right now we have $10k in the account. we just finished paying off the business this year so that number will grow monthly. We havnt had to take any money out of it and expenses more or less just come out of my pocket but if I need to get money out it would be nice to do so without major penalties. Man this thread is full of good info I have a lot of homework to do.
Well there you go. Just open a brokerage account and put in your bank account as a funding source. They will make a small deposit or withdrawal ( a few cents) to confirm the routing and that the account is legit. Once you confirm that you can do a direct transfer into your brokerage account and invest. If for some reason you have to have some of that back, sell some of your investments, wait 3 days for it to finalize, and then direct transfer it back into your bank account. As for monthly deposits, just transfer it over to the brokerage and setup monthly buys. I'm pretty sure you can setup both deposits and buys to happen automatically. You can do all of this from your computer at home.
Set aside 3-6 months expenses in a savings. Put everything else into any debt you may have. If you have none, invest it all in mutual funds or save and pay cash for some rental property.
Water rights are also a hot one to invest in.
Water rights are also a hot one to invest in.
any reason no to go with index funds over mutual?
https://www.iwillteachyoutoberich.com/blog/all-about-mutual-funds/
I know I know...read a few articles and I'm an expert right haha. really just curious if what this guy is saying is true.
also, I have no debt, something I am very proud of. The main plan is to buy 1 rent house per year with cash for 5 years while continuing to develop my storage business by building enclosed or other covered units of which we only have 4 at the moment (the rest is open parking). I am in the process of getting permits to build 10 enclosed units but okc is f*cking me to death with some of the requirements. No matter though all I gotta do is just do it.
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Stay the hell away from index funds. The fees are astronomical and the returns are not good.
although I'm not a Dave Ramsey follower, I caught him the other day saying to beware of index funds.
Do you know what an index fund is? Maybe it's the terminology that's throwing your definition.
Index funds are mutual funds that follow different market index stocks exactly. There is very little management involved because they follow predetermined stocks. The fees are much cheaper than most mutual funds.
I'll go grab an example of an index fund fee structure vs a random mutual fund fee example.
My mistake. Index annuities is what he was talking about.
Here's an S&P index fund symbol VINIX
Here are the fees: its .04% or .40 cents per $1,000 invested.
Here's the performance data: based on the 10% year to date return, you earned $100 per $1,000 invested and paid $0.40 per $1,000 in fees.
Price and general information: down .09% today.
Here is the S&Pperforamce today. It matches exactly to the Vanguard fund down .10% today.
Here are the fees: its .04% or .40 cents per $1,000 invested.
Here's the performance data: based on the 10% year to date return, you earned $100 per $1,000 invested and paid $0.40 per $1,000 in fees.
Price and general information: down .09% today.
Here is the S&Pperforamce today. It matches exactly to the Vanguard fund down .10% today.
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Reference my post above yours. Good info. ^^^^
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