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GameStop Corp. Message Board

  • unseennc unseennc Dec 6, 2007 9:45 AM Flag

    did anyone else buy at the open?

    bought some more for my IRA at $58.86.

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    • Here is an example:

      Was at the deli counter getting some lunch meat. By the time the lady behind the counter sliced 1/2 pound of ham, the stock I was watching went up $3dollars. With 10 options that was a $3,000 move in 10 minutes. That lady would have to work at $10/hr for 5 days a week for 6 WEEKS to make the same amount of money. that's before taxes, gas to get to the job, child care, lunches, work clothes etc. Now she was probaly paid less than $10/hr. If she knew that would she continue to work at that job or would she save her money until she has a nest egg to leverage her way to a better life. Too risky for the avg Jane you say. Fine then take less risk you still come ahead of that $6-10/hr job.

      the thing is she has no idea of what's out there, how to make that kind of money, where to get the knowledge, etc. Therefore is she working a lower middle class job and barely making ends meet because she is poor or because she just doesn't know? My bet is if she had the knowledge she would be able to handle it like all the "money managers" out there.

    • Meant to say I was NOT considered poor in that demographic.

    • I tend to agree with the lack of education creates more poverty than being poor to begin with. I also think a lack of discipline in general makes you poorer. Lack of discipline to live within or below your means mainly but could apply to numerous areas.

      No offense, but that the average Joe is too unintelligent to invest on his own is rubbish in my opinion. It is mainly lack of knowledge (or education) and the insecurity/fear that brings that makes people feel they are better off with a "professional money manager" and I completely understand that. I am the epitome of an average Jane, grew up in poor, rural SE Okla. and have been trying to teach myself about investing (no mentor, no rich uncle, just me mainly). Not complaining, mind you I've had a wonderful life and was myself poor within that demographic.

      It's also a time issue. My husband doesn't want to spend his free time (even an hour or two) making his money work smarter for him, is not fiscally educated (VERY educated and intelligent...a doctor of vet med), and all in all just doesn't care. Money is not all that important to him. Again, he's appreciative and sees the wisdom in saving, investing for retirement, doing something besides spend all our money every month.

      As far as being poor, in college my husband and I put 10% of our $1200 a month budget in a savings account and we put 10% away now (plus retirement, investment, real estate "savings"). That's the discipline part. Even my poor, ignorant, unintelligent butt could see the benefit of having a balance, no matter how small, in savings versus $0.

    • but that is the point. For the same reason the avg joe doesn't invest $100/pay. the avg person doesn't invest theit own money. lack of education, lack of shortterm results and lack of confidence that it would do any good compared to someone else doing it.

    • That's wasn't the point.
      The point was "why people have other do their investing for them".

    • Thus the avg joe gets poorer because he "sees" no reason to invest that hard earned money. $100/pay invested for 40 years in a very nice nest egg to retire on when you factor in compound interest. that's $2600 a year 9biweekly pay) 100,000 over 40yr with no compound interest added. Factor in that compounding and you get even more (too lazy to do the calulation) but most avg joe's do not know this. Thus less education=poorer people.

    • Please don't take this a sarcasm (even though it may be) BUT the average Joe is lucky to have put anything away for a rainy date and doesn't have the time/knowledge/intelligence to invest on his own.

      Whats better? putting away $100.00 which becomes only $110.00 or puting away ZERO.

    • good points, but when you think about it. You work 40-60 hours per week for that money, shouldn't you at least put another hour or two in a week to manage that money? Just saying why work that hard for that money if you are just going let someone else take someoof it for stuff that you could do.

      When people say the poor get poorer and the rich get richer they are wrong. It's the lack of education that makes one pooer not the fact that you are poor to start with IMO.

    • I understand why people do it. They're scared. I was scared. I was ignorant (still pretty ignorant). Some people don't have the time or inclination to get over the fear/ignorance, and I honestly don't blame those people too much or see too much wrong with it. My husband is one of those people. Just doesn't care about money and has ZERO desire to mess with it (w/o me he'd be with financial advisor guy only), which is hilarious b/c he makes a ton more than me. Yet, he's smart enough to see the wisdom of saving/investing and is willing to let me run with it. I just try to keep him informed everything I do.

      It's been coming to the mindset you just mentioned over the past 6 months to a year that led me to open my own online brokerage account and transfer my IRA (very recently) away from my "financial advisor" who is a really nice guy, but just recommended one fund that takes a 5% load up front. Not enough bang for my buck.

      I'm only 25 and I manage the finances for my husband and I. Early marriage/college, it used to be simple: Figure out how to live off of $1200 a month and try to build up our savings account. Now, with real jobs, we make enough money that just having a savings account for long-term money management isn't being smart with our money. So, I'm out here trying to figure this whole thing out. We still have mutual funds for some of our retirement planning. My 401b doesn't allow you to manage your money, but there is no way I'm turning down having 10% of my salary per year being socked away when my employer is willing to pay 8% of it!

      Sadly, the "financial advisor" still has my hubby's IRA...for now. I'm going to put myself to the test against this mutual fund manager (load adjusted) and see if it really makes a difference. I'm not confident yet to take full responsibility for our retirement planning/investing yet, but plan on doing all I can to get there.

    • I do not understand why anyone would put their money in an IRA that they did not manage. The fees alone knock several percent off your return per year added over a 30-40yr time frame we are talking 100,000's in lost capital due to mutal fund fees, commissions, annual fees, etc.

      It's always better to manage your money if you can. Keep costs low. I'm up 19.5% in my IRA so far this year. Not bad and a hell of alot better than my 401k mutal funds that are only up 11% which have "profressional money managers" managing my money.

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