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IRA ? #6765898
02/10/20 10:39 PM
02/10/20 10:39 PM
Joined: Oct 2019
Posts: 363
PA
C
cmj Offline OP
trapper
cmj  Offline OP
trapper
C

Joined: Oct 2019
Posts: 363
PA
Whats your opinion on an ira? I would like to save for retirement but afraid to give some guy my $ and hope it will still be there when I retire. Bury it in back yard? Buy property? I had $ in a 401 k before and seemed like it would lose $. But self employed now.

Re: IRA ? [Re: cmj] #6765917
02/10/20 10:51 PM
02/10/20 10:51 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
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D

Joined: Dec 2010
Posts: 11,135
Armpit, ak
Welcome to self employment! Where you have to do stuff for your SELF.


Who is John Galt?
Re: IRA ? [Re: cmj] #6765918
02/10/20 10:51 PM
02/10/20 10:51 PM
Joined: Feb 2012
Posts: 1,862
Northeast Wisconsin
N
NE Wildlife Offline
trapper
NE Wildlife  Offline
trapper
N

Joined: Feb 2012
Posts: 1,862
Northeast Wisconsin
Max it out if you can and get referrals. Don’t just use some guy.



Re: IRA ? [Re: cmj] #6765928
02/10/20 10:59 PM
02/10/20 10:59 PM
Joined: Apr 2013
Posts: 3,971
WI
N
nimzy Offline
trapper
nimzy  Offline
trapper
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Joined: Apr 2013
Posts: 3,971
WI
Saavy investors say buy when there is blood in the streets. Yes lower then just low. Looks like the major indexes are hovering around all time highs.

Wait here’s some opportunity, drum roll please......fur!

Yes please put what you can away for the future and do it regularly

Re: IRA ? [Re: cmj] #6765933
02/10/20 11:04 PM
02/10/20 11:04 PM
Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
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corky Offline
trapper
corky  Offline
trapper
C

Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
A lot depends on your age and circumstances. In almost all cases you can't go wrong with substantial investment in a Roth IRA. Get some quality investment advice tailored to your circumstances.

Re: IRA ? [Re: cmj] #6765934
02/10/20 11:05 PM
02/10/20 11:05 PM
Joined: Dec 2011
Posts: 10,308
MT
S
snowy Offline
trapper
snowy  Offline
trapper
S

Joined: Dec 2011
Posts: 10,308
MT
DO you still have that money in that 401K? If it were me I would invest in stocks/bonds and do it yourself with a company but don't have an agent, their fees are to much. Check out Vanguard or Fidelity call them and ask them how you can get started. With them you don't need an agent but they will help manage your money and both are very trust worthy institutions.

As for starting buying stocks/bonds today at this high price, I would save money but put into CD, MM and savings accounts while the markets are so high. They will plummet at some time then start buying with all you have. Have a mixed fund portfolio and don't sell just buy and hold through the good years and bad. Investing is for long term with time compounding is your friend.

Just My 2 ¢


Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
Re: IRA ? [Re: cmj] #6765942
02/10/20 11:10 PM
02/10/20 11:10 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,129
McGrath, AK
Originally Posted by cmj
Whats your opinion on an ira? I would like to save for retirement but afraid to give some guy my $ and hope it will still be there when I retire. Bury it in back yard? Buy property? I had $ in a 401 k before and seemed like it would lose $. But self employed now.



I think it depends on your situation.How old are you ? Do you have liquid savings that you can use in case your business doesn't work out ? What tax bracket are you in now ? Be aware too that Congress just changed a lot of the rules on IRA's and other tax advantaged vehicles.....just in the past three weeks or so. You might want to do some reading first.

But as for your belief that you are giving your money to "some guy"........that is not the case at all.

You can open an IRA at most any brokerage. Make deposits whenever,as long as you don't exceed limits,and make all purchase and sale decisions yourself. No one else is involved. It is......or can be.........completely self-directed.

EDIT: It is just my personal opinion but I don't think a normal guy should EVER give discretionary trading authority to anyone else..............unless you have a pro overseeing your account that is valued in 7 figures or more. MAYBE then it might be worth it.

Last edited by white17; 02/10/20 11:13 PM.

