V-Twin Forum banner

21 - 39 of 39 Posts

·
Registered
Joined
·
10,049 Posts
Much respect Cap, I'm the black sheep because I care about my Pop. Mainly so was Pop a black sheep, he told it like it was rudely mostly lol



If ya remember, What in Prudential did you give money to?
My father started me as the salesman came to the house. Pops bill was 148 month. I was in the same company as my dad of course I started out part time as I payed for my college with only one 5k student loan. I also worked at Newark Beth Israel Hospital on the weekends. Two jobs and college. Hate to think about it now.

Prudential sold me to Wells Fargo. Put me with a broker, but I transferred my account to pops broker who was WF too. Once in awhile I get a call about trading something, but on the whole the broker handles it.

A checking account pays better interest than a savings. Still $35,000 in checking pays 89¢ a month. That is a hell of a return.... for the bank.

tarheel
 

·
Registered
Joined
·
438 Posts
We just consolidated everything with a Financial Guy, a friend has used him for 20 years. My Wife just turned 60, (Child Bride) she is Retiring at the end of September. We're on Our Retirement Plan, no Pensions. It pays to start saving Early! Don't do Anything with a Bank!
 

·
Registered
Joined
·
3,119 Posts
Discussion Starter #25
This sh!t is hard, trying to find a adviser.
I just not impressed with first contact so far. Maybe my ugly mug is throwing them off?

gonna talk to another, might next week
 

·
Registered
Joined
·
3,119 Posts
Discussion Starter #28
This sh!t is hard, trying to find a adviser.
I just not impressed with first contact so far. Maybe my ugly mug is throwing them off?

gonna talk to another, might next week

Alan My wife and Daughter hate my style/attire as they call it. They say I look like a 1980's used car salesman

I have loved the Cabana button up shirt since I first used one to cover up with 15 years ago, it will never leave me.

T-shirts are for home and or work mode.
 

·
Registered
Joined
·
314 Posts
This sh!t is hard, trying to find a adviser.
I just not impressed with first contact so far. Maybe my ugly mug is throwing them off?

gonna talk to another, might next week
You CAN use a non fiduciary advisor but have them PUT IN WRITING. that they will act as a fiduciary in all matters pertaining to your accounts. You can also use the Google machine "Fiduciary advisors near me" and go from there to get started in the right direction.
 

·
Registered
Joined
·
17 Posts
8% doesn't sound bad. :)

I've read that you should be able tp live on 4% after you've retired. I guess if I can do that I'll be ok.

joe
Depends on how much money you have.

If you have $1,000,000, 4% of that is $40k/yr. But you have to remember that inflation generally averages about 2% a year, so you're losing 2% of your money's value every year. So if you're living off of 4%, you'll need a 6% return to avoid drawing your accounts down.
 

·
Registered
Joined
·
17 Posts
Long story short, I'm intrested in investments other than relying on my company traditional 401K

So I'm ignorant on this stuff. If you throw out terms or rattle off words, consider I may not heard such things before.

Bank CD's, I understand I lend my money out on a certain agreed upon time line with a interest rate return. I also know if I decide to pull money out of this bank CD it will get penalized big time.

IRA' if I understand is just a place you put your investments in including possibly CD's

So, I'm not to clear on, is it wise to seak out someone on handling IRA's? Being I'm ignorant on this I'm hesitant.

Is it smart just walking into my bank and sitting down and discussing CD's. I would understand what I can afford to invest plus it seems straight forward to me,, but again never done CD's.

What about being taxed on any of this stuff even after you complete the agreement? If I make 4% off of $2,500 in a Bank CD will it be taxed at the end of year?

Then again is it smart to ask about financial advise from posers? Ha,Ha
4% is great for a CD, but it's a few % less than what the market has historically returned. The difference between 4% and 7% over a period of 20 years is 100% additional return. If you're nearing retirement, keep your money parked in conservative, relatively low return, conservative investments (like your CDs), but if you have a lot of time left, I think Target Date/Lifecycle funds are a pretty good way to go. You set a target date - say, 30 years from now - and the fund will start you out with a more aggressive, mostly stock portfolio, but as the date gets closer, the balance will shift more and more towards safer investments like bonds. Perhaps most importantly, the fees are low... The few percentage points that a financial adviser will take will eat up a lot of money over 30 years...
 

·
Super Moderator
Joined
·
2,569 Posts
4% is great for a CD, but it's a few % less than what the market has historically returned. The difference between 4% and 7% over a period of 20 years is 100% additional return. If you're nearing retirement, keep your money parked in conservative, relatively low return, conservative investments (like your CDs), but if you have a lot of time left, I think Target Date/Lifecycle funds are a pretty good way to go. You set a target date - say, 30 years from now - and the fund will start you out with a more aggressive, mostly stock portfolio, but as the date gets closer, the balance will shift more and more towards safer investments like bonds. Perhaps most importantly, the fees are low... The few percentage points that a financial adviser will take will eat up a lot of money over 30 years...
That's some pretty solid advice.
My best advice is.....start early and as young as you can.Time pays dividends.
 

·
Registered
Joined
·
3,119 Posts
Discussion Starter #34
Anyone go on their own and use the DIY investment like E-Trade?
 

·
Registered
Joined
·
498 Posts
That's some pretty solid advice.
My best advice is.....start early and as young as you can.Time pays dividends.
And, Always put in the full amount your employer matches, NEVER touch the money, and the ads saying to try and up the amount by just 1 to 2% than you have are true, it really ads up....
 

·
The Best Me I Can Be
Joined
·
22,357 Posts
So true.

And the biggest mistake of my life.

Sent from here to there.
I have over $1200/month going into various retirement accounts, because I didn't start saving 'til I was 45. I worry a lot about living on Alpo after I retire.

All you young guys- SAVE MONEY and START NOW. You can can tweak and fine tune your plan tomorrow or next year, but PUT SOME AWAY. DON"T WAIT for the "right time" or the "right amount".

ps- there's some guy arson around with fire jokes; be careful.

joe
 

·
Super Moderator
Joined
·
2,569 Posts
I use Fidelity through my employer.I haven't used their advisers but am paying more attention to their risk formulas the closer I get to retirement.

My (wonderful) wife will retire at the end of this year.She put in her 401k religiously for years.It wasn't always a lot.However,she was consistent,never deviated, and never borrowed against it. I'm happy for her and it will help free up time for us.
 

·
Premium Member
Joined
·
1,976 Posts
best I can offer is if you get a raise add that percentage to your 401 contribution, if you are living within your means, until you reach the max allowable contribution to your employers plan.
 

·
Make me use my bullet?
Joined
·
12,645 Posts
Anyone go on their own and use the DIY investment like E-Trade?
I don't know if E-Trade even does IRAs.

I have 4 different IRA accounts with various institutions. I manage all of my own investments. 2 of the accounts are strictly invested in low risk mutual funds and have had very little activity (trading-wise I mean). The other 2 are both with Charles Schwab and only one of those still gets money put into it annually. Both of those accounts are strictly invested in stocks. I used to be fairly active with trading and with higher risk stocks. The last few years I've cut down to about 1-3 trades per month in each account and typically in low to moderate risk stocks that pay decent dividends.

I've managed my wife's account at Schwab for about 20 years and always stuck to conservative stocks and very little trading activity. Hers has had the best overall returns over the years out of all of them. Go figure.
 
21 - 39 of 39 Posts
Top