How many of you self manage your investments?

[Trucken]

Duke, sorry to be tardy with reply...As the only male in a home with three grown woman have been fortunate to have all my chores dictated and scrutinized from three angles. The only job I can do satisfactory without supervision is in smallest room in house.

 

Started out small trading in June 1998 with a company called Datek bought out by Ameritrade last part of 1998. Gained experience thru books and hands on ..Quite interesting sled ride way to gain knowledge in the midst of dot com's.

 

So when the time came, I chose a self direct IRA that requires little attention now and content with the divided dispersed monthly.

 

All the FP's that tried to get my account have never offered any of the scenarios in your post, nor did I ask for other form of investing, nor from the books along the way. I do have a different take on Hedge funds, though. I have had GLD, do have real estate. Feel offshore account doesn't have a good taste.

 

One's I do remember is a foreman who knew I was trading came with an investment through his FP, that guaranteed 10 to 12 percent return. Yea, his entire 401k now lives in a foreign country.

 

Woman kept hounding me should I sell or hold company that skyrocket into the 90's--- AOL---finally told her to sell to her sleep level found out later she had sold ALL 10 shares.

 

I can now tell, I/we won the Hungarian lottery for a million dollars, yes sir, high cotton. Unfortunately it is in timed payments, dollar a year for a million years.

 

PS: Keating didn't get out of jail broke, wife bought a million dollar house 10 miles down the road.

 

Trucken

[Trucken]

Kirk: no apology necessary- sorry it seemed that way.

 

Happy with your Advisor and you sleep well, and funds growing even though your taking withdrawals, then you have found a good one.

 

Now see Statement FP can diversity outside of market, have a greater stretch of imagination with investment advice than previously assumed.

 

My OPINION only, these same type investments are possibly covered in the market, which I FEEL is a little safer investment. Exception of out of country investing, seems like the Feds are interested though.

 

1. High interest CD's--similar---BDC's own the note.

2. Ret's---trusts----own the ground Home Depot sits on.

3. Bonds US--companies that loaned the cash.

Bonds foreign.----same

4. Metal GLD.

 

 

Yes, invested in all, and four other categories but no longer GLD.

 

Trucken.

[Kirk W]

Now see Statement FP can diversity outside of market, have a greater stretch of imagination with investment advice than previously assumed.

Keep in mind also that there are rules about managing funds inside of a 401k or an IRA that must be observed so it is more restrictive on what you can do than it is when you are dealing with investing your individual savings. Most 401k plans have very limited choices of where funds can be invested so even though the owner may have some choices, he has to roll the money into an IRA in order to actually do much managing and to put money into anything more than selected funds. Even in an IRA the amount of personal control that you have can vary widely depending upon who is holding the IRA but neither one has the latitude one has with personal savings.

 

In reading the threads of this forum, one can get the feeling that many of us have very extensive investment portfolios that we have complete control over to invest in anything that we wish, which for most of us means outside of either an IRA or a 401k. While I did at one time have such funds, and to some degree I still do, never in my life has my personal savings(outside IRA/401k) been large enough to do the sort of investing that some of the more frequent posters here seem to do. It was that which caused me to ask the question about self directed investments. Very few IRA custodians give the owner total control over investments like you would have outside of them.

 

I read, but now am unable to locate, an article in "The Economist" that most Americans have less than $1000 of savings that is not inside an IRA/401k. In my own case we usually have well above that but rarely has our accessible savings fund exceeded $20K, which is peanuts in terms of serious investing. This article from the Economic Policy Institute indicates that the next wave of workers nearing retirement age are in serious trouble, partly due to the disappearance of the "defined benefit retirement plans" such as many of us (myself included) have as the foundation of our retirement as well as Social Security. I suspect that our group here are in a better financial condition than the average American, and that the majority are already retired, but as we reach out to younger members (Xscapers, etc.) we will also likely begin to include many more members whose financial future is not secure. In my opinion, those of us who have secure incomes that are based upon a defined benefit retirement from an employer or from government have a much greater freedom to take risks in investing than do those without such benefits. For that reason, I believe that we also have some responsibility to those younger members who may take the advice that we give, but that is only my opinion. Even so, that is one reason that I tend to be cautious in advice that I give.

 

Here is an article from Credit Donkey that gives some disturbing data about those who are nearing retirement age.

[TheDuke]

"Very few IRA custodians give the owner total control over investments like you would have outside of them."

Fidelity is one for sure that allows total control and probably Vanguard .

I think you might have meant 401K, but it makes no difference as if it is self directed and in a limited control it should be moved asap to somewhere less restrictive.

[Kirk W]

"Very few IRA custodians give the owner total control over investments like you would have outside of them."

Fidelity is one for sure that allows total control and probably Vanguard .

Both companies show lists of what can be invested in on their websites.

[whj469]

Also T Rowe Price for 100% no load mutual funds. There are also 403b retirement plans which have rules like a 401k plan.

As I prepare to retire on September 1st, when I contacted my plan they told me that because 100% of the funds in my 403b account are

pre tax that they must withhold 20% of what I take out and submit it to the IRS. If I roll over to an IRA they will only withhold what I tell them

and they don't have to withhold any. Good Luck

[Kirk W]

As I prepare to retire on September 1st, when I contacted my plan they told me that because 100% of the funds in my 403b account are

pre tax that they must withhold 20% of what I take out and submit it to the IRS. If I roll over to an IRA they will only withhold what I tell them

and they don't have to withhold any. Good Luck

 

I wouldn't think that you would have anything withheld if moving to an IRA? Never having had a 403b, I am only vaguely aware of the rules.

[airstream harry]

I rolled my 403B directly into an IRA and paid nothing until withdraw.

c u on the road

[Trucken]

Harry is CORRECT Ahj--If you take all your funds out and don't roll into and IRA you will be have charges of 20%.

 

Scary I know, roll into a Ira and only pay taxes on your withdraws which could be less than 15%. If you don't need the money you won't be required to make a withdraw until 70 years old,

 

There are many safe places to park you money. Scary yep, all us old folks have been thru it.

Good luck, not much to fear if you have knowledge.

 

Trucken

[Kirk W]

Scary I know, roll into a Ira and only pay taxes on your withdraws which could be less than 15%. If you don't need the money you won't be required to make a withdraw until 70 years old,

Shhhh! Don't tell anyone that we are so old!

[Trucken]

Duke and Kirt:

 

Wow no explanations necessary after reading your post that said Fidelity has no limits or controls on investments, reading Fidelity limitations $8.00 buy in ---03 % of principal when you sell. Securities held for less than 30 days another fee. 2% fee on metall, and the list goes on.

 

Can't wait to join Fidelity to pay an addition .03% on principal of the trade. Such a bargain.

 

Think we are playing for different teams--.

 

Let's do something different---I have purchased 1k SHARES of ATT (YES IN MY IRA) @32.50 it has had a hard time breaking 39.

 

So Durk & Kirk what should I do,

sell, or hold.----could it catch up to VZ at $51.00. Here is your chance to be a FA. Really your import could be important.

My gains so far equal three years of dividend of T.

 

 

Trucken.

[Kirk W]

Can't wait to join Fidelity to pay an addition .03% on principal of the trade. Such a bargain...................

 

So Durk & Kirk what should I do, sell, or hold.----could it catch up to VZ at $51.00. Here is your chance to be a FA.

Are sure that the Fidelity fee is .03 of 1% or is it 3%(.03 times the amount)?

 

Fidelity isn't what I would consider to be a financial advisor but rather a supplier of managed funds. Their products are among the things that most licensed advisors can place a customer's money into, along with a very long list of other things.

 

What should you do? Don't ask me as I pay someone else to do that for me and just evaluate him based upon the results of what he does. Some days he buys, some he sells and sometimes he even sells short. But one thing that he taught me was not to give free advice!

[Trucken]

Kirt:

Yes it's .03% of principle on the sale a back end charge.

 

In your post you said your FP sold short---that could have two different meanings to me---short meaning a loss---or sold into a short position-- big difference. Think we are playing for different teams--you guys are baseball---me hockey.

 

Kirk didn't asked for FREE advice on T just what you would do. I made the buy after talking to T employees,----found out that T is now going great guns installing something called fiber overlay...maintenance visits to neighborhoods that have been upgraded has dropped to ZERO. Crews that served those areas are being shipped out far and wide. Hence my buy.

 

Kirk-Duke---here is a question you can answer.

 

Garage sale, buy a baseball for grandkids at home clean dirt off find signature of Mickey Mantel...and worth $10,000.

 

Search shows he signed 50, but you have the only one found...now 10 grand is 1/5 of your income. Do you hold for increase and hope no others are found or sell. I would sell, what would be your choice?

