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re: New to investing
Posted on 2/6/14 at 4:11 pm to foshizzle
Posted on 2/6/14 at 4:11 pm to foshizzle
quote:
I like the Roth since you can pull out contributions at any time without any penalty - this means it can double as an emergency fund while you build it up and still get the tax break.
What kind of tax break do you get on a Roth IRA right now?
1
Posted on 2/6/14 at 9:13 pm to PurpleAndGold86
Y'all have been more than helpful, thank you very much.
Another update is that my first $5k deposit into the Roth IRA will retroactively go towards 2013. Meaning I can (hopefully) hit $5,500 before the end of the year.
I got some clarification and the $5,500 limit only applies to new deposits to the account. Being 21 years old, I am hopeful that it will compound for years to come.
I also did a bit of research on day trading, and my initial thought is it is extremely risky. I'm not sure I want to gamble with a considerable about of money trading stocks. How much $ do y'all usually allocate for riskier investments?
Thanks again for helping me out
Another update is that my first $5k deposit into the Roth IRA will retroactively go towards 2013. Meaning I can (hopefully) hit $5,500 before the end of the year.
I got some clarification and the $5,500 limit only applies to new deposits to the account. Being 21 years old, I am hopeful that it will compound for years to come.
I also did a bit of research on day trading, and my initial thought is it is extremely risky. I'm not sure I want to gamble with a considerable about of money trading stocks. How much $ do y'all usually allocate for riskier investments?
Thanks again for helping me out
This post was edited on 2/6/14 at 9:15 pm
Posted on 2/7/14 at 11:03 am to zbeaux13
quote:
How much $ do y'all usually allocate for riskier investments?
I'm no expert, but from what I've read and been told, if you are younger, you generally can handle the swings of the market. Thus you want to be aggressive at an early age.
quote:
What kind of tax break do you get on a Roth IRA right now?
None that I'm aware of. Although having gains 30 years down the road that are tax free is a huge tax break.
This post was edited on 2/7/14 at 11:04 am
Posted on 2/7/14 at 2:59 pm to dcrews
Correct. But that isn't what the other gentleman said. I think he might possibly be confused.
Posted on 2/7/14 at 3:20 pm to zbeaux13
quote:
I got some clarification and the $5,500 limit only applies to new deposits to the account. Being 21 years old, I am hopeful that it will compound for years to come.
If you do nothing else but max out your ROTH every year you will retire a multimillionaire do not neglect this investment tool. You will have opportunities to invest more as your career advances and income rises. You are well on your way my friend
Posted on 2/7/14 at 3:59 pm to zbeaux13
quote:
I have recently graduated from LSU and I am looking to start building my stock portfolio. Besides from my savings, I have a small amount invested in a franklin high yield account. I believe the time is right to start expanding my investments.
Index funds.
My IRA is distributed between SPY and TLT.
Posted on 2/7/14 at 4:16 pm to AngryBeavers
Posted on 2/7/14 at 4:50 pm to Dead Mike
quote:
You can start by reading this blog post from Mark Cuban that I think is pretty useful.
LINK
Very interesting read. I purchased the book Cuban referenced in the article. It appears to me that the market is full of people who buy stocks just because other people are buying them. I guess the key to selecting stocks is to find a way to objectively discover the quality of a company.
Interesting stuff, don't want to miss the boat with a stock, however, I don't want to be in the boat when it sinks.
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