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My 11 Yr Old Wants to Buy Stock
Asked by F.C. from Los Angeles
on December 18, 2011
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So I recently open up a student saving account for my son who is 11years old, I asked my son what he like to save up to and he told me he wants to buy stock in SONY. H...
Answers
- Go to your bank, or a Financial Advisor and ask them. There are many ways to do this and buy stock. Being he is a minor, you have to be the parental sign off on it a...
- Some great advice from the other moms. I, too, would suggest seeing an investment counselor; check out E-Trade, Charles Schwab, or Fidelity. At his age, or for 1st t...
- Google "stock market simulation." You'll find a lot of simulations to help both you and your son learn about the stock market without risking anything right away. ...
Need Reccomendation on Stock Trading
Asked by T.K. from Dallas
on December 13, 2011
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I want to start buying stocks but dont know where to begin. Have you used etrade, scottrade, sharebuilder, charles swaab, or any of the other interent sites to buy an...
Answers
- I used Scottrade for a while. No hidden fees, 7 dollars a transaction.
- I use Sharebuilder. The fees are very low. We also opened an ING Savings account because you can easily move money from saving to Stocks and vice versa. I keep my m...
- I use Charles Schwab and love their site. It is "user friendly" and the transaction fee is only 8 or 9 dollars.
Investing in Life Settlements?
Asked by J.R. from Dallas
on October 12, 2008
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Does anyone know anything about life settlements. I am looking into this because the stock market is so crazy. Life settlements seems like another safe avenue to inves...
Answers
- My husband has done a ton of research about life settlements. He thinks they are incredibly exciting. He said to give him a call if you want to ask him any questions...
- I'd highly recommend talking to a financial professional (or several) before you move money around right now. In this type of market (a bear market), usually the *saf...
- J., I do know some people who have invested in life settlements and it is a good and safe way to invest in money - although it is on the morbid side. Make sure you...
Question About Financial Investments
Asked by A.!. from Detroit
on August 5, 2011
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What does your family invest in to bring in extra income? What has been your experiences from your investments, the pros and cons? I heard on the radio this morning th...
Answers
- Wish you lived closer...I'd refer you to a trustworthy person here that I am close to :) If you want to do something like this I would strongly suggest consulting a f...
- Equities (that's fancy for stocks) with dividends. Now is the time to buy. People have this horrible strategy of buying when the market is high and selling when the ...
- We leave these questions to a professional who knows how to manage our risk. We are very comfortable with our financial planner making those decisions for us. He kno...
College Pre-Paid Tuition Plans
Asked by N.P. from Chicago
on April 8, 2011
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Just curious if any of you invest in a pre-paid tuition program for your children. If so, which plans? If not, how else have you chosen to invest for your child's ed...
Answers
- Yes you are wise to pull out. Dave Ramsey has some great advice about college saving plans. And he will give you specifics on how to go about it & what programs to ...
- We did the 529 and then it was closed and our money sent to a new fund. We found out the fees were much higher and after 9 years we made 2.2% total which we could have...
- We have not contributed to any “college plan” and never will because whatever money you put in that kind of plan will be considered college money when your financi...
What to Do with 401K
Asked by M.M. from Santa Barbara
on March 18, 2009
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When I left my job over two years ago to stay home with the kids and have our baby, I didn't cash out or rollover my 401K. Of course now that the ecomony and stock mar...
Answers
- I would leave it in place. In order to cash it out to put it in a CD/MMA, you would have to pay a 40% tax on early withdrawal. If you are concerned about your 401k, ch...
- Or invest some of it in "poor people". By that, I mean, don't invest in high tech, etc. Invest in Walmart, etc....since they made TONS of money this last quarter, wh...
- That is accurate. You should leave it in place. If you can put a little more in there in fact, it would be the best time to buy mutual funds.
Bright Start (IL) College Savings Plan
Asked by H.D. from Chicago
on October 27, 2010
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My fantastic dad just opened a Bright Start College Saving Plan for my daughter which I really appreciate but my question is
1-can't you lose money because they inves...
Answers
- A few quick comments: Interest in 529 plans is tax free - it is not included when you complete your annual tax forms. Every state has a 529 savings plan. The o...
- I would check out Dave Ramsey's book Total Money Makeover - he has a whole section on college savings and the best programs to use that give you the most flexibility.
- all the tv ads about Alexi Giannoulis and how he lost $75 MILLION dollars of people money for the kids college funds from Bright Start should steer you in another dire...
Bright Start (IL) College Savings Plan
Asked by H.D. from Chicago
on October 27, 2010
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My fantastic dad just opened a Bright Start College Saving Plan for my daughter which I really appreciate but my question is
1-can't you lose money because they inves...
Answers
- Yes, you can lose money. In fact, there was that big controversy that the safe bonds lost tons of money. Investing in stocks can be better than a savings account be...
- I agree with the other 2 answers. Some other benefits with college savings plans: 1) You get a deduction on your state tax return (if the plan is sponsored by your...
- we found it much safer to invest in savings bonds if you have a long time to let them grow. example the money doubles if you have 15 years for it to grow. where thei...
Investing/Saving Question
Asked by R.W. from Salt Lake City
on March 6, 2011
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I'm hoping some of you are financial gurus who know a lot about investing and can help me with a question. As of right now, we are 100% debt free (about to purchase a...
Answers
- I agree - a finanical advisor can help. If you know you'll have the money each month and you already have emergency funds, I'd say invest in a mutual fund. I recommen...
- When I was a financial planner, we looked at a few major areas. That you have no debt and some emergency savings is wonderful. Does the $10K savings include the down p...
- I am a financial planner also. Jennifer S has a great response. The only thing I would add is that if you get advice from a financial planner, look for someone who is ...
What to Do with a Large Sum of Money Given to Kids
Asked by V.M. from Erie
on July 26, 2010
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i guess i need to edit to say "Investing in what is a large amount to ME" My kids both recieved $300 from my grandmother's estate. They have some $50 savings bonds...
Answers
- I think what you do with it depends on what you're trying to do? Are you trying to teach your kids about saving? Investing? Putting aside money for college? I ...
- You could check into some money market accounts. I don't know how much is required to open one, but $500 should be plenty. You can put all $600 in one account, and t...
- I'm surprised no one has mentioned a 529 yet. If it's for your kids, I'd put it into something that has a dedicated purposed like a 529 which is for higher eduction...
