I need 2500 to start my Roth IRA.
My cousin is a financial planner or whatever it's called and he's gonna guide me.
Should I do vanguard or fidelity?
And my homie did the stock option when shares were $37 and now they're $67
CREATING MILLIONAIRES: POSTERS AIDING WEALTH GROWTH
- Thread starter Sunalmighty
- Start date
My cousin is a financial planner or whatever it's called and he's gonna guide me.
Should I do vanguard or fidelity?
And my homie did the stock option when shares were $37 and now they're $67
can someone explain to me all this i have no clue what the difference between a roth, ira, 401k is.
Common Mans version:
You dump money Into a fund, analysts get together and decide what to invest that money in, and over time the value of what they invest in goes up, so your contribution earns money. When it's time for you to retire(or you quit working and withdraw your money), they give you all your money back, plus the money you helped the fund earn. There's differences in the way the money is taxed for all the fund. Say you make 5,000/month gross and put $1,000 into your 401k, the government can only tax you on $4,000. But regardless the money WILL GET TAXED eventually, and be government will get their cut.
That's why back in 2008 when the stock/housing market shyt the bed people lost 10-25% of their savings, because they dumped money into funds that were invested into things that lost value.
I have a masters degree in Economics from UofC here in Chicago and Ill be honest with you, as much as analysts dress it up, it really is all a rouse of smoke and mirrors. You're gambling hoping that the number goes up until you pull your funds out, and hoping that the crashes don't obliterate your savings.
You want an in depth explanation, you can always pick up a book.
Currently saving for a vangaurd index fund. Just opened a Betterment account due to this thread.
-DMP-
-DMP-
Does anyone fukk with peer to peer lending?
I remember reading up on prosper and lending club a year back and seemed like a decent investment if you had capitol
-DMP-
I remember reading up on prosper and lending club a year back and seemed like a decent investment if you had capitol
-DMP-
Depends on company you get it from... I suggest a financial company would be mutually funded, so you get a set rate of return. Yeah it's very cool breh, it's also protected from debt collectors. Solid investment for sure..
JahFocus CS
Get It How You Get It
Get after it, brehs
BaldingSoHard
Veteran
Good shyt breh. I think Betterment offers a ROTH IRA option as well if you don't wanna save the Vanguard minimum investment amount.
BaldingSoHard
Veteran
Never tried it cause I don't trust nikkas, but I'm told it's pretty solid.
Should I split my investments between companies, or just use one? I'm thinking about using Vanguard for my Roth. and Betterrment for the others, since Vanguard has a 3k minimum. And yall making Betterment sound nice.
Dont you have to pay taxes if you withdraw early?
↓R↑LYB
I trained Sheng Long and Shonuff
So how does it work? It's an investment that's also a life insurance policy that you can cash out if you decide not to die?
BaldingSoHard
Veteran
I do just because I'm weird like that. There's no rhyme or reason behind it. I have accounts at 3 different banks as well, just because whatever "sign-up" bonus was at that bank at the time I needed to open a new account. It'd probably be easier to keep them all in one place, though. And don't get stuck on Vanguard in particular (Sorry I know I plugged Vanguard earlier) there are other brokers that don't have the 3k minimums for Roth. They all offer basically the same product so it's up to you which brokerage you want to go with.
On Betterment, I really have no complaints at all about the service. Just don't expect the kinds of returns I showed in that snapshot. 50% over three years is a ridiculous return and I only earned that because I got lucky and got in when the S&P was on crack (pretty much everybody who was long made money over the last 3 years). Don't get me wrong, Betterment is still a great service and you should definitely sign up, just don't expect 50% returns over the next 3 years.
BaldingSoHard
Veteran
Brehs signing up with Betterment.com, would ya'll do a brother a solid and use my referral link?
betterment.com/invite/charleswilliams
betterment.com/invite/charleswilliams
BaldingSoHard
Veteran
So you're 25, with 2 retirement vehicles in motion, 10% going towards investments... and a homeowner?
Very strong username to lifestyle correlation
. You're going to be incredibly well off in your 30's. I wish I had started when I was 25... the gains breh... 
.This is black excellence. This is what I like to see
.Who put you onto game at such a young age, if I may ask?
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