03-28-2014, 07:02 AM
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#1 (permalink)
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A True Z Fanatic
Join Date: Jun 2010
Location: Baltimore, MD
Age: 96
Posts: 3,175
Drives: 370z Nismo
Rep Power: 25
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Quote:
Originally Posted by Chuck33079
Off the cuff generic "getting started" advice-
1. Contribute up to the match in the 401(k)
2. Save up six months living expenses in cash
3. Max out a Roth IRA
4. Open a brokerage account
2&3 can be done at the same time if finances allow.
As income increases, move your goals up- divert the cash savings to house savings, max out the 401(k)- if it has a Roth componant, do it there.
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This guy knows his stuff and has the best advice on this thread. jaytirbhaw good for you starting earlier bro. If you get into the habit of automating contributions and dividend reinvestment, you'll get the benefit of Dollar Cost Averaging as well as Compound Interest. Following Chuck's lead, max out whenever possible 401k match, if you can even go up to a year of expenses for emergencies more power to you. Max out Roth IRA (Pick one out of Trowe/Vanguard/Fidelity). Open a Brokerage account (Tradeking best IMO with some of lowest commission fees and excellent customer service). Finally if you can also get some ETFs (energy) and hold for a while, that'll help. Extra unexpected money could go a long way towards your retirement future, education or fun travel. That's really all you got to do right now bro 
Quote:
Originally Posted by Chuck33079
Buy index etfs and hold them?
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Quote:
Originally Posted by bdavis89
Where do you find index etfs? Everywhere I look everything is called mutual.
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Vanguard has some of the lowest expense ratio etfs and has been the leader far longer. Follow this list for the link of all their ETFs or sector specifics. ETFs LINK
Quote:
Originally Posted by 412Z
Would anyone recommend buying BAC right now?
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Yes yes yes. I'm buying it on a monthly basis through financial ETFs and individually on a biweekly basis through brokerage account. There is a chance the share price may or may not be in the 30s/40s/50s in 5 years granted the bank continues on the path it has been for a while now. May not be a smooth ride but when it drops that means you get to own more
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Last edited by birdmanx1; 03-28-2014 at 07:08 AM.
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