Re: IRA ?
[Re: cmj]
#6765917
02/10/20 10:51 PM
02/10/20 10:51 PM
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Joined: Dec 2010
Posts: 11,135 Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Posts: 11,135
Armpit, ak
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Welcome to self employment! Where you have to do stuff for your SELF.
Who is John Galt?
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Re: IRA ?
[Re: cmj]
#6765934
02/10/20 11:05 PM
02/10/20 11:05 PM
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Joined: Dec 2011
Posts: 10,308 MT
snowy
trapper
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trapper
Joined: Dec 2011
Posts: 10,308
MT
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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
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Re: IRA ?
[Re: cmj]
#6765942
02/10/20 11:10 PM
02/10/20 11:10 PM
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Joined: Mar 2007
Posts: 35,129 McGrath, AK
white17
"General (Mr.Sunshine) Washington"
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"General (Mr.Sunshine) Washington"
Joined: Mar 2007
Posts: 35,129
McGrath, AK
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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
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Re: IRA ?
[Re: cmj]
#6765958
02/10/20 11:21 PM
02/10/20 11:21 PM
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Joined: Mar 2013
Posts: 2,159 chelsea,wi
keets
trapper
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trapper
Joined: Mar 2013
Posts: 2,159
chelsea,wi
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been happy with Edward Jones so far
2021 goals....make time to trap PROUD MEMBER WTA NTA FTA GOA SPORTSMANS ALLIANCE
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Re: IRA ?
[Re: cmj]
#6765964
02/10/20 11:29 PM
02/10/20 11:29 PM
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Joined: Dec 2011
Posts: 10,308 MT
snowy
trapper
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trapper
Joined: Dec 2011
Posts: 10,308
MT
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^ 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
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Re: IRA ?
[Re: Fairchild #17]
#6765971
02/10/20 11:34 PM
02/10/20 11:34 PM
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Joined: Oct 2019
Posts: 363 PA
cmj
OP
trapper
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OP
trapper
Joined: Oct 2019
Posts: 363
PA
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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.
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Re: IRA ?
[Re: cmj]
#6765980
02/10/20 11:38 PM
02/10/20 11:38 PM
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Joined: Sep 2016
Posts: 6,518 MB
Jurassic Park
trapper
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trapper
Joined: Sep 2016
Posts: 6,518
MB
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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!
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Re: IRA ?
[Re: cmj]
#6765993
02/10/20 11:48 PM
02/10/20 11:48 PM
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Joined: Mar 2019
Posts: 1,497 Southern NJ
maintenanceguy
trapper
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trapper
Joined: Mar 2019
Posts: 1,497
Southern NJ
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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
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Re: IRA ?
[Re: nimzy]
#6766004
02/11/20 12:06 AM
02/11/20 12:06 AM
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Joined: Dec 2007
Posts: 264 northern michigan
sjc
trapper
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trapper
Joined: Dec 2007
Posts: 264
northern michigan
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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.
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Re: IRA ?
[Re: cmj]
#6766009
02/11/20 12:13 AM
02/11/20 12:13 AM
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Joined: Dec 2006
Posts: 17,379 Coeur d' Alene, Idaho
James
"Minka"
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"Minka"
Joined: Dec 2006
Posts: 17,379
Coeur d' Alene, Idaho
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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
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Re: IRA ?
[Re: cmj]
#6766014
02/11/20 12:17 AM
02/11/20 12:17 AM
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Joined: Sep 2011
Posts: 2,581 sometimes PA sometimes ME
ebsurveyor
trapper
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trapper
Joined: Sep 2011
Posts: 2,581
sometimes PA sometimes ME
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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.
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