Mean As Nails
Re: IRA ? [Re: cmj] #6765944
02/10/20 11:12 PM
02/10/20 11:12 PM
Joined: Nov 2012
Posts: 1,057
midland, michigan
M
midlander Offline
trapper
midlander  Offline
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M

Joined: Nov 2012
Posts: 1,057
midland, michigan
Invest early, time is your friend...

Re: IRA ? [Re: cmj] #6765956
02/10/20 11:18 PM
02/10/20 11:18 PM
Joined: Dec 2006
Posts: 1,111
Millville, Pennsylvania
Fairchild #17 Offline
trapper
Fairchild #17  Offline
trapper

Joined: Dec 2006
Posts: 1,111
Millville, Pennsylvania
Don't invest a nickel until you are 100% debt free other than your house.


Nowadays it just don't pay to be a good 'ol boy.
Re: IRA ? [Re: cmj] #6765958
02/10/20 11:21 PM
02/10/20 11:21 PM
Joined: Mar 2013
Posts: 2,159
chelsea,wi
keets Offline
trapper
keets  Offline
trapper

Joined: Mar 2013
Posts: 2,159
chelsea,wi
been happy with Edward Jones so far


2021 goals....make time to trap
PROUD MEMBER WTA NTA FTA GOA SPORTSMANS ALLIANCE
Re: IRA ? [Re: cmj] #6765964
02/10/20 11:29 PM
02/10/20 11:29 PM
Joined: Dec 2011
Posts: 10,308
MT
S
snowy Offline
trapper
snowy  Offline
trapper
S

Joined: Dec 2011
Posts: 10,308
MT
^ what is it cost you to do business with them, fees and transactions etc.? What percent do the take from you even thou you maybe a passive investor or have an agent and are paying active investor fees.


Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
Re: IRA ? [Re: Fairchild #17] #6765971
02/10/20 11:34 PM
02/10/20 11:34 PM
Joined: Oct 2019
Posts: 363
PA
C
cmj Offline OP
trapper
cmj  Offline OP
trapper
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Joined: Oct 2019
Posts: 363
PA
Originally Posted by Fairchild #17
Don't invest a nickel until you are 100% debt free other than your house.

That's kinda what im thinking. But not sure yet. My business makes ok $, better than what I was doing working for someone. An IRA seems like a gamble. If I pay everything off and most of my house that would be great. I see a lot of people going way in debt. My house is worth $120,000. I don't own expensive vehicles. Been paying off debt fast the 1st year in business. I took my $ out of 401k because I quit my job and tired of it not going anywhere. But it wasn't much. Its just hard handing someone your $ and wondering if it will work.

Re: IRA ? [Re: snowy] #6765975
02/10/20 11:35 PM
02/10/20 11:35 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,129
McGrath, AK
Originally Posted by snowy
^ what is it cost you to do business with them, fees and transactions etc.? What percent do the take from you even thou you maybe a passive investor or have an agent and are paying active investor fees.



Many brokerages just recently eliminated all fees. IF you buy into a mutual fund, the fund family ( Fidelity, Vanguard etc ) may take a management fee . It is based on the amount you have invested and is usually in the neighborhood of 10 bucks per thousand dollars invested. Each year. It can get higher than that depending on the risk involved in your fund choice. That's one of the reasons I never use mutual funds.


Mean As Nails
Re: IRA ? [Re: cmj] #6765980
02/10/20 11:38 PM
02/10/20 11:38 PM
Joined: Sep 2016
Posts: 6,518
MB
J
Jurassic Park Offline
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Jurassic Park  Offline
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Joined: Sep 2016
Posts: 6,518
MB
I would blow whatever cash you had on things you need. Does your house need any repairs? Is your vehicle reliable? Are you eating well? Does your business need anything?

I don’t put any money in savings. But I dang sure invest it in myself and my family.


