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Somewhat back on track

November 5th, 2006 at 03:20 am

Well I'm somewhat back on track for the month. I did go and purchase Quicken 2007 Home and Buisness as I've needed some good accounting software and since the wife is starting her own massage buisness I figured I would go with what I wanted to use. It is great for what I have figured out all ready, now to figure out all the little stuff. Tracking our 5 personal accounts and her 1 buisness account from 1 page is great. Now to find a place to invest some money. Anyone have an ideas? I will start investing after the first of the year as to make sure I don't get laid off (I work construction). I need to find the best method of starting out with a couple of small investments of around $1k. By the end of next year I plan on setting up a Roth IRA for both the wife and I. I'm leaning toward the Vangaurd Retirement 2030 for my wife and
the Vangaurd Retirement 2045 for me. They look like easy to run investments and I would like to invest a little more else where as well but not sure where to go with it. If anyone has any good ideas on investment I would love to hear them as I'm reading all I can to find the best places to invest. Thanks for the wonderful site and the great blogs.

Craig

7 Responses to “Somewhat back on track”

  1. yummy64 Says:
    1162701199

    Welcome.

    My suggestion is to make sure that if those are mutual funds that you also have some money aside for emergencies (not all your eggs in one basket)

  2. PRICEPLUS Says:
    1162703493

    Emergency fund to cover expenses is important. Emigrant Direct is a great place. Expenses for 3 to 6 months depending on circumstances are a benchmark.

    Remeber to diversify your investments. I also suggest using indexing and dollar cost averaging. I also recommend you do some homework at the library and on the internet to learn a bit more about finances and investing.

    Vanguard is a good place to start because they are fairly inexpensive and they have a goodly number of products!Smile

  3. baselle Says:
    1162709448

    Since we're already sending you to Vanguard, take a listen to their podcasts. They'll give you a great, quick overview on what you want to think about when you invest.

  4. Craigthor Says:
    1162731100

    I don't currently have any mutual funds. I currently have:

    2 - Chcking accounts locally
    1 - Savings account locally
    1 - ING Direct w/ less than $500
    1 - Emigrant Direct w/ less than $1500

    Time to start some research, also what does it cost to open up a mutual fund?

  5. LuxLiving Says:
    1162731443

    Some will let you get started w/as little as $50.00. Some 250.00, others 1000. Most of these smaller starting amounts come w/the proviso that you allow them to do automatic transfers of 50-100 a month.

    Besides Vanguard just to give you some contrast look also at Fidelity.

    Do not be thwarted by the small beginnings - lots of great monumental things start out with the small steps! You did not learn to walk in a day, much less run. Consistency is key.

  6. Ima saver Says:
    1162740948

    There is no cost to open a mutual fund, but Vanguard does have a $3000 minimum. I personally like Vanguard Index 500 and have over 100K in roth's there.

  7. Broken Arrow Says:
    1162823125

    I can not stress enough about having an emergency fund. When you think about it, starting up your own business (your wife's massage parlor) is a high-risk financial investment. You'll want to balance it out with a low-risk safety net. Therefore, I would plan for an emergency fund in the off chance that your wife's business doesn't pan out.

    Once you have roughly 6 months of living expenses covered (but feel free to save more!), then I would focus on something else, such as Vangard's target retirement or a Roth IRA.

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