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Bryan C. Fleming

Million Dollar Savings Club Update (28% return on your money)

Filed under: Uncategorized, Million Dollar Savings Club — bryan_fleming @ 1:35 pm

Can you believe we’re 28 weeks into the New Year already?  Let’s see where everyone stands:

Bronze Savers: $700 (saving $25/wk)
Silver Savers:  $1,400 (saving $50/wk)
Gold Savers: $2,800 (saving $100/wk)

How much have you saved?  Are you a bronze, silver or Gold Money Saver?  Not sure what this all means?  You read my post where I talk about it.  Or Start from the beginning with just $1.

As most of you know I’m a silver level saver.  I recently got a pay raise at my job so I’ll be moving up to a gold saver in the next week or so.  It’s about time and I’ll write about it soon.

Today I want to talk about your ING direct Online Savings Account.  You know a lot of people are asking me where you can get 6% on your savings account.  I’ve seen ads for this, but they always say “$25,000 minimum” or something crazy like that.  So my answer is yes and no.  Let me explain. (more…)

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My First Stock Trade (Take II)

Filed under: Uncategorized, Million Dollar Savings Club — bryan_fleming @ 1:15 pm

wallstreet.jpgAfter I wrote last time, I decided to sell my shares of IVV (a simple S&P500 Index fund). I logged into my Zecco account and was horrified at what I saw.

According to Zecco I still had $500 cash in the account.  What? Cash? Apparently I never owned my hot stock: IVV.  I contacted their customer support and here’s what they said:

Thank you for contacting Zecco Trading. Our records indicate that your buy limit order was expired and therefore, it was cancelled. Please note that when you place a buy limit order (good for the day), if it is not filled or cancelled during the market hours, it will be expired when the market is closed
Hope this has been helpful. Should you have any further questions or concerns, please feel free to contact us again.
Thank you for your interest in Zecco Trading.
Sincerely,
An T.


So what’s the lesson: “Don’t place your order 5 minutes before the market closes I suppose”.

But there’s another lesson here.  One that’s not so obvious:

“Make your stock trading mistakes with $300.00 and not $30,000”.  I’m a little upset that I didn’t get a killer deal when the market crashed last week, but I’d be really upset if I was investing $30,000 and I didn’t get the great buy.

Had I bought and sold these stocks when I wanted to I’d be up about 2% in two days time (read my last post).  With $300 you’re looking at about a $6 gain.  But with $30,000 you’d have a $600 gain.  Oh yes.  If I missed out on $600, I’d be plenty upset.  Perhaps for days.

But, that’s what I like about Zecco.  You can learn how to buy and sell stocks without paying any commission fees and you can carry a low balance.  That works out great for all of us in the Million Dollar Savings Club.

Hopefully the market will crash again soon.  Then I’ll pick up my IVV stock and write about it here.  The old saying is true: Patience is a virtue.

Until next time, keep on saving!

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Million Dollar Savings Club: Day Trading for the Little Guy?

Filed under: Uncategorized, Million Dollar Savings Club — bryan_fleming @ 2:05 pm

zecco.gifNeil over at 100K Journey: My path to $100,000 writes about his experiences in the Million Dollar Savings Club:

I’ve been saving $50 a week and it automatically gets transferred every Friday. I use this account as my “mid-term” savings in case of any type of small emergency. This is the same account that I used to pay for my online appraisal class. As of this day, I have $536.21. It feels great to have extra money and the best part is that I don’t remember even saving it. All I know is that I must have at least $50 in my bank account every Friday and I let them do the rest. It really is a GREAT way to save.

You see Neil is doing exactly what he should.  Buy things you want with money you’ve already saved instead of putting it on a credit card.  What I like about Neil is he’s investing money in the best investment anyone can make: themselves. (more…)

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