Newbie - Looking for investment training - Anybody do Forex?

Discussion in 'Business, Investing & Finance' started by sharkbite, Apr 3, 2020.

  1. sharkbite

    sharkbite Member
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    I just recently sold my small business (yes, very lucky) and I have put all the money into a E-trade account that is using their automated manager. (yes, bad idea) I did this as I am not experienced in this arena. What would you suggest to someone who would like to learn a lot more about investing?

    Based on what is going on, I am almost ready to take what I have a just cash out and hoard it for now as it appears that liquidity is going to be something that we all need in the very near future.
     
  2. BMF

    BMF Bad Mother....
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    Being "new", I'd suggest you keep it in cash for now. You may miss the bottom, but if you get in now we may not be at the bottom. Once things stabilize take a look at some of the things discussed in other threads here. Being new, I'd suggest taking a look at the index mutual funds (S&P 500, NASDAQ, and DOW). I really like the S&P 500 index fund and if I could only invest in one product that would probably be it. The S&P 500 is down 30% right now, so you may want to consider a small buy in then add to it if/when it has down days - then set up an automatic investment.
     
    • sharkbite

      sharkbite Member
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      Thanks BMF. Right now we are up 6% on the bulk of the stuff E-trade put our money in. It is spread across a bunch of Vanguard stocks and bonds and majority of it on a fund spread across the S&P 500. Looks like Etrade agrees with with you. :)

      Any advice on educating myself? Book suggestions, online classes or courses?



       
    • FireFoley

      FireFoley Senior Member
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      Congrats on selling your business. Not enough info to give any advice, age, goals, financial situation etc. Be that as it may I am not a believer in a budget per se, but during these times I would definitely have what is called emergency funds, and well beyond what the experts suggest (I like to have years worth, but hey to each his own). Don;t know your risk tolerance. Not knowing your situation, perhaps you might seek professional help (Fiduciary). Please be wary of those people pushing products they say no downside risk, only upside potential. They typically have high commissions/costs. During these types of of market times, they seem to be popular among the novices.
       
      • sharkbite

        sharkbite Member
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        Thanks FF, I do have about two years worth tucked away already. I am 50, pretty stable financially, and goal is to have the money grow. (like everyone). I looked at having the money managed and I could not get passed the fee's they were asking. (yes, a bit stingy) The yearly fee percentage of 2-3% just does not sound right to me as it would mean that my average return would have to be at least double to make it worth it and I honestly do not see that right now. (I hope I am wrong) I went with a flat fee (very cheap) solution as this point.

        Any books you would recommend to read or any online classes or courses?

         
      • SeabeeGator

        SeabeeGator Well-Known Member
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        I’ve had the following recommended to me by various people:

        Rich Dad Poor Dad
        The Simple Path to Wealth
        A Random Walk Down Wall Street

        Not sure any are exactly what you are looking for but I have been told each has a lot of valuable information. I am a novice as well so take it with a grain of salt.
         
      • sharkbite

        sharkbite Member
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        Seebee, thanks for the list. I have read one of the 3, will get the other two and listen. (great time to do this being locked down) :) Appreciate the list!



         
        • FireFoley

          FireFoley Senior Member
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          I hear you regarding the fees and you will get no argument from me. some of those "managers" charge those fees and then just put the money into passive funds and actually don;t do anything. As I am sure you aware most of the large companies (VanGuard, Fidelity, et al.) have no fee total market or S&P 500 Funds, so if you are going the basic fund route, most of those can be done at no charge.

          As for books, etc. E Trade probably has a lot of tutorials/videos online that should just give you some of the basics. I will go thru my litany and see if I have anything that might be good. Also just pop in here and read many of the threads and see what opinions are offered on many things, and often times that will spark a thought and leave your own comments and questions. Lots of good info here from people like @BMF, @78, @Detroitgator @Concrete Helmet @bradgator2 etc. etc. etc. Don;t mean to leave anyone out so there are lots more.
           
          • BMF

            BMF Bad Mother....
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            A book I liked was by Robert Kyosaki (from Rich Dad, Poor Dad):
            Rich Dad's Guide to Investing - What the rich invest in, that the poor and middle class do not!

            It's a good read, some of it is over my head. But it's a good foundation.

            Also, I recommend to anyone to read: Millionaire Next Door (there's an updated version, the original came out in the mid 90's). It's not really an 'investing' book, but it's a good foundation on how you should live your life financially.
             
            • bradgator2

              bradgator2 Rioting
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              There are not a lot of threads in here. Read through them. Luckily, nearly 100% of the comments/posts are very insightful and helpful.
               
              • sharkbite

                sharkbite Member
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                Brad, I have gone through some and honestly, I have found them somewhat complicated. (I am reading up on some of the terms) I am finding it very interesting.


                 
                • BMF

                  BMF Bad Mother....
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                  FF, Detroit, and Concrete are far more advanced than most posting in here. I'm just trying to get a good return on my money, find some safer investments, and hear what others have to say.

                  One thing I would recommend is to keep some cash ready for a real estate downturn. I've been ready for 3 years and the market just keeps going up. It's mind blowing. I think this virus is about to give us a 2+ year window to go cherry pick some good rental properties. And I imagine for the next 5-7 years there will be good opportunities to flip properties - after we recover from this current virus-related recession. (my thinking is people are going to lose jobs....foreclosures are coming...short sales...etc).
                   
                • FireFoley

                  FireFoley Senior Member
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                  It is all complicated to all of us on some level. Just read the recent discussions we were having on mortgage lenders getting margin calls. Most us had no idea, myself included. So feel free to ask questions. One thing is for sure. We all share the most important thing in common (well most) which is Gator By The Grace of God, so everyone wants to help. You might find disagreement and varying opinions in the money section, but no outright hatred b/c Law does not sniff around in here much :lmao2:

                  For the record, I like Law
                   
                  • sharkbite

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                    BMF, the wife and I are looking to move to AZ for family issues and the market is like CA, very high and lacking decent inventory. After reading some posts in this forum, I am actually thinking about renting and waiting like you for the market to swing the other way. My house here is not selling so I am even thinking about just keeping it and renting this out as well. So many life changing decisions so far in 2020.


                     
                  • sharkbite

                    sharkbite Member
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                    FF - (hope don't mind me calling you this), I read those as well and was not totally surprised especially after the last meltdown. I know a couple people in the in the lending industry and they tell me that they are making more money now than they did back in the "anyone gets a mortgage) time. I usually do not post (as you can probably see) as I tend to stay away from the badgering back and forth. (yes, in the sports forum especially) (Yes, Law especially) :)


                     
                  • Detroitgator

                    Detroitgator Well-Known Member
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                    Did you have a good accountant while running your small business? And I don't mean "bookkeeper", I mean a saavy accountant who was able to help you with business decisions, especially at your time of sale?
                     
                  • BMF

                    BMF Bad Mother....
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                    Sitting on a rental isn't a bad idea. I'm curious why your home isn't selling (not over the last 3 weeks, but if it was up for sale prior to the virus). Where I live there's no inventory and most homes sell for over asking price.

                    But if you're comfortable - and don't need the proceeds for a down payment on the new house - owning rental properties is the 'common man's' way to get rich (that is basically what the book Rich Dad, Poor Dad is about).
                     
                  • sharkbite

                    sharkbite Member
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                    Detroit, nope!

                     
                  • sharkbite

                    sharkbite Member
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                    BMF, the house is in the 10% that you all have been talking about and it is a unusual house. I do not want to own a bunch of rentals, I have done this on just one house at a time in the past and it was not a pleasant experience. (make out like a bandit money wise but not fun)



                     
                  • ChiefGator

                    ChiefGator A Chief and a Gator, Master of the Ignore list!!!!
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