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NE SD | It's more of a thing you need to sit down with somebody and talk about. Anyone here can give generic advice, but a lot more in depth details would be more helpful. Like where you stand financially now, what your goals are, do you want to be able to access your money at any time or are you going to put it in and forget about it. Are you looking for tax deferred, tax free growth, etc. If you don't want to hassle with it yourself, reach out to Edward Jones as you said, or any financial advisor. If you want to do it yourself, you should spend some time (more time than you probably want to) reading up on the things you mentioned and open an account with Vanguard. I probably spend more time researching/learning than I do on farm marketing these days tbh. Times like these are probably not when you just want to jump in and start throwing money into the market all willy nilly. So my suggestion is try out an advisor for now. Make some calls, see who is willing to take you on. Some may have a minimum they will handle.
Personally, I have the vast majority in taxable brokerage accounts. I have access to it without penalty IF I need to. I have all my distributions going into a money market account, and if I don't need the cash for anything I'll reinvest it back in right away. There are advantages and disadvantages to everything, you just need to see what fits you and what you want to be able to do and/or accomplish.
You definitely have to right idea to get started early. If you start with 5k at 21, do nothing other than add 100 each month for 45 years, and you earn even just 6%, you end up with 324k at 66 by doing nothing other than set aside 100 bucks each month. Just figure it as a bill that has to be paid. Now add in social security (if there is any), equity, any extra that you've invested or saved over the years, and you'll be just fine. Discipline is the biggest challenge. | |
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Investing 401/IRA help.
