I'm going to be 33 in a few days and I'm trying to get my future a little more secure. I went to the bank the other day and talked to the fiancial guy and he told me about a mutual fund called Kaufmann fund. I'm extremely stupid when it comes to stocks, bonds, funds, and everything inbetween so I didn't understand anything he was telling me. I guess my question is this. Is there a book for dummies someone can recommend I should read to learn terms and the best plan of attack for someone in my fiancial sitution and age and learn how to make the best of my retirement choices and money? Or should I speak with someone else that can help me and dumb it down but not take advantage of me as well?
2007-11-20 04:10:45 · 5 answers · asked by chuck j 2 in Business & Finance ➔ Personal Finance
You're very smart to question the banker's advice. You can get some good information from Vanguard and Fidelity (online for free -- links are below). Also, Suze Orman has written some excellent books that might be of interest to you. Good luck!
2007-11-20 06:09:52 · answer #1 · answered by Kathryn 6 · 1⤊ 0⤋
Bank-recommended mutual funds are often poor choices due to high fees and commissions. They also often have poor investment performance. They're great money makers for the banks, but not always for their customers. You're normally better off with a no-load fund with low expenses and banks don't offer those.
Also, watch out for commissioned salespeople. They have to sell funds in order to eat, so they may not be looking out for your best interests.
It's too complicated a topic to fully explain here. Do you have a trusted friend or family member who can explain the basics to you? Also, check out the personal finance section of a good bookstore. You should be able to find a good book explaining the basics of personal finance. I learned the basics from books and magazines such as Kiplingers that explain basic concepts in plain English.
Your local community college or adult ed program may also offer classes on personal finance.
And, never buy anything that you don't understand. I made that mistake when I was starting out. It nearly cost me a lot of money. Do your homework first.
2007-11-20 14:14:33 · answer #2 · answered by The Shadow 6 · 1⤊ 0⤋
You employer's 401(k) is your best choice. If a banker recommends a particular fund, it is probably because he is getting paid a big commission on it. There is no "one size fits all" fund. did he ask questions about your goals, risk tollerance, etc.? Did he recommend this fund based on those questions?
Go to morningstar.com and start reading there. Read the money section of your daily newspaper.
checck out some of the "for dummy's" books on mutual funds and investing.
2007-11-20 12:17:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes but let start out with good points while you learn
if your company has a 401k put up to the matching amount it it -- best thing since apple butter
if you do not need a tax write off also put some money in a roth ira (max if possilbe) if you need the tax write off go for a reg ira
ok yes there is more books out there then you could read in a life time -- but do not buy them that is what a library is for
a great place to learn is right here on answers (the investment section under business) but take this advise with a grain of salt!!!
2007-11-24 07:12:01 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
http://www.amazon.com/Mutual-Funds-Dummies/dp/0470165006/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1195578881&sr=8-1
Unfortunately, there are no cookie cutter answers for everybody.
2007-11-20 12:17:08 · answer #5 · answered by Wayne Z 7 · 0⤊ 1⤋