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Re: IRA ? [Re: BernieB.] #6768561
02/13/20 09:01 AM
02/13/20 09:01 AM
Joined: Nov 2012
Posts: 145
midland, michigan
M
midlander Offline
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midlander  Offline
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Joined: Nov 2012
Posts: 145
midland, michigan
Originally Posted by BernieB.
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

Re: IRA ? [Re: bass10] #6768700
02/13/20 11:46 AM
02/13/20 11:46 AM
Joined: Nov 2018
Posts: 93
Winona MN
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Birdman382 Offline
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Birdman382  Offline
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Joined: Nov 2018
Posts: 93
Winona MN
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

Re: IRA ? [Re: cmj] #6768705
02/13/20 11:55 AM
02/13/20 11:55 AM
Joined: Nov 2018
Posts: 93
Winona MN
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Birdman382 Offline
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Birdman382  Offline
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Joined: Nov 2018
Posts: 93
Winona MN
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

Re: IRA ? [Re: Bigbrownie] #6768710
02/13/20 12:03 PM
02/13/20 12:03 PM
Joined: Nov 2018
Posts: 93
Winona MN
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Birdman382 Offline
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Birdman382  Offline
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Joined: Nov 2018
Posts: 93
Winona MN
I do like Edward D Jones or any other investment person you trust. Ask the investment person how many times has he or she switched broker dealers. I have one in the area that people like but he switches broker dealers often. Every time he changes broker dealers and talks you into going with him he make new commission of 4.5% or more. This is his reason for changing dealers as he runs out of new money so he makes a chg of dealers. You yourself need to decide who you like. I do my own, I like mutual funds like American funds and Blackrock funds also federated funds to name a few. Best Wishes

Re: IRA ? [Re: cmj] #6768951
02/13/20 03:45 PM
02/13/20 03:45 PM
Joined: Nov 2018
Posts: 93
Winona MN
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Birdman382 Offline
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Winona MN
OK go for the IRA first in a mutual fund then go for the Roth IRA as the gain is tax free. The IRA is tax deductible for now but then when you draw it out it is taxable as you did not pay taxes on it when you put it in. I started 30 years ago with $500.00 and added as my tax man said I could. That fund after 30 years is worth 100K and I have been taking out now for two years. The funds I like are American funds as well as Black Rock funds. Check on line for American funds and pick the ICA fund then check the 1 year and three year and 10 year and the life of the fund to see the returns. You only pay commission the first year so look for the return without fees. It is not how much you put in it is staying in the fund and moving it from fund to fund within American funds and not pay a fee. you can call me for advise free at 1-507-458-7573 and we can talk.

Re: IRA ? [Re: cmj] #6769302
02/13/20 07:56 PM
02/13/20 07:56 PM
Joined: Mar 2013
Posts: 942
chelsea,wi
keets Offline
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keets  Offline
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Joined: Mar 2013
Posts: 942
chelsea,wi
had my annual meeting with my Edward Jones rep today, she said the amount went up to $7000 this year


2014 goals
(1) HAVE FUN
(2) TRY TO MAKE SOME MONEY
Re: IRA ? [Re: cmj] #6769309
02/13/20 08:08 PM
02/13/20 08:08 PM
Joined: Nov 2012
Posts: 145
midland, michigan
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midlander Offline
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midlander  Offline
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Joined: Nov 2012
Posts: 145
midland, michigan
^^^^^^^If you're over 50......6,000 if under 50

Re: IRA ? [Re: cmj] #6769649
02/14/20 06:22 AM
02/14/20 06:22 AM
Joined: Dec 2006
Posts: 3,317
Ohio
Minker Offline
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Minker  Offline
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Joined: Dec 2006
Posts: 3,317
Ohio
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 .
Re: IRA ? [Re: Birdman382] #6769698
02/14/20 07:43 AM
02/14/20 07:43 AM
Joined: Jan 2009
Posts: 6,683
PA
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gryhkl Offline
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PA
Originally Posted by Birdman382
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. wink

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