I am 30, female, no kids, rent. I don't have a a 401K at work and I know nothing about IRAS, etc. Where can I find info on what my best options are for saving for the future if I am doing it on my own?
2006-09-15 12:24:28 · 9 answers · asked by lion75 3 in Business & Finance ➔ Personal Finance
Open a Roth IRA now and contribute as much as you can every year. Your bank probably has a financial adviser. It simply is easier to talk to a professional. I would start there because IRAs are cheap and easy to set up. After you have established that, then you can start to branch out, take a little time and learn about other investment options.
2006-09-15 12:30:45 · answer #1 · answered by Zak 5 · 1⤊ 0⤋
Open an IRA (i'd go with a Roth IRA if you're elligible). Invest the IRA money in a good diversified stock mutual fund portfolio.
Where to go for info? There are several good books out there that will help you with get a good start. A few good books:
Wall Street Journal Guide to Understanding Money and Investing
Those "Complete Idiots Guide" and "Dummy" books.
2006-09-16 09:06:52 · answer #2 · answered by derek 4 · 1⤊ 0⤋
In the long run stocks outperform all other asset classes. Over a 10 year period equities(stocks) have never lost money. While you are young you should primary have your investments in stocks and as you age begin putting more of your money in safer investments.
There are mutual funds that will diversify your money for you automatically depending on your age. T. Rowe Price has some good funds that do this. Putting your money in the T. Rowe Price fund -- ticker symbol TRRDX is a good place to start. This fund will diversify your money based on you retiring in 2040. As you age they will automatically reallocate the money into safer asset classes. You can call them and ask them to help you set up an IRA then you could invest in one of their funds.
Fidelity and Vanguard are a couple of other good mutual fund companies that can do the same things for you.
Get a subscription to Money magazine in order to learn more about investing for retirement.
Good luck.
2006-09-15 21:42:34 · answer #3 · answered by scott d 1 · 1⤊ 0⤋
Do not go to a bank for investment advice.
Yes, financial advisors get paid from you through fees, but historically, the return on your money is greater when you have someone who knows what they are doing rather than trying to do it on your own. You pay a doctor for their expertise, why would you not pay someone for their financial advice?
Ask a relative or a friend or a coworker who they use as their financial advisor and go talk to them. They make money by helping you, and in return you will have a plan to save for retirement. But the best advice is to seek help...reading books by Suze Orman and watching her show does not cut it. Everyone needs help from a real person face to face even if you are too proud to admit it.
2006-09-15 23:50:48 · answer #4 · answered by financialguru 2 · 1⤊ 1⤋
yes, start to learn how to invest properly and you will be retire comfortable. Start saving now
jump start your 401k, set aside 10-15% to your 401 k, contribute 4000 to the Roth.
I can do it, so can you
At the age of 32. my 401K is 74000 and Roth IRA, 30000 in the cash account by following simple rule
Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.
http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com section university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:
fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy
technical analysis==(chart+indicator)>> when to buy
Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live
At the age of 32. my 401k is amassed 74,000.00 and 30000.00 in taxble account. by follow simple rule
2006-09-15 22:25:07 · answer #5 · answered by Hoa N 6 · 1⤊ 0⤋
Get to the library and get books by Suze Orman. My God, I have learned so much. My two favs are "Road to Wealth" and "You've Earned It, Don't Lose It." She has a show on CNBC on Saturday evenings (cable). Check out one show and I bet you'll be hooked. She gets a tad nasty with callers and appears a bit too uppity but her sound advice seems quite sincere. These are free resources that will surely help you.
2006-09-15 19:32:29 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Try State Farm they offer IRA'S..great company!
2006-09-15 19:34:08 · answer #7 · answered by angie c 1 · 1⤊ 0⤋
beware of companies that do these sorts of things for you (brokerages). some are honest, some are not - they are all paid directly from the money (fees) they get from you in one form or another.
read some of the articles at www.fool.com
take it slow to start with - don't dump your whole nest egg into the first thing you see
2006-09-15 20:04:20 · answer #8 · answered by larry n 4 · 0⤊ 1⤋
For a dog, Zak gave a pretty good answer. Arf.
2006-09-15 19:32:19 · answer #9 · answered by Carlos R 5 · 1⤊ 0⤋