[will75]

Quote:

Originally Posted by Rock&Roll Ninja /img/forum/go_quote.gif Mid 20's

Good for you. You are getting a better jump than most people do.

 

[Elec]

Quote:

Originally Posted by will75 /img/forum/go_quote.gif How old are you now? Another piece of advice for the 22 year olds. Don't rent! Buy a small house in a decent area instead. Build equity early, make simple repairs, and flip that house every 2-3 years. This allows you to upgrade every time you flip using the profits. You won't pay more and you get a basically free house after a while.

What about those of us who live in expensive areas? I'm 26 and have a pretty good job, but I'm renting because a nice townhome in a decent area or small single family home in a so-so area is 300k+. At this point I could probably afford to buy a condo, but I dunno if that's a better move than just saving up and waiting till I've got more money to put down and a higher salary to afford an actual house.

 

[will75]

Quote:

Originally Posted by Elec /img/forum/go_quote.gif What about those of us who live in expensive areas? I'm 26 and have a pretty good job, but I'm renting because a nice townhome in a decent area or small single family home in a so-so area is 300k+. At this point I could probably afford to buy a condo, but I dunno if that's a better move than just saving up and waiting till I've got more money to put down and a higher salary to afford an actual house.

Certainly there are exceptions. But even in costly areas the money spent on a nice rental property can take care of a mortgage on a decent property. May be not quite as nice as the rental but you don't throw any money away.

Doesn't work if you are in an exploding area with little development area. Seems like you are in one of those.

 

[JahJahBinks]

is right now the time to buy house?

 

[will75]

Quote:

Originally Posted by JahJahBinks /img/forum/go_quote.gif is right now the time to buy house?

That's a loaded question.

To give a general answer though: In most parts of the USA now is a great time to buy a house. Selling a house blows right now though. Perfect situation for first time buyers. Only downside are the rates. Although they are better than average over the years, just not as good as they were over the last several years. But, typically the market does well then rates don't do well. Invest in the market and it all balances!

 

[3x331m]

It's possible to build a small fortune with some calculated risks.

Ask yourself how much risk you can handle ? ... and start to read about the different type of investments. You need to know your risk and what you want to do with your "Snowball".

If you can keep your "Snowball" rolling, you'd in very good position sooner than you expected.

Keep the story short, I started my trading account with 5K when I was just out of college, and was able to build the account to ~35K in 2 years. It was good enough for me to put down on my home down payment and closing cost. I've turned my short term stock trading account into a long term real estate investment. I have to admit that those 2 years of short term (Day/Trend trading) were too stressful for me and I hesitate to do it again.

It's just me and how I took my risks. It's your money and your risks....Do your homework carefully. Good luck ...

 

[Konig]

Quote:

Originally Posted by 3x331m /img/forum/go_quote.gif It's possible to build a small fortune with some calculated risks. Ask yourself how much risk you can handle ? ... and start to read about the different type of investments. You need to know your risk and what you want to do with your "Snowball". If you can keep your "Snowball" rolling, you'd in very good position sooner than you expected. Keep the story short, I started my trading account with 5K when I was just out of college, and was able to build the account to ~35K in 2 years. It was good enough for me to put down on my home down payment and closing cost. I've turned my short term stock trading account into a long term real estate investment. I have to admit that those 2 years of short term (Day/Trend trading) were too stressful for me and I hesitate to do it again. It's just me and how I took my risks. It's your money and your risks....Do your homework carefully. Good luck ...

you are a legend

 

[ls20]

and how could you have day traded with 5k ? there is a minimum of 25k for pattern day traders

 

[Rock&Roll Ninja]

Maybe he bought 5,000 $1 scratch-off tickets.

 

[3x331m]

Quote:

Originally Posted by ls20 /img/forum/go_quote.gif and how could you have day traded with 5k ? there is a minimum of 25k for pattern day traders

Back in those days, you can open an account with as low as $500 with on-line brokers. With the Margin power, you double your investment. Use OP's money for your advantage.

Day-trade is just like any other stock trade. They call it "Day" because you close out your position by the end of the trading day. If you don't close out by EOD, you're subjecting yourself to the very high risk of overnight changes, and you have no control of your positions... defeating the purpose of "Day-trade".

You would not care of how much you have in your account... it's how much return you collect after each trade, percentage wise.

I'd rather stop here... don't want to sound like preaching to the choir ....

 

[jefemeister]

If you're investing for retirement a roth ira is a good way to go for the tax advantages. if your employer has a 401(k) with a match that's awesome. If it's for things like down payments on houses, etc I would go with a combination of mutual funds and stocks depending on how soon you need the money. Like me, you're in the your 20s so you can afford to be a little more aggressive with your investing because you still have time before retirement to make it back.

 

[3x331m]

Quote:

Originally Posted by Rock&Roll Ninja /img/forum/go_quote.gif Maybe he bought 5,000 $1 scratch-off tickets.

You need to believe in your own potential.... belief is a very strong motivation.

I could have kept my story to myself. It does not bring any return on my part. I thought that it might have helped stirring up your imagination.

My folks used to tell me that "Money don't grow on trees..."

Good luck.

 

[ls20]

Quote:

Originally Posted by 3x331m /img/forum/go_quote.gif Day-trade is just like any other stock trade. They call it "Day" because you close out your position by the end of the trading day. If you don't close out by EOD, you're subjecting yourself to the very high risk of overnight changes, and you have no control of your positions... defeating the purpose of "Day-trade". You would not care of how much you have in your account... it's how much return you collect after each trade, percentage wise.

It's not that.

It's the fact that if you start pulling shorts and completing intraday trades, your account can be flagged by your brokerage house as a day trader whereby you will need to 1) cough up the minimum or 2) cease those habits

 

[3x331m]

Quote:

Originally Posted by ls20 /img/forum/go_quote.gif It's not that. It's the fact that if you start pulling shorts and completing intraday trades, your account can be flagged by your brokerage house as a day trader whereby you will need to 1) cough up the minimum or 2) cease those habits

I guess that what I've done in the past is no longer allowed nowadays. I'm becoming obsolete ?

I haven't looked into this area lately. My time has past and I only have long term investments today.

Thanks for your correction.

BTW, which broker is enforcing this policy ?

 

[ls20]

Quote:

Originally Posted by 3x331m /img/forum/go_quote.gif I guess that what I've done in the past is no longer allowed nowadays. I'm becoming obsolete ? I haven't looked into this area lately. My time has past and I only have long term investments today. Thanks for your correction. BTW, which broker is enforcing this policy ?

All of them, it should be. The rules are set by NASD and NYSE. The latest amendments were made in 2001, but im unsure when the original criteria were laid.