Your Questions About Investing For Dummies

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Richard asks…

How to start investing in the stock market?

First I would like to say that I am looking for a trustworthy mentor who has peoples best interest at heart. I am a young ambitious 18 year old who desires to live financially free. I have researched about the market. I have watched CNBC daily instead of watching mtv. I have read Rich Dad Poor Dad which was a very influential book which I think triggered my thirst for financial independence. I now am determined to increase my financial intelligence. I have read stock investing for dummies and I am currently reading ‘the only investment guide you’ll ever need – Andrew Tobias. (I am aware that in the road of investing you must continue to learn new things because in todays era, change is common. So the title is by no means represents my frame of mind.) Anyways I really just would like to ask someone specific, detailed questions about certain steps I should take on this path. No questions like should I buy or sell in this company? But just questions on strategies, techniques, in maximizing your profit & legal ways to avoid paying a load on taxes, steps in opening an account, which online broker should I chose and so forth. The reason why is that no matter how many books I read (I plan to read a lot more) I need the guideness and I need the experience in this field in order to become successful. Anyone who is a expert on stock market, real estate, accouting, finance, management, marketing & sales, and taxes. I would like to establish a relationship and begin this journey towards financial freedom! I feel the need to take up someones mantel in a way, or carry on their legacy. Thank you, for your support, time and efforts. It is greatly appreciated.

financi4 answers:

A good way to find a trading mentor is through a financial trading blog/group.

Watch and learn, contribute via comments and ask questions, you will nearly always get a good response if you are constructive. It is just a case of finding some commentators whose trading style suits you and whose opinion you can value through a proven record of success.

David asks…

If I only have $500-$1000, what’s the best way to grow my money? I hope to add $100/month.?

I believe I will be able to add $25-50/week to the account. My job does not offer a 401K plan, or any other benefit.

I am not interested in reading books about investing for dummies and I know I’ll never be a day trader. I just want to take a small amount of money and see what I can do with it. Just looking for ideas. Thanks.

financi4 answers:

You really have to consider opening a an IRA account that gives you the opportunity to save for retirement if your current employer does not offer a 401k plan. Depending on your income and tax bracket you will determine wether to invest in a Roth-IRA or Traditional-IRA, I recommend that you talk to your tax advisor then discuss this with a Financial Advisor. Important that you establish cash reserves before you began saving for the future, just so you have emergency money on side. Good Luck

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