 

Trucken.

[Kirk W]

In your post you said your FP sold short---that could have two different meanings to me---short meaning a loss---or sold into a short position-- big difference.

 

Definition: short sale

Borrowing a security (or commodity futures contract) from a broker and selling it, with the understanding that it must later be bought back (hopefully at a lower price) and returned to the broker.

Investor Words

On the baseball, no idea what is best but I'd most likely sell it.

[TheDuke]

Last one first. Just saw an article yesterday about 10 worst anrique/collectable items. Sports memorbilia was one of them. Never collected, never will.

Not advice just what I aould do or in this case not do as an investment.

It is said about collectables, "collect what you enjoy, not as an investment."

[TheDuke]

Fidelity charges? I have never paid other tnan $7.95 to do a trade and then only for a stock or ETF trade.

Yes, i guess there is a 30 day rule but that is just for their mutual fund trades. At one time outside advisors were going in and out of funds quickly, therefore that rule.

I don't trade stocks, you are on your own.

I will look into that .03 percent issue.

[TheDuke]

Trucken: your info on trades is at least mostly incorrect. 7.95 on US equities, unlimited trades. I'm also free trades on ishares and fidelity ETFs

I don't know what metall is unless you meant metal. Tnen if you want actual metal, and not funds, it seems to cost 2 or 21/2 percent to trade.

Here is my advice. Call them up and ask about charges or call vanguard, or t rowe etc.

[Trucken]

Dear Duke...

 

What does this line mean to you.

 

$7.95 commission applies to online U.S. equity trades in a Fidelity account with a minimum opening balance of $2,500 for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other conditions may apply. See Fidelity.com/commissions for details.

 

Funny can't seem to find where back end charges only apply on Mutual funds. Fidelity even charges $25.00 a year to be with them....wish I could do that to my kids.

 

 

Here is my advice

Read the commission details for your account.

Yes, it is metal, guess you mean then instead of TNEN.

 

 

Trucken

[TheDuke]

Since you ask me instead of Fidelity, I can only answer what I think it means.

"$7.95 commission applies to online U.S. equity trades in a Fidelity account with a minimum opening balance of $2,500 for Fidelity Brokerage Services LLC retail clients."

It means that a there is a minimum balance for an account, and the cost of an equity trades is 7.95.

"Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other conditions may apply. See Fidelity.com/commissions for details."

It means that there is an extra charge if you sell certain types of things when holding them 30 days or less. See "activity assessment fee". I believe I alluded to that in a prior post. And it means to look at Fidelity's commission charges for more information.

Doesn't that $25 charge only apply if a certain type of account falls below a certain amount? That happen to me only once when an IRA of mine when below whatever that limit was.That happened in 2008 or 2009. I called them and they reversed the charge.

I believe that if you dial their number with your left hand, there is an addition charge, and if you buy a horse or cow from them there is a feeding fee.

I never intended to become a spokesman for Fidelity commission fees. Nor did I mean to criticize your spelling, I clearly didn't know if metall was a specific product as I don't know every product available out there.

Please don't ask me any more questions about Fidelity's commissions as there is a very detailed PDF explaining their commission charges.

[Ron]

I get charged that extra small fee every time I sell a stock regardless of the number of shares, dollar value, or balance of my account. I was told it is a fee collected by the SEC that pays for their oversight. Perhaps some brokerages just "eat it" out of their commissions - not sure - but Fidelity breaks it out as a separate fee item.

---ron

[dougdogs]

I get 100 free trades a month with Merrill Lynch. Anyone with a Bank of America account should look into this, if they do their own investing. Depending on how much money you have in accounts, you can get 25, 50, or 100 free trades a month. I would have to pay 6.95 for options trading, but I don't do that.

 

Sometimes I get SEC charges of a few pennies on a trade, but the charge is on the trade, not the amount of shares traded.

 

Bond trades usually require assistance from their 800 number, (and at no charge) but I don't do much bond trading. I do trade in baby bonds, but they are handles like normal stock trades.

 

I have never come close to using 100 trades in a month, but with limits I have set another "flash crass" could put me over the 100 mark due to limit orders I set on positions.

 

Merrill does offer financial advisors, and I have spoken to them once or twice. With one exception, i have never had an issue doing my own trades with the Merrill platform. A couple of years ago, I had a trade (buy) for GE that just would not go through. Even the folks on the 800 number couldn't figure out why my trade wouldn't execute.