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I need financial advice

Just 1 More

Junior Member
796
0
401K, IRA, Roth? Janice? Vanguard? WTF???

Anyone here a financial adviser that wants to advise me??? :smiley_bril:
 

Milo

Tatonka guide.
8,184
157
Just make sure you use a fiduciary and not an annuity or insurance salesman
 

MK111

"Happy Hunting Grounds in the Sky"
Supporting Member
6,551
66
SW Ohio
Most larger Credit Unions have a Financial Adverser on site and no charges paid.
Like Milo said no Insurance salesman or annuity.
 

Jamie

Senior Member
5,691
177
Ohio
investing is rather complicated for most laypersons, myself included. anything is better than nothing, and the sooner you start investing, the better. are you self-employed? do you own a home or rent? how much disposable income do you have to invest? what is your risk tolerance (usually based on your age/how far you are from retiring, and your level of experience with investing). these are questions you need to answer and discuss with a professional financial planner that is a fiduciary to decide what is best for you personally. Generally speaking, diversification is very important to long term success in growing your money. probably a good idea to have both traditional IRA and Roth IRA. a mix of high risk investments like stocks, medium risk stuff like mutual funds and low risk stuff like bonds. how much of which depends on your circumstance. If you are in central Ohio I can recommend someone.
 

hickslawns

Dignitary Member
Supporting Member
39,721
248
Ohio
Keep a few things in mind. 1) Nobody. Nobody at all, cares about your retirement money more than you. Be cautious as you speak to them and ask the questions about fees, etc.

2) think of advisors like used trucks. You buying the first one you drive? Or do you test drive a few to ensure it is a good fit for you?

 

5Cent

Dignitary Member
Supporting Member
12,291
212
North Central Ohio
If company has a 401k, at least max out to any company % match.

Depending on investments and fees within 401K, max out the 401K or open an IRA. Traditional IRA if it helps your tax situation, if not, the. Roth.

Decide which one to max out first, then move onto the next.

There are benefits like having it readily available (liquid) and not taxed in case you need it with a Roth. 401K is locked or you take a loan against (not advisable) until your situation with the company changes. Roth is 2-3 days and in your bank account, which is a bad thing if you are not good with managing $.
 

"J"

Git Off My Lawn
Supporting Member
56,743
274
North Carolina
If company has a 401k, at least max out to any company % match.

Depending on investments and fees within 401K, max out the 401K or open an IRA. Traditional IRA if it helps your tax situation, if not, the. Roth.

Decide which one to max out first, then move onto the next.

There are benefits like having it readily available (liquid) and not taxed in case you need it with a Roth. 401K is locked or you take a loan against (not advisable) until your situation with the company changes. Roth is 2-3 days and in your bank account, which is a bad thing if you are not good with managing $.

Usually maxing out a company run 401k is the easiest approach as it's payroll deducted and tax free right off the top.... You just fill out the paperwork and sit back...

If a company matches any amount of $$$ and you're not maxing out to at least match that amount you're losing money every payday....

If you get pay raises or bonuses a percentage of all that should be put into the 401....

If you just do this, you'll very grateful you did when you get too my age.... Trust me on this one....


 

hickslawns

Dignitary Member
Supporting Member
39,721
248
Ohio
Usually maxing out a company run 401k is the easiest approach as it's payroll deducted and tax free right off the top.... You just fill out the paperwork and sit back...

If a company matches any amount of $$$ and you're not maxing out to at least match that amount you're losing money every payday....

If you get pay raises or bonuses a percentage of all that should be put into the 401....

If you just do this, you'll very grateful you did when you get too my age.... Trust me on this one....

Agree 100%. Took me forever to get this thru my wife's head. If she is contributing 10% and they are matching 3% she is getting an automatic 30% return on her investment. You can't do that year in and year out in very many investments. Even if the returns on your investments only averages 1-5% you are still getting a fantastic return with their match.
 

"J"

Git Off My Lawn
Supporting Member
56,743
274
North Carolina
I actually had to ditch the wife on this.... I struggled too do it as I felt I was being an ass for taking money away from the family.... But in the long run, we didn't want for anything, had family vacations and had reliable transportation so in hind sight we were all good... In retirement we're okay... And she's happy.... Win, win in my book...


 

Just 1 More

Junior Member
796
0
I'm already maxing out the 401K and have split the investments in to 5 of the top percentage returns that I saw, I'm also maxing out a Vanguard 2020 IRA split about the same way as the 401,,,, Just feel like I need something more