, 08:48 PM #32
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When I traded penny stocks I always had good guaranteed profits using the jump on the next day. Say a stock has large growth at the end of the day, it will typically grown a little bit more the next day in the first few hours then there will be a massive sell off.
Seen it happen often, but not an always though.
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Old 12-07-2006, 01:29 AM #33
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you know whats better than that a roth ira because you pay taxes when you put money in but you dont have to when you pull it out
Pretty sure you dont pay taxes on the money you put into a Roth IRA. You however cant claim it on your taxes, but when the time comes to start pulling money out its tax free. And i think that time is after 58 or something like that.

Correct me if im wrong.
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Old 12-07-2006, 01:43 AM #34
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Associate Stock Purchasing plan if you're job has one. That will allow you to buy shares in your company for a discounted price, which pretty much is giving you free money.

Save some money and get a 6-10 month CD. They have amazingly high Interest rates, and if you're young, you won't miss the money. You don't need much, only about 1,000, and you can get returns as high as 7%
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Old 12-07-2006, 07:56 AM #35
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I've been debating on buying a CD, I don't know like which one I should buy (3 month, 5 month, 1 year.) I don't really buy alot of things, right now I have all my cash from working for the past year in my bank account hardly making any interest.

So what do you guys think I should do? Also, if you say I should get a CD, how much money should I put in it?


EDIT: I'm in the Finance magnet at school and have been learning to deal with stocks and things, aswell as invest money, just figured I could get some other point of view.
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Old 12-07-2006, 11:11 AM #36
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1. Consistency in the market always prevails. A long term strategy that has a long term focus will yield higher returns than trying to ride the trends of the market.

2. Buy and hold. When you purchase a stock you are a part owner in that firm. You shouldnt purchase a stock strictly for a quick short term gain you should examine all aspects of the firm to see if you truly believe in their business model.

3. Ethics. Ethical decision making will always prevail over poor ethics. While cover ups and scams may create short term wealth the collapses are tremendous, and not worth the short ride up.

4. Invest in what you know. If you invest in things you have knowledge or experience about you will be more properly able to evaluate the possibility of success. Whereas if you have no idea of what the business does then it will be very difficult.

These rules have been loosely based off of Warren Buffets core values and rules for investing.
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Old 12-08-2006, 03:38 PM #37
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1. Consistency in the market always prevails. A long term strategy that has a long term focus will yield higher returns than trying to ride the trends of the market.

2. Buy and hold. When you purchase a stock you are a part owner in that firm. You shouldnt purchase a stock strictly for a quick short term gain you should examine all aspects of the firm to see if you truly believe in their business model.

3. Ethics. Ethical decision making will always prevail over poor ethics. While cover ups and scams may create short term wealth the collapses are tremendous, and not worth the short ride up.

4. Invest in what you know. If you invest in things you have knowledge or experience about you will be more properly able to evaluate the possibility of success. Whereas if you have no idea of what the business does then it will be very difficult.

These rules have been loosely based off of Warren Buffets core values and rules for investing.
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Old 12-08-2006, 03:42 PM #38
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Quote:
Originally Posted by DK Radar View Post
I've been debating on buying a CD, I don't know like which one I should buy (3 month, 5 month, 1 year.) I don't really buy alot of things, right now I have all my cash from working for the past year in my bank account hardly making any interest.

So what do you guys think I should do? Also, if you say I should get a CD, how much money should I put in it?


EDIT: I'm in the Finance magnet at school and have been learning to deal with stocks and things, aswell as invest money, just figured I could get some other point of view.
Well,
-How long can you be without your money?
-How much money can you be without?
-How much money do you have?
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Old 12-08-2006, 06:10 PM #39
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After scanning this thread I've yet to read the best option "Mutual Funds"

My 401k is divided up into 2 mutal funds and a few % are in money markets but I need to pull those.

$15k in retirement already
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Old 12-08-2006, 07:51 PM #40
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ETF > Mutual Fund
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