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Approaching my 30s and have no plan

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  1. JAAAAA!!!! JAAAAA!!!! is offline

    Greenwich, CT
    United States

    Posts: 1,889
    Joined: Jan 07

    Jan 4th, 2011 (1/4/2011 6:56am) in reply to Lenny

     
    Originally Posted by Lenny View Post

    My understanding is that there are two major types of stock in publically traded companies - common and preferred. Preferred stock holders are at the front of the line when it comes to cashing out if a company goes under and they might get certain voting privileges electing board/stockholder motions.

    I could be way off tho.

    To answer your earlier question they are no less available to small investors than regular stocks. They trade on the NYSE. Whatever your broker's minimums are will determine what you'll need.

    Preferred stocks are first in line for dividends, liquidations (but after bonds), can often be converted to common shares, and can also be called away from the issuing company.

    edit: no voting rights tho
    Edited By: JAAAAA!!!! Jan 4th, 2011 at 06:57 AM
  2. JmL1984 JmL1984 is offline

    New Zealand

    Posts: 2,828
    Joined: May 07

    Jan 4th, 2011 (1/4/2011 7:10am) in reply to JAAAAA!!!!

     
    Originally Posted by JAAAAA!!!! View Post

    To answer your earlier question they are no less available to small investors than regular stocks. They trade on the NYSE. Whatever your broker's minimums are will determine what you'll need.

    Preferred stocks are first in line for dividends, liquidations (but after bonds), can often be
    converted to common shares, and can also be called away from the issuing company.

    edit: no voting rights tho

    no voting rights would make sense... I believe I read most small businesses use pref stock before common. Thanks for the clarification
  3. 1.21Gigawatts 1.21Gigawatts is offline

    NY
    United States

    Posts: 12,935
    Joined: Oct 05

    Jan 4th, 2011 (1/4/2011 7:31am) in reply to JmL1984

    if you decide to go to school, work toward a degree with specific job placement. Don't get a fucking History or English degree.

    If you don't mind the work, or if you think you might enjoy it, get a two-year degree in some medical specialization. There's radiological technology (x-rays), respiratory care, sonography (ultrasound)... just to name a few. Most are two year degrees. I have a friend who finished her two year degree in respiratory care by the age of 19 and had a job the second she graduated making $24/hour with time and a half on weekends. Her job then paid for her tuition in order for her to finish school and receive her bachelor's so they could eventually pay her more money.
    Edited By: 1.21Gigawatts Jan 4th, 2011 at 07:43 AM
  4. daaaaaaaaaang7 daaaaaaaaaang7 is offline

    Bend, OR
    United States

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    Jan 4th, 2011 (1/4/2011 7:54am) in reply to Willywoo

     
    Originally Posted by Willywoo View Post

    Pueblo sucks
  5. Willywoo Willywoo is offline

    Colorado Springs, CO
    United States

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    Jan 4th, 2011 (1/4/2011 8:22am) in reply to daaaaaaaaaang7

     
    Originally Posted by daaaaaaaaaang7 View Post

    Pueblo sucks

    Congratulations on your first OT post. You really killed it.
  6. coolhandkev coolhandkev is online now

    IL
    United States

    Posts: 5,962
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    Jan 4th, 2011 (1/4/2011 3:27pm) in reply to Willywoo

    1) Stop watching Suze Orman. That dumb bitch failed in the financial industry and now makes millions giving generic advice and telling people financial products are black and white when the reality is every one of her viewers is in a different financial situation and her advice does not apply across the board, yet she acts like it. Working with clients when I was doing financial planning the biggest pain in the ass clients were the ones who watched her and read her books. I had a client tell me "Well Suze Orman says to just get the S & P index fund because the expenses are low." Me: Does Suze know your 2 years from retirement and risk averse?

    2) Mutual funds are not bad like people always say. They are bad for savvy investors because they can just do the leg work themselves and save a few percent. For someone like yourself I have no issue with systematically saving into a balanced mutual fund (it's already diversified for you with large cap, small cap, mid cap, international, bonds, etc - so you don't have to pick multiple funds you can do all your saving into one fund until it grows enough or you feel more comfortable investing elsewhere). Mutual funds were invented for people like yourself who know long term the market is a good place to be but don't know where to start. The mutual fund managers do the work for you, they just charge you to do it (about 2% annually of the balance).

    3) If you want peace of mind that you are on track moving forward - hire a certified financial planner. Get referred to him/her. They charge an annual fee but if they are good it's worth every penny and you will have peace of mind that you are moving towards future financial security.
  7. MadTiger MadTiger is offline

    Akron, OH
    United States

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    Jan 4th, 2011 (1/4/2011 3:34pm) in reply to adamsapple19

     
    Originally Posted by adamsapple19 View Post


    also, if one doesn't have any interest in following the market real closely but wants to set aside a certain % of income each month to invest then what route would you suggest?

