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Old 03-08-2011, 08:04 PM #1
Noob Baller123
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Money Questions

Sorry if I lack investment/financial grammar but I need some help with my questions.

1. Finally landed a good paying job. I have learned the hard way that spending money as soon as I get it isn't the best idea. I would like to change that. I want to take a month or so of my paycheck (1300 a month/2600 2 months) and do something with it. I want something that I would eventually yield some decent gains. I want to be able to add LATER to that account if I wish, not withdraw. What would be the best bet? CD accounts? I want to put it into the account and forget about it for years when it's time to buy a house I would like to have a good chuck of change to work with (10 years or so, am currently 21).

2. Currently I bank with Wells Fargo. They always remember me as soon as I walk in. I like that a lot. Seems like a great bank. I've been with them since 2007 and they have treated me well. Is there a better bank out there that I would have better rates, and what not with my checking/savings accounts? I mostly have a PNC (national city), Chase, Midwest America federal credit union, Wells Fargo and Star financial.

3. I currently have a car loan through Midwest America. I have paid a good chuck of it off (was a 14k loan, have 7k left). Should I see if I can get it refinanced? I think my interest is around 10%. I can't remember right now since i'm not at home.

4. Penny stocks. I was looking at them and was thinking about putting in maybe 100-200 bucks and trying it out to see what happens. Is that too low of a dollar amount to work with? Should I save more money and try it at a later time or what?

Sorry for all the long texts. I really appreciate any insight
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Old 03-08-2011, 09:11 PM #2
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get a better job and build up savings. with such low income u cant do much investing or get better rates. move out of parents and become financially independent.
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Old 03-08-2011, 09:54 PM #3
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I am moved out. I live in an apartment. That money is just for spending money/doing whatever. I have grants that I use to make my car payment and apartment payments. I think 1300 a month spending cash is a decent amount to do whatever I want with
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Old 03-09-2011, 05:21 AM #4
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With my 2 month investing experience...I invested most of my gains into Citigroup. They are around $4.60 a share now but before the economy fell they were at around $55. I expect the economy to get back to where they were before Bush left so I plan on it being a long-term investment. Even just a 20 share buy ($100-ish) could make you invest become 10 fold. 100 can easily become 600-1000 within a couple of years from the knowledge I've gained. Btw, experienced or not...%98 of the time you need money to make money
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Old 03-09-2011, 04:02 PM #5
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Build up a savings account which you can use in case of unforseen expenses. This should be your emergency liquidity portfolio. You can invest it however you want, savings, money market, CDs, the point isn't to make incredible returns, the point is to have a safety net should you find yourself in rough shape.

Put extra money toward your car loan each month, pay it off faster and save on interest expenses.

The rest you can invest in a Roth IRA, never to early to start planning for retirement. Max our your annual contribution at $5000 a year. Should you need the money for emergency expenses (which you shouldn't need to do, your setting up the EMERGENCY Portfolio first!), you'll only pay penalties and not have to pay federal taxes. Up to $10,000 can be withdrawn from the account to pay for home purchases without penalty.

What you may want to consider is asking your Wells Fargo Reps about meeting with one of their Investment Counselors. They should offer you a consultation at no-fee and you're not obligated to buy anything, just tell them what your goals are and they'll be able to assist you in getting where you wanna go.
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Old 04-09-2011, 07:10 PM #6
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Quote:
Originally Posted by trickedoutkid7 View Post
With my 2 month investing experience...I invested most of my gains into Citigroup. They are around $4.60 a share now but before the economy fell they were at around $55. I expect the economy to get back to where they were before Bush left so I plan on it being a long-term investment. Even just a 20 share buy ($100-ish) could make you invest become 10 fold. 100 can easily become 600-1000 within a couple of years from the knowledge I've gained. Btw, experienced or not...%98 of the time you need money to make money
They will not be worth $55 again time soon, and I mean decades. That valuation was built on a bunch of assets that were worthless.


Wells Fargo is a good bank, in this interest rate environment any gain you get by switching will be marginal. FiresofSirius' advice is good.
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