Ok, I think I am starting to slowly understand some things. But there are a few questions that I have??
1. I was told that the expense ratio was the yearly commission that was charged by the broker on the mutual funds that you have?? In my case anywhere from .45% to
1.75%! I know about the up front charge on the loaded funds, usually around 5% or so, but I was not aware that in a 401K that the fee is usuall waived. This is a good thing to know and probably saved me money that I wasn't even aware of!!!
2. Was also told that stocks that pay dividens may be a better way to go on new money??I have never dealt with stocks, although our shop guy here deals in the penny stocks and seems that he has done pretty good the past couple of years but as he says, "just by dumb luck".
As one poster has mentioned, save as much as I can between now and 8 to 10 years. I have found that if you can keep "cash" out of your hands, the better off you are. And like the 401K, if you don't see it, you don't miss it as much, and you learn to live within your current take home pay. So I need to create a budget and persuade my wife to follow it as closely as possible. She's pretty frugal until it comes to the kids and grandkids- I've had to curtail her spending - especially at Christmas time. Usually we just buy something that we both can use now instead of the multitude of clothes & stuff that ends up in a closet or the garage to collect dust.
3. So, this has given me a little spark to "get with the program". I do appreciate all the advice and help from everyone so far.
By the way, I have thought about buying and refurbishing houses. My wife is super at colors and decorating. But, I don't know if the gamble is worth it at this point. Its a little hard sometimes to get support from the "little woman", especially if things don't work out - I'm sure some of you know what I mean
I can deal with ridicule with most everyone until it comes from the one you live with!! I hate the "I told you so"!! Sometimes I still can hear the ringing in my ears years later!! Anyone out there have the same dilema? Has anyone overcome this obstacle lately? She doesn't deal with the investments, she lets that up to me and won't even try to understand-unless the bottom falls out-then I'll probably hear from her!! Other than that all is well in New Castle - Fireworks Capital of America! Thats about all we're famous for I believe, other than the usual corruption of town politics.
Later.