Middle-aged and want to take a more informed role in managing money. Where to begin?

[Anonymous]

Basically looking for finance for almost dummies.
We have made good choices based on common sense (paying off cc monthly, investing 20 percent in a set-it-and-forget-it 401k plans, saving for college since kids were born) and make decent money. Also lucked into buying our house at the right time and neither myself nor spouse are spenders.

But I am clueless about how stocks and investing actually works or how to take a more active role in financial management. Basically our approach is common sense and crockpot. I'd like to know and do more. Where to begin?

[Anonymous]

Do you have an account with vanguard or fidelity? If not start there? Start small.

[Anonymous]

I would spend time reading the wiki at bogleheads.org

[Anonymous]

If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

[Anonymous]

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

I’m confused. First you advocate buying low and selling high, and then you advocate buying and holding for 20 years.

Which is it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

I’m confused. First you advocate buying low and selling high, and then you advocate buying and holding for 20 years.

Which is it?

Just ignore that person. Terrible advice overall

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

I’m confused. First you advocate buying low and selling high, and then you advocate buying and holding for 20 years.

Which is it?

Just ignore that person. Terrible advice overall

+1

[Anonymous]

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

Mostly terrible advice. Robinhood is awful and gamifies investing, you do not want to train your brain to release endorphins when you make trades. These people are probably no longer able to continue to a Roth with their income. They should be aware of fees, and as such I second the advice for the bogleheads forum. If you prefer a book it's all based on the little book of common sense investing by John Bogle.

[Anonymous]

Anonymous wrote:I would spend time reading the wiki at bogleheads.org

+1

[Anonymous]

Bogleheads.

[Anonymous]

Yes, Bogleheads, but also what are you trying to fix? Sounds like you have done pretty well so far? Also The Money Guy Show has very solid content.

[Anonymous]

Bogleheads Forum and the Bogleheads Guide (books) are great. You could also check out the Simple Path to Wealth by JL Collins. They’re fairly closely aligned.

You don’t need a lot of knowledge to invest in broad based low cost mutual funds over the long haul.

[Anonymous]

Another vote for bogleheads

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

I’m confused. First you advocate buying low and selling high, and then you advocate buying and holding for 20 years.

Which is it?

Just ignore that person. Terrible advice overall

Yes, and s/he posts on every single investment thread. Always advocates investing in only post-tax accounts, which for most people who have a workplace 401k with company matching is really dumb. It’s almost copy-and-paste identical each time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you did 401k and 529, you have lost a lot of money because of fees, rules, bad service, their lousy investment options, and the fact that you learned nothing holding them. You still have many rules to follow and RMD.
Since you make decent money, you will be fine.
Open an account with Fidelity, buy 5-8 stocks and keep buying. The best if you could do it inside of a Roth.
I bought my stocks inside of a Roth on low income. I learned to buy low and sell high. I make 100% a year easily tax free.
This came about exactly because 401k wasn't available to me ever and because I followed a few stocks for years.
Youtube will show you how to buy a stock with Fidelity or call them.
If you have 18+ kids, then Robinhood account for them also. RH gives them info and services and other banks don't. RH also allows buying stocks and crypto other banks don't allow.
Do your homework into stocks. If your stocks happens to go down, you buy more as you are getting a discount now. Don't forget that you don't lose money until you sell. Don't sell. Buy the stocks for 20 years.

I’m confused. First you advocate buying low and selling high, and then you advocate buying and holding for 20 years.

Which is it?

Just ignore that person. