Investment questions

[dbzeag]

Where can I find information about the limits of what I can invest per year into my 401K, IRA (of any type), or any other investment?

I know there are limits given what your income is, I just don't know what they are.

Also, what IRA would people recommend?

:heart:

[April40]

http://mutualfunds.about.com/od/retirement/a/401k_limits.htm

I have a Roth IRA and a Traditional along with my companies 401k account. I rollover whenever I switch jobs... which is often.

Just the basics.

[wanko80]

Get a financial planner

[dbzeag]

Get a financial planner

I am a total n00b at this. How and where would I go about finding a good one?

[fly]

Where can I find information about the limits of what I can invest per year into my 401K, IRA (of any type), or any other investment?

I know there are limits given what your income is, I just don't know what they are.

Also, what IRA would people recommend?

:heart:

If you're gonna start an IRA, get a Roth. Mine is a Vanguard index fund, which is of course what I recommend. Vanguard is king of the index funds, with very low fees being the key to a good index fund. iirc, the Roth limit is $4k, but I think I heard that was going up.

But... If your company offers matching, max out the company match in your 401k first, THEN use the rest for a Roth.

[GreatTiger]

I am a total n00b at this. How and where would I go about finding a good one?

Approach poeple that are well-off. The chances are good they will know one. Don't know anyone that is well-off? That makes it a little harder. Best bet at that point is to ask people you know. If they don't know one they might know someone that does.

[elpmis]

If you're gonna start an IRA, get a Roth. Mine is a Vanguard index fund, which is of course what I recommend. Vanguard is king of the index funds, with very low fees being the key to a good index fund. iirc, the Roth limit is $4k, but I think I heard that was going up.

But... If your company offers matching, max out the company match in your 401k first, THEN use the rest for a Roth.

the roth limit goes up a little bit every year iirc

but I'm not going to act like I know shit, since everything I learned I got from your brilliant link to fallet wallet forums: http://www.fatwallet.com/forums/

[wanko80]

I am a total n00b at this. How and where would I go about finding a good one?
Where do you live?

[elpmis]

If you're gonna start an IRA, get a Roth. Mine is a Vanguard index fund, which is of course what I recommend. Vanguard is king of the index funds, with very low fees being the key to a good index fund. iirc, the Roth limit is $4k, but I think I heard that was going up.

But... If your company offers matching, max out the company match in your 401k first, THEN use the rest for a Roth.

Vanguard is hot, another goodie is Calamos Growth Fund

http://www.calamos.com/growthfund.aspx

[Arátoeldar]

I am a total n00b at this. How and where would I go about finding a good one?

Ask family and friends. Make sure that the/she is a fee only financial adviser-planner. Otherwise he/she has too much a vested interest in selling you junk.

Read: http://www.bobbrinker.com/ If he is on a local radio station then I would highly suggest you listen.

To check out no-load mutual funds: http://www.morningstar.com/

[fly]

Vanguard is hot, another goodie is Calamos Growth Fund

http://www.calamos.com/growthfund.aspx

I prefer index funds, as they seem like better performers. Not many mutual funds have beaten the S&P over the long term...

[BeerAd]

I dont have the first clue about any of this stuff since I cant even do my taxes and/or save 5 bucks. I blame it all on liquor

[dbzeag]

Where do you live?

Unfortunately Cleveland, OH

[wanko80]

I'd do what GreatTiger says. Ask a friend who has one or your boss. You can meet with them and always decide you don't like or trust the person. We met with one that our friends use, but didn't like him.

Ours is fee based (like someone mentioned). I think it's $300 per year, but it might be less.

Sure you could always do it on your own, but I'd rather pay someone to help give options. For example, we now have a money market. I would have never gotten one on my own, but they sure make sense.

[elpmis]

I prefer index funds, as they seem like better performers. Not many mutual funds have beaten the S&P over the long term...

I've got money with both - the mutual fund is tied in with my company and I've got a personal roth with http://finance.yahoo.com/q?s=iaalx

[Arátoeldar]

One other thing, the two best no-load mutual funds companies are Vanguard and T. Rowe Price.

Ohio Bellaire WOMP 1290 AM
Ohio Canada CHER 0 AM
Ohio Mansfield WMAN 1400 AM
Ohio Marietta WLTP 910 AM
Ohio Steubenville WSTV 1340 AM

[dbzeag]

I like the concept of investing or depositing my money someplace, forgetting about it for 20 years, then having it come back with 10% interest so it's quite a lot.

also, I would like to determine how ot save up fo ra shouse and car when that time comes.

