Financial Literacy - how to get started ???

[nate82]

Where do most people here invest? I'm looking at starting a Roth IRA to supplement my company-sponsored 401(k), and wondering if people here have invested online (which is something I'd like to do, but would like to hear any comments/suggestions). Thanks.

I don't suggest doing it online especially if you have questions and you need to talk to someone about what your money is being invested in. I suggest meeting with someone who is local where you can ask questions if you have any on the investments that you are putting your money into. Plus most investment companies have websites that you can goto and check what your portfolio is doing and I believe you can make changes to your investment.

[JimH5]

I have an account with Fidelity, and occasionally use Fidelity.com for transactions. But truthfully, I'm now a pick-and-stick guy who is only good for one or two transactions per year.

[nodakfan17]

Update: I've done some research and decided that it may be best to jump right in and learn as I go. Since I do not anticipate any large expenses until next Fall's tuition, I am going to place $2,500 in a 3-month CD. The interest rate at my local Wells Fargo is horrible (0.6% APY), but my savings account is only earning 0.1% APY (down from 2% a year ago at this time). If all goes according to plan, I can expect a robust yield of $4 and change. I realize that the value of my time in this process greatly exceeds my anticipated yield, but the real payout that I am expecting is the knowledge that I will gain from the whole process. In the future, I would like to utilize CDs as a way to earn interest in the short run while accumulating a principle for long term investments.

 

I have a full page checklist that I have prepared to take to the bank with me, but if anyone has any experience in dealing with CDs (perhaps some pitfalls that you've encountered or success stories), I would greatly appreciate your input before I head to the bank on Thursday.

 

Thank You!

[ewizabeff]

you might want to look into ING Direct. Their rates have basically been cut in half in the last two years, but you can still do a 6-month CD at 1.5%. Everything is done online, and if you open a savings account with $250 or more you get $25 free. If you decided to do it, PM me and I'll get $10 for referring you as well http://forum.brewerfan.net/images/smilies/smile.gif