Financial Plans for My Family

[mommy_k]

Yes, xantippe, dh is a great guy… he works with corporate investments not private, but the principles are the same. Diversity is important when investing.

The op can go directly to the mutual fund company and get a no load fund.l, to avoid the sales pitch. The op can Google no load mutual funds, and go that route if they choose. It’s like opening a bank account…not hard.

If the op works for a company that matches contributions to the 401k the op is losing money every paycheck.

As for kof c they are wonderful, but i know annuities and insurance should not considered for investment purposes and that what dh told them. For small interest fine…but this is not for retirement.

 

[Monte_RCMS]

AAII is an outstanding group.

They don’t sell anything except their monthly subscriptions. Based on several years of reading, I like their Stock Superstars Report the best.

Mainly a list of 31 stocks … and they generally drop one and add one each month.

Detailed explanations.

AND they also have portfolios that mirror those of famous investors.

 

[Monte_RCMS]

I would avoid that. Most banks and “financial companies” who offer these type of generic services do so because they provide a net to catch customers for their “financial services”…which make them a LOT of money.

Better to just follow Dave Ramsey’s plan.

1: Save $1,000 as an initial emergency fund.
2. Pay off all your debts, starting from smallest to largest.
3. Fully fund an emergency fund of 3-6 months of expenses.
4. THEN begin investing 15% of your gross pay into retirement
5. Then fund kids college
6. Then throw anything you have left over at your mortgage
7. Live, and give, like no one else.

Work HARD on baby steps 1 through 3 as you listen to his podcasts. By the time you get to baby step 4 you will have a decent understanding of investing. When you get to step 4, remember, simple is better when it comes to investing (ie: Just put your money in mutual funds).

Excellent advice and easily accomplished steps.

These have been proved out by decades of experience.