|
Currently, I am 26 years old and have a stable job with good pay and make money on the side doing other side jobs. I have a roth IRA, but I want to plan for the future of my son (who is under 2), his college, and myself. What would be the proper steps to head in the right directions? I have no problem in long-term investments. Thank you for any input.
|
#
?
Sep 30, 2015 02:57
|
|
|
|
| # ? Apr 26, 2024 00:15 |
|
|
imurdaddy415 posted:Currently, I am 26 years old and have a stable job with good pay and make money on the side doing other side jobs. I have a roth IRA, but I want to plan for the future of my son (who is under 2), his college, and myself. What would be the proper steps to head in the right directions? I have no problem in long-term investments. There are state pre-saving payment plans in most (all?) states called "529 Plans." Worth considering to see if they are appropriate for you. What are your specific goals (if you know). It's OK if you're not sure now but: When would you like to retire / stop working? What lifestyle would you prefer? How much can you save per month after taxes and living expenses?
|
|
#
?
Sep 30, 2015 16:39
|
|
|
You might also check out the Business/Finance/Career subforum too, if you haven't already: http://forums.somethingawful.com/forumdisplay.php?forumid=200
|
|
#
?
Sep 30, 2015 16:46
|
|
|
Canned, too-brief response: 1) Buy index funds and don't touch them, perhaps setting up a monthly purchasing program 2) Don't buy luxury items 3) Don't invest in high-cost mutual or hedge funds. They rarely perform better than an index fund because of their suffocating fees 4) Buy a few basic books to familiarize yourself with entry-level stuff. I recommend Ric Edelman's "The Truth About Money", "Investing for Dummies" (actually a great book), and if you are feeling very ambitious and want to know more about equities, "The Intelligent Investor" by Benjamin Graham 5) Make a budget and know what you have coming in and out 6) This is where I will diverge from the crowd and recommend buying assets in real things like real estate, gold, silver, farms, etc as a counter balance to a lot of the paper investments you will make over the years like stocks, bonds and holding cash. It's not worth going into for your purposes but the amount of money printing and government intervention should be concerning to anyone analyzing their long-term financial plans
|
|
#
?
Oct 28, 2015 00:20
|
|