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Re: IRA ?
[Re: BernieB.]
#6768561
02/13/20 09:01 AM
02/13/20 09:01 AM
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Joined: Nov 2012
Posts: 1,054 midland, michigan
midlander
trapper
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trapper
Joined: Nov 2012
Posts: 1,054
midland, michigan
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I didn't read all the advice so this may be redundant, but if I was you and young again I would definitely first get out of debt on everything except a mortgage assuming the mortgage interest is less than the gain you can get on your investments. (I did this part)
Then I would do a Roth IRA each year and invest the remainder in real estate. Over time, real estate has always shown gains. It may go up and down some but over the long haul it's hard to beat. Plus you can use it while it's growing in value and often you can rent it, farm it, etc. to gain value from it while it grows. Small improvements to it can also help it gain a lot of value. I dont recommend holding a mortgage simply because interest rates are less than market returns...that leaves too much risk. The only way this should be done is if you have a liquid account available to immediately pay off the mortgage when the market tanks....and it will tank, thats what markets do...up and down. 100% of forclosures occur on homes that still have mortgages..I dont like that risk. Its an individual choice in the end
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Re: IRA ?
[Re: cmj]
#6769302
02/13/20 07:56 PM
02/13/20 07:56 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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had my annual meeting with my Edward Jones rep today, she said the amount went up to $7000 this year
2021 goals....make time to trap PROUD MEMBER WTA NTA FTA GOA SPORTSMANS ALLIANCE
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Re: IRA ?
[Re: cmj]
#6769649
02/14/20 06:22 AM
02/14/20 06:22 AM
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Joined: Dec 2006
Posts: 3,408 Ohio
Minker
trapper
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trapper
Joined: Dec 2006
Posts: 3,408
Ohio
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Fidelity has made me alot of money with my money. Ira's , if your young i'd go that route . Annuitys , they should be outlawed in my opinion. Buy guns & ammo , not gold & silver .
Fur Trapping ; Its not about making Money, Its All about the Adventures you'll have on the Trapline .
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Re: IRA ?
[Re: Birdman382]
#6769698
02/14/20 07:43 AM
02/14/20 07:43 AM
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Joined: Jan 2009
Posts: 6,683 PA
gryhkl
trapper
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trapper
Joined: Jan 2009
Posts: 6,683
PA
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No Roth IRA you never pay tax on the gain. I sold IRA's for 42 years. You can ask your tax man and he will confirm I am correct. Roth IRA's are the best retirement. You can only put in $6500.00 max yearly based upon your age. Thank You I think those limits went up for 2019. 6,000 if under 50 yo and 7000 is 50 or older. My wife is ten years younger than me and been putting in 1000 less than me for the past 7 years yet her ROTH is worth about 15% more than mine. I picked the companies for both our accounts and they have both done very well. She has just always been a lucky girl.
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