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SVTPerformance's Chain of Restaurants
Road Side Pub
Investing to make my money work for me!
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<blockquote data-quote="mammothcar1" data-source="post: 14071101" data-attributes="member: 46618"><p>Tim,</p><p></p><p>Congratulations on being curious and understanding the importance of investing early in life.</p><p></p><p>Just some advise, take it how you choose, but this is from somebody that started investing at your age.</p><p></p><p>Others may disagree, but these points are from my perspective.</p><p></p><p>Establish an emergency fund.</p><p></p><p>Then, while establishing your emergency fund, the number one thing you can do is max out that 401k, regardless if your company matches or not. The max you can contribute this year is $17,500. Question for you... What does contributing the maximum allowable to your 401k do to your taxable earnings? </p><p></p><p>As someone else stated, choosing a life cycle fund based on your retirement age is a great way to go. Fidelity life cycle funds are called Fidelity Freedom Funds.</p><p></p><p>If you can max out your 401k, and you still have the funds available per month to invest, consider a Roth Ira, unless you make over the income limit for contributions, then a traditional Ira would be just as good.</p><p></p><p>Those are the 3 biggies to focus on. </p><p>1) Emergency fund</p><p>2) Maxing out your 401k</p><p>3) Roth or traditional Ira</p><p></p><p>Stay away from companies that charge a load factor or fee on their mutual funds. As an example, if the company charges a 5% load fee, and your initial investment goes up 6%, in reality you have only made 1% on your investment.</p><p>Stick only with no fee or low fee mutual funds. </p><p></p><p>Call the company that administers your company's 401k plan. They can help set up an investment strategy for you. </p><p></p><p>Read and educate yourself.</p><p>Invest in only what you understand. If you don't understand what the person is trying to get you to invest in, you're not ready to invest in that product.</p><p></p><p>Buy and read 'The only investment guide you'll ever need', by Andrew Tobias. It's not a hard read, and he is able to simplify terms and ideas. </p><p></p><p>Best of luck to you. </p><p>Keep it simple. </p><p>Invest early and invest often using dollar cost averaging.</p></blockquote><p></p>
[QUOTE="mammothcar1, post: 14071101, member: 46618"] Tim, Congratulations on being curious and understanding the importance of investing early in life. Just some advise, take it how you choose, but this is from somebody that started investing at your age. Others may disagree, but these points are from my perspective. Establish an emergency fund. Then, while establishing your emergency fund, the number one thing you can do is max out that 401k, regardless if your company matches or not. The max you can contribute this year is $17,500. Question for you... What does contributing the maximum allowable to your 401k do to your taxable earnings? As someone else stated, choosing a life cycle fund based on your retirement age is a great way to go. Fidelity life cycle funds are called Fidelity Freedom Funds. If you can max out your 401k, and you still have the funds available per month to invest, consider a Roth Ira, unless you make over the income limit for contributions, then a traditional Ira would be just as good. Those are the 3 biggies to focus on. 1) Emergency fund 2) Maxing out your 401k 3) Roth or traditional Ira Stay away from companies that charge a load factor or fee on their mutual funds. As an example, if the company charges a 5% load fee, and your initial investment goes up 6%, in reality you have only made 1% on your investment. Stick only with no fee or low fee mutual funds. Call the company that administers your company's 401k plan. They can help set up an investment strategy for you. Read and educate yourself. Invest in only what you understand. If you don't understand what the person is trying to get you to invest in, you're not ready to invest in that product. Buy and read 'The only investment guide you'll ever need', by Andrew Tobias. It's not a hard read, and he is able to simplify terms and ideas. Best of luck to you. Keep it simple. Invest early and invest often using dollar cost averaging. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Investing to make my money work for me!
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