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 If I begin investing in an IRA today, can I deduct it on my 2006 tax return? |
Assuming I open an IRA today and make monthly contributions, is the amount I contribute before 4/15 deductible for my 2006 return??
Additional Details
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 What do you guys think are the best stocks in 2007? |
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showstoppa | How should i set up my 401k? |
I am 20, and my company has a great 401k plan, and I can either allocate the money myself and invest it as i see fit, or pay a financial advisor 1.5% of my earnings to move my money around the market for me, considering my age, and the amount of rick I should take, what do you all recommend? |
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Owning Dogs .com
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DO NOT pay some idiot who is probably broke to manage your 401K!
Go to vanguard.com and read all the educational resources. When I was 20 - I had about 50% in aggressive & international mutual funds, 25% in large cap mutual funds, and 25% in small cap mutual funds.
Take the responsibility for your own investing and understand what you are doing so people cannot take advantage of you in the future. |
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Rick S
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AWWW... My Baby's all growed up... He's all growed up!!!. IS THIS A BIG ENOUGH PRODUCTION FOR YA BABY???
O im the asswhole tonight???? Ok everybody im the asswhole.
You know what im gone... I would never eat at this filthy place anyway. |
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Peter V
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I just set mine up, Im 24.. my company also has a great plan, reimburses 50% of what I put in, uses Fidelity 401K..
I suggest about 10% of your check go to it, if you can afford that..
Set it up in highly aggressive mutual funds, large and med cap companies..
we are young, our money isn't going anywhere in the next 10 or even 20 years.. and highly aggressive funds are the way to make the most money over the long haul.. we will see it go up and down, but on average, higher the risk, higher the payout.
When we turn 45, we can start thinking more in terms of short term investments, but for now, Aggressive!
50-60% domestic stocks, 20% international, some bonds... just pick as you see fit. dont pay someone do to something you seem to already know a little something about.
Do some research, maybe read "A walk down Wall St" or "Investing for dummies" or something, then do it yourself. |
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Blicka
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Congrats on starting those 401K contributions at age 20. It will be one of the better decisions you ever make.
I would allocate your money towards:
50%: Domestic large cap
25%: International emerging markets
15%: Small cap
10%: Dividend growth or utility stock
What broker does your employer use? What are your choices for investment?
Check out my financial website and please feel free to write me an e-mail if you need any additional information.
Good luck! |
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stephenweinstein
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Moving the money around the market is a bad idea even when it is free. Don't pay 1.5% for this.
Allocate it yourself. Index funds are usually good. |
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nardone913
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A 401(k) is technically a 'self-directed' plan, so I financial adviser cannot charge you out of your plan earnings for advice. Plus -- 1.5% in addition to the additional charges of the plan is high.
Since you are only 20 and have roughly 40 years until you will use the money, you can get pretty aggressive, i.e. high stock to bond/cash ratio. If you don't feel comfortable at 100% stock, go 80/20 or 90/10. You have a long time to ride the ups and downs of the market.
I'm not sure what funds you have available to you, but you'll want to have about 20 - 25% in international stocks, 35% in large cap stocks (split between growth and value), 10% each in small and mid-cap stocks. If you have emerging market funds and real estate funds, you might want to have 5% each in there. Keep these ratios for your stock holdings and if you want 100% stock, you're set. If you want to be a little less aggressive, keep these ratios to 80 or 90% and fold in the balance with some short-term and maybe some high-yield bonds.
This will give you a pretty diversified portfolio. Then, maybe once per year, go back and make sure that all your asset classes are in relatively the same ratios. This is called rebalancing.
You can do it yourself and it won't cost you extra.
If you still want some help--look for a CFP planning practitioner in your area and you can go through a planning process for a one-time fee.
Hope this helps. |
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Annie
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Read this:
http://www.amexsux.com/cgi-bin/yabb/YaBB.cgi?num=1119185052
And this:
"....the BCT study found that the raw returns of equally weighted mutual funds (net of all expenses) for 1996 to 2002 were 6.626% for the investors working on their own and were 2.924% for funds provided by advisors.
In other words, the public working on its own did more than 100% better than financial advisors when it came to selecting equity mutual funds."
http://advisor.morningstar.com/articles/doc.asp?s=1&docId=4482&pgNo=0 |
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aswkingfish
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I agree with a couple of peoples earlier points. 1. This is positively one of the best and smartest decisions you will make in your life. 2. Do not pay some idiot to move your money around and not care two cents for or about you. Brokers care about their profit and they make it by making money on sales. Believe it or not a broker can sell your stocks at a profit ten times, after his firm and he takes their cuts you actually lose money each sale. 3. You can research the stock market yourself with the tools you already have (THE INTERNET). Yahoo has a good stock area with advice and learning tools. The link below is an on line investment site I use and have used for many years. It also has many free tools to help you learn. Now as for the risk just two words on the stocks. At your age you can take risks so by all means do so, but not with everything. Keep about 5 to 7 percent in good well established companies like EXXON, J P MORGAN CHASE, WALMART, etc... that will always be there and always pay you dividends. That way baring the worst case you always have that. |
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gosh137
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If that is your only options, that does not sound like a "great plan" to me. All the 401k plans I have heard about contain options to buy mutual funds which will also "move you money around the market for you" but only charge (from the no-load, low cost "good" fund" families) about 0.40%, not 1.5%. Protest to your company to offer some mutual funds from the likes of Vanguard, T. Rowe Price, Fidelity, Oakmark, etc. If you only have the choice of do-it-yourself or advisor buy from the stock market, I agree with the other responders in NOT paying 1.5% to have someone else do it. I would invest (via yourself) in some of Vanguard's ETFs (Total Stock Market, Total International, Small Cap, etc (like owingdogs.com suggest). In a few years, once you learn about stock market investing, and practice with play money, then you can invest further in individual stocks that your like. |
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