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would anyone on nt pay for financial advice or any advice from someone that filed for bankruptcy?
NT: Official Personal Finances Thread
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Also been researching a bit on Roth IRA accounts.
I'm young but figured that'd be a great thing to start now.
Any of you guys have a Roth account now, and if so with which bank?
I'm young but figured that'd be a great thing to start now.
Any of you guys have a Roth account now, and if so with which bank?
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I started one with t's ameritrade
antidope
Supporter
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I have mine with Betterment, have no complaints. Had it with Fidelity for a while but the commissions were eating me alive for one thing, fundamentally I just feel better indexing my IRA, and a few other things.
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Heard good things about them.
How do you like it?
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It's cool. I think it works mainly for those who are new to this kind of stuff. I originally opened an account solely to invest, but I just decided to take advantage of the Roth ira service as well.
rbk93
Supporter
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Wrong thread.
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antidope
Supporter
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I can't stand TD Ameritrade Fidelity etc etc. All those places give the layman pointless stuff that they don't need solely for the purpose of justifying a larger commission.
If I could I'd use Robinhood
If I could I'd use Robinhood
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Robinhood has limitations?
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Just open a Vanguard account, and put it into a low cost index fund.
antidope
Supporter
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I'm sure they do but idk much about them. Im not allowed to use it so Ive never bothered to truly look into it.
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Invest in Magic the Gathering cards. This guy knows what's up:
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I need to read up more because that still sounds pretty foreign to me haha.
But thanks for the advice!
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Oh you not being able to use them is job related?
antidope
Supporter
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Yeah. Not a big deal though can't miss what you dont know.
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question fellas if I have a roll over Ira and an old roth IRA am I capped at 5500 contribution per year between the 2 accounts or is that per account?
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5500 per year between the 2
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"A broke financial advisor is like a wood shop teacher with 9 fingers"
Take advice from someone with LOTS of money and follow what they are doing. It's fine if the person went broke once, as long as they learned from it and they're doing something different now. I love Dave Ramsey and have followed his concepts for the past 10 years and my only regrets have been from the areas we've strayed. We should have paid off our debt before we bought a house, we should have paid off our debt sooner, I should have rolled over my 401k instead of parking it, etc.
I wouldn't pull the equity out of your own home. Too much risk. If the market turns down, you may not only lose the investment, but you'll still owe the money on your own home. If you want to sell, you are able to use some of the gains to purchase an investment property with tax benefits though.
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Tips or ideas on finding a FA?
Also thoughts on working with a referral from a friend who is in a similar finiancial situation/income/age/goals....
I'm unsure because my friend lives in a different state, and the FA is in another different state. Was thinking if I confirm the FA is familiar with my state then it should be OK
Thanks
Also thoughts on working with a referral from a friend who is in a similar finiancial situation/income/age/goals....
I'm unsure because my friend lives in a different state, and the FA is in another different state. Was thinking if I confirm the FA is familiar with my state then it should be OK
Thanks
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I would work with someone close to you. That way you can sit down with them on an annual basis and talk things over with them. There are many good FA's out there.
When looking, make sure they are teaching you along the way. The worst thing and the way most FA's take advantage of people is telling them about the shiny object and how great it is but you don't understand anything about it or if there is something better for your circumstance. Case in point, my wife & I were going to open a 403(b) retirement account for her several years ago through her school district. We had the district approved "retirement" person come out and he tried to pitch us on variable annuities because "you'll never lose money if the market goes down". Knowing what I know and knowing he was only promising a max upside of 6%, that would have been a several hundred thousand dollar mistake had we gone with it like she wanted to considering the market AVERAGES 10%/year.
If you have a feeling like they're just trying to pitch you products or get you to sell so they can make a commission, RUN.
When looking, make sure they are teaching you along the way. The worst thing and the way most FA's take advantage of people is telling them about the shiny object and how great it is but you don't understand anything about it or if there is something better for your circumstance. Case in point, my wife & I were going to open a 403(b) retirement account for her several years ago through her school district. We had the district approved "retirement" person come out and he tried to pitch us on variable annuities because "you'll never lose money if the market goes down". Knowing what I know and knowing he was only promising a max upside of 6%, that would have been a several hundred thousand dollar mistake had we gone with it like she wanted to considering the market AVERAGES 10%/year.
If you have a feeling like they're just trying to pitch you products or get you to sell so they can make a commission, RUN.
antidope
Supporter
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Finding a good retail advisor is so hard. The majority of them are not good.
It's a business much better suited for the ultra high net worth space.
It's a business much better suited for the ultra high net worth space.
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IMO I believe its better to gain your own financial understanding because from the FAs I have met they aren't saying or doing anything you couldn't do yourself for free.
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NT do y’all do the deals in the mail to open checking accounts for $300-$500 bonuses?
I did the $500 chase bank one a couple yrs ago and closed my acct since then. I was thinking of doing one I got from TD Bank for $300. My wife has been wanting to do the Chase, just hasn’t gotten around to it, I was thinking of going with her and if they said it was cool I’d do it again too
I did the $500 chase bank one a couple yrs ago and closed my acct since then. I was thinking of doing one I got from TD Bank for $300. My wife has been wanting to do the Chase, just hasn’t gotten around to it, I was thinking of going with her and if they said it was cool I’d do it again too
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^^ This year I've made over $1,000 from Chase and Citi in sign-up bonuses.
The only bad thing is for some of the requirements, you have to have a daily average of like 10-15k for 90 days.
But still not a bad return for 3 months letting your money sit on the account. Also at the end of the year they send you a Tax Form, and you "need" to report it.
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Nice ... I’m prob going to do the TD one this week lol
