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Does anyone use Scottrade

Post in 'DIY and General non-hearth advice' started by Jack Straw, Feb 1, 2013.

  1. Jack Straw

    Jack Straw Minister of Fire

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    I want to buy stocks that pay a decent dividend for my retirement. A friend of mine uses Scottrade and he likes it. I was wondering what other people use. I have a Trowe Price account, but Scottrade is cheaper.

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  2. Jags

    Jags Moderate Moderator Staff Member

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    Yes, I use Scottrade. Pretty easy use.
  3. daveswoodhauler

    daveswoodhauler Minister of Fire

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    If you are buying stocks for dividends (retirement) my hunch is that you are going to be an investor vs a day to day trader. Etrade/Scottrade might be a bit cheaper for daily/multiple trades, but if you are thinking about purchasing large lots of a few stocks vs small lots of many stocks you might be just as happy with your Trowe Price account. How many different types of stocks are you looking to purchase, and how often will you be buying/selling?
  4. Jack Straw

    Jack Straw Minister of Fire

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    I would like to buy about 5 to 10 different dividend paying stocks and holding on to them, so you maybe right about using Trowe Price.
  5. Jags

    Jags Moderate Moderator Staff Member

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    I would have to agree that you may be better off with T-rowe for these types of transaction. For long term holding, reporting, dealing with bank accounts, etc. I think T-rowe is more robust than scottrade.
  6. Jack Straw

    Jack Straw Minister of Fire

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    I recently rolled 2 old 401k's into an IRA and a Roth IRA (I had some after tax $ in one of my 401ks). I told them when I want to retire and they put it into an account that becomes less aggressive as I age. I have been very happy so far.
  7. Jags

    Jags Moderate Moderator Staff Member

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    A wise approach.
  8. webbie

    webbie Seasoned Moderator Staff Member

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    I use vanguard for mutual funds and fidelity for stocks and heavier trading
    Both have been around a long time and are generally conservative in their approaches
  9. Jack Straw

    Jack Straw Minister of Fire

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    Is buying dividend paying stocks a good idea for retirement? My wife and I have IRAs and I have a pension, just looking for other investments.
  10. fossil

    fossil Accidental Moderator Staff Member

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    Fidelity Investments for everything except local checking. Been with Fidelity since ~1987, always been very happy. I manage my own accounts, do all my transactions online. People there will help you if you ask, otherwise they don't bother you. They never ever try to sell me anything or churn my account or anything like that.
  11. webbie

    webbie Seasoned Moderator Staff Member

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    IMHO, yes!
    But diversification is the key. If you are not an active investor, but a low-fee (vanguard, etc.) dividend mutual fund.

    If you are going to buy individual stocks, my suggestion is to ladder in (buy some each couple months of the same stocks), so your price is evened out. Also, don't stay in just one sector.

    I also suggest medical-based ETF's and Mutual funds, especially those with some exposure to biotech. XBI is all biotech.
    Jack Straw likes this.
  12. Badfish740

    Badfish740 Minister of Fire

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    I've read a little bit about these-are they good for shorter term (3-5 year) investments? Case in point-I posted just now about estimating the cost of an addition to our home. It will probably be five years off before we actually NEED to do it-we have a 16 month old now and plan to have another one on the way soon, but they can share a room for the next few years no problem. So would one of these be a good place to stick a chunk of change for five years or so?
  13. firefighterjake

    firefighterjake Minister of Fire

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    Dear Sirz and Madams:

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    If this pleases you please feel free to send check, money order, cash, gold bullion, first born child or Western Union money transfer to me along with your bank account, mother's maiden name, home town, computer password, favorite porn site, credit card number, pant's size and a 100-word essay on What World Peace Means To You.

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    Vice Presidents
    United Bank of Nigeria.

    ---

    Just trying to help out with anyone wondering where they should invest some cash. ;) :)
    MasterMech, Badfish740 and Jags like this.
  14. webbie

    webbie Seasoned Moderator Staff Member

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    Hmm, I hate having time frames only because you can look what happened in 2008 - it took 4 years to recover from the down site......

    It always works in that risk/reward way! Unfortunately, for shorter time frames when you 100% need all the principal (money) back on demand, the options are not as good.

    I personally like Junk Bond Funds....because, despite the name, the corporations are not going out of business! Junk bond funds hold hundreds or thousands of loans to corporations with lesser credit ratings. The odd of any decent percentage of these companies going under is VERY low...didn't even happen in the Great Recession!

    http://finance.yahoo.com/q?s=JNK&ql=1

    Pays almost 7%.
    You can also ladder into one like that - put 1/4 of the money in this month, same in another month, etc. - which evens out some of the ups and downs.

    Only caveat is that if interest rates really start spiking, the value of the shares of bonds funds can go down.....of course, the return (interest) on them goes up!
  15. Badfish740

    Badfish740 Minister of Fire

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    Clearly this is a scam-the spelling and grammar are 100% correct! ;lol

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