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WeVie
06-04-2008, 11:49 PM
So I feel it is time for me to start investing money towards something for the future but have not a clue about anything like that. I am sure some of you guys or gals here do so help me out a little please. Any input would be great.

Even if anyone knows of any good books or websites to read up on it that would be helpful also.

texasPHINSfan
06-05-2008, 01:27 PM
you can ask me any questions you may have - send me a PM.

I'm a financial advisor :up:

Miami 13
06-05-2008, 02:40 PM
I would also like some help on how to invest properly. I currently have $20,000 in a CD at my bank that ends soon, and would like to know the best way to turn this $20,000 into a lot more money.

spydertl79
06-06-2008, 02:53 AM
Use a cleverly disguised scheme (using a gorilla costume) that will help you corner the frozen concentrated orange juice market.

texasPHINSfan
06-06-2008, 01:33 PM
PM's answered & sent. :up:

tucker
06-07-2008, 12:45 PM
why not just post it in here?

WeVie
06-08-2008, 12:48 AM
he left me some good advice. I am going hopefully monday to talk to a financial company and see what I can get started.

texasPHINSfan
06-09-2008, 06:40 PM
why not just post it in here?

2 very good reasons.

1) everyone has different situations. advice for one person may not be suitable for the next person. Not to mention we have a strict confidentiality policy, i won't publicize people's personal situations or requirements.

2) The Securities & Exchange Commission (SEC) has strict rules, not to mention my company's complaince department about posting advice and financial information publicly on the internet. I can dish out information on a one-on-one basis, but cannot annouce stuff in a public forum.

:up:

all that said, anyone is free to PM me if they have questions and get personalized responses, which would be more effective anyway. anyone who is offering general advice you must be wary of, as while there are good fundamental rules about investing, not everything applies to everyone. :up:

-R

EDIT: and i almost forgot to mention, i AM an advisor.... so if anyone wants to get started, or have a fellow fin fan who supports FH take care of their needs, you can always setup an account with me. i am located in WA but am licensed in most states across the country. :up:

FinFrenzy
06-09-2008, 06:48 PM
Hey Tex pm me, I got a 3 year old and a new born (1mo old) I have put roughly 4k in a savings account for my 3yr old and will do the same for my new son. Trying to somehow plan for college...just to help offset the initial sticker shock if they want to go.

Any advice??

texasPHINSfan
06-09-2008, 06:49 PM
Hey Tex pm me, I got a 3 year old and a new born (1mo old) I have put roughly 4k in a savings account for my 3yr old and will do the same for my new son. Trying to somehow plan for college...just to help offset the initial sticker shock if they want to go.

Any advice??

529 plan :up:

i'll send you more information in a PM

FinFrenzy
06-09-2008, 06:51 PM
529 plan :up:

i'll send you more information in a PM


Thanks in advance for any info...:hi5:

texasPHINSfan
06-09-2008, 06:56 PM
Thanks in advance for any info...:hi5:

no problem ;)

i'm all about helping fellow fin fans. sent you a PM.
I love talking about phins ish with clients :up:

WeVie
06-11-2008, 07:49 AM
529 plan :up:

i'll send you more information in a PM


I have thought about the 529 plan as well. I have a two year old and she has about 3500 in her college account. Can you tell us the pros and cons with that. What happens if they do not go to college?

texasPHINSfan
06-25-2008, 04:51 PM
I have thought about the 529 plan as well. I have a two year old and she has about 3500 in her college account. Can you tell us the pros and cons with that. What happens if they do not go to college?

uh.... when you say "college account", do you mean 529 plan? that's the only real college tax-free account i can think of. You might have a UGMA/UTMA account that you intend to use for college, but i recommend against that to everyone, as the UGMA/UTMA account becomes property of the child when they turn 18 (so if they want to buy an escalade with rims instead of going to school, they can and you can't stop them).

pros to 529 - almost endless. you can transfer from one child to another in case the first child gets a scholarship or something, savings/investments grow tax-free, and can be withdrawn tax-free if spent on higher education expenses.

cons - penalties for early withdrawal are 10% AND taxation at your rate. look at the 529 as an IRA.... only instead of having access to it at a certain age, you can use it whenever on higher education. if you don't use it for that purpose, you pay the 10% fee and get taxed on the withdrawal.

BUT, IMO, if your kids DO get scholarships and you have to pay that 10% penalty, its a small price to pay to have that satisfaction, and look at all that money as an early retirement present ;)

PLUS odds are your investment grew at a rate of 7% or more each year for the last 10-18 years you had the 529, so ultimately you would still be receiving more than you put in. (ideally).