my sit. im going to school for about 18 months, im not going to have any money to invest. i have about 1000 in stocks that im going to hold long term, I want to get out of my ameritrade acct ant stop paying maintanance fees. I dont know where to go, anyone in a simeler situation?
my sit. im going to school for about 18 months, im not going to have any money to invest. i have about 1000 in stocks that im going to hold long term, I want to get out of my ameritrade acct ant stop paying maintanance fees. I dont know where to go, anyone in a simeler situation?Hi,It is great that you have already started investing.Unfortunately for the small investor most brokers now charge fees on accounts that only maintain a small balance. And those fees can take a large chuck out of your potential gains.I think the first step is for you to seriously think about how much you can make on the stocks you currently hold. If you think it will be 10% per year, obviously you need to find a broker that will charge less than $100 in fees (just to stay even). Also, is it possible that you'll need the money in the next five years to avoid using a credit card?If you are sure you won't need the money and you are sure you want to keep the stocks long-term, you could have the stock certificates issued to you. There would be a cost and in order to sell the shares you would very likely have to pay a broker again, but while you hold the stock there would be no cost.If you wanted to continue investing at a low cost you could look in to DRIPs (Dividend Reinvestment Plans).DRIP Resources:DRIP Portfolio Area (check out links)www.fool.com/DripPort/dripport.htmNational Association of Investors Corporationhttp://www.better-investing.org/store/lcp.htmlThe MoneyPaper, Inc.www.directinvesting.com/moneypaperDrip Investing - The Basics discussion boardhttp://boards.fool.com/Messages.asp?bid=100090Drip Investing – Companies - FAQ (post & discussion board)http://boards.fool.com/message.asp?mid=10943037College Resources:Paying for Collegewww.fool.com/money/payingforcollege/payingforcollege.htmA Tax-Smart Way to Save for Collegewww.fool.com/taxes/2001/taxes010525.htmHot Deals on Student Loans!www.fool.com/Specials/2001/Sp010613z.htmSavingForCollege (web site)www.savingforcollege.comPaying Back Student Loans discussion boardhttp://boards.fool.com/Messages.asp?bid=113197Keith O'MalleyTMF KGOMalley
If you have only about $1000 -- and you were planning on getting a loan for school -- I think you'd be far better off to sell the stock and pay for school. Otherwise -- you could investigate other brokers with lower minimum balances.
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