So You Want to be Rich?

November 24, 2009 Brad Wellen

By: Eloy Yndigoyen

So you say you want to be an investor, make the big bucks like all those hot shot Gordon Gekko type Wall Streeters who ate up our taxpayer money in their year-end bonuses? Maybe you’re looking to make some fast cash on the side instead of having to work that lousy job delivering food, or you’re just trying to pay back your bookie from last Sunday’s upset of the week (seriously the Bengals losing to the Raiders! WTF?!?) Either way, you’re headed down the path to financial success at an extremely opportune time.

After the world almost coming to an end this past year due to the tsunami that was the credit and housing meltdowns just to name a few, there are incredible buying opportunities out there for all individual investors, no matter how old you are.

First things first, how the heck do I do this?!? Wall Street has become extremely transparent over the past decade with new discount broker websites opening up all over the place. Scottrade, TD Ameritrade, E*Trade and Sogo Trade all offer incredibly low commissions (what you pay to get the trade done, there’s no such thing as a free lunch remember?) on trades, each coming with a minimum initial contribution level of anywhere from $500 to $2,500. Many people ask me how much money they should invest at the start, I’m a big fan of round numbers so lets go with $1,000.

So now you’re all set up, you either called or went into your local E*Trade branch, your account is funded and your ready to go…now what? Which stock do I buy? When do I buy it? Should I put all my money in one stock or spread it around? When do I sell? These are problems that even the savviest investors run into on a daily basis. Check back on Thursday for the answers to these questions and more from the Financial Advisor himself.

Discount Broker Trading Websites