Comments on: “Do I truly know enough to be managing my investments?” https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/ Money | Minimalism | Mohawks Sat, 17 Jun 2017 20:08:36 +0000 hourly 1 https://wordpress.org/?v=7.0 By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-119962 Thu, 09 May 2013 15:14:27 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-119962 My thoughts are to keep everything as-is and continue rocking it :) If you’re getting 18% of your salary into your 401k each year that is INCREDIBLE! I’d do whatever it takes to make sure that’s locked in, and if you don’t have any after that then it’s all good. 18% is great for now, so way to take advantage of it :)

And you’re right about fund choices/etc too – though not sure about “having more in an account makes more money” – I don’t think that’s correct, but I could be wrong. I’m no professional :) It may also seem like you have “a lot” of accounts too, but really that’s fairly common and you’re now set up for the future too. Like when/if you leave this job, you have the rollover IRA to put your 401k money into and also the Roth for when you have extra to apply any time. I think you’re good.

]]> By: Jennie H https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-119939 Thu, 09 May 2013 01:46:51 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-119939 I know I’m late to the discussion but my question seems fairly relevant. I just started a new job who matches 100% my first 7% (and puts in an additional 4% of salary each year – bonus!) into my 401k account. From previous jobs I have a small former 401k account that is now a rollover IRA as well as a small Roth IRA. Together they total about $33k. I haven’t been able to contribute to either for about a year (ugh was unemployed) but they still made small, decent gains regardless.

Because of this new 401k, which will grow with 18% of my salary each year, should I roll the $33k into the retirement account or keep all separate? I’ve always heard that money grows faster when there’s more in it…. and $33k would be a good base. But I also know that 401k accounts aren’t as flexible with fund choices or aggressive as traditional or Roths. At the moment I don’t have extra money left to contribute to the rollover or Roth, since I’m still paying off debt.

Your thoughts J Money?

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-115085 Tue, 12 Feb 2013 15:27:02 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-115085 Ooooh that’s a tricky one. My gut says probably not though, just to be on the safe side… money and friends usually mix strangely. Maybe you could ask your friend to refer you to someone they like and trust?

]]> By: MoneyStreetSmart https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-115007 Mon, 11 Feb 2013 15:47:19 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-115007 I like the idea of using some of your own money and comparing the ROI to what your advisor is getting you (minus his percentage/rate of course). I have a question for you – would you ever invest with an advisor who is a close friend? Just curious.

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114927 Sat, 09 Feb 2013 00:56:49 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114927 In reply to Ted Jenkin.

Hahaha… you win the comment of the day! Love love LOVE both Warren AND Jimmy (“Songs You Know by Heart” was one of my very first albums owned), so this is a refreshing thing to see :) Thanks bro!

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114926 Sat, 09 Feb 2013 00:53:41 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114926 In reply to William Cowie.

Well, kinda yes and kinda no. You don’t really have to live and hang out in your investments – nor do you *need* them per se – so I wouldn’t make that exact comparison really, but I do get what you’re saying. Always best to at least know what’s going on and do *some* research even if you’re not gonna manage them yourself…

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114925 Sat, 09 Feb 2013 00:50:21 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114925 In reply to stephanie.

So glad you got a lot out of this, friend! And even more so that you allowed me to share it with everyone so they can read/ask questions too :) Look at this nice thread you’ve started!

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114924 Sat, 09 Feb 2013 00:48:44 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114924 In reply to Nick @ ayoungpro.com.

Well luckily/unluckily you usually don’t have much of a choice in where your funds go with 401(k)s – or at least many options. But the 15 or 20 you do you can at least research and learn a lot knowing you’re options are limited :) Just make sure you’re investing at LEAST as much as they’re willing to match! That’s free money just prime for the picking!!

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114923 Sat, 09 Feb 2013 00:46:42 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114923 In reply to Stan.

Good idea with the practicing. Your comment also reminded me of a friend of mine who always says “Yes, I’m smart enough to learn about _______, but I choose to spend my time elsewhere and pay someone to do it for me.” :) It’s all about priorities, right?

]]> By: J. Money https://eliteedgemoney.com/do-i-truly-know-enough-to-be-managing-my-investments/#comment-114922 Sat, 09 Feb 2013 00:45:34 +0000 https://staging.eliteedgemoney.com/?p=31478#comment-114922 In reply to Joanna @ Our Freaking Budget.

Opportunity cost is BIG too when you’re on your own working for yourself :) It’s taken me a few years to realize that but now I’m proud to say I’m more comfortable with my delegations.

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