Wake
Easygoing Conservative
- Jun 11, 2013
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- #1
Personally I enjoy this section of USMB quite a bit, and like discussing financial strategies at length to learn things I've been ignorant of.
I used to buy and hold stocks at Scottrade. Right now I only hold one position, GRHPC, and it isn't doing well right now. It had been up by +$220 dollars and then it went down by -$161. Gonna wait and see if it goes back to +$200, and then likely sell it off. There's this element of anxiety and woe that somewhat irks my guts when I see my stock doing poorly like that, and it sucks.
And Scottrade doesn't have Dividend Reinvestment Programs (DRIPs). They used to have a Flexible Reinvestment Program (FRIP), but when I called the national branch five days ago they said it's being "revamped," and is currently offline, because it "wasn't working out as they had hoped." Well bull-honkey on that. If they're not able to get that FRIP program working, and they don't even have DRIPs, then I'll look elsewhere.
What I wanna do is get a Roth IRA and stick 20+ DRIPs into it. Being a young 26-year-old dude I figure now's the time to take advantage of compounding. So I called Fidelity the same day I called Scottrade, and asked if they had DRIPs. Apparently they do, and lots of them. The financial adviser I spoke with said that I should buy into mutual funds, turn them into DRIPs, and place them into a Roth IRA investment vehicle, and watch as those snowballs grow as they roll down the snowy hill.
I figure since I'm only a lowly CNA I could put a lot of spare money aside and put some hundreds here and there in high-integrity, dividend-paying stocks with an APY of about 6% to 7% interest. I got burnt with GRHPC because I bought them when they were paying out an interest rate of 13% monthly, but I was stupidly naive and didn't note that it likely had a weakness that'd cause the stock's value to go down. I'm also planning to look into my hospital's 401K program and see if I should put money towards that, and also Vanguard's plethora of index funds. Mainly I want to buy some fairly reliable dividend-paying stocks and take advantage of a lot of compounding. If this meat-suit has 40 or more years in it then it'd probably be wise to start now.
For the financial investors here that are experienced and actually know what they're talking about, please, please let me know if I'm going about this in a completely wrong way, or if it might be a good idea. It would really, really help me out here.
I used to buy and hold stocks at Scottrade. Right now I only hold one position, GRHPC, and it isn't doing well right now. It had been up by +$220 dollars and then it went down by -$161. Gonna wait and see if it goes back to +$200, and then likely sell it off. There's this element of anxiety and woe that somewhat irks my guts when I see my stock doing poorly like that, and it sucks.
And Scottrade doesn't have Dividend Reinvestment Programs (DRIPs). They used to have a Flexible Reinvestment Program (FRIP), but when I called the national branch five days ago they said it's being "revamped," and is currently offline, because it "wasn't working out as they had hoped." Well bull-honkey on that. If they're not able to get that FRIP program working, and they don't even have DRIPs, then I'll look elsewhere.
What I wanna do is get a Roth IRA and stick 20+ DRIPs into it. Being a young 26-year-old dude I figure now's the time to take advantage of compounding. So I called Fidelity the same day I called Scottrade, and asked if they had DRIPs. Apparently they do, and lots of them. The financial adviser I spoke with said that I should buy into mutual funds, turn them into DRIPs, and place them into a Roth IRA investment vehicle, and watch as those snowballs grow as they roll down the snowy hill.
I figure since I'm only a lowly CNA I could put a lot of spare money aside and put some hundreds here and there in high-integrity, dividend-paying stocks with an APY of about 6% to 7% interest. I got burnt with GRHPC because I bought them when they were paying out an interest rate of 13% monthly, but I was stupidly naive and didn't note that it likely had a weakness that'd cause the stock's value to go down. I'm also planning to look into my hospital's 401K program and see if I should put money towards that, and also Vanguard's plethora of index funds. Mainly I want to buy some fairly reliable dividend-paying stocks and take advantage of a lot of compounding. If this meat-suit has 40 or more years in it then it'd probably be wise to start now.
For the financial investors here that are experienced and actually know what they're talking about, please, please let me know if I'm going about this in a completely wrong way, or if it might be a good idea. It would really, really help me out here.