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Max Out Your 2009 ROTH IRA

BudgetBoy — Wed, 24 Feb 2010 11:25:30 +0000

If you have’nt maxed out your ROTH IRA, you may want to consider doing so prior to submitting your 2009 taxes. The IRS allows you to make a 2009 ROTH IRA contribution during 2010 as long as you complete it before April 15th 2010 (taxes due date) and you note it on your 2009 taxes. For those of you beginners out there, a ROTH IRA is funded with after tax money. The benefit is that as the investment grows over time, once you retire and start to take distributions from it, that money is tax free. This can be very advantageous depending on your tax situation now and when you retire, which is why the IRS puts a cap on the amount you can contribute.

This year you can contribute $5000 to your ROTH IRA if your modified adjusted gross income (MAGI) is below $166,000. If you income exceeds $176,000, they you not eligible to contribute to a Roth IRA for 2009.

If your MAGI is between $166,000 and $176,000, then you can contribute some amount less than their full limit. My advice here is to prepare your taxes first using the $5000 contribution, your return will tell you how much overpayment there was. Then subtract that from the $5000, and make that your ROTH contribution. Deposit those funds into your IRA, then file your taxes with that same number.

The jury is still out as to if ROTH IRA’s will be around forever so it makes sense to get in now while it is still good. If you are looking for a good ROTH IRA provider you make check out an ETRADE ROTH IRA. They have a current promotion where you can get $100 free trades when opening a new ROTH IRA by December 31, 2010.

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OptionsXpress Review December 2009

BudgetBoy — Mon, 21 Dec 2009 11:49:25 +0000

I decided to do a review on OptionsXpress for those of you that have been emailing me about my experiences, so here you go… If you are looking for the $100 bonus link, check out the OptionsXpress Promotion page.

About OptionsXpress

The first thing you need to understand about OptionsXpress is the lack of the “e”. It is not OptionseXpress, but rather OptionsXpress. However they were smart enough to purchase both domains, so it you mispell it, no worries you will still get there. They were founded in February 2000 and are based out of Chicago, IL. They have been named Best Online Broker by Barron’s in four of the last five years.

OptionsXpress is a full service broker, meaning they allow you to trade stocks, mutual funds, options, open IRA’s, etc. OptionsXpress however focuses their sevices on options trading. So their commissions are based around options and the number of contracts that you buy or sell. For example, their commission to buy 10 contracts is only $15. Most brokerages charge a flat commission then $.50 – $1.00 extra per contract. If you tend to deal in a lot of contracts that can get very pricey!!!

They are a public traded company, trading under the OXPS symbol. They are SIPC insured, but they also have additional insurance that goes above and beyond that limit to cover a maximum limit of $24,500,000 per customer, $900,000 of that can be cash. So it is safe to say that your money isn’t at risk with them.

Account Features:

OptionsXpress has institued a new symbol format for identifying option contracts. This was very helpful for me as I trade a lot of covered calls. So I need to see the underlying stock as well as the associated call written on it easily. Here is a small sample of what I am talking about. (the red text is what I added)

Notice that their option symbols are prefixed with a period. They also order everything by the underlying stocl, so I can easily see what options/covered calls I have tied to which stocks. When you start to deal with tens of stocks and multiple calls on each, trust me, this makes things very easy to understand. This is important since you don’t want to get yourself in a “naked position” by selling a call on a security that is already open.

OptionsXpress has a fast execution time. In the begining when I signed up they had 10 free trades, so I used a few of them to purchase stocks with a limit order lower than the current stock price. Those trades executed immediately after I clicked the “submit order” button. I also monitored limit orders that were slightly above the current tradking price and those as well executed as soon as the “bid” price was the same as my limit price. I have been very happy with the speed at which my trades have been completed.

They offer an ACH feature where you can link a checking account to your OptionsXpress account and move money in and out for free. The ACH takes one day if you submit the request before 3:30PM EST the same day. There is a 2 day hold on the money once it is transfered. A few times their customer service department has made the money available the same day of the transfer. They sent me an email letting me know so I could trade with that money the same day. I was pleasantly surprised that they did that. To set up your linked account you just add your account number and routing number on their ACH setup page. They do a deposit into your account which you need to verify the amount. Once that is done your linked account is set up. No sending in voided checks, no faxing SSN’s or your signature to anyone, very easy!

