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Where is the best place to invest your money? |
I have been at the same job for 4 yrs, i am leaving this job soon and i dont want to get into a 401k here and the job I am going to doesnt have one, it is a nutrition place and wellness center for women. Where is the best place that i can invest my money to have it come directly out of my checking account? you have several options available to you. a 401k is really the best investment for retirement but since you don't have that option available an IRA is a good investment. there are 2 different kinds of IRA's the first is the traditional which I recommend, you can write off the amount of money you put into the account on your taxes for a tax credit every year that you add to the account. however the interest on the account is taxable when you withdraw the funds. a Roth IRA is the second type, you can not write it off on your taxes each year however because you cant write it off on your taxes you aren't taxed on it when you go to withdraw the money. both types of accounts you can put in a max of $4000 a year. and both have penalties if withdrawn before age 59 1/2. there are also many different types of annuities that are also a good investment. Most banks now days offer several different investment options and they have financial planners which are typically free to talk with who then can take into consideration the whole picture with your finances and help you make the best decision for you and your financial status. Real estate. Real Estate, actually. Its the safest. When someone says that she has money to invest, I'm assuming that she already has cash set aside in a money market account that will cover 6 months of regular bills. I'm also assuming that all of her credit cards aren't carrying any balances. That said, you also need to decide on a goal. Is this a short term goal that you're investing for? If so, maybe a high yielding money market fund like Vanguard Prime Money Market (currently 4.9%) would be a good place to park some cash. If you have a longer time horizon, how about starting with some Vanguard index mutual funds? The minimum investment is low and most index funds do better than managed funds. If retirement savings is your goal, Vanguard (along with other mutual fund companies) have these "Target Funds". You set your retirement year, and the fund company automatically balances your investments between stocks and bonds based on how many years you have until retirement. Roll your 401(k) over into an IRA with a brokerage firm. Have money taken out and put into a savings account. When it reaches $2000 open a Roth IRA at an online brokerage company and invest $1000 there. I would keep alternating between building up my savings and building up my Roth IRA鈥?Savings is important for those emergencies. I would suggest that you go for swisscash investment .. i am still looking for the best answer!! Real estate lady. Read " Rich Dad, poor Dad " by Robert Kiyosaki. |
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