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Lucrative Investments
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Use a reputable brokerge house, such as T. D, Ameritrade. I have had good luck with investments from them and they are knowledgeable and patient with clients. Also, diversify your investments with conservative stocks. Do not take chances on risky ventures. try to save as much money as you can for retirement. Use a reputable financial advisor, Not associated with your family ! Good Luck.
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Hello,
I have just read all the excellent advice you received. However, I believe in moderation and this includes saving. I have lost two husbands to cancer, the first after a long fight including disability in a wheel chair, the second totally unexpectedly within less than a month of diagnosis. My passion has always been travelling and aged 49 I am still young. I am travelling and having adventures now because aged 80, I do not see myself Zip lining, obstacle coursing, and travelling long distances around the world. Of course, I am saving for retirement but definitely not until it hurts. Every day we have is a gift and you never know what life throws at you. My advice is common sense and moderation together with the expert advice about getting educated and the use of reputable companies.
Best wishes.
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Do not invest with the first person you talk to. Investing is a very diversified area, and you need someone with a good background, good reputation, and knowledge of current financial issues. Shop around, find yourself a good broker/brokerage company Make sure you check the fees involved. Some are excessively high. Do not try to do it alone, or with a family member. You need someone with a good deal of experience. Investing is a scary proposition. Do it mindfully, and understand what you are doing. Make sure you keep track of your transactions.
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This is what i do.
I only buy stocks in the dow 30. The price earnings ratio (P/E) for the for the up coming year has to be forecast to be between 13 and 17 and the dividend yield has to be above 2.75%. Everytime I buy a stock I also enter an order for a stop-loss which is initially 10% below the original stock purchase price in order to limit potential losses to 10% on my investments. I monitor my investment every Satuday morning. If the stock price is down the following saturday from the original purchase price then I do nothing and leave my stop-loss order in place (thereby keeping my potentail loss at 10%.If the stock price goes up during the week I then make a note to myself to change the stop-loss Monday morning so that the new stop loss is 10% of the higher closing price on Friday.
For example. If I bought stock for $30, my original stop loss order selling price would be $27. If the price went down by the following Saturday to $28 I would keep my stop-loss order at $27. If the stock price went up by the following Satuday to $32 I adjust my stop-loss order price to $28.8 per share. Over time you either limit your loss to 10% of the initial purchase price or your stock value increases to a point were your weekly stop-losses are set at a price in excess of the original purchase price thereby locking in future gains in excess of your original purchase price plus the accompanying dividend income (which tend to increase each year from companies inthe Dow 30).
I also always wait until Monday morning before I make trades just to see what the stock futures are looking like. If they look bleak I wait until after the market opens If it looks like a strong open for the market I usually place my stop-loss orders abot 20 minutes before the market opens.
One other thing I do is to use limit orders when I buy stocks. I don't usually make market orders.
After that, I don't look at my stocks until the following Satuday even if a stop-loss order is triggered during the week. I'll deal with it on the next Saturday. In the meantime the dividends keep on rolling in.
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I undertstand your situation, but if you are AARP age, I'm afraid it is too little too late. Sounds like a receipe for losing the extra money you have. So BEWARE of free advice. If you have not experience in investing in the stock market, options, deriviatives, Bitcoin, etc. this is no time to start learning or to give the money to an expert. The stock market is frought with pitfalls and no place for someone who can't afford to lose their money and then double down again! Bank portfolios offer little so might as well pass until the CD rate get above 3%. That might be a year or two off, but would be a good play at that time, but again, limited budget, is not enough to live off the interest. You would need $1,000,000 to make that work. My best idea is one that I have used and continue to use throughout my life, REAL ESTATE. You need enough limited budget to swing a downpayment and rent the place for income. You must be careful and crunch the numbers, but it can pay off with a modest check in you pocket every month. At least enough to sustain you self with your SSA benefits. Good Luck.
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Low fee index mutual funds or ETFs. Fees chip away at your returns over time. Diversify, stocks, bonds, cash in savings account or CDs. Don't take more risk than you can deal with financially or emotionally. If you use an investment adviser use a fee only adviser use one who is a a fiduciary.. They have a legal obligation to act in your best interests. Stock brokers don't. Investopdia.com is a very informative site.
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I ditto ds300xxx's advice. I would add:
1) Talk to the investment advisor about your tolerance for risk. Do you want to take a big risk and possibly make good money, or take a big risk and lose it? How close are you to retirement (or are you already retired)?
2) Have a base amount of money to invest. When, and if, you make a profit, liquidate it, and put it elsewhere safe. His advice to stick with it is great. Remember just earlier this year, the stock market went down precipitously but has bounced back. I lost a whole lot of money, including my profit, when the recession hit about 10 years ago. I still cry when I have to talk about it. If I had liquidated my profit, I would have had some money somewhere!
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Also find a site that will allow you to research certain investment options and companies so you can learn about their performance and projected performance.
Are you looking for long-term growth, short-term focus, will this be something that is not necessarily for you but for your trust? Determine what you want. Sometimes the stock market isn't where you really want and need to be but in some other form of investment.
Also, make certain you choose an option that has good forecasting and is ready to meet the evolving changes in market demands and technological / environmental improvements.
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Become as educated about investing and investing terms as possible. Then have clarifying conversations with a reputable agent in the industry.
Some good sites that provide educational content are
* Money Crashers
* Investopia
* (a little edgy) Motley Fool
* Balance, Finance
Learn the terminology. Understand the terms (a short, put, call, and so on). When it comes to your ballot, understand what a bond is compared with a mutual fund. What is term life compared with an annuity. Write these things down and put them into some type of spreadsheet so that one can be compared to another.
Durable powers of attorney are good but be certain of the character of the person who has that power. Basing that decision on the fact that they're a family member so you're *supposed* to be able to trust them doesn't hold water.
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The Dollar is a decling asset.I would avoid keeping the majority of your savings in anything that pays you in Dollars.That would include cash,CD's,bonds,etc.You need to take a long term approach.Have just enough Dollars for short term spending needs.Don't try to time markets or buy short term things like options,etc.You need the majority of your savings to be in real assets,such as common stock of great companies,real estate,etc.There is tons of information on investing on the internet.Start reading and learning.Invest in safe,well managed companies at first.Listen to conference calls,these companies have after every quarter's earnings reports.You will learn a lot about the companies.Major brokerages have a lot of research info on their websites.Stick to large brokerages and don't get involved with commissioned salesmen,who will sell you anything for commissions,not caring how well you do.Good luck.Have patience and do your homework and it will work out over the long run.
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