[elpmis]

One other thing, the two best no-load mutual funds companies are Vanguard and T. Rowe Price.

I've worked with T. Rowe Price - never liked them: I've heard nothing but good things about Vanguard, but right now I'm using Wachovia Securities and Fidelity - but hey, that's all subject to change

[Arátoeldar]

I like the concept of investing or depositing my money someplace, forgetting about it for 20 years, then having it come back with 10% interest so it's quite a lot.

also, I would like to determine how ot save up for a house and car when that time comes.

Forget about forgetting your investments for 20 years.

[Arátoeldar]

I've worked with T. Rowe Price - never liked them: I've heard nothing but good things about Vanguard, but right now I'm using Wachovia Securities and Fidelity - but hey, that's all subject to change

I am sorry that you don't like them but they are one of the best no-load mutual companies.

[BeerAd]

also, I would like to determine how to save up for a house and car when that time comes.

I would also like some pointers on how others were able to get into a house, besides my main concern of my horrible credit

[elpmis]

I am sorry that you don't like them but they are one of the best no-load mutual companies.

they are based out of my home town - I know a bunch of guys that work for their corporate headquarters - their customer service sucks mainly because they treat their employees like shit. Now while I'm sure they're great at no-load mutual funds who the hell isn't?

[Arátoeldar]

they are based out of my home town - I know a bunch of guys that work for their corporate headquarters - their customer service sucks mainly because they treat their employees like shit. Now while I'm sure they're great at no-load mutual funds who the hell isn't?

I have never had any problems with their customer service.

[elpmis]

I have never had any problems with their customer service.

That's good - that means they work well for you. All I'm saying is they didn't work well for me, but I had to deal with their headquarters - maybe a little branch office of theirs is better

[fly]

I like the concept of investing or depositing my money someplace, forgetting about it for 20 years, then having it come back with 10% interest so it's quite a lot.

also, I would like to determine how ot save up fo ra shouse and car when that time comes.

Depending on your age, look into something like the Fidelity Freedom 2050 Fund. It basically manages the fund for you, with a goal of retiring in 2050. That means, most of the fund is in stocks right now, but as time goes on, the fund becomes more conservative. Its quick, easy, and mindless.

[ChikkenNoodul]

I would also like some pointers on how others were able to get into a house, besides my main concern of my horrible credit

My first house was one that had been foreclosed on by the VA, had to bid on it but got it cheap with 1% down.

And unlike HUD homes, the VA actually goes in and paints/repairs/cleans the place so it's not a craphole with rotting food in the fridge, garbage all over the floor, etc.

[ChikkenNoodul]

I was 20 then, so I didn't have any credit at all really :fly:

[fly]

My first house was one that had been foreclosed on by the VA, had to bid on it but got it cheap with 1% down.

And unlike HUD homes, the VA actually goes in and paints/repairs/cleans the place so it's not a craphole with rotting food in the fridge, garbage all over the floor, etc.

Did you have to get a mortgage, or did they just allow you to take over the defaulted one? I hear the VA loans are quite nice to take over.

[ChikkenNoodul]

I got a new mortgage, since the one that was defaulted on was something like 15% :eek:

But the new mortgage was through the VA, and I remember how they kept saying that it was an 'assumable' mortgage - a nice selling point for the house.

[fly]

I got a new mortgage, since the one that was defaulted on was something like 15% :eek:

But the new mortgage was through the VA, and I remember how they kept saying that it was an 'assumable' mortgage - a nice selling point for the house.

yup, those are the nice ones many times...

[ChikkenNoodul]

They sold the mortgage to Countrywide at some point, of course

[dbzeag]

I should look for houses under foreclosure. I am sure there are plenty in this hell hole called Cleveland.

[fly]

I should look for houses under foreclosure. I am sure there are plenty in this hell hole called Cleveland.

Especially with these rising interest rates. If you're buying them, they better be to rent tho...

[ChikkenNoodul]

Yep, rents are going up - at least around Boston

[elpmis]

Yep, rents are going up - at least around Boston

Rent would go up after a good war in Boston

[ChikkenNoodul]

Well, they were going down until the housing market slowed 'round here :fly:

[fly]

Well, they were going down until the housing market slowed 'round here :fly:

Ours were going up cause REIs bought up a shit ton of the apartments to sell as condos. Now 80% of them are sitting vacant, and they are leasing them again for cheaper than the people's mortgage payment. OUCH

[elpmis]

Well, they were going down until the housing market slowed 'round here :fly:

bullshit

[elpmis]

Ours were going up cause REIs bought up a shit ton of the apartments to sell as condos. Now 80% of them are sitting vacant, and they are leasing them again for cheaper than the people's mortgage payment. OUCH

the drunk single mom that rented next door to me on the left just ditched her place for a new man - they are asking $1800 a month to rent the place now - that's hundreds of dollars more than my mortgage and I only bought my place back in December :wtf:

edit: I bet it stays empty for half a year

[BeerAd]

My first house was one that had been foreclosed on by the VA, had to bid on it but got it cheap with 1% down.