They also have a Perodic ACH setup, where you can have them deduct money out of your linked account on a regular schedule. This is great if you want to build up your trading account over time automatically. Not many brokerages offer this. Most places you need to initiate each and every request. I love this feature!

Training & Education

They offer a ridiculous amount of training and education. So much that I don’t think I have the time to even cover half of it. This is good if you are trying to get into the market and want to understand how options, futures, bonds, ETF’s and even stocks work. They even have a virtual trading account where you can trade with fake money to see how your trades would have played out had you been trading for real. This is a great tool for those of you wanting to feel comfortable with stocks and options prior to invesitng your own money!

Customer Service

I have never had to deal with their customer services. I make abount 10-15 trades a month with OptionsXpress and so far everything has worked out. Other than the times they emailed me about making my ACH transfers available sooner, that has been the extend I had to deal with them. I did try calling their customer service line to see how long it would take to get to a person and it only took 28 seconds. This is pretty good considering I called around 9am EST on a Monday morning when I am sure things are very busy around there. There is also an online chat feature available Monday through Friday during normal trading hours.

So that is my long winded review for OptionsXpress. Also not that there is a $100 promo going on with them if you are interested. Check out the OptionsXpress Promo page for more details.

Also as always, please share your experiences on OptionsXpress with my by adding a comment below.

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$100 OptionsXpress Promo – 2010 [Promotion Bonus]

BudgetBoy — Wed, 25 Nov 2009 15:51:11 +0000

There is a new OptionsXpress promo where you can get $100 when opening a new account.

You need to open an account (using the link below) with at least $500 by December 31st 2011 and execute 3 trades within 12 months of the account opening. The $100 bonus will be deposited into the new optionsXpress account within one month after meeting the terms and conditions of this offer

Learn how you can get $100 when you open up a new optionsXpress account.

OptionsXpress is a online brokerage that allows you to trade options, stocks, futures, mutual funds, bonds and more in one account. They have a flat rate of $14.95 / trade for stock, but what is even more enticing is that if you are an options trader they charge $15 or a 10 contract option order. Most brokerages charge a flat commission for options then charge an extract dollar per contract. OptionsXpress has included 10 contracts in that price which helps keep commissions low when trading options.

I have an OptionseXpress account that I use for trading options and really like their service. They have an ACH feture where you can link your checking account to move money in and out of your optionsxpress account. They have a fast trade execution which is always important to me when I am trying to put in orders at or near the current stock price.

Another great feature they offer is a virtual trading account where you can practice with fake money. This is nice if you are new to the market and want to play a bit before investing real money.

They have also rolled out an easy to read options naming, where you can easily distinguish your options holdings from your stock holdings. I have never had to deal with their customer service so I cannot comment, however live chat and calling their 1-800 number for help is always available.

If you are looking for a great brokerage and a quick $100 to help with future commisions, then sign up today:
Learn how you can get $100 when you open up a new optionsXpress account.

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OptionsHouse Brokerage – $2.95 Commision on Stocks

BudgetBoy — Mon, 29 Jun 2009 11:13:17 +0000

EDIT: Their latest promo can be found HERE.

This morning, in my everquest to find a cheaper discount broker, I stumbled upon another online brokerage called OptionsHouse Brokerage and noticed that they have a commission of only $2.95 on stock purchases. After reviewing this, this is not an OptionsHouse promo. This is the standard commission and there is no limit on the number of shares you can buy for 2.95!!! For those of you that want to invest a little money over a time, a $3 commission can really lower the percentage of each purchase you make.

After looking into this a little deeper, I also noticed that their commisions on options is great since they don’t charge you per contract. Most brokerages charge you a trade commission as well as a per contract fee. If you are a big options trader this could add up to huge cost savings.

OptionsHouse Brokerage does not charge any monthly maintenance fees or has any minimum balance to worry about. They even will reimburse you up to $100 on transfer fees when you transfer your account from another brokerage to OptionsHouse.

OptionsHouse is a member of SIPC, which will cover customers of its members up to $500,000 of which $100,000 can be cash. Also they maintain SIPC Insurance over all customer accounts, so you can be sure your money is safe with them.

I don’t not have an account with these guys, but will be openeing one shortly. I will post about the process once I have a chance to sign up. If you are a beginning trader and don’t have a lot of money to invest, OptionsHouse brokerage may be a good fit, with no fees and lower commissions it will allow you to invest more money with a lower overall cost.

Check out OptionsHouse’s Web Site for more details.

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$100 OptionsXpress Promo

BudgetBoy — Thu, 04 Dec 2008 11:47:43 +0000

If you missed out on the $500 OptionsXpress Promo, don’t fret as OptionseXpress has a $100 referral bonus going on.

Basically what you need to do to qualify for the promo is the same, open an account (using the link below) with a minimum of $500. Make 3 trades and maintain a $500 balalnce for at least 6 months.The $100 bonus will be deposited into the new optionsXpress account within one month after meeting the terms and conditions of this offerI need to refer you for you to qualify for the $100 bonus.

Learn how you can get $100 when you open up a new optionsXpress account.

I just opened my OptionsXpress account during the $500 promo last weekend. So I really can’t comment on their service. Just so everyone is clear, OptionsXpress allows you to trade more than options. You can also trade stocks just like a regular discount broker.

So far the account opening and funding has been very smooth. I hooked up my checking account via their ACH manager and have already transfered in $500. I am just waiting for it to become available so that I can make my first trade.

Here’s to some more bonus money!

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Tradeking $50 Bonus Ends Friday

BudgetBoy — Mon, 27 Oct 2008 11:02:25 +0000

EDIT: This promotion has ended. Their latest promo can be found HERE.

Tradeking.com is currently running a promotion of a $50 bonus when opening a new account ends ~~Friday October 31st~~ Sunday November 30th. When you open an account with $2500 and make your first trade, Tradeking will deposit a $50 bonus into your account.

With their trades costing $4.95 that is more than 10 free trades to get you going. In the long term the $4.95 commission will save you lots of money on commissions and fees when compared to other online brokerates.

Tradeking only has a few promotions a year so once the $50 Tradeking bonus is gone I imagine you won’t see another until sometime next year. So if you are looking to start investing in a market where almost everything is a buy, get in before ~~Friday~~ November 30th!

For more details on the $50 Tradeking promo, click the following link:

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Tradeking Review October 2008

BudgetBoy — Sun, 05 Oct 2008 01:48:43 +0000

A few of you responding to the Tradeking Promo post have a requested a more in depth review of Tradeking. Here is what I have put together from my experiences with them over the past 2 years.

Tradeking was founded in December 2005. TradeKing’s founders include the original management team from SureTrade Inc. I used to use SureTrade prior to them being sold to Quick & Reilly. SureTrade back then was a pioneer in cheaper trades. I remember they offered all trades for $7.95. This alone was enough to make me feel secure about their operation. Anyone can create a online brokerage site, but to have spun off a successful discount brokerage site in the past, that makes me secure in giving them my money.

Commission and Fees:
Tradeking has one of the lowest commissions for an online stock broker out there. All trades are $4.95. This includes limit orders as well. A few brokers out there charge extra for limit orders, which is what most people use, so it is nice to see Tradeking have one flat fee for all trades. Stock Options are $4.95 plus $.65 for each option contract. So for example if you bought or sold 2 option contract2 it would cost you $6.25 ( $4.95 + 2 ($.65)). There are no minimum opening balances, and also no maintenance or inactivity fees to worry about, another difference between them and places like Etrade which hit you with an inactivity fee every quarter.

Dividend Reinvestment:
This is another service that differentiates Tradeking from the other guys. They offer free automatic dividend reinvestment, with the ability to purchase fractional shares. If you are a dividend investor you can see the value here. No more trying to find a place to invest that dividend. Just role it back into the same stock for free. The setting is configurable for all your stock holdings, or just specific ones.

Customer Service:
They offer a few ways to contact their customer service department.

Online Chat (Available 8am – 6pm EST, Monday – Friday)
Email – service@tradeking.com
Telephone – 877.495.5464

I only had to contact their service department one time, which I did via telephone and was speaking to an agent in less than 4 minutes. TradeKing ranked fourth out of 12 firms, ahead of E*Trade , OptionsHouse, and TD Ameritrade, and significantly higher than OptionsXpress and Scottrade in a review of online brokers’ customer service centers performed by Kiplinger and ranked #1 by SmartMoney.

Automated Funds Transfer:
Tradeking allows you to link up a checking account to transfer money in and out of your account via ACH deposits and withdrawals. One thing to note is that ACH deposits are subject to a trading hold of 5 business days and cannot be withdrawn for 10 business days.

