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Open a Roth IRA on my own or through an advisor?
Posted on 11/13/14 at 1:15 pm
Posted on 11/13/14 at 1:15 pm
I've been saving money and browsing this board for advice and what to do. I'm new to investing, but I've decided a Roth IRA is the best option for me to start with.
My question now is, do I open an account on my own through Vanguard, or do I give the money to a financial advisor that I trust and let him invest it for me?
As I said, I don't know much about investing, the pros/cons of doing it on my own or through an advisor. Just trying to figure out how I should start my Roth IRA
My question now is, do I open an account on my own through Vanguard, or do I give the money to a financial advisor that I trust and let him invest it for me?
As I said, I don't know much about investing, the pros/cons of doing it on my own or through an advisor. Just trying to figure out how I should start my Roth IRA
3
Posted on 11/13/14 at 1:24 pm to Tigerfan56
this really depends on how much money you have or make. The more you have/make, the more you will need an advisor for tax purposes. It also depends on how comfortable you feel managing these things.
doing it yourself is always cheaper though, unless the advisor can help you shelter some of your money from taxes.
doing it yourself is always cheaper though, unless the advisor can help you shelter some of your money from taxes.
Posted on 11/13/14 at 1:30 pm to white perch
quote:
this really depends on how much money you have or make. The more you have/make, the more you will need an advisor for tax purposes. It also depends on how comfortable you feel managing these things.
I don't make alot. 45k/year. I don't need to worry about the tax shelter aspect as I'm in the lowest bracket.
I have enough saved up to max out 14, and then make monthly payments starting in 2015 to max out each year.
My concern is if I do it on my own, I'm unsure how complicated a roth IRA is and if I'll be able to handle it.
Posted on 11/13/14 at 1:33 pm to Tigerfan56
I've always let an advisor handle it all. Just find a reasonable fee. He/She will be motivated to make you money so no worries there.
Posted on 11/13/14 at 2:06 pm to Tigerfan56
It's a Roth. There are no tax issues. Just open a Vangaurd account, throw your money into an index fund and call it a day.
Posted on 11/13/14 at 3:02 pm to Tigerfan56
Open it throught a discount brokerage firm.
You are not limited to handful of funds to invest, and can be as conservative or aggressive as you like.
You can use the money to buy all the Nate's Pancake mix you want
You are not limited to handful of funds to invest, and can be as conservative or aggressive as you like.
You can use the money to buy all the Nate's Pancake mix you want
Posted on 11/13/14 at 3:31 pm to Odinson
quote:
You can use the money to buy all the Nate's Pancake mix you want
Could have made 38% today!!!
Posted on 11/13/14 at 4:11 pm to Joshjrn
quote:
It's a Roth. There are no tax issues. Just open a Vangaurd account, throw your money into an index fund and call it a day.
^^what he said. esp if you are unfamiliar with financial matters, you're better off parking it in an index fund. you don't need the shuck n jive from an advisor. don't try to make it complicated if you need simple.
Posted on 11/13/14 at 8:53 pm to hungryone
quote:
It's a Roth. There are no tax issues. Just open a Vangaurd account, throw your money into an index fund and call it a day.
Do this.
Posted on 11/13/14 at 9:10 pm to Joshjrn
quote:
Just open a Vanguard account, throw your money into an index fund and call it a day.
One of Vanguard's Target Retirement funds is probably not a bad idea. They are cheap and do about as well if not better than an advisor.
One thing you just might need an advisor's help with at some point is insurance, retirement planning, etc. But you don't really need one for investments.
This post was edited on 11/13/14 at 10:38 pm
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