Time and lessons
My intention was to keep a running blog and put my thoughts etc to paper as it were. Unfortunately, I've been busy and its been a few months. Not much time in the grand scheme of things really but I have to say I have definitely learned a few lessons!
Reading some of the posts on different stocks has been very educational and also very amusing. Some of the people here are freaking sharp as a tack and very instrumental in helping me learn the proper way to invest. Others are down right laughable when they slam MF for a rec that they purchased as a BBN and it dropped and they sold. Clearly its MF's fault.....??? Whatever. Apparently they didnt buy into the whole long term buy/hold and fecal matter happens part of it. I mean hey, I look at my CAPS page and it has these little quips at the top. Of course I have picked my own stocks and also some of MF's core and BBN stocks. At the beginning, one of my picks shot up fast. One of my BBN's sank.....fast. My CAPs page says "your stock #$% is up , your stock %^& is your worst performer( worst being the BBN pick, best being mine). WHAT CAN YOU LEARN FROM THIS!? I'd say I learned that even a blind hog can get a nut! I got lucky? Well. I made a educated guess based on what I learned here, applied it and won out. Fast forward a little bit, that pick is still up nicely but my MF picks are now my best (and worst) picks.One of my BBN's is about to give me my first 100% gain in fact. Overall, I'm ahead and I'm happy.
Lesson learned, I jumped the gun too many times to start with. I'd buy a stock and it'd decline. I'd buy again. In retrospect, I did that too many times and too fast. I should have let it fall more than I did. Now I have a hard fast rule, unless it drops 10% or more, I won't make a second purchase of it. And once I have it as a certain amount of my portfolio, I wont add again. I made too many quick buys and a couple of my stocks are overweight bc of that. One reason I did that to start with was b/c I had 60 days of free trades and it didnt impact me to make the buys but I definitely would like a do over on a few of those buys. Color me educated.
Since starting a portofolio, I have scoured MF for educational reading and done the same on ETRADE and Schwab. I highly recommend Peter Lynch for reading as well. Outdated to be sure but timeless advice. Yea the stock examples are ancient but the principles still apply.
I worry about retirement, that is what really pushed me towards getting into the market and becoming a MF SA member. I think, JMO here, that it is important to save for retirement but also to get rid of debt prior to retiring. Since graduating at 40 with my Masters, I have the dreaded student loan debt to deal with. I also picked up credit card debt to get by for a little bit as well. The credit card debt is thankfully all gone. The wife and I have paid her student loans off and her car and are now working on my gargantuan loans. My goal, to max out our 401ks, plus what we can to our IRA's on the side while trying to put extra on my student loans. I dont mind a house note in retirement but not anything else. By then my house note will be awful small anyway. I'll do my best to keep a running entry going here. I think it'll be interesting to see how things progress and maybe it'll keep me honest and true to my goals. We shall see.