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Anyone have knowledge on retirement accounts?

lizardrko

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Looking to set up a Roth IRA (Im 24). It was suggested to go with either Schwab or Fidelity. Question is which one? All the finance terms are completely foreign to me so I have trouble understanding it all. Just wondering if anyone has any experience with either. Thanks!
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Chef jpd

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Might as,well ask which is the best oil to use.
Your responses will be wild and varied.
 

buymycar

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Make sure the person giving you advice on what to do is a fiduciary. That means they do what is best for you and not what gets the most commission. Go for the low risk funds. They perform better in the long run.
 

Murphjup

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Looking to set up a Roth IRA (Im 24). It was suggested to go with either Schwab or Fidelity. Question is which one? All the finance terms are completely foreign to me so I have trouble understanding it all. Just wondering if anyone has any experience with either. Thanks!
Put it initially in a very low risk fund and then over time if you want to take more risk you can transfer into higher risk funds... they all will offer similar products Schwab Fidelity.

You may also consider Ally Bank and put it into a IRA CD, CD's are insured where mutual funds are not.

Once again it all depends how much risk you want to take.

:thumbsup:
 

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Falconetti

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This is hilarious, have you not read any other threads, every single member is a certified financial advisor, from what I have gathered in my reading you should spend it all and invest it all, then finance a car and pay cash for another. Oh and dont forget to invest heavy in INDIO OATS!
 

buymycar

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There are no true regulations for financial advisors. I could sell and certify people. Get a financial advisor that is a fiduciary. Low risk funds have been shown to perform better than the high risk ones in the long term.
 

Azzurro

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Make sure the person giving you advice on what to do is a fiduciary. That means they do what is best for you and not what gets the most commission. Go for the low risk funds. They perform better in the long run.
Advisors are only fiduciaries when they are using fee based accounts. They are not fiduciaries if they open up brokerage accounts. Fiduciary is an overrated term & is confusing for Advisors. Especially newer ones.
 

Azzurro

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Put it initially in a very low risk fund and then over time if you want to take more risk you can transfer into higher risk funds... they all will offer similar products Schwab Fidelity.

You may also consider Ally Bank and put it into a IRA CD, CD's are insured where mutual funds are not.

Once again it all depends how much risk you want to take.

:thumbsup:
Please don't give somebody advice if you aren't knowledgeable. A CD recommendation for a 24 year old looking to fund a retirement account is not good advice. I was an Advisor for 28 years & have been Director of Compliance for a Major insurance company for 3 years. I no longer sell but know what I'm doing. OP should find a professional he can trust until he knows what he's doing.
 
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Azzurro

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There are no true regulations for financial advisors. I could sell and certify people. Get a financial advisor that is a fiduciary. Low risk funds have been shown to perform better than the high risk ones in the long term.
REALLY? Ever heard of SEC? FINRA? Internal Compliance? State Insurance Commissioners? Financial Services is one of the highest regulated industries we have.

The only thing an unlicensed person can do is get paid as a consultant & have trading authority over somebody's account. This would be unregulated but you would only be able to buy registered securities.
 

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KV Racing

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Looking to set up a Roth IRA (Im 24). It was suggested to go with either Schwab or Fidelity. Question is which one? All the finance terms are completely foreign to me so I have trouble understanding it all. Just wondering if anyone has any experience with either. Thanks!
Let me start off by saying I'm no expert by any means. Now that is out of the way, does your employer offer 401k? If they do, perhaps look in to using the same company they are using for that.
I personally use Fidelity, but that's because it was where my first 401k was thru, and after I left that company I rolled the 401k in to an IRA with Fidelity. I have been more than happy with them.
My current employer uses Wells Fargo for our 401k and I dont have any complaints with them as a whole, but their website is harder to navigate in my opinion.
 

Strokerswild

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I have zero complaints with a Roth I have set up with T. Rowe Price.

Based on how it is performing, I'm tempted to funnel more to it than my 401 at work.....
 

Murphjup

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Please don't give somebody advice if you aren't knowledgeable. A CD recommendation for a 24 year old looking to fund a retirement account is not good advice. I was an Advisor for 28 years & have been Director of Compliance for a Major insurance company for 3 years. I no longer sell but know what I'm doing. OP should find a professional he can trust until he knows what he's doing.
Well arent you just full of yourself....

I agree with you that he should certainly find someone he trusts...

But until then there is nothing wrong with putting it into a CD. He will at least have positive gains and no risk..

Cash is always king, investing is always risky...

No need to reply to this I'm not going to argue with you it was just a friendly opinion, which there are of course many of them on the internet....

Good luck to the Op and Good Luck to you...

:thumbsup:
 

jstump2490

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Basically, if your employer has a 401K match, you should do that or you are losing free money. If they don't match, you can do a Roth IRA and my personal experience has been pretty good using a robo advisor. I have been using WiseBanyan for about a year now and have an average of 7% return on investment so far with 90% stock, 10% bonds. It has ZERO management fees so that is all profit where as most advisors take like 1.5-3% in fees. You want to take advantage of Dollar Cost Averaging which means contributing a regular amount frequently so you average out the highs and lows of the market so instead of putting away say $400 a month all at once, you would split it into weekly $100 chunks and buy less more frequently. Start with this info and build up from here as you learn more and you will do fine. The biggest thing is starting early, which you are doing.
 
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lizardrko

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Thanks everyone so far! Yes, it is really hard to find someone I can trust, I guess I just need to talk to different people. Like I said with all these different terms, I get completely lost. Just some unbiased guidance I need to start with.
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