And unlike HUD homes, the VA actually goes in and paints/repairs/cleans the place so it's not a craphole with rotting food in the fridge, garbage all over the floor, etc.

I have so many financial problems right now along with credit problems which is in direct relation. I cant seem to get my head above the water no matter how hard I try. My credit is horrible or otherwise I would just go grab a credit card to pay of my horrible amount of past due bills. Which I know would be horrible but at least I could pull some shit out of collections. My paychecks seem to be gone 2 weeks before I get them. I normally dont bitch about this kinda stuff but I needed to vent, lol

[fly]

I have so many financial problems right now along with credit problems which is in direct relation. I cant seem to get my head above the water no matter how hard I try. My credit is horrible or otherwise I would just go grab a credit card to pay of my horrible amount of past due bills. Which I know would be horrible but at least I could pull some shit out of collections. My paychecks seem to be gone 2 weeks before I get them. I normally dont bitch about this kinda stuff but I needed to vent, lol

You really fucked up by not declaring bankruptcy by last year. Now your best bet is probably CCCS, as you don't seem interested in taking an active role. Let them do it, then you make one payment a month to em.

[elpmis]

You really fucked up by not declaring bankruptcy by last year. Now your best bet is probably CCCS, as you don't seem interested in taking an active role. Let them do it, then you make one payment a month to em.

agreed, declaring bankruptcy sure isn't what it used to be

[fly]

agreed, declaring bankruptcy sure isn't what it used to be

Yeah, they actually want you to pay some of that shit back now. :gayo:

[elpmis]

Yeah, they actually want you to pay some of that shit back now. :gayo:

I can't imagine :fly:

[April40]

I have so many financial problems right now along with credit problems which is in direct relation. I cant seem to get my head above the water no matter how hard I try. My credit is horrible or otherwise I would just go grab a credit card to pay of my horrible amount of past due bills. Which I know would be horrible but at least I could pull some shit out of collections. My paychecks seem to be gone 2 weeks before I get them. I normally dont bitch about this kinda stuff but I needed to vent, lol

May I ask how your credit is poor?

[kiwi]

May I ask how your credit is poor?

I'm guessing from not paying his bills and having a whole bunch of accounts in collections. :confused:

[April40]

I'm guessing from not paying his bills and having a whole bunch of accounts in collections. :confused:

Well ya, but the reasoning behind it?

[kiwi]

Well ya, but the reasoning behind it?

Ah, so you want a more in depth response.

[April40]

Ah, so you want a more in depth response.

As you've stated before, I'm not the best at the english language. :fly: :fly: :fly: :heart:

[KNYTE]

As you've stated before, I'm not the best at the english language. :fly: :fly: :fly: :heart:

It's a good thing we don't need to talk when we get together.;)

Edit: Crap I did it again. I suppose I could just leave it alone and have everyone thinking Knyte is hitting on April.

[fly]

It's a good thing we don't need to talk when we get together.;)

Edit: Crap I did it again. I suppose I could just leave it alone and have everyone thinking Knyte is hitting on April.

crap, i was hoping i was gonna get lucky next time. :(

[Sarcasmo]

The guys at Morgan Stanley will pick your kids up at school and berate them for their lifestyle choices. How awesome is that?

[Dharma1521]

Suze Orman FTW.

[April40]

Suze Orman FTW.

Oh no, here we go guys.

[Dharma1521]

You really fucked up by not declaring bankruptcy by last year. Now your best bet is probably CCCS, as you don't seem interested in taking an active role. Let them do it, then you make one payment a month to em.

Declaring bankruptcy is not the answer! Do everything in your power to work around it. Also credit counseling isnt' the best answer because it reflects on your credit report. As far as I understand the best thing to do is to suck it up and call the creditors and try to work out something directly with them.

[Dharma1521]

Oh no, here we go guys.

Listen here slutnugget, don't be blasting my home girl.

[April40]

Declaring bankruptcy is not the answer! Do everything in your power to work around it. Also credit counseling isnt' the best answer because it reflects on your credit report. As far as I understand the best thing to do is to suck it up and call the creditors and try to work out something directly with them.

