Word: netstock
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Here's how the site works: you open an account online, authorizing Netstock to take a set amount of money each week or each month from your bank account or paycheck, and designate the stocks you want to buy. There are no minimums. The only charge: $2 per transaction. Let's say you designate monthly investments of $50 in Procter & Gamble, $50 in Citigroup, and $100 in IBM. Your cost is $6 a month over the investment amount. Netstock does the buying, keeps track of fractional shares, reinvests dividends and puts it all online for you to monitor...
...especially effective in volatile markets such as we've seen this year. And if you don't think small amounts add up to big money, think again: $100 a month invested in IBM since 1990 would be worth nearly $62,000 today--and that's after subtracting Netstock's $2 fee per trade...
...plan, you already dollar-cost average. You may do it in some taxable mutual-fund accounts too. But Netstock lets you do it with as few or as many individual stocks as you want, and you choose them. The cost is a fraction of typical brokerage commissions. Another website, buyandhold.com lets you do the same thing at the higher cost of $2.99 per transaction. But that site has certain advantages, such as lower fees for onetime only investments and quicker execution. It's worth a look...
...make such plans available can and in some cases should be bought this way as well. The sites condense your records and make it far easier to determine your cost basis when it comes time to sell. There are drawbacks, including an absence of foreign stocks or ADRs. At Netstock, selling triggers a $19.95 commission...
...these sites are really about cost-effective, steady accumulation of blue chips, and that brings me back to the kids. They get their own account to watch and learn how money grows. And Netstock cuts them a special break. The transaction fee on custodial accounts is a mere $1, which at the car wash in my driveway, anyway, is about two minutes' work...
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