Cold as ice!
Re: IRA ? [Re: cmj] #6765982
02/10/20 11:40 PM
02/10/20 11:40 PM
Joined: Jan 2014
Posts: 20,914
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 20,914
North East Kansas
Sein fein did really well in the elections in Ireland recently.... smile


E
'Honey Badger Militia'
Sleep, the anti woke adote.
Re: IRA ? [Re: cmj] #6765993
02/10/20 11:48 PM
02/10/20 11:48 PM
Joined: Mar 2019
Posts: 1,497
Southern NJ
maintenanceguy Offline
trapper
maintenanceguy  Offline
trapper

Joined: Mar 2019
Posts: 1,497
Southern NJ
Yes. Do an IRA. I use AmeriTrade. I buy only no load index funds with very low fees. I used to buy individual stocks but I got nervous. I couldn't own enough of them. If one of my stocks tanked, it would significantly hurt my balance. So, now I buy index funds and I own hundreds of different stocks without having to worry about the individual stocks.

Some years you'll lose money. Some years you'll win. In any 20 year period of ups and downs in the last 100 years, the average gain has been over 10% per year. 10% doubles your money every 7 years. I don't know how old you are but the earlier you start, the more times you money will double.

Stick it in a can in the back yard and it never doubles.

And, you will never time your purchases right. Just because it's down now doesn't mean it won't go down more tomorrow and just because it's up now doesn't mean it won't go up more tomorrow. Buy regularly with every paycheck no matter where the market is today. Don't worry about timing the market, you'll be right half the time and loose the opportunity to make money the other half.


-Ryan
Re: IRA ? [Re: nimzy] #6766004
02/11/20 12:06 AM
02/11/20 12:06 AM
Joined: Dec 2007
Posts: 264
northern michigan
S
sjc Offline
trapper
sjc  Offline
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S

Joined: Dec 2007
Posts: 264
northern michigan
Originally Posted by nimzy
Saavy investors say buy when there is blood in the streets. Yes lower then just low. Looks like the major indexes are hovering around all time highs.

Wait here’s some opportunity, drum roll please......fur!

Yes please put what you can away for the future and do it regularly

My thinking as well. I've only sold a handful of rats in the last 4 years. Might be a foolish gamble, but I don't make my living off fur.

Re: IRA ? [Re: cmj] #6766009
02/11/20 12:13 AM
02/11/20 12:13 AM
Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
J
James Offline
"Minka"
James  Offline
"Minka"
J

Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
I would follow maintenanceguy's advice. No-load (no commission) mutual funds are the way to go--at least they are for me.

Just to dip my toes in the waters of stock-trading, I once invested in two tech stocks, and watched as they went to ZERO. That's right; I lost my entire investment. So much for my stock-picking skills.

An individual stock can become worthless. But a mutual fund invests in dozens or hundreds of stocks, and they all won't go to zero. Most of your investment will remain intact pretty much no matter what the market does.

Jim


Forum Infidel since 2001

"And that troll bs is something triggered snowflakes say when they dont like what someone posts." - Boco
Re: IRA ? [Re: cmj] #6766014
02/11/20 12:17 AM
02/11/20 12:17 AM
Joined: Sep 2011
Posts: 2,581
sometimes PA sometimes ME
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ebsurveyor Online mad
trapper
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Joined: Sep 2011
Posts: 2,581
sometimes PA sometimes ME
Originally Posted by cmj
Whats your opinion on an ira? I would like to save for retirement but afraid to give some guy my $ and hope it will still be there when I retire. Bury it in back yard? Buy property? I had $ in a 401 k before and seemed like it would lose $. But self employed now.


I would open an online account with a firm like TD Ameritrade and put as much as I could each year in a SEP IRA.

A Simplified Employee Pension Individual Retirement Arrangement is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees.

Re: IRA ? [Re: James] #6766019
02/11/20 12:24 AM
02/11/20 12:24 AM
Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
B
bblwi Online content
trapper
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Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
As a self employed tax payer there are some SIMPLE (SEP)and other programs you can invest in. If it were me I would contact someone or investigate retirement options. Some allow some hefty annual investing. Most of those programs are minimal in cost as well. With our historically lower tax rates Roth IRAs make the most sense at this time. If you can deduct them from the business say spouse hiring etc. then you can save federal, SS and state tax if your state has state income tax. I would encourage you to setup a retirement account and start funding it ASAP, even if not all other non mortgage debt is not paid off. Establishing a savings plan creates better budgeting over all and long term. Managing debt is in many cases more valuable then eliminating debt, especially now with long term historically low interest rates.

Bryce

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