An IRA is a type of account. It is not an investment vehicle (like a stock, bond, option, future, forward,swap, etc, etc)
bk12321
10+ year member
CarAudio.com Veteran
I'm sure he's in school for it.
I know a girl whos an economics major who really knows her stuff as well... I would be one but I don't plan on doing this FULL time, but instead only part time while I have my main job bringing in funds.
School got me started. It showed me the different "choices"....if you will. Very, broad
I then examined them in depth and read many many many books, journals, listened to seminars, etc.
Then I started doing it. The options trading was a disaster. I lost several thousand dollars playing it. I didn't know what I was doing and that is the price you pay. I learned a whole lot about risk profiles and mitigating risk. I don't like the idea of missing lunch of expiration day because you might miss a small bounce. Plus work made all the trading sites NWS.
The best way is to learn is guess and check. I can provide background information and things that I have picked up along the way. The best investment is in you, not in me. My views are skewed by what I think I know. My friends are not...I ask them all the time what is cool, what people are buying, what people like. I listen at Lowe's when customers in line talk about production numbers at Nissan. I have better info than the best analysts. If a machine breaks at Nissan plant, I know within the hour as customers (who work there) talk about it.
Investing is just noticing the world around you, the general trends, and taking advantage of it.
There is great similarities in car audio and investing. A factory system may sound fine, but little tweaks here and there can make quite a bit of difference. That comes with research and experience. No one can tell you what sounds good to you (except Hebrew Hammer) and no one can tell you your risk profile.
I finished school for it.
My current job is totally unrelated.
I love investing, moreso than car audio.
bk12321
10+ year member
CarAudio.com Veteran
Yes, it's an Individual Retirement Account, but it's still a means of me possibly achieving what I hope to one day... being happy when I retire, or possibly before. I just lump them all together.
Like I said, I am not a big fan of CDs/MMAs/etc. You don't get paid enough for the lack of liquidity. You can get nearly the same rate with much more liquidity with a high yield savings.
many of the MMA's with your bank are setup like high yield savings accounts...only other thing i have to say is be careful if you consider mutual funds, my uncle lost everything he had in his retirement plan because his companies mutual fund stocks fell off the charts...
bk12321
10+ year member
CarAudio.com Veteran
By a high yield savings, do you mean like a regular savings account from the bank??? Or like retirement savings?
Ive never been a big fan of CDs either, but my dad raves about them.
DBfan187
5,000+ posts
Supa's mom was here!
I'm gonna look into real estate. $$$$$$$$$$$
bk12321
10+ year member
CarAudio.com Veteran
You need to be careful with almost ANY investment, as they all have their risks.
One of my dads coworkers also works as an engineer for some big company. When he got hired, they started him off with a stock portfolio. Well as the company grew, so did his portfolio. It reached 1.8 mil and then the market crashed, he lost EVERYTHING.
Also, my moms fiancee had a shit ton of stocks with, i cant remember the companys name, but it was a big power company about 15-20 years ago. Well he had gathered about a $million in stocks before the value plummeted, and went down to about $30,000.
that is why its important to diversify, spread your money out as much as possible and if one part of your portfolio dumps you arent SOL
They have fees if you withdraw too much money, plus they have mimium balances. Both of which ****.
That happens sometimes. Is is part of playing the game.
No...like emigrantdirect.com , capitalone.com, citibank. They all have high yield savings accounts. Since IRAs don't quite work that way, you would have to invest in a fund that invested that way.
Paying down debt does not have an explicit risks. It is guarenteed ROI.
Again stocks go up and down. You have to monitor them. You have to look at the stocks in the funds to make sure you agree with their fundamentals.
There is no free lunch.
well yes and no...there are mutual funds out there that are much safer, and other "investments" like ira's, cd's, mma's, and a few others are set, they wont lose money only accrue more over time...if your company presents the mutual fund as a fixed deal and then the bottom falls out, it's different then jumping aboard a fund that you know is high risk (many companies invest in too many new technologies and up and coming companies)...my uncle lost something like $230k and was set to retire early...401k is also an excellent option if you have it, as long as your company has good match rates and it's protected...my company matches up to 35% for up to 15 and then 25 after 15 years years which is almost unheard of...
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