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Started By
Message
re: Recently opened a Roth with Fidelity and looking for some guidance
Posted on 11/27/18 at 2:50 pm to Mingo Was His NameO
Posted on 11/27/18 at 2:50 pm to Mingo Was His NameO
quote:Yeah I just read the whole thing.
Again, see above. You've put nearly his entire monthly income into investment accounts.
I saw what he was saving each month, but apparently he just started saving that much monthly.
I'd agree with the 10k in the target date fund at this point. Seems to fit him best until he proves his stability and discipline to invest.
Edit: so OP, disregard most of what I said for now. Revisit in a couple of years.
This post was edited on 11/27/18 at 2:51 pm
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Posted on 11/27/18 at 2:58 pm to bayoubengals88
quote:
Some kind of balanced global fund composed of roughly 80% stocks and 20% bonds.
What do you think of FIDELITY FREEDOM INDEX 2045 INVESTOR? I invested a small amount there when I opened the account, but as I said in the OP, I need guidance before I start investing blindly.
quote:
monthly or bi weekly is probably best for Dollar Cost Averaging. If the market tanks and you happen to have 5k in savings or elsewhere then feel free to make a large purchase.
This is good to know
quote:
Just MAKE SURE you're maxing out your Roth on a monthly basis (because you're playing catch up at 38)
That's the plan
quote:
I think you're doing quite well now, but I would also open up another taxed investment account, and look at some sector specific funds like QQQ (tech), individual stocks, and Reits (like CIM).
You'll never get rich on mutual funds starting at 38 so I think you'll need some help playing catch up.
If you're buying $500 worth of a global mutual fund in your Roth every month, then I'd try to put $100 into another investment account for individual stocks or ETFs.
So, twice a year pick some. $600 each time.
For what it's worth...
Edit to add: I bought 130 shares of CIM just a year ago, and I have now have 145 shares thanks to reinvesting dividends.
10.62% dividend rate as of today
Thanks for all of the feedback. It's much appreciated
Posted on 11/27/18 at 2:58 pm to Blizzard of Chizz
quote:
my total check pre taxes is 80 dollars of which I can only invest a max of 25%.
This may be correct, I took a quick skim of IRS Pub. 540 which covers this, but you can still open tax deferred accounts, but again, I think you need to focus on an emergency fund and your credit card debt for now.
What would you need for 6 months of expenses if you became unemployed?
Posted on 11/27/18 at 3:02 pm to Mingo Was His NameO
quote:Agree. I think the Roth and 2050 Target date fund would be next on the list.
I think you need to focus on an emergency fund and your credit card debt for now.
I would wipe out the cc debt immediately and then rebuild the savings up to an amount that gives you comfort (5-10k), then Max out a Roth while continuing to increase savings incrementally.
Posted on 11/27/18 at 3:32 pm to Mingo Was His NameO
quote:
, I think you need to focus on an emergency fund and your credit card debt for now.
What would you need for 6 months of expenses if you became unemployed?
I agree and that is my focus. It is very tempting to kill the credit card debt via my savings, but doing so would leave me exposed. As you said, what if I lost my job tomorrow? I’d be right back in debt because I wiped out my safety net. However, if I’m patient, I’m cc debt free and have 5 or 6 grand in savings in 5 months. I’m just old enough to know that life always happens when you can at least afford it too.
Posted on 11/27/18 at 3:33 pm to Blizzard of Chizz
quote:
As you said, what if I lost my job tomorrow? I’d be right back in debt because I wiped out my safety net. However, if I’m patient, I’m cc debt free and have 5 or 6 grand in savings in 5 months. I’m just old enough to know that life always happens when you can at least afford it too
Again, look into a 0% for 12 months credit card. At minimum transfer your current balance to it.
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