Al in Ohio
Thinks s/he gets paid by the post
Don't overlook the fact that most FAs will send you a yearly birthday card.
It better have lots of glitter and sing a tune when you open it for $4k!
Don't overlook the fact that most FAs will send you a yearly birthday card.
You'd pay no taxes for selling/buying you do with your IRA or 401K funds. For your other funds you would pay taxes on any capital gains you have (and if you have losses in those funds, the losses would actually reduce your taxes.) Most of your money is in 401Ks and IRAs according to one of your earlier posts.While discussing this with the wife she brought up taxes. I am assuming I would have to pay taxes on the $$ if I draw it out and put it in something else on my own.
If I was to take some of my $$ and put it into a Vanguard Index fund how soon would I be able to get monthly dividends?
While discussing this with the wife she brought up taxes. I am assuming I would have to pay taxes on the $$ if I draw it out and put it in something else on my own.
?? What are you talking about?? The Wells Fargo "here's a mix of funds what we want to sell you" program? If so, it's certainly not worth paying 1% + for that.I have dug deeper and the program is called "FundSource".
I have dug deeper and the program is called "FundSource".
You are right to be cautious with these accounts. I strongly recommend you do your research by first reading a few books. They are not "heavy reading", but they are essential in order for you to get a foundation in how asset allocation works. The wrong thing to do (and what I did at first) is to look at recent fund performance and dump funds that are lagging and buy funds that are doing great. It sounds logical, but it is a great way to lose a lot of money. Instead, what many experts recommend is to buy a number of low-cost funds invested in a diverse array of assets --US stocks, foreign stocks, US bonds, maybe foreign bonds, maybe real estate, and some "cash" (actually CDs or money market funds). To gain an understanding of how this has worked over time, you need to read some actual books. Folks here can recommend some others if you don't like the ones I've already suggested. There are also a lot of crummy books out there that will not help you in the slightest.I just wanted to let everyone know I am still looking at my options. I am not one that will jump into anything without doing a ton of research. So I will be taking baby steps. Being my accounts are the only income I have coming in now until my other retirement funds kick in at the first of the year I am hesitant to gamble with that right now.
But I am looking at the accounts my wife has. I am thinking of taking her smallest account and switching to an index fund to see what happens. Her account is 100% invested in ABALX and it has a year-to-date growth of 13.4% which I think is doing pretty good. So I will need some advise on which index fund to look at. Her second account has a year-to-date growth of 9.3% which has a mixture of 6 funds in it.
We will be talking to our FA about cancelling out her FundSource account being it has only a year-to-date growth of 1.2%. I will also see about moving some of my FundSource money to other monthly income funds.
I just wanted to let everyone know I am still looking at my options. I am not one that will jump into anything without doing a ton of research. So I will be taking baby steps. Being my accounts are the only income I have coming in now until my other retirement funds kick in at the first of the year I am hesitant to gamble with that right now.
But I am looking at the accounts my wife has. I am thinking of taking her smallest account and switching to an index fund to see what happens. Her account is 100% invested in ABALX and it has a year-to-date growth of 13.4% which I think is doing pretty good. So I will need some advise on which index fund to look at. Her second account has a year-to-date growth of 9.3% which has a mixture of 6 funds in it.
We will be talking to our FA about cancelling out her FundSource account being it has only a year-to-date growth of 1.2%. I will also see about moving some of my FundSource money to other monthly income funds.