I see. Pretty cool tidbit either way. I stayed in Tuscaloosa for about 6 months recently. To me, AL was a weird place. I never really got into the whole 'Roll Tide' thing. On the bright side though, at least you live in Bham. It's pretty much the closest thing to metro life in AL.
I'm thinking about just taking it all out and doing this all on my own. Besides the fact that my parents will probably disown me and never speak to me again, do you think I'm ready to manage such a large account? cm69 [/B][/QUOTE] Why are you posing this question to strangers on the internet whom you don't know anything about. You should decide on your own if you can do it or not, no one should advice you here.
I never got into it either, in fact i think it's kinda silly, but what ever. And to the other poster, you're right..i shouldn't have asked that question in the first place, as i'm not ready to manage that kinda money. BUT when i am...HELL YA!. With all the crap going on with Bear sterns, interest rates, and sub prime, i cant help but worry that a big chunk of my account is going to vaporize.
As predicted, I took a rather "large hit" according to my family (who monitors my money) in July. I'm taking it all out, and throwing it into my checking account/ maybe some kind of cd or bond. I'm not speding this money, but i'd rather not make money than lose more.....which will probably happen. cm
It sounds to me like the broker was churning for commissions. What crock to trade a 300k account with odd lots. And another thing, if he only made you around 8%, you might as well just put it into a money market account. You can get around 5.3% with zero risk to your capital. Even some good quality bonds will pay 8%. If you can't trade yourself out of a paper bag, at least allocate the money in places where you can get the highest yield. Don't give it to Joe Broker so he can churn the account all year to generate commissions for himself. The way your posts are going, I suggest not taking this money to day trade, or swing trade. Be smart and get the proper education about finance. You need to watch the yearly cycles of the market, and study the business cycle, then you will be able to put to use this money without taking on overly aggressive risk.
cash, you are way too young to park your cash into a savings account. If you want to lessen your fees dramatically, just shift it into index ETF's and let it ride. The market has ALWAYS gone up over time. And that's what you got - lots of time. Reinvest any dividends, gains, etc. and just let it go. If you are concerned about buying the top, dollar cost average it over the next 12 months or so.