Starting a Financial Group
Tonight I met with a couple friends to discuss how we could firm up our financial goals, get more focused, collaborate on ideas, and keep motivated. I gave them quite a bit of info as to some things I'm currently doing, along with reasons why I thought these were good "next steps", and after hearing about where they are financially, it seems like we're all about the same place.... currently out of (bad) debt, and have our income exceeding our expenses on a monthly basis. We should all be moving ahead to contact financial planners this next week. We have set up a plan to try and meet once a week to go over ideas, report progress, etc. I doubt anyone will be able to actually get to an interview with a planner before then, but hopefully we will have at least made some calls!
Some other things we discussed where stocks. I mentioned ClearStation.com as a nice (free) site that has some good tools for analysing stocks, as well as providing a kind of social network for stock traders. I have found it can be a nice learning experience to read why others are buying and selling certain stocks at certain times, and what they are looking at to make their decissions. Prophet.net also has some nice charts that allow you to draw on them, and save your markings between each visit to the site. It might be nice to increase our education on how to pick better stocks (long term and short term), but my personal feeling right now is that I'd rather find an analyst who's been showing good returns, and follow them. I am counting on the fact that a GOOD one will be spending a lot of their own time to research the stocks, and that frees up my own time to pursue other avenues.
We also talked some about real estate. Nothing too concrete at this time, but I do have my agent (Jessica Bruehl) sending me info on 4plex/8plex buildings. Another friend I'm talking to has made a comment about going in together on some larger real estate deal, and so that may be an option too. I don't think I want too large a slice of my pie tied up in one single investment. Since most of us are just starting out on this journey, maybe we ALL would feel better about being able to start by putting in less money, and accepting less return.
The first meeting went great!
I am eager for us all to get together again, talk about more ideas, and report the progress we will make over this next week.
Some other things we discussed where stocks. I mentioned ClearStation.com as a nice (free) site that has some good tools for analysing stocks, as well as providing a kind of social network for stock traders. I have found it can be a nice learning experience to read why others are buying and selling certain stocks at certain times, and what they are looking at to make their decissions. Prophet.net also has some nice charts that allow you to draw on them, and save your markings between each visit to the site. It might be nice to increase our education on how to pick better stocks (long term and short term), but my personal feeling right now is that I'd rather find an analyst who's been showing good returns, and follow them. I am counting on the fact that a GOOD one will be spending a lot of their own time to research the stocks, and that frees up my own time to pursue other avenues.
We also talked some about real estate. Nothing too concrete at this time, but I do have my agent (Jessica Bruehl) sending me info on 4plex/8plex buildings. Another friend I'm talking to has made a comment about going in together on some larger real estate deal, and so that may be an option too. I don't think I want too large a slice of my pie tied up in one single investment. Since most of us are just starting out on this journey, maybe we ALL would feel better about being able to start by putting in less money, and accepting less return.
The first meeting went great!
I am eager for us all to get together again, talk about more ideas, and report the progress we will make over this next week.
Labels: financial, income, investment, planner, planning, retirement, stocks
posted by rock808 at
1/31/2007 11:00:00 PM
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