E*trade, can you help me ?

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MahPitom

Mon, Dec 17 2007, 9:39 am

I am looking to invest small monies as I have extras, to save for big future expenses. I was looking into etrade, the easy way to do this.

I am aware that it relies on a stock portfolio and I know nothing about. Do you know something about etrade?

Do you have a better way to earn on money, such as mutual funds? What is the smartest way to save a few hundred here and there to invest?

amother

Mon, Dec 17 2007, 9:53 am

It really depends how much you have to invest. I wouldn't bother with stocks unless I had $10,000 to put in to the stocks I would choose.

Less than that I would put into a mutual fund, if you want to be in the stock market specifically. Most mutual funds have fees if you're putting in a small amount of money, but you can check out the Vanguard funds for very low fees or completely free ones.

It also depends on your risk factor and how long you want the money invested for. The market is extremely shaky right now, and I would only put in if I knew what I was doing completely- which means putting time into researching different companies which could mean on a daily basis.

When I looked into it way back when I preferred Scottrade to E-trade. Perhaps things have changed by now though.

catonmylap

Mon, Dec 17 2007, 9:59 am

I use Scottrade.

Mimisinger

Mon, Dec 17 2007, 10:00 am

We have E-Trade and a couple of weeks ago they were having major issues. They were about to go under and many people were pulling their money out. They even put an ad in the NYT that they were still a safe place to put your money. This of course makes one nervous. We actually called to withdraw our money, but we decided that the money is insured by the FDIC in case they do go belly up so we can't lose it. Also from what I understand, they're doing better now.

I hope this helps...

gryp

Mon, Dec 17 2007, 10:06 am

MahPitom wrote:

Why don't you look into a savings account with a high interest rate? That way you can keep putting more savings in plus it's not tied up like it would be in a cd.

If you go to bankrate.com you'll see lists for the rates on cd's, savings accounts, etc, and it's easy to find the best one.

MahPitom

Mon, Dec 17 2007, 10:22 am

Every now and then I have a few hundred to stash away, never in the thousands. I heard horror stories about Gemachs, so I was thinking to invest online where I can get a nice return. However I also need it in a secure place so that I can resist taking it out when I need it. Basically if it’s locked away someplace where removing it requires 3 difficult steps, I am more guaranteed that it will stay there longer.

Should I just ask my mom to keep it in her underwear drawer?

Mimisinger

Mon, Dec 17 2007, 10:27 am

No!!! Money gets stolen.

Anything that's insured by the FDIC will protect your money even if it's not earning a lot. It's earning more than an underwear drawer.

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