Where do you have your money stashed?

[Buehler445]

I'm self employed and most of everything I make goes into my business, but I feel compelled to get some money socked away outside of my business.

I have a 401(k) that I am in the process of rolling into an IRA with New York Life that I'm doing with a guy I know. I'm not at all convinced that a life insurance company is where I need to be putting all my money with.

I'm looking to start a Roth for me and my wife and maybe stick get some small mutual funds outside of retirement accounts. I may periodically get a stock or two to piddle with.

Anyway, I have no idea what are good companies to go with. I'd rather have one guy to go to, but it is not necessary, particularly if the fees are dramatically higher.

Where do you guys have your money stashed and do you like the service you're getting?

[listopencil]

Originally Posted by Phobia

What I do is make all my retirement decisions based on what kcnut tells me on ChiefsPlanet.

Me too. Can I live in your car when I'm old?

[HoneyBadger]

Originally Posted by Shox

I work in the investment industry. I would caution you against jumping into a lot New York Life products.

You must work for a rival company...

[BIG_DADDY]

Originally Posted by HoneyBadger

You must work for a rival company...

It's a two step process, first you must have a an infrastructure that makes sense for you given your situation (CFP) for most people. Once that is in place then you need to have the right strategy and product. Insurance companies are not the right place to get started. If you want to make a good living bamboozling crusteez by hoodwinking them into annuities products that pay massive commissions it might be a good place to start if you have no ethics.

[HoneyBadger]

Originally Posted by BIG_DADDY

It's a two step process, first you must have a an infrastructure that makes sense for you given your situation (CFP) for most people. Once that is in place then you need to have the right strategy and product. Insurance companies are not the right place to get started. If you want to make a good living bamboozling crusteez by hoodwinking them into annuities products that pay massive commissions it might be a good place to start if you have no ethics.

I'll read this at a later time, when I can comprehend it. I have my money stashed in the cash register at BevMo.

[Buehler445]

Originally Posted by ClearmontChief

The Edward Jones guy. He's set up my company 401K into the American Funds, the rollover into my Jones account and the Iowa 529 accounts. He's helped me set things up, basically as a fascillator as I've got a pretty good handle on it.

Wells Fargo sucks, take out annual fee and haven't advised me on shit.

Used to like the Fidelity guy...but, he's never been terrible helpful.

Why not a Roth? I want the tax break now from what I invest. I figure, when I retire and start drawing, I'll have zero salary...and, can stand to pay the taxes then. I'll have 401K, IRA, Social Security, Military retirement, and VA disability payment...But, that will be 60-80K yearly and I can handle the income tax on the Capitol Gain then.

All of that will be taxable (except maybe the disability IDK). If you're maxing out traditional IRAs, then I would urge you to consider roths.

Originally Posted by Pooch

Besides my Roth 401k though work, I have been investing a lot in gold and silver!! Manly pre 1964 coins!!

I have enough exposure to commodity markets.

Originally Posted by Bugeater

I have some loose change in the ashtray of my truck.

Can I have it?

Originally Posted by BIG_DADDY

HOw much money? Insurance dudes are the worst and brokers are not going to take care of anyone they are not making decent money off of if they even have the ability to in this new global market. You might want to keep your powder dry at least till the end of the summer but this is a very complicated subject that almost nobody you will meet here can help you with.

Not much. My Cabela's 401(k) is like 12K. And like I said, most of my money goes into my business. Hopefully I can work it into all the retirement I need, but I'm trying to diversity up some.

The NY Life guy is the only guy I know doing this stuff. I understand that these guys sell insurance, and offer IRAs as a sideline deal. I figured I'd roll it there and see how it goes. I hadn't done anything with it in the 2.5 years since I left. If I don't like it, I can roll it somewhere else.

Originally Posted by BIG_DADDY

What you are asking primarily is for unqualified people to do is give you financial advice not knowing the details of your situation which is a recipe for disaster. Moving assets to a tax deferred status is obviously a smart move and if you own a home having a fixed rate should be of ultimate concern for obvious reasons. Not knowing the details of your situation though is a major problem. My guess off the top of my head is you need a CFP who seriously has his shit together rather than some insurance schmuck.

I'm not asking for tax planning here, dude. I'm just looking for some companies to go to, maybe more so, which ones to avoid. At this point, I'm not talking about enough money to justify a CFP unless he's going to help me with my business. However if you have the name of one, PM me and I'll give him a shout.

[BIG_DADDY]

Originally Posted by Buehler445

All of that will be taxable (except maybe the disability IDK). If you're maxing out traditional IRAs, then I would urge you to consider roths.



I have enough exposure to commodity markets.



Can I have it?



Not much. My Cabela's 401(k) is like 12K. And like I said, most of my money goes into my business. Hopefully I can work it into all the retirement I need, but I'm trying to diversity up some.

The NY Life guy is the only guy I know doing this stuff. I understand that these guys sell insurance, and offer IRAs as a sideline deal. I figured I'd roll it there and see how it goes. I hadn't done anything with it in the 2.5 years since I left. If I don't like it, I can roll it somewhere else.



I'm not asking for tax planning here, dude. I'm just looking for some companies to go to, maybe more so, which ones to avoid. At this point, I'm not talking about enough money to justify a CFP unless he's going to help me with my business. However if you have the name of one, PM me and I'll give him a shout.

Not a CPA a CFP. Certified Financial Planner (not my MO). For a small fee he will help you figure out an analytically based infrastruture to place your extra cash to avoid taxation. They will also cover other important areas like getting the right aggressive CPA being you are a business owner and setting up your trust and the right level of insurance ect. You need to get this area of your life figured out sytematically and like I said before make sure if you own a home you have a fixed rate and having dry powder with your investments at this time is not a bad thing even if that doesn't prove out in the short run.

[DeniseM]

If you don't already have a Roth, then yes, permanent life insurance instruments may turn out being an unwise investment for you. You'll be better off with a cheap term life insurance policy online for life insurance protection. However, whole and permanent lives have been working out for some people looking for safe investment options. The rate of growth is staggeringly slow in the first decade and there won't be any rewards for early surrender or withdrawal, but in the long run, it does end up being a stolid investment to rely on.

Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.

[MMXcalibur]

Coffee can under the kitchen sink. I keep my birth certificate and SSN card in the crisper drawer of the fridge.

[DaKCMan AP]

Originally Posted by phillip

I max out my 401(k) plus I get 3% from my employer.

Right now, I'm not doing anything other than that. I didn't even pick the risk allocation or whatever it asked for. I just let everything be whatever the default is.

Basically I have no idea what I'm doing.

[BoneKrusher]

mine is in a Folgers Coffee can near an Aids tree in my backyard.

[Buehler445]

Originally Posted by DeniseM

If you don't already have a Roth, then yes, permanent life insurance instruments may turn out being an unwise investment for you. You'll be better off with a cheap term life insurance policy online for life insurance protection. However, whole and permanent lives have been working out for some people looking for safe investment options. The rate of growth is staggeringly slow in the first decade and there won't be any rewards for early surrender or withdrawal, but in the long run, it does end up being a stolid investment to rely on.

Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.

I'm not buying life insurance. I'm thinking about rolling it into an IRA.