I used to put money in a regular IRA(pretax) with a professional. I stopped contributing to it in 2002 When I changes jobs. It's value was a little more than three times my contributions on the last statement we got from them.
I started investing on my own through Scottrade(now TDAmeritrade)in 2009. I only started with 10K the first year and trickled some in every year since. The value of the account is around 4 times the money I put in.
My wife and I have also maxed out our Roths over the last 8 years. IMO Roths should be started by everyone as soon as the get their first job. You can draw your contributions out after five years, and since you already paid the taxes on it, no taxes are owed. And the earnings stay in the account earning tax free money.

I retired a couple years ago at 56. Last year our little investment account went up in value that was more than the highest salary I ever earned. And our ROTHs did about the same percentage.

My biggest mistake was letting money I had saved sit mostly in savings accounts and CDs instead of having it in the market.

We wouldn't have been able to do this investing had we not been savers in the first place. We owe nothing except the property taxes we pay on our two homes and small camp and insurances. Debt free life is very liberating.

I manage my own money and like Vanguard funds and ETFs. I play with individual stocks but don't have the time to really do it right.

For most guys I reccomend a target fund. It's relatively "set it and forget it" as it will rebalance risk as you age. All you should to do is put more money in each month/year.

Thanks for all the responses. I have a meeting set up with my inlaws financial adviser. Ill start putting some in an IRA. HAve to do it before I do my taxes.

^^^ you wont regret it

I don't agree completely.

Target funds r a no brainer. They do all the work for u. And u can't go wrong with Fidelity or Vanguard. If its in an IRA with them there is no commission. Don't pay an agent (financial advisor) to control your retirement!!!

Financial advisor = "Snake oil salesman"

That’s not always the cases. They have there place for a lot of people. A lot of
Times people who are self employed or just generally really busy don’t have the time to deal
With all aspects of finances. In many cases it’s with the 1% of investment cost.

I averaged over 19% growth on my investments last year. My mortgage and land interest I pay the bank is less than 3.5%. There are tax advantages currently for me to be paying some interest as a cost of business. Now, if my investment growth falls to under 4% a year - yes, I will definitely be making larger loan payments. But, for now, I allow my money to work for me. The last two years was the first time I have made more in investment growth over what I made going to my job......it is nice seeing your money work for you. Money is a tool and managed correctly can be useful but managed poorly can result in disaster.

I should add - there was, unless changed, tax advantages and savings for setting up your own IRAs especially for self employed. Some of the programs I utilize for taxes will show you the savings when doing your own taxes. When doing your own taxes with todays software - you can put in multiple scenarios to see the outcomes of your taxes. When you have someone do your taxes - very rarely will they run multiple scenarios for you as it costs them time which costs them money.

You do not want to take a chance on dying with someone owing you, always owe somebody something.

You have until April 15 to contribute for last years IRA. ... With that in mind, you can manipulate the numbers on your tax return to your advantage...

X2

I think you've made a good decision. HOWEVER..........please don't feel obligated to establish a relationship with a financial advisor just because your inlaws have done so. You've made the decision and this really is so simple a cave man could do it. You can do it today, online, by yourself. You don't need to pay anyone to do this for you.


Last thought: If this advisor mentions insurance or an annuity........get up and leave !

Investments are long term you will have good years and bad years. You have to have money invested when the good years hit. I have just about doubled since trump took office. People are afraid of what they don’t understand.

That has got to be one of the dumbest things I have read. What are your plans if you loose your job? I am all for investing, but, you should have some savings. Wouldn't hurt to have about six months worth of living expenses set to the side. Never been down that road myself but I would bet that it will take awhile for any insurance to pay out. Sorry kids we can't eat for a couple weeks, gotta wait for the check. What do you do if your car dies? Need to put tires on the vehicles? Water heater takes a dive? Unplanned medical bills? I could go on but you get the idea. I guess you could just go to the bank and buy money.

You all might want to consider the direction our country is headed if socialism gains a foothold in the future. We will be just fine if Trump gets back in. A socialist will seize your hard earned 401k savings and spread it to people that want free stuff. But if time is on your side you about have to take chance and save for your retirement.

Lol. Maybe you live your life pay check to pay check, but my pay checks come in multiple times each week and if my truck broke down today, I would go buy a new one tomorrow like I did in September 2018.
New brakes? New tires? Lol no problem!

Saving money is for poor people hoping to have a lot of money one day.

I went to bed last night without having to set my alarm clock. Woke up about half hour ago, now sitting on the couch with my coffee reading Tman!
What should I do today? Sit on the couch all day? Go set some traps? Make another cup of coffee? Think I’ll go with the latter.
My life is good! And it’s Tuesday! Think I’m going trapping tomorrow and fishing on Friday!

Don’t take my advice, fine! Have fun clocking into work bright and early!

Do it now, don't waiver .

That is what you got out of my post? WOW! What happens if those checks stop coming in (you know, the ones that you sleep till 1100 and drink coffee for)? That was my point. Can you get your money out without getting penalized?

With no savings how would you go buy a new truck? Buy money from the bank? Take money out of your retirement? That is gonna cost you. Nothing like giving money away.

I do envy you in the fact that you either work at home or are self employed. Cudos.

I wasn't trying to pick a fight. Maybe there is a better way I should handle my money. I don't like to gamble tho.

This is exactly what im worried about.