    Index mutual funds.
    Exchange-traded Funds (ETFs)
  8. duclover duclover is offline

    Woodstock, IL
    United States

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    Jan 4th, 2011 (1/4/2011 3:40pm) in reply to MadTiger

    as for schooling, study and head where the $ is headed.
  9. rebelfd rebelfd is offline

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    Jan 4th, 2011 (1/4/2011 3:50pm) in reply to adamsapple19

    Community College --------> Find work in the field you're studying ------------> If employer has tuition reimbursement get your 4 yr degree on their dime --------> Profit.

    I would say immediately get a job doing something that gets you health insurance, be it a Starbucks etc etc. You got to pay your dues, start building that resume. Enroll in some classes at a community college get into the school thing, and start looking for a better entry level job. It's good that you're contemplating this now and not when you're 50. It's not going to be easy, but sounds like your motivated, get started now, in 10 years you'll be amazed how far you can go. GL!!
  10. duclover duclover is offline

    Woodstock, IL
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    Jan 4th, 2011 (1/4/2011 3:55pm) in reply to rebelfd

    Key thing is... Start doing something now
    Edited By: duclover Jan 4th, 2011 at 03:55 PM
  11. trouble trouble is offline

    Lansing, MI
    United States

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    Jan 4th, 2011 (1/4/2011 4:24pm) in reply to duclover

    I'd fill out a FAFSA as soon as possible. Your age will actually be an advantage, as you'll qualify for both grants and subsidized loans.

    http://www.fafsa.ed.gov/

    As far as investing, i think the most important thing for you is to get started (however small it seems). As mentioned in this thread, you should be able to construct a portfolio with relative ease consisting of index funds and EFTs.

    With regard to education, I strongly advocate seeking an education related to a specific career (as mentioned above).

    Good luck.
  12. simpson2320 simpson2320 is offline

    Toronto, OH
    United States

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    Jan 4th, 2011 (1/4/2011 4:25pm) in reply to duclover

    Dont worry about what your gonna be doing in 30 yrs, but what your gonna today.. at least thats what i tell myself
  13. Pker4Dummies Pker4Dummies is offline

    Toms River, NJ
    United States

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    Jan 4th, 2011 (1/4/2011 5:36pm) in reply to simpson2320

    I am the OP without the maxed out credit cards plus one child. (except I almost finished 2 years of school.)
    Edited By: Pker4Dummies Jan 4th, 2011 at 05:36 PM
  14. Duffy08 Duffy08 is offline

    KS
    United States

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    Jan 4th, 2011 (1/4/2011 5:40pm) in reply to simpson2320

    why has no one said increase your poker earnings? put more time in, get better, move up stakes.

    pay off all debts, good poker professionals(particularly in this time and age of online poker legality) shouldn't have any debts outside of a mortage which is also dumb as you need to be ready to Up and move if need be. Get health insurance! I think like a ride in an ambulance and night in a hospital is a 5figure hit without insurance!

    investing wise I have no idea which is the one thing that really frustrates me. I'm really good about saving $ and being responsible but just don't have enough knowledge in the stock market yet so my $ is getting pretty pitiful returns for me right now :/
     1
  15. jtj03 jtj03 is offline

    Malta

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    Jan 4th, 2011 (1/4/2011 6:00pm) in reply to Duffy08

    I graduated in finance but yet to work in the field so I am really not qualified to comment on future market conditions, bottom line is there is always a way to make money in the market, I guess to answer your question though it depends on what route or level of stability you are going for. IDK you or your situation but from what it sounds like you have a couple options, school/poker, work/poker.....pick one.
    643 
  16. z06fanatic z06fanatic is online now

    CT
    United States

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    Jan 4th, 2011 (1/4/2011 6:06pm) in reply to jtj03

    I think with poker you should of decided maybe a year ago if this was going to be a viable career or not - with poker if you're trying to do it as a profession I think you need to figure out how to make atleast 100k/yr or else you're wasting time....if you can't figure that out within the next year Id defintiely give it up and look towards something else....
     2
  17. whatsup whatsup is offline

    Angola

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    Jan 4th, 2011 (1/4/2011 6:10pm) in reply to z06fanatic

    win the lottery today. like 350m $1 ticket
  18. BigGunX BigGunX is offline Mr OT Party

    Williamsburg, VA
    United States

    Posts: 21,287
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    Jan 4th, 2011 (1/4/2011 6:20pm) in reply to whatsup

    Have you considered the military at all?

    Even if you don't want to do active duty, there are some great jobs in the Guard and Reserve.
     
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