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Wasn't sure where this was supposed to go, but hopefully someone could help me out a bit.
My background:
- My parents set up the following funds a few years back and it is sitting at JPMorgan Chase bank. I've got the following there: ANGCX, and OICGX. They currently put in $100 on the 15th of each month (which I'm going to start doing taking over in May), and the financial guy usually puts it in the ANGCX. I was told that he would normally make the decision on where it would go, unless I wanted it put somewhere specifically. I believe this is a ROTH IRA account.
- They also had an Oppenheimer brokerage account set up with the following funds: QVOPX, and OPGIX. I don't have a clue on what it is there for, and what I'm supposed to do with it. I just know that there isn't a $4000 yearly contribution limit, even though I don't make anywhere close to that much.
- I opened up a ROTH IRA with USAA bank and they put it in a USBSX fund. I've only had it for a few months, and I contribute only $20 a month into it. I don't know what I'm doing, but if I was going to start my own ROTH IRA I figured USAA was a safe bet since I am active duty Air Force (E-3).
- I started my military TSP account in March 2007 and currently put in about $250 a month towards the L 2040, S, and I funds.
- I've also looked into buying life insurance (not term) but I can't do that until I get back to Houston, TX this summer.
- Lastly I have recently been looking into Fidelity's FFFFX, and Vanguard's VROTX. The problem is I don't know what the differences are. The FFFFX seems decent, but the expense ratio is about 3x's higher than Vanguard's VROTX.
My problem:
I have no real clue on what I'm looking at. I don't know of a financial adviser here on Okinawa so I don't know who to talk to. I'm afraid that if I talk to my Chase financial guy that takes care of my other stuff (see above) that he/she will just sell me on more Chase branded things instead of looking at what is best for me. I'm trying to do the right thing by planning ahead now, but I'm so lost. I'm afraid that all the stuff I'm looking at is the same thing and I won't be diversified enough (whatever that really means).
My Questions:
1) Am I just better off just investing more money into the funds I currently have?
2) Should I leave it with Chase to deal with, or should I move it to ETrade or something like that?
3) What if I want to buy into GE (morningstar says its a good buy right now), BA and YHOO? Who would I go with? ETRADE, Fidelity, Scottrade, or zecco?
4) Is my military TSP the same as a traditional IRA?
Sorry about the long first post, but I am sorta worried. Any help understanding this would be great.
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