who here is an investor?

[G]

I just got an increase in a VA disability payment and may use this as a good reason to open an account with somebody. (Scott Trade, E Trade, Ameritrade)

Seems like $500 is the minimum and things are happening that could make this a good time to get in. I think if I only use this "found" money that nobody else in the family knows about that would be a good control measure. :THUMBSUP:

[G]

Originally Posted by E-MACH

Some good advice given here. I will also add: Make sure you locate good funds to invest in, and diversify. If your employer has a 401K plan, that's just gravy, fund it up and watch it grow. ALWAYS invest a portion of EVERY paycheck. Next, set yourself up with an automatic withdrawel direct into your investments. Don't rely on doing it yourself every 2 weeks... it's easier if it's invested automatically BEFORE you get your hands on each paycheck. You can live without that additional paycheck money now, and you come to not miss it. Getting rich is very do-able with this simple plan and some time.

The BEST advice EVER. I know Bill and Ralph have already made a comment on this but it's vital to start as early as possible. I never saved much and never had a concept for building wealth --- never considered it possible.

I remember as a young officer in the Army attending the dinner seminars put on by USAA and USPA-IRA (now First Command). First off, never pass up a FREE steak! One of the agents knew my dad and asked if he could come by the house to show me some information. His name is Burt, at the time he was a retired Colonel but recently retired as a VP for First Command. I won't bore you but he got my attention and I started IRA's, Mutual Funds, and insurance.

What I heard from my friends at work was how dumb it was to invest through one of these companies. They proved to me that they could pick better stocks and get a much better return.

That was about 26 years ago ----------- I'm here to tell you that they were right. The only thing which proved to be a problem for them was ACTUALLY making the investment and being systematic about it. My financial situation is so much better because EVERY dang month, money I never saw was invested.

There are so many ways my situation could be better but let's look at just one. I've done the math on where I would be if I had started investing after attending the first seminar!!! That would be 2 additional years added to the front end. I'll tell you we were conservative with the calculations but they roughly equal the following:

1. My next house paid for completely
2. My son's education he's almost 9 (private school - medical school)
3. In terms we all can understand -- 4.1 08 GT500's with a slight dealer mark up
4. 1 Ford GT and 1 GT500 :ORANGE:

Keep in mind --- that's just what the 2 additional years would have done

Moral of the story
Get off your butt and pay yourself first starting today!!!

[Shaker1]

And finally, If you think "naked puts" are something you do at midnight on a golf course you shouldn't be day trading at all!

[Ralph Greene]

For me anyway....selling naked puts is just a way to get paid for agreeing to buy a stock I wanted to buy anyway. It's a substitute for a normal GTC order. If the stock doesn't fall enough to get put to me, I just do it again. Keeping the put proceeds each time.

The risk is that you could sell a naked put on a stock, get it put to you, and then have the stock continue to go way down. But then the same thing can happen to you if you just buy the stock normally.

In my trading account, I usually keep my collateral in treasuries, sell puts to collect money to agree to buy stocks, and if/when I get stock put to me, then sell covered calls and get paid to agree to sell it.

The risks are I can lose big on the stock that gets put to me, or I agree to sell a stock for a small profit and watch it go way up after I have agreed to sell it for a small profit.

This is a fairly conservative "trading" strategy, but not for beginners, and certainly not for those who can't spread this risk over many positions. Or if you don't know how to limit losses. It's tough to make back a big loss. You will have losses.

[65fastback2+2]

Originally Posted by MattN03

Does UK offer any general financial classes on investing, etc?

im sure

everything i know i was taught from when i was 10-12 years old by my grandpa who owned his own business.

[Shaker1]

Originally Posted by Ralph Greene

For me anyway....selling naked puts is just a way to get paid for agreeing to buy a stock I wanted to buy anyway. It's a substitute for a normal GTC order. If the stock doesn't fall enough to get put to me, I just do it again. Keeping the put proceeds each time.

The risk is that you could sell a naked put on a stock, get it put to you, and then have the stock continue to go way down. But then the same thing can happen to you if you just buy the stock normally.

In my trading account, I usually keep my collateral in treasuries, sell puts to collect money to agree to buy stocks, and if/when I get stock put to me, then sell covered calls and get paid to agree to sell it.

The risks are I can lose big on the stock that gets put to me, or I agree to sell a stock for a small profit and watch it go way up after I have agreed to sell it for a small profit.

This is a fairly conservative "trading" strategy, but not for beginners, and certainly not for those who can't spread this risk over many positions. Or if you don't know how to limit losses. It's tough to make back a big loss. You will have losses.

Excellent explanation, Ralph.

BTW, you know that my joke above wasn't directed at you. I know you know your stuff. Your input on financial matters is always welcome!

Your final sentence says a lot. I suspect many folks have a hard time accepting a loss and moving on. Either they attempt to hold on while their position is languishing (or worse, sinking further). Or get desperate and compound their loss with risky maneuvers.