I have been listening to Suze Orman's podcast, Women and Money, for the past few days. I have been a huge fan of hers for many years. Her advice has helped and protected me since I first saw her on Oprah Winfrey's show. I love how she connects our emotions to our financial lives. I know from teaching yoga that these are both second chakra issues. Her advice always makes so much sense to me. The subject I listened to today was on trusting yourself. Boy, can that save you a lot of heartache and drama.
I decided today that I am going to take part of the refund that I will receive from the tax credit that I get for my health insurance to open an investment account. Here I am, fifty-four years old, and I am finally getting my feet wet in the stock market! I also have a pension with Actors Equity, but I didn't make any of those decisions. I have been a passive participant. I will be eligible for it in about ten years. I'm sure the time will fly.
My plan is to invest $100.00 a month. My father suggested that I start with $1,000.00 and just invest once a year. That way I will avoid fees and charges. I will do $1,200.00 this year, and increase it to $2,000.00 next year. It's a start.
Suze suggested TD Ameritrade on her show. I plan to buy Exchange Traded Funds, which is what she recommends. She also likes Vanguard. She mentioned Standard and Poor's Index Fund through them. I read the information from my notes off to my father on the phone, and he thought that both choices were excellent. He told me right off the top of his head how much the return would have been over the past two years. It was significant, even for that amount of money.
So, I'm finally doing it. It's never too late to begin. I feel like this is a move in the right direction. Are you an investor?
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no, i don't invest; seen too many friends get it wrong & then lose everything.
ReplyDeletegood luck with your investments, sounds like your dad is good for advice :))
thanx for sharing
Hi Selina, Yes, he is an excellent investor. Thanks.
DeleteGood luck with your investing, I hope it turns out to be fruitful for you.
ReplyDeleteThanks Living Simply. I'm excited about it.
DeleteI love watching Suze Orman also. She had a column for a while in Costco's magazine and I saved some of her Q & A's. My husband's company matched his retirement savings and we always just put it in CD's through an investment account. He was given company stock each year and we cashed it in each year. Andrea
ReplyDeleteHi Andrea, I remember that column. I used to read it, also.
DeleteWe have always been savers as were my parents. Steve's folks-not so much. We are true believers in Vanguard and have all of our "deep savings" such as the old 401Ks (now IRAS)and extra money acquired through the years with them. All are in various Index Funds and bonds. I also keep a steady amount in a regular credit union passbook savings account for emergencies and fun. Luckily we are able to live on pension and Steve's SS, so we have not needed to take any money away from savings to date. I agree Suze Orman gives good, common sense advice. I like her as well.
ReplyDeleteHi Anita, It sounds like you are an excellent money manager. I should set some goals for the future to live like you do. Maybe I can live on Social Security and my pension, combined with what I make as a writer and on Etsy. Thanks for the input.
DeleteI like investing. :) I started with TD Ameritrade. Now I have a Vanguard account (Roth IRA)
ReplyDeleteVanguard's minimum to buy a fund is either $1000 or $3000. After you have the fund then you can buy smaller shares. So if you have $1000 I think the better option is to open a Vanguard one. You can buy certain Vanguard funds via TD Ameritrade, but you have to a pay a commission each time.
Hi Nil, That's almost exactly what my dad told me. He thinks I should start with $4.000. I will look into Vanguard. Thanks for the information.
DeleteSounds like your dad gave you excellent advice. You are right - it is never too late to start. :)
ReplyDeleteHi Bless, Thank you. He is very knowledgable when it comes to the stock market.
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