Trading Interface:
Tradekings menu’s and Trading Interface is very straightforward and very responsive. I have read many reviews of people complaining about trade lag time, but I have yet to experience this in the long while I have been using my account. I am an avid options trader and their options trading interface is one of the simpler interfaces I have seen which is good for the beginning option trader.

Cash Account:
Like all online brokers, uninvested money in your account earns minimal interest. Tradeking has a Money Market sweep option that will get you earning around 1% (this will change based on market conditions) interest. All you need to do is email them after you open an account asking them to enable the money market sweep for your account. When I signed up for the account 2 years ago the rate was at 4%, so it will move with the market.

Overall Tradeking has served me well and I am very happy with the service. Short of the long transfer times for new deposits, Tradeking gives me everything I need to be a successful investor. I definetly recomend them to anyone looking to start investing online. And with all the cheap stocks available today, now is definetly the time to get going!

Currently there is a $50 Tradeking promo code bonus available. Click here HERE for more detail.

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New $50 Tradeking Brokerage Bonus

BudgetBoy — Tue, 30 Sep 2008 21:55:26 +0000

EDIT: This promotion has ended. Their latest promo can be found HERE.

Starting October 1st through the end of November, Tradeking (read my review) is giving away $50 when you open a new account. To get the bonus you need to open a TradeKing account through this link: , fund it with at least $2500, and complete one trade within 180 days of the account opening. (There is no specific Tradeking Promo Code required if you click through that link)

The $50 bonus should appear in your account shortly after your completed trade.

Tradeking is by far the cheapeast full service online brokerage that I reccomend. They have limit and market orders for $4.95 per trade. Not many places can do better than that with the level of customer service that they provide. (Check out Kiplinger’s review of their customer service). The founders of Tradeking were also the founders of Suretrade.com, which was eventually purchased by Ameritrade, so they definetly know what they are doing.

I have had my account with Tradeking for about 2 years now with out any complaints. I have recently decided to start investing harder since everything is at such a low price, and I am hoping that the bail out plan will get stocks moving upwards again. Here’s to making some easy money! I hope!

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Firstrade Brokerage Bonus

BudgetBoy — Sun, 21 Sep 2008 01:43:20 +0000

Update (2/1/2010): This promotion is still active

A lot of you have been asking about promos for Firstrade Brokerage. Unfortunetly there is nothing great out there, the best I can do for you is 5 free trades. (OptionsXpress currently has a $100 promo for new accounts going. Click HERE for more info.) I have to refer you for you to get those trades. If you are interested, complete the form below and I will get a referral to you. I know this isn’t the greatest bonus, but if you are looking to get in on a down market, those 5 trades can make you a lot of money. Plus, once you join, you can refer others for $50!

I have had a Firstrade account for a few years and like it very much. Their site is very simple and easy to use. For $6.95 market, limit and option orders, it is very attractive to help keep your commissions low especially if you are a smaller investor. They offer an ACH feature that allows you to push and pull money from a linked checking account which makes investing much easier. Trades execute quickly and Customer service via email is very responsive. I had one issue where my trade was rejected and they quickly explained why.

The Firstrade feature that differentiates them from other brokerages is the free dividend reinvestment program. Many other online stock traders drop the dividend into a money market and if you want to invest it back in the stock you have to pay another commission. This is a great for those of you like dividend investing!!

If you want 5 free trades, complete the form below and I will get you a referral email to you.

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Free Trades at Fidelity with Rollover

BudgetBoy — Mon, 12 May 2008 10:06:00 +0000

Until July 31st, Fidelity is offering free trades when you rollover an IRA or 401k with at least $25,000 in value.

Here are the details:

Value of Rollover	# of Trades	Trades Expire
$25,000 – $99,999	60 free trades	6 months from day assets received
$100,000 or more	100 free trades	12 months from day assets received

This is a great deal if you have any money sitting in an old employer’s 401k or another IRA. Especially since there are no maintenance fees on Fidelity Rollover IRA’s. Plus once the free trades run out, buying and selling Fidelity’s branded mutual funds are always free!

I come from the school of thinking where I like all my money in one place. It is easier to manage and act accordingly if you need to make changes.

I definitely recommend Fidelity as I have a 401k with my employer, ROTH IRA, Rollover IRA, Brokerage Account and Checking account with them. Customer service has always been professional and I like the availability of purchasing many different types of securities, including CD’s for free, from them as well.

I do have a brokerage account with Sharebuilder, but I only use that for fractional share investing. All my real money goes into Fidelity as I have had nothing but great service from them thus far.

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