I just finished reading the book Chicks Laying Nest Eggs by Karin Housley. Has anyone else ever read this?
It is about forming an investment club. The idea is that you get about 10 people together who want to contribute a set amount per month to invest. You pool the money for 3 or 4 months. Then you make a decision about what stock to buy with your money. It is a long term buy and hold strategy. The book explains how they pick stocks that tend to do well.
The idea is that you can buy more as a group by pooling your money and that you can bounce ideas about what to buy off the entire group. I’d like to do this but I don’t know 10 people. I’d like to start investing but since I’m broke I’d only have a little per month to give. It seems hopeless to try to invest small amounts as a single investor but if you pool the money it adds up quickly. They have a website at Chicks Laying Nest Eggs. Anyone interested?
Now is the best time to invest in the stock market – prices are low. Buy low, sell high. Just be sure you know you are in it for the long run, and have the stomach to watch it go up and down. Have some money in a savings account, because it takes a few days to get money when you sell an investment, and because you don’t want to constantly be taking money out.
I don’t recommend getting involved with others though, because people will panic and want to sell when it is low, and you will have to figure out how to divide the profits, taxes, etc. I recommend a mutual fund – go to a low load provider like Charles Schwab. they will let you invest in small amounts over time. Most of them have low minimums to start.
Buy B shares, so you aren’t paying fees up front to buy it. Then when the money is in the account long enough, it converts to A shares, which means you don’t have to pay fees to sell it either.
My partner got his 401k statement today…he moved his fund from stocks to a money market a while back and wow….it’s doing ***great***.
I think I just need one of those.
Sweety, NOW is NOT the time to be looking at investing your money in the stock-market. The economy is going belly-up, anything more than a saving’s account (and possibly even that) is extremely dangerous (and very likely stupid) to be putting money into. Save up & hunker down. That’s what I’m doing. (That and buying canned goods for the short term, yardage goods & sewing necessities, lots of toilet paper, and good OP veggie seed.)
I’m going to check this [website and book] out…I’d be willing to put some money in with a group since I have no 401k and am going to be on my own as far as retirement.
The only two books I have read on money and investing are ‘Smart Women Finish Rich’ and ‘Young, Fabulous, and Broke’. The latter describes me more accurately. -_^