First off, I needed some clarification between brokers, discount brokers, and stockbrokers.

I referred to The Motley Fool's book You have More Than You Think again, with their common sense explanations. A broker is "one who sells financial products." Discount brokers are "brokers who offer fewer of the "services" championed by full-service brokers but charge lower fees and commissions. Discount brokers are ideal for do-it-yourself investors" (That's us Moms!) and finally, a stockbroker is "an individual who has been licensed by the National Association of Securities Dealers to trade stocks and advise clients on various personal finance issues."

Now what in the world is the National Association of Securities Dealers (NASD)?

AHA! This is the watchdog group who protects investors, who insures that everything is on the up-and-up as it relates to brokers and dealers. In addition, this group is monitored and supervised by the Securities and Exchange Commission (SEC).

Both of these organizations are extremely important to all of us. As I provide you with a multitude of choices, and you select a particular broker, it is imperative to note whether the company has been registered and licensed by both the NASD and the SEC. As you begin to look for an online full-service brokerage or discount broker, please insure that these companies and individuals possess both of these "seals of approval."

The NASD and SEC both grant entities permission for membership, which should not be misconstrued as a seal of approval or an endorsement of any kind. Registration with the NASD requires proof of registration with the SEC and other regulatory bodies as appropriate.Brokerage Firms also have an internal watchdog group called the Compliance Department. This group is responsible for, among other things, ensuring that operations and communications with the public are consistent with applicable rules.

Anyone can state that they are a "broker" and take your money with the intent of investing it for you. Avoid this crisis altogether by becoming knowledgeable enough to ask questions. Our first priority is to ask, "Are you registered and licensed with NASD and SEC?" I found it useful to bookmark the websites for both of these organizations: NASD at http://www.nasd.com/ and the SEC at http://www.sec.gov/ I spent some time at these sites and both are extremely helpful towards beginning investors.

Now you need to start deciding if you're going to enter the world of online investing. I personally am ready and have my money literally burning a hole in my pocket. I'm ready to take that first step. I'll be taking my steps here with BUYandHOLD; however, I have provided you with many, many alternatives to choose from. I will be explaining the procedure that I encountered through BUYandHOLD from setting up my account, signing a contract, sending in my money, etc. I would imagine that these procedures are similar no matter which web site company you choose to use.

Get ready for your choices - they are overwhelming. But I encourage you to peruse some of these sites to get a general feel for the following questions: What is the minimum I need to begin investing, how much will each transaction cost me, and what can I buy with my dollars?

Stockinvesting.com
This site lists online brokers and discount brokers including fees and minimum balances.

Moneysearch.com
This second site is a comprehensive site with 186 listings under their "online brokers" category.

Also, Charles B. Carlson lists a page full of online brokers in his Eight $teps to $even Figure$. Since I've learned to trust his knowledge and expertise, I will list several from his book for you to examine:

Accutrade
Charles Schwab
These two listings charge $29.95 commission to buy one share and require a minimum of $5,000.00 (not in my lifetime!) to begin.

Quick & Reilly
Waterhouse Securities
These next two charge between $12.00 and $14.95 commission to buy one share and require a minimum of $1,000.00 (again, not in my lifetime!) to begin.

Sure Trade
Trading Direct
Finally, these last two charge between $7.95 and $9.95 commission to buy one share and to begin.

Obviously there are lots of choices, Moms. Just begin thinking about places that may interest you, depending on what you can afford as a minimum investment and how much you're willing to pay a broker to buy and sell for you, if at all. Remember, I'm going the do-it-yourself broker route here at BUYandHOLD. That means that I can open my account for $20.00 and to either buy or sell a share or a partial share costs me $2.99. BUYandHOLD does not offer any personal financial advice or assistance in choosing how you should invest your dollars. The higher priced brokers, who charge $30.00 for example, may provide this individualized financial advice.

I prefer to learn and to trust my own intuition as I continue to gain the knowledge and expertise I need to pick my own stocks, bonds, mutual funds, etc. I can't afford those higher prices anyway. That $2.99 is right up my alley, as is the $20.00 to start.

FYI, The Motley Fool has noted that full-service brokers have the means and the motive to persuade you to buy more and sell more, to diversify and to change, and to move your money around, since they benefit monetarily from each of these transactions? Yup, it's possible! Makes sense to me that brokers might "encourage" you to do these things more often, to line their own pockets. A friendly word to the wise.

It is important to note that most brokers operate under a strict code of ethics. The fact that a few brokers may act inappropriately should not be misconstrued as an industry-wide accepted practice. Most brokers work extremely hard to meet their customers' expectations.

Next week-I've stalled and avoided and sidestepped and ignored…and I can't do it any longer: those pesky numbers that are the NYSE, NASDAQ, and S & P 500. I think I'd rather eat a bug.

Thank you for joining me

Joyce