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Old 01-31-2014, 06:01 PM   #21
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Makes sense I mean
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Old 01-31-2014, 07:07 PM   #22
Confused about dryer sheets
 
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N h
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Old 02-02-2014, 02:17 PM   #23
Thinks s/he gets paid by the post
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Location: Cincinnati, OH
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Welcome and glad to see you are working to educate yourself and start doing the calculations. This site was big help for me, and hopefully my post/contributions can help others out. I'm still working, but very close to making the retirement decision.

I see your biggest limitation is you need a lot more savings. You only have 11 years to get that up to a level to support your desired lifestyle in order to retire at 45. Max out any pre-tax 401k you can, as you need the tax savings with your income. You might look into kids tax deferred college savings programs as well, help with taxes and provide for kids college expenses. Then save as much post-tax as you can.

Is the rental property self-supporting financially (ie break even or positive cash flow) or do you need to contribute each month (negative cash flow)? Assuming you are going to keep it, that can be a source for retirement income one it turns positive cash flow.

You may be stretching to make 45, but having a goal is important and you can always put retirement off for a little time if needed. If you can go with a self-directed or at least minimize your investment expenses, that has a big savings if you can do it. The site here is a big help to learn and develop the skills.
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Old 02-02-2014, 11:10 PM   #24
Dryer sheet wannabe
 
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38chevy454, thank you for your response..
my company don't offer a 401K, i will be looking into college savings programs..
the rental property is self-supporting, actual earn 250per month on it(for now) i got lucky and have some really good renters in there.. I would like to keep it and hopefully have it paid for by the time im 46 to 47ish i guess. I think i really need to buckle down and like someone else said on here earlier. live on about 50K to 60K per year and i'll be saving a ton..I need to do a bunch more research on investing too. right now im using edward jones and investing in about 20 different stocks. here are some of my stocks. should i look into some index funds, mutual funds, or some bonds? ACCENTURE PLC IRELAND SHS CL A
BCE INC
BLACKROCK INC CL A
CHEVRON CORP
D R HORTON INC
EXPRESS SCRIPTS
GENERAL MILLS INC
ITC HLDGS CORP ITC
MCDONALDS CORP
NORTHEAST UTILITIES
NOVARTIS AG ADR
PRECISION CASTPARTS CORP
PROCTER & GAMBLE CO PG
REALTY INCOME CORP O
SAPUTO GROUP INC
TORONTO DOMINION BK NEW
UNION PACIFIC CORP
V F CORP
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Old 02-03-2014, 08:25 AM   #25
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Quote:
Originally Posted by cdarbonne1 View Post
38chevy454, thank you for your response..
my company don't offer a 401K, i will be looking into college savings programs..
the rental property is self-supporting, actual earn 250per month on it(for now) i got lucky and have some really good renters in there.. I would like to keep it and hopefully have it paid for by the time im 46 to 47ish i guess. I think i really need to buckle down and like someone else said on here earlier. live on about 50K to 60K per year and i'll be saving a ton..I need to do a bunch more research on investing too. right now im using edward jones and investing in about 20 different stocks. here are some of my stocks. should i look into some index funds, mutual funds, or some bonds? ACCENTURE PLC IRELAND SHS CL A
BCE INC
BLACKROCK INC CL A
CHEVRON CORP
D R HORTON INC
EXPRESS SCRIPTS
GENERAL MILLS INC
ITC HLDGS CORP ITC
MCDONALDS CORP
NORTHEAST UTILITIES
NOVARTIS AG ADR
PRECISION CASTPARTS CORP
PROCTER & GAMBLE CO PG
REALTY INCOME CORP O
SAPUTO GROUP INC
TORONTO DOMINION BK NEW
UNION PACIFIC CORP
V F CORP
I recommend staying away from individual stocks- too hard to know when the buy and especially when to know when to sell. And the Ed Jones advisor doesn't have much insight either. Low cost mutual funds are a much better way to go... go to Vanguard, Schwab, Fidelity... anywhere where they'll give you some advice but not charge you an arm and a leg for it.
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Old 02-04-2014, 09:58 PM   #26
Dryer sheet wannabe
 
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Panacea. Thank u for advice.. I'm going to start research on Vanguard, Schwab,and Fidelity. They are not brokerages right? How do I know which one to invest in. And should I, or would u suggest pulling all my invested money($70,000) from Edward jones and start investing it myself? I'm currently having automatic bank drafts taken out and goes toward my stocks. How does Edward jones get paid anyway. I remember he said 2%. Is that 2%of my principal investment that is withdrawn out of my bank account or 2% or on the total amount
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Old 02-05-2014, 06:05 AM   #27
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They are all DISCOUNT brokerages. The best one probably depends on what you intend to primarily invest in. For example, one of the three may have the most free ETFs, another might have the most no transaction fee mutual funds, etc. I'd say why not just give Vanguard a try? Good variety of low cost options and their mutual fund costs are the lowest in the industry... Can't really go wrong. EJ sales reps get paid by commission. If you buy a stock, you get charged something like $65. Sell a stock, cha ching... $65. Buy a mutual fund 5.75%... etc. Discount brokers like Vanguard generally have hundreds of no load (no commission) mutual funds to choose from and stock transactions are under $10. Hope that helps.
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Old 02-05-2014, 01:30 PM   #28
Dryer sheet wannabe
 
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They are all DISCOUNT brokerages. The best one probably depends on what you intend to primarily invest in. For example, one of the three may have the most free ETFs, another might have the most no transaction fee mutual funds, etc. I'd say why not just give Vanguard a try? Good variety of low cost options and their mutual fund costs are the lowest in the industry... Can't really go wrong. EJ sales reps get paid by commission. If you buy a stock, you get charged something like $65. Sell a stock, cha ching... $65. Buy a mutual fund 5.75%... etc. Discount brokers like Vanguard generally have hundreds of no load (no commission) mutual funds to choose from and stock transactions are under $10. Hope that helps.
Yes this helps out, I have a tdameritrade account that i was doing some buying through, but didn't really know what i was doing so i figured i would seek the help of financial advisor to help me out and moved my money to EJ. I still have about 6000 in tdameritrade but it is in a few stocks too... is a mutual fund just a big group of stocks?
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Old 02-05-2014, 02:07 PM   #29
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yep, pretty much. A mutual fund is a pooled investment for several investors where stocks or bonds are purchased and held by a fund manager. One of the advantages is more diversification without having to necessarily make a really big investment.
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Old 02-08-2014, 06:07 PM   #30
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Hey guys after doing some figuring and thinking I think 45 (10) yrs from now might be a little too soon and although I can save enough to do it it would take some extreme measures. I'm going to take baby steps first. And crawl before I walk. But get more and more aggressive as I go.. In another 3 years I want to me on track to retire at 50!!! Love reading all these post...
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