I guess this was written before Wamu failed.I think BAC is a solid long term financial holding (also an income investor pick on this site) and I would hold it for a long time. I don't know if I'd buy more though.I really like being able to buy MKL at 300, and AXP seems like a solid financial play at 20 dollars.If you do manage to invest 10 grand a year you will be very well off in your later years. 10 grand a year compounded at a reasonable rate of return could easily make you a millionaire if you invest wisely.My suggestion would be invest conservatively into large cap stocks you can understand and if you want to speculate on small cap stocks, do a lot of research. Start ordering annual report online and reading them and getting a feel for them. You have time to reinvest dividends and don't need to double your money overnight, and reinvested dividends as well as capital appreciaton over a long time frame can help you to amass a small fortune for yourself.Remember this and maybe write it on the computer where you buy stocks : "The first rule of investing is don't lose money. The second rule is don't forget the first rule."Just be careful not to speculate and understand what you invest in when you buy it to a reasonable degree, and you'll do very good over a long time frame. Research the stocks you buy and don't buy on a whim, and don't sell often. You want to be a net buyer of stocks over the long run, buy into businesses with good prospects for the long haul, and hold them forver.
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