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Wednesday, November 28, 2007
While perusing the Berkshire Hathaway website, I read a message from Warren Buffet with regards to GEICO. I was wondering how much I could really save by switching to GEICO. I don't want this to sound like a commercial, but I did save a bunch. I ended up saving just about 50% of my bill from switching to GEICO. I told a friend of mine how much I saved and he called them too. He ended up saving 50%as well. It's just like getting a raise!
So it's worth checking out....
Looking Out for You,
The Little Guy
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Posted byLookingOutForTheLittleGuy at 5:49 AM
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Are you getting the same benefits and limits with your new insurance? :)
How is the #1 investing going so far? Have you done real trades, or paper trades?
Actually, I'm getting all that I had before + more! I am getting some higher coverage, roadside service ala AAA, and rental reimbursement. I did not have roadside assistance or rental reibursement with my previous carrier.
As far as the rule#1 investing goes, I've been doing real trades and I have not broken the rule ;). I'd like to get some better MOS than I have had to maximize my returns.
Reading the Warren Buffett book that I mention in in eariler post really motivates me. A few key things that I have taken away so far are this:
1) To quote Mark Twain "Put all of your eggs in one basket and watch that basket"
2) There aren't many things that investor has to do correctly. The most important thing is to know the bounday of the circle of companies that you understand. It doesn't matter how big your circle is but it does matter that you know when you've crossed the boundary. If you don't understand the company, you will be doomed.
My nemesis in my foray into investing has been comissions, especially with combined bokerage, roth, and coverdell accounts. I had been using all of my accounts and trading within them but the cost became prohibitive so I am just trading within one account for now.
I was looking into using wells fargo for commision free trades but my coverdells wouldnt be covered so the cost of account transfer would not be worth it unless all of my accounts could be transferred and managed with low or free comissions.
I need to look into zecco and a few others to see what the best route is.
Thanks for reading and posting your comment. I encourage you to come back often and I'll be sure to post you on any other interesting findings that I have.
Best Regards,
The little guy
Thanks for your insights, very interesting. I have just started out myself. I did some real trades before reading #1 and lost some money, not much, but a little. So now I want to try again after reading #1 and hopefully will be in better shape...
I am with Wells Fargo and am using the 100 free trades (you need a PMA umbrella account which is free I believe). Their brokerage is simple and limited, but it does the job. I am not trading in a Roth account yet, but will set one up as soon as I have seen that this #1 approach works...
About your point 2) I was wondering how much you are supposed to know about the company and its industry. Obviously the more the better, but Phil Town seems to play this part down.
Thanks for your insights, very interesting. I have just started out myself. I did some real trades before reading #1 and lost some money, not much, but a little. So now I want to try again after reading #1 and hopefully will be in better shape...
I am with Wells Fargo and am using the 100 free trades (you need a PMA umbrella account which is free I believe). Their brokerage is simple and limited, but it does the job. I am not trading in a Roth account yet, but will set one up as soon as I have seen that this #1 approach works...
About your point 2) I was wondering how much you are supposed to know about the company and its industry. Obviously the more the better, but Phil Town seems to play this part down.
Woops, that posted twice - sorry.