Monday, March 2, 2020

Opening An Account At A Discount Brokerage

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.  

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10 comments:

  1. 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.

    You 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.

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  2. 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...

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  3. You 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.

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    1. Hi 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.

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  4. Sounds like you are making some good financial decisions, Stephenie. I'm glad to see you make these decisions. :)

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    1. Thanks, Bless. It's like a job. It's so important to have all of the documents notarized and organized, though.

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  5. Very 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!

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    1. Thank you very much, Pipistrello. The time spent studying has been very worth it. There is so much to learn.

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  6. I believe you cannot go wrong buying land in the desirable parts of California. Looking forward to reading updates on your plans.

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    1. Thanks, 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.

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