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Where should we invest or save our personal income? |
My husband and I are frugal, and we love to save as much as we can. I max out my 401k yearly, but my husband's employer doesnt offer any retirement benefits so we max out our IRA's. We started to save $10K a year and put it in an emergency fund. However, we still have $3K a month to save. Where should we invest it? Our net worth is less than $500K, and we make gross $150K/year combined and no kids yet. A financial advisor suggested putting the extra $3K a month in a variable annuity or stocks, but didnt suggest CD/Treasury Bonds, etc. What's the best financial wealth strategy for a couple in their mid 30's? You should invest in stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks, as individual stocks are too risky. For most folks this means buying mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money aggressively in stock funds, and part conservatively in money market funds and bond funds. Vanguard.com has an on-line questionnaire which will give you an idea how aggressive you want to be. Personally, I have a little mutual fund going, that produces a long term profit. It's not intended for short term turnover. Check into a mutual fund, and see if it might be something you and your spouse might like to invest in. After that, you might want to check into some municipal bonds of some sort. Your financial advisor is actually a broker. Only a broker would recommend a variable annuity or stocks. The problem with the variable annuity is that it has high internal expenses, about 2% per year, and you will have difficulty accessing the funds without penalty until 59 1/2. The problem with stocks is that with $3,000 per month you will not be able to purchase enough stocks to be adequately diversified. Also consider this. Does your/this financial advisor seem successful to you? Meaning, if they're so good at what they do, what are they doing working? 1st never ever buy an annuity of any kind.
29% 2 Votes
If I were you I would go to a company called Vanguard which has the lowest expenses on their mutual funds than the other institutions. (they are the only fund company that has no board of directors or local offices all over the usa ) so the profits go back to the people who invest which results in lower expenses for the investors. |
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