sweetpeasmom
Pearl Clutcher
Posts: 2,832 
|
Post by sweetpeasmom on Mar 10, 2025 2:40:16 GMT
I know several Peas invest. I have less than $1000 to start an investment or retirement account. Should I start on my own with a Fidelity it similar account? Should I get a financial advisor? We have one for dh’s money but it was a rollover from a 401/Roth type and is much more.
|
|
|
|
Post by mikklynn on Mar 10, 2025 12:50:44 GMT
If you have an advisor, that's where I would start. I'm sure you can just ask for a quick phone call.
|
|
|
|
Post by jill8909 on Mar 10, 2025 14:35:36 GMT
beware financial advisors!! those that take a commission from the sale are just sales people and will steer you to products with the highest commission. if you go for an advisor do it based on an hourly rate or a percentage of your earnings.
that said. with 1000K don't bother! I recommend reading Jane Bryant Quinn on financial stuff.
We started by investing in Vanguard Index 500 fund. Put every dime you can into an IRA (Roth or otherwise). After you start accumulating $$ you will want to diversify.
Don't worry that the market is tanking. that's the best time to buy. Hold onto the $$ for as long as you can.
|
|
SweetieBsMom
Pearl Clutcher
Posts: 4,926
|
Post by SweetieBsMom on Mar 10, 2025 14:42:27 GMT
beware financial advisors!! those that take a commission from the sale are just sales people and will steer you to products with the highest commission. if you go for an advisor do it based on an hourly rate or a percentage of your earnings. that said. with 1000K don't bother! I recommend reading Jane Bryant Quinn on financial stuff. We started by investing in Vanguard Index 500 fund. Put every dime you can into an IRA (Roth or otherwise). After you start accumulating $$ you will want to diversify. Don't worry that the market is tanking. that's the best time to buy. Hold onto the $$ for as long as you can. I second this. I throw what I can in my Roth, it's in an index fund. I also contribute to my 401(k) as well. |
|
blemon
Pearl Clutcher
Posts: 3,758
|
Post by blemon on Mar 10, 2025 15:16:34 GMT
I use Fidelity. If you call them, they will help you choose a fund based on your needs.
I don't think it's ever too late to start saving. I find the people at Fidelity very helpful and I have not been disappointed with my returns.
The only problem I'm having is doing an auto transfer from my checking to my Roth. That's my bank's fault though.
|
|
|
|
Post by snoopy on Mar 10, 2025 16:29:44 GMT
beware financial advisors!! those that take a commission from the sale are just sales people and will steer you to products with the highest commission. if you go for an advisor do it based on an hourly rate or a percentage of your earnings. that said. with 1000K don't bother! I recommend reading Jane Bryant Quinn on financial stuff. We started by investing in Vanguard Index 500 fund. Put every dime you can into an IRA (Roth or otherwise). After you start accumulating $$ you will want to diversify. Don't worry that the market is tanking. that's the best time to buy. Hold onto the $$ for as long as you can. I wholeheartedly agree! I have never used a financial advisor and much of our investments are also in the Vanguard 500, or a similar Fidelity fund. My favorite financial book is The Little Book of Common Sense Investing by John C. Bogle. I would also recommend The Bogleheads’ Guide to Investing. I haven’t heard of Jane Bryant Quinn, but I will definitely check her out. |
|
samantha25
Pearl Clutcher
Posts: 3,320
|
Post by samantha25 on Mar 10, 2025 17:11:48 GMT
There is an income limit for a Roth.
|
|
|
|
Post by jill8909 on Mar 10, 2025 17:18:45 GMT
I use Fidelity. If you call them, they will help you choose a fund based on your needs. I don't think it's ever too late to start saving. I find the people at Fidelity very helpful and I have not been disappointed with my returns. The only problem I'm having is doing an auto transfer from my checking to my Roth. That's my bank's fault though. Yes and Vanguard will do the same thing. both of these brokerage houses have relatively small management fees. |
|
|
|
Post by magoosangel on Mar 10, 2025 18:20:47 GMT
I use Vanguard and another company thru my work. I would suggest if you have one with your job that might be easiest; we had planners thru my job that would manage any questions. I would suggest looking into a Roth as you pay taxes on the money now but not later when you take it out. There is an income limit to be able to contribute and a maximum amount. You can still contribute to it for 2024 until tax day. Best of luck. It is fun to learn how it all works and see your money grow. Congrats on planning for your future. Also, of note once you put the money in you can't withdraw without penalty but again it's an investment for your future.
|
|
|
|
Post by ~summer~ on Mar 10, 2025 19:07:01 GMT
With the market so down , I would put $1k in SPY right now.
|
|
MDscrapaholic
Drama Llama
Posts: 7,238
Location: Down by the bay....
Jun 25, 2014 20:49:07 GMT
|
Post by MDscrapaholic on Mar 11, 2025 11:00:08 GMT
You can open an account at E*Trade and put it in a Roth IRA. Pick an ETF like VTI that covers the whole market.
|
|
snyder
Pearl Clutcher
Posts: 4,493
Location: Colorado
|
Post by snyder on Mar 11, 2025 11:02:18 GMT
You could open one through your bank of credit union with no mangement costs to you.
|
|
|
|
Post by mikklynn on Mar 11, 2025 23:48:57 GMT
If you have a financial advisor you trust, they are very helpful. I have worked with mine for over 20 years. He didn't charge a fee until I retired. Then, because he is being more active, I pay a quarterly fee. He does not receive commissions. I know I am in a much better financial position due to his teaching me and DH, as well as advising.
|
|
|
|
Post by kamper on Mar 12, 2025 0:53:45 GMT
I know several Peas invest. I have less than $1000 to start an investment or retirement account. Should I start on my own with a Fidelity it similar account? Should I get a financial advisor? We have one for dh’s money but it was a rollover from a 401/Roth type and is much more. I would ask the financial advisor you have for your dh’s money. My DH retired at 54 and one of the reasons he was able to do that was because we had a financial advisor. |
|
