Posted on Oct 9, 2015
HN 8404 Corpsman
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I will be straightforward and honest, I know very little when it comes to finances. I know enough to get by and support my family, but as far as making money by using money, I know little to nothing. Who doesn't want to retire with a good bit of money? Who doesn't want to be able to give their family everything they want plus be able to stay financially stable? Basically I'm asking if anyone has tips or advice for me. I'm really interested in the stock market and I would like to learn how to use the stock market more in depth so I can use it to invest money. All advice is welcome, but please don't give information about something you don't know yourself. I would prefer financial "gurus" that actually know a thing or two to help me get on the right track so that I'm not an E-3 living paycheck to paycheck.
Edited 6 y ago
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Responses: 18
LTC John Shaw
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HN (Join to see) I highly recommend Dave Ramsey's Financial Peace and Total Money Makeover. He usually has a way for service members to get access for free on Veteran's day or through the Chaplin's office.
This course will provide a great overview of how to manage money.
Avoid aggressive sales people pushing loaded mutual funds and NO annuities that pay the Salesperson more than the benefit to the Soldier.
TSP is your best friend and you should put at minimum 10% for retirement, if you can't stomach 10% start at 5% and work up 1% every year until you get there.
Best free site is the USAA Foundation and you can always call USAA for a financial review even if you have no money to invest.
Good luck and happy investing.
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HN 8404 Corpsman
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6 y
Thank you very much Sir. I will definitely look into all of this.
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SGT Mark Halmrast
SGT Mark Halmrast
4 y
Agree...Ramsey's guidance is what people my age say they wish they had when they were your age.

Props to you for seeking advice.
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LCDR Deputy Department Head
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Be careful with any advice anyone gives you. Free advice is typically worth what you pay for it, and financial advice even more so.

Now that I've said that, here's my free advice ;)

Be careful with the stock market. It sounds like you are looking to supplement your income. Stock market investing is typically long term unless you are day-trading which is essentially impossible for an active duty military member. You need to have you eye on prices all the time to do this (including option trading). Also this is much riskier than longer term investments. If you are looking at long term, I suggest mutual funds, but I don't have the right credentials to tell you which ones. What I will tell you is that TSP is a great tool and in the next few years looks like it will be getting matching government contributions. Take advantage of that when the time comes, and potentially now.
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HN 8404 Corpsman
HN (Join to see)
6 y
Thank you Sir, I appreciate it. Day-trading was more along the lines in what I was interested in learning. I want to make money as quickly as possible not just make money over a long period of time. If I can learn something then I can teach my wife and if she can learn it just a well as I can then she can use it while I work; she is unemployed.
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Sgt Field Radio Operator
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Edited 6 y ago
Do your homework before you invest. Starting out I would invest in a conservative mutual fund with low fees. Look at http://www.vanguard.com to start because they have many low fee funds to choose from. Starting out, look at an index mutual fund. You could pick out a balanced fund that invests 60% in stocks, and 40% in bonds. Begin with mutual funds, and only after you know what you are doing should you consider individual stocks. Study IRAs, Roth IRAs, 401K, and discover how these tools can provide big benefits. I can answer any questions that you have, but you need to do your own research. Investing and watching your money grow is fun, but it takes time and effort. The payoff for your elbow grease is financial peace of mind.
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HN 8404 Corpsman
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6 y
Amazing advice Sergeant! I really appreciate it. I definitely have a few questions and I will be speaking with you soon.
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