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| *Ostroff, Fair and Company>>>Financial Services |
Full time job - full time investor? |
I have a full time job (non-finance) but my interest in it is dwindling (fast). I began to develop an interest in full time investing as I felt it provides a more direct means of earning money. However, I do not have confidence to jump in immediately. I am not aware of how much financial renumeration that full-time investing can bring. I am not ambitious - my objective is to have sufficient financial resources to last for my children (up to college education) and my own retirement. I had thoughts of pursuing a new job in business analysis to buy time as well as to get some financial grounding. Any advices / thoughts will be appreciated. Thanks. It sounds like you want to be a day trader, if thats the case, you kind of need a decent amount of money to start off with. I'm actually thinking of doing this myself, but looking at it as a means of supplementing my income, not an outright replacement. I would do lots of research first and start learning as much as you can about economics, interest rates, equities, stock valuations and you'll need at least $25k to open up a margin account to trade from. This is required by brokerage firms if they detect excessive trading from your account within 5 business days. If you don't have a background in accounting/economics/finance, go out and start reading! Trading isn't for the faint of heart and it will be important for you to read as much as you can so you can devise your own trading strategies according to your situation and really understand all of your risks. Source(s): series 7 licensed, work in financial services industry There are many ways and types of investments. Real Estate is a very good. www.amorocorp.com www.your-multiple-income-strea... Start with the end in mind. How much money do you need for your retirement and your children? From that point, work backwards and this will tell you how much you need to make in any job(investing or shoveling). If you want to test your abilities in investing, here is a simple way to see if you have what it takes. Set aside $10,000. Set up an account at an on line brokerage. Pick the stocks you think will make you the most money and see what happens. Track your record. See what your total is at various points in time. Now multiply this number by 10. In other words, if you put in $100,000 what would your total have been? Or multiply your number by 50. What would your outcome have been. Don't quit your day job. Very few people ever make enough money to live on, much less retire on, with strictly investing as their income. The books and videos of the investors wanting to teach you how it's done are ways that they need to make money. If they made lots of cash in investing, they would not need to make a video or write a book to sell you. Sorry, looks like you'll be working longer in your day job. Ever thought about going back to school to learn a new career in a field that really interests you and then do what you really want to do and let the money come. Remember, happy people make money in every field they're in. |
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