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re: What do I do with my money next?
Posted on 8/22/13 at 1:59 pm to tdavi48
Posted on 8/22/13 at 1:59 pm to tdavi48
Hey thanks y'all. So I can do an IRA even if I have a 401k? I have a 30 year mortgage on a house and an emergency fund. I also have whole life.
When you say invest in the stock market, what do you mean? Do research and pick stocks or just buy another mutual fund? My 401k is in mutual funds, but should I get more even without the tax benefit.
Again, thanks for the help.
When you say invest in the stock market, what do you mean? Do research and pick stocks or just buy another mutual fund? My 401k is in mutual funds, but should I get more even without the tax benefit.
Again, thanks for the help.
This post was edited on 8/22/13 at 2:01 pm
3
Posted on 8/22/13 at 2:31 pm to AndyJ
Yes once you max out what your company matched in your 401K then put the extra money into the IRA's. You might want to shop around also and see about Interest rates on a 15 year mortgage, even if the rates are a little higher over the life of the loan you will save an exponential amount of money switching from a 30 year to a 15 year and usually your payment isn't that much more per month.
Yes, you can invest additional money in anyway (ie stocks, mutual funds etc) The tax benefits on 401k and IRA's are great but once you max those out and you stop getting the tax benefits don't let that deter you from continue to invest later down the road.
Yes, you can invest additional money in anyway (ie stocks, mutual funds etc) The tax benefits on 401k and IRA's are great but once you max those out and you stop getting the tax benefits don't let that deter you from continue to invest later down the road.
Posted on 8/22/13 at 2:49 pm to AndyJ
Permanent life insurance as a credit shelter is a fantastic hedge against malpractice for docs and attorneys.
Posted on 8/23/13 at 6:23 am to AndyJ
quote:
When you say invest in the stock market, what do you mean? Do research and pick stocks or just buy another mutual fund?
dividend paying stocks and possibly growth stocks in a taxable account if everything else is maxed out annually in mutual funds. This board discusses them all the time. Do a search. It just might be helpful. Educate yourself. Knowledge is power.
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