January 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
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JonE
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Re: January 2016 Garden Club

Postby JonE » Tue Jan 05, 2016 12:01 pm

4ktvs wrote:
JonE wrote:
Nixon wrote:For all the talk of 50 cards a day, week, month. I'd like to actually see someone do that.


They are very few and far between, but I have seen it. Mostly in the MyFico approvals section.


As mentioned previously, I have added an Ally bank savings account, and will start posting recurring transfers to it from my Chase Checking starting next payday. I'll also be posting to my Chase Savings account (even though the rates stink) to keep some accessible money around, where the Ally bank will be my emergency fund. Next move is getting the 401k up to $1000 and establishing a brokerage account (looking at Scottrade or E*Trade, whatever is cheapest).


I would not fund a 401k if you plan on having a brokerage account. Cheapest isn't always best, I know of people who lost 10-20k going with the cheapest when it went under.(Though I doubt Scottrade or E*TRADE is going under just saying that incase you see cheaper options online) A 2008 like event could happen again and the last place I want my money is a locked down 401k or a broker who takes on too much risk to give customers the very cheapest rates.

You should look into the think or swim platform if you really want a powerful tool to trade with. Not much can come close to what it can do and would likely help with your trades.

I am hoping to trade futures but getting approved is hard when you have only traded stock options for a year or so. I hate just trading stock, it's boring as heck to maybe make %5 per month on your money. Options on stock are more fun when you can easily double your money in a week or less but then it can just as quickly go wrong. My advice for most people, don't buy puts/call options on stock. With the way most people think in a week they would go broke.


I found a few online brokers that look like they could be out of business tomorrow. Not going anywhere near that. Scottrade looks like it has the most potential. I only think of the brokerage on top of the 401k because there's a decent chance I could change jobs in 2016 (from security to law enforcement) and I'm looking to move that to an IRA with someone like Ally.
Current Cards: Chase Freedom, Discover IT
Future: TBD


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CarefulBuilder14
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Re: January 2016 Garden Club

Postby CarefulBuilder14 » Tue Jan 05, 2016 1:22 pm

JonE wrote:
4ktvs wrote:You should look into the think or swim platform if you really want a powerful tool to trade with. Not much can come close to what it can do and would likely help with your trades.

I am hoping to trade futures but getting approved is hard when you have only traded stock options for a year or so. I hate just trading stock, it's boring as heck to maybe make %5 per month on your money. Options on stock are more fun when you can easily double your money in a week or less but then it can just as quickly go wrong. My advice for most people, don't buy puts/call options on stock. With the way most people think in a week they would go broke.


I found a few online brokers that look like they could be out of business tomorrow. Not going anywhere near that. Scottrade looks like it has the most potential. I only think of the brokerage on top of the 401k because there's a decent chance I could change jobs in 2016 (from security to law enforcement) and I'm looking to move that to an IRA with someone like Ally.

Bells and whistles aren't for me, since I have low portfolio turnover. If you want them, though, also consider TD Ameritrade.
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Letting new accounts cool off since May
Really not sure what I'll add next or when

JonE
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Re: January 2016 Garden Club

Postby JonE » Wed Jan 06, 2016 1:25 pm

The plan is to buy $1000 or more in stocks as an initial purchase, then sit on it for a while. Adding to it every six months or so. I won't be a day trader, that's for sure.
Current Cards: Chase Freedom, Discover IT
Future: TBD

4ktvs
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Re: January 2016 Garden Club

Postby 4ktvs » Wed Jan 06, 2016 4:10 pm

JonE wrote:The plan is to buy $1000 or more in stocks as an initial purchase, then sit on it for a while. Adding to it every six months or so. I won't be a day trader, that's for sure.


If you don't care so much about bells and advanced charts then I would recommend looking into Charles Schwab as well. Really great customer service that seems to have no equal.

As for buying in long term in stocks right now there are two factors you should take heed to:

1) Interest rates are going up. Most of the time money flows out of the stock market and you are fighting the trend when you go long on stocks when interest rates are on the rise.

2) It's been a long bull run and no bull run last forever. (The stock market doesn't just go up forever.)

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CarefulBuilder14
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Re: January 2016 Garden Club

Postby CarefulBuilder14 » Wed Jan 06, 2016 4:20 pm

Also consider than one buy order and one sell order will eat up 1%-2% of $1,000 (depending on the brokerage). Individual stocks are more exciting, I get it, but no-commission index funds/ETFs may be more sensible.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Vermonster
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Re: January 2016 Garden Club

Postby Vermonster » Thu Jan 07, 2016 9:25 am

I have very limited experience with TradeKing. But their deal seems to be a flat $5 for buy or sell. I was only purchasing one stock as a present, not as an investment, so I didn't care too much about all the other stuff.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

JonE
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Re: January 2016 Garden Club

Postby JonE » Thu Jan 07, 2016 10:53 am

ETFs are what I'm looking at, at least to start. Mainly ones that are tied to the S&P 500, and the NASDAQ. I'm also kinda looking into commodities like gold.
Current Cards: Chase Freedom, Discover IT
Future: TBD

kdm31091
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Re: January 2016 Garden Club

Postby kdm31091 » Fri Jan 08, 2016 5:17 pm

I always think it's funny when people on that other site with 20 or 30 cards are really fretting about closing one account. They no longer want to pay an AF for a Venture (understandable), but insist that they must keep the account open so they want a waiver or PC. To each their own of course, but when you have so many accounts to build history with, closing one is very, very unlikely to make any real difference. It just seems there is a huge paranoia about closing accounts, even ones that serve no purpose to the individual.

Nixon
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Re: January 2016 Garden Club

Postby Nixon » Fri Jan 08, 2016 5:36 pm

Got approved for two cards by Citi today. Called in with unfrozen EX and got the Citi Biz AA Plat for $10K, and TY Preferred for $5.5K
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CardAttack
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Re: January 2016 Garden Club

Postby CardAttack » Fri Jan 08, 2016 6:15 pm

JonE wrote:ETFs are what I'm looking at, at least to start. Mainly ones that are tied to the S&P 500, and the NASDAQ. I'm also kinda looking into commodities like gold.


What's in your portfolio currently, and what's your investment time horizon? Nothing wrong with investing in low-cost hassle-free index funds. Three or four funds are all you need for a lifetime of diversification. Just buy, hold and rebalance annually. Buy low, sell high.
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