Today I opened an online brokerage account at TD Ameritrade. I was surprised at how easy it was. You just fill out the application as directed, and voila, you have your own account. I set mine up in about five minutes.
Once we sell my parents' house, I plan to transfer my third into a few different areas. I will set aside five years of living expenses in cash and CD's. It sounds like a lot, but at my age, and in my situation, that makes me feel secure.
I will buy some dividend paying stocks, ETF's, bonds, and index funds. I have my eye on a small, tree filled piece of land up in Wrightwood that is gorgeous.
I think many women and artists are nervous about the stock market, and so they avoid investing. I started out with some stocks that I inherited from my father after he died. I took his advice, and didn't do any trading. "Just leave them," he told me. It's worked out very well.
You have to be careful after the death of a parent, because so many brokers, lawyers, accountants, bankers, and other people will try to influence what you do with your money. Everybody wants your account.
I mapped out my steps carefully on paper, after researching what Suze Orman and Dave Ramsey teach. I also followed my gut with real estate, since that has been enjoyable and profitable for me in the past. We all have different areas where we feel secure and confident.
Thank you for your comments. They add so much talent and energy to the blog. Please comment in English. I'm sorry, but comments with links will not be published. If you enjoy the posts here, please share them. Comments may take a few days to appear; they are moderated.
I also started with TD Ameritrade because you can start with a small amount. It was my first IRA. Later, I opened a Vanguard retirement account, but I still have the TD Ameritrade one. I think sometime this year Charles Schwab is going to acquire TD Ameritrade.
ReplyDeleteYou are wise to invest in real estate. The value always goes up. I lost a lot during the last several days, but I still bought several shares of an index fund.
When you have time, check out J.L Collins The Simple Path to Wealth website. I also read Mr. Money Mustache forum.
Hi Nil, The MM forum rubs me the wrong way. No is the time to buy stocks. We can get them at a discount. I think your account will rebound. You have time...
ReplyDeleteYou sound so sensible and clued up. If I had any spare cash I would buy a piece of land up on some high ground. As global warming raises sea levels it could be a lucrative move. People no longer trust the properties built near river flood plains and it will only get worse.
ReplyDeleteHi Cherie, Yes, I know what you mean. The cabin and land are up above 6,000 feet. One thing I like up there is that they can't develop it. I hope you find a piece of land on high ground, and are able to purchase it.
DeleteSounds like you are making some good financial decisions, Stephenie. I'm glad to see you make these decisions. :)
ReplyDeleteThanks, Bless. It's like a job. It's so important to have all of the documents notarized and organized, though.
DeleteVery good decision, Stephenie. You've really done your homework and the extra money you're coming into is going to be put to use so well and sensibly and, I dare say, fruitfully!
ReplyDeleteThank you very much, Pipistrello. The time spent studying has been very worth it. There is so much to learn.
DeleteI believe you cannot go wrong buying land in the desirable parts of California. Looking forward to reading updates on your plans.
ReplyDeleteThanks, Anita. I spoke with my realtor, and she said, "Everybody wants to live here." It is an undeveloped area, which is now unusual in California.
Delete