Hey guys,

I've been reading the threads about investing but I have some ?'s about what routes I should take for being a first timer.

I currently have a 403B account with Edward Jones and the returns on my mutual funds are ok. I'm looking into getting more for my money short and long term.

I've read about rolling some money into a short term account with ING or Indybank but my ? is is that really worth it to drop say $5k and only get maybe 3 - 5 % back or should I look more into a low stock investment and get possibly a little more in return.

I know the stock market is a very iffy place and there is no guarantee but I would like to hear what some of you have done and wish you didnt do to enhance your financial status and future.

Thanks for your time,

Patrick

 

Patrick,

What is your goal, long term,short term?

What other investments do you have?

I keep my cash in ING accounts, and 401K's play the stock market.

Michael

 

I have an IRA, 403B and basic savings account, but those long term wont give me the returns that I read that you can get.
Im more long term but I'm looking to invest some now to get out of debt a little faster. I know that doesnt make much sense cause I could instead of invest roll that money into double payments. I want to look at some decent returns within a 5 yr period then hopefully roll that into retirement.
I hope that makes sense.

 

The best investment is to pay off bills first.

 

lol I knew that was gonna be said. I was just wondering what options people have taken to set the future in order. I'm at the age where I need to get everything set. I should of done it a while ago, but now is the time

 

If your employer offers a 401K drops as much as you can, 12% of a paycheck isn't much and will add up quick. That is the best thing and paying off those bills.

Michael

 

What is the interest you are paying on your debts?

The "pay your debts off first" really is the best advice.

Assuming you have debt at 10% you would need at least a 15% return on your money, else you are just getting deeper in debt. You need to make 15% because you need need to pay tax on your earnings.

Any stock that anyone here would tell you to buy is pure speculation.

 

If your employer matches your contributions you should put enough in the 401k to get the full match-it's free money. Then fully fund a Roth IRA-it will never be taxed. If you have anything left over fully fund the 401K.

Even if you can't afford to do all of this do as much as you can. A dollar invested in your twenties is worth far more than the same amount in your forties or fifties.

 

Dead on!!!

Paying interest is a foolish way to spen your money. It makes no sense to borrow at 8+% in order to get a 3-5% return. Get out of debt first, then invest.

Where to invest? For long term I think a no-load growth mutual fund is the only way to go. There are many good ones, get started and invest regularly and it will add up.

Good luck!!!