Id like to make an open forum on anything that is concerning you and your finances. I try to give sensible advice on your money, and I would like to know what things are concerning you.
Are you concerned about the current economy?
Are you having trouble reaching your financial goals?
Are you looking to change jobs/careers?
Are you having trouble budgeting?
Please leave comments below. You can keep it anonymous if you like and I will answer it the best I can. Remember, I was a financial planner and I feel that I have learned a lot about money by the book and on the street.
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2 comments:
L,
I'm interested in opening up a Roth IRA account. Could you explain what I would need to know and what I would have to do in order to open one.
Opening a Roth IRA account is simple. You could either use a bank or a brokerage firm such as Vanguard and TRowe Price. I recommend Vanguard because they have the lowest expense rates.
In Vanguard's website, click on account types and services, then click on retirement. Then click on Roth Ira. Click on invest now on the right side of the screen and follow the directions.
You will need to fund your Roth and you can link your checking accounts. Then you could send money from your checking account to your Roth whenever you like, you can even setup an automatic investing plan where they automatically take money from your checking to your Roth every month (its an excellent way to budget).
As for investing in a Roth, I would keep it simple and invest in vanguards total stock market index fund (VTSMX). If you want it a little more conservative, invest in a target retirement fund such as the Vanguard Target Retirement 2045 Fund (VTIVX). This fund has 90% in stocks, 10% in bonds, and will lean more towards bonds when you get closer to retirement.
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