So quick background. I have a 401 but that’s it and my job is not a pension kinda job so… I have a guy from northwest mutual that’s been trying to get me to invest with him for years but he’s not close. I’m not rich but I’m late to the game and just looking to start putting some monthly deposits to work. Is NWM good or any recommendations? I’m not a buy stocks on my own kinda person so that’s out. I’m in NWI if that helps.
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Any investment advice for a financial advisor?
- Thread starter chef1231
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BehindBlueI's
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- Oct 3, 2012
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If you don't want a financial advisor and don't want to actively research/manage your own funds as a hobby, I would suggest:
www.bogleheads.org
It's the easy button for a reasonable risk/return without having to really dive deep, IMO. I buy individual stocks but largely because I'm a moron who thinks it's fun and it keeps me busy, not because I'm a genius who's going to outpace the market long term through their stunning acumen.
Three-fund portfolio - Bogleheads
It's the easy button for a reasonable risk/return without having to really dive deep, IMO. I buy individual stocks but largely because I'm a moron who thinks it's fun and it keeps me busy, not because I'm a genius who's going to outpace the market long term through their stunning acumen.
Do you have a Roth IRA?
I’m sorry… Yes, I’m looking for advice for finding a financial advisor. That’s what I should have just said. I also downloaded an app and bought a couple stocks and decided I better leave this to someone else lol.If you don't want a financial advisor and don't want to actively research/manage your own funds as a hobby, I would suggest:
Three-fund portfolio - Bogleheads
It's the easy button for a reasonable risk/return without having to really dive deep, IMO. I buy individual stocks but largely because I'm a moron who thinks it's fun and it keeps me busy, not because I'm a genius who's going to outpace the market long term through their stunning acumen.
IMO, do the Roth before anything else (unless you're planning to retire before you can access those funds).
This isn't a perfect answer to your question, but plenty of good info here.
Retirement Thoughts
We've got a wealth of knowledge here on INGO, seemingly spanning all economic spectrums and ages, a very good "cross-section" of America, if you will. I'm curious everyone's thoughts and plans on their retirement savings. How / what have you done to diversify your portfolio and assets? And...
Do NOT go with Northwestern Mutual or any other insurance type companies for investment advice. NY Life is another one that comes to mind. They can only sell you insurance products like whole life and annuities and don't offer actual investment options like mutual funds.
Do not under any circumstances get a whole life, universal life or any other cash value type product. They are terrible. They're the payday lender of the middle class. You pay almost 20x on the premium on the policy only to build cash value with about 1-2% return. Then when you die they pay the face amount and keep your cash value.
No financial professional will recommend whole life other than people who sell it. If you meet with someone and they suggest it, run away fast.
Look for someone who can offer mutual funds with long term track records of 10 years or more. They should have the heart of a teacher so they can explain to you what you're putting your money in. If you don't understand it, don't do it.
Your 401k is the best place to start if you have a company match. It's even better if they offer a Roth 401k.
Here's a good simple order to remember: 401k Match beats Roth beats traditional.
Essentially take the matching (free) money first, then if you have more to invest, move to a Roth IRA. You put in after tax money but the growth is tax free forever and there are no minimum distributions on it. If you max out a Roth IRA, go back to your traditional IRA.
If your work offers a Roth 401k, just keep everything there unless you max it out.
Hope that helps.
Do not under any circumstances get a whole life, universal life or any other cash value type product. They are terrible. They're the payday lender of the middle class. You pay almost 20x on the premium on the policy only to build cash value with about 1-2% return. Then when you die they pay the face amount and keep your cash value.
No financial professional will recommend whole life other than people who sell it. If you meet with someone and they suggest it, run away fast.
Look for someone who can offer mutual funds with long term track records of 10 years or more. They should have the heart of a teacher so they can explain to you what you're putting your money in. If you don't understand it, don't do it.
Your 401k is the best place to start if you have a company match. It's even better if they offer a Roth 401k.
Here's a good simple order to remember: 401k Match beats Roth beats traditional.
Essentially take the matching (free) money first, then if you have more to invest, move to a Roth IRA. You put in after tax money but the growth is tax free forever and there are no minimum distributions on it. If you max out a Roth IRA, go back to your traditional IRA.
If your work offers a Roth 401k, just keep everything there unless you max it out.
Hope that helps.
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Thanks for the advice. Yes I just found out my job offers a Roth but I could really up my contribution to the 401K first. that. I also jumped on a 4.40 APY and moved a couple bucks out of a boring savings account. I’d like to call it quits no later then 65 but 63 would be ideal
You might look into a roboadvisor from Fidelity or another of the investment companies. I use one for my IRA and my wife's IRA, and I use the three fund method mentioned above for a Roth IRA to get me some after tax money when I retire. I'm 57 and have only been able to save money since the kids moved out, so I'm playing catch-up also.
Lots of good advice from previous posters.
Investing can be as simple or as complex as you want to make it. If you want to put together a simple investment plan which requires minimum effort on your part, I would recommend the three fund portfolio. You can find out more on the Bogleheads.org site. If you don't want to deal with it, and want someone else to manage it, I would recommend Fidelity. Fidelity offers a rep you can talk to and I believe their robo investment service is only about 0.3% annually.
Good luck!
Investing can be as simple or as complex as you want to make it. If you want to put together a simple investment plan which requires minimum effort on your part, I would recommend the three fund portfolio. You can find out more on the Bogleheads.org site. If you don't want to deal with it, and want someone else to manage it, I would recommend Fidelity. Fidelity offers a rep you can talk to and I believe their robo investment service is only about 0.3% annually.
Good luck!
There's a few links to help you if and when you start meeting with advisor or investment pros.
Full disclosure, I'm a Dave Ramsey follower on my way to being a Baby Steps Millionaire so I follow their advice of going slow and steady. Nothing flashy here like single stocks, nothing down real estate or commodity speculation.
List of Smartveastor Pros in your area and Interview guide - https://www.ramseysolutions.com/retirement/smartvestor
www.ramseysolutions.com
Full disclosure, I'm a Dave Ramsey follower on my way to being a Baby Steps Millionaire so I follow their advice of going slow and steady. Nothing flashy here like single stocks, nothing down real estate or commodity speculation.
List of Smartveastor Pros in your area and Interview guide - https://www.ramseysolutions.com/retirement/smartvestor
Build Wealth and Save for Retirement
Invest your money with confidence and have a game plan for retirement.
www.ramseysolutions.com
Do you mind disclosing how old you are Chef1231? That could change your calculus a bit.
OutdoorDad
Master
The tough bit is, anyone who is qualified to advise you... is prohibited from advising you on the internet.
What company handles your 401k? If it's fidelity for example you can setup additional accounts with them beyond 401k.
Review various funds and review what meets your goals and risk tolerance as well as your time line.
As states above definitely take advantage of any matching and try and maximize it. The match can often be the best and easiest return.
Have an HSA? If so maximize funding it as well. Have funds in an HSA that after looking at your annual deductible and max out of pocket that you should not need immediately? If so many HSA 's allow those funds to be invested (can be in various funds or even CD's). HSA's have tax advantages and after a certain age can be used for non medical expenses without penalties.
Your 401 may well have Roth options, but for pre-tax vs Roth recommendations more info is needed such as tax bracket, age, goals, etc.
And as also previously stated... insurance is not an investment.
Review various funds and review what meets your goals and risk tolerance as well as your time line.
As states above definitely take advantage of any matching and try and maximize it. The match can often be the best and easiest return.
Have an HSA? If so maximize funding it as well. Have funds in an HSA that after looking at your annual deductible and max out of pocket that you should not need immediately? If so many HSA 's allow those funds to be invested (can be in various funds or even CD's). HSA's have tax advantages and after a certain age can be used for non medical expenses without penalties.
Your 401 may well have Roth options, but for pre-tax vs Roth recommendations more info is needed such as tax bracket, age, goals, etc.
And as also previously stated... insurance is not an investment.
First post and long time lurker.
Full disclosure I am a CFP and hold various life and securities licenses. I'm happy to answer question to help you figure out what you want to do.
Biggest question to think about are you looking for investment advice or financial advice that is holistic? Big difference and the professional you look for will have different skill sets.
I'm biased because I have a tax background but I believe understanding the tax piece for you, since it's our largest expense, is important.
Like I said feel free to ask any question. Always happy to help.
Full disclosure I am a CFP and hold various life and securities licenses. I'm happy to answer question to help you figure out what you want to do.
Biggest question to think about are you looking for investment advice or financial advice that is holistic? Big difference and the professional you look for will have different skill sets.
I'm biased because I have a tax background but I believe understanding the tax piece for you, since it's our largest expense, is important.
Like I said feel free to ask any question. Always happy to help.
So I can do a Roth though my job but haven’t yet. I did download the Charles Schwab app the other day and bought a couple stocks, it was at that moment I realized I should get helpLOL. I’ve been really thinking about the Robo adviser too that they have. And for the person that asked about age 47
Or ETF equivalent, to save on fees.
Another thing to consider when speaking with financial advisers, is How much of YOUR nest egg do they intend to acquire for themselves.
Everyone deserves to be paid for their work. With financial advisers, you want to make sure you're getting value for the money you pay them.
Can they justify their fees vs throwing darts at a stock list.
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