Who has the time, responsibility, and know-how to work with creditors?

[Dharma1521]

Who has the time, responsibility, and know-how to work with creditors?

Suze Orman, that's who!

[wanko80]

Suze Orman, that's who!
Nicely played

[BeerAd]

May I ask how your credit is poor?

Yeah I tried taking over a company years back and it went under. I took it over at like -250k in the whole and got it back down to like -10/20k in the whole and couldnt get a loan. The whole time all of my money was going into the company to bring it out of debt and I wasnt paying any personal bills. Lost everything besides my car which was 6 months past due. The bank for some reason didnt start getting pissed until the like 4/5th month, weird huh? I am still feeling the effects of the loss, my credit score is like 425 and I still have old phones/electric bills/cable bills yada yada in collections from that.

It was never a lazy non work factor that ruined my credit. I cant say that it wasnt a mistake but I would do it again in a heartbeat to have that chance to make millions.

[Sarcasmo]

Yeah I tried taking over a company years back and it went under. I took it over at like -250k in the whole and got it back down to like -10/20k in the whole and couldnt get a loan. The whole time all of my money was going into the company to bring it out of debt and I wasnt paying any personal bills. Lost everything besides my car which was 6 months past due. The bank for some reason didnt start getting pissed until the like 4/5th month, weird huh? I am still feeling the effects of the loss, my credit score is like 425 and I still have old phones/electric bills/cable bills yada yada in collections from that.

It was never a lazy non work factor that ruined my credit. I cant say that it wasnt a mistake but I would do it again in a heartbeat to have that chance to make millions.

Dude. You should write a pamphlet called How Not To Fix Other Peoples' Mistakes.

[April40]

Yeah I tried taking over a company years back and it went under. I took it over at like -250k in the whole and got it back down to like -10/20k in the whole and couldnt get a loan. The whole time all of my money was going into the company to bring it out of debt and I wasnt paying any personal bills. Lost everything besides my car which was 6 months past due. The bank for some reason didnt start getting pissed until the like 4/5th month, weird huh? I am still feeling the effects of the loss, my credit score is like 425 and I still have old phones/electric bills/cable bills yada yada in collections from that.

It was never a lazy non work factor that ruined my credit. I cant say that it wasnt a mistake but I would do it again in a heartbeat to have that chance to make millions.

Ahh... I was guessing some bitch tried to take one on ya.

[BeerAd]

Ahh... I was guessing some bitch tried to take one on ya.

Well the old owner was a woman if that says anything :fly:

[BeerAd]

Dude. You should write a pamphlet called How Not To Fix Other Peoples' Mistakes.

You know even though I failed I still consider it an almost sucessful attempt. I mean I brought us out of a 250k debt in like half a year. I needed enough money to run the office for 1 more month and I would have been rolling in it right now. I dont have that luck though:(

[April40]

What type of bidness was it? Women's clothing?

[BeerAd]

What type of bidness was it? Women's clothing?

No, I would be no good at that, womens clothes are always half off around me:fly: :fly: :rolleyes:



edit: Its was a sales room, 24 seat predictive dialer doing a program that was paying us 30 bucks an hour per rep. It was nice but the old owner forgot to save money for our down time, even though I warned repeatively

[April40]

No, I would be no good at that, womens clothes are always half off around me:fly: :fly: :rolleyes:



edit: Its was a sales room, 24 seat predictive dialer doing a program that was paying us 30 bucks an hour per rep. It was nice but the old owner forgot to save money for our down time, even though I warned repeatively

Your pants are only half long.

[wanko80]

edit: Its was a sales room, 24 seat predictive dialer doing a program that was paying us 30 bucks an hour per rep. It was nice but the old owner forgot to save money for our down time, even though I warned repeatively
http://uselessforums.com/imagehosting/614451aaef56aabc.gif

[BeerAd]

Your pants are only half long.

If I wear them any shorter my penis hangs out the bottom :tard:

[Sarcasmo]

http://uselessforums.com/imagehosting/614451aaef56aabc.gif

kekekeke

[April40]

If I wear them any shorter my penis hangs out the bottom :tard:

Your penis is growing out of your shin?

[BeerAd]

Your penis is growing out of your shin?

No but I have learned the sacred art of penis stretching so it just hangs that low :D

[snoogit]

http://uselessforums.com/imagehosting/614451aaef56aabc.gif

Oh if only you knew...

[ChikkenNoodul]

Just buy a house, seriously, you can do all kinds of stupid shit to your credit and it won't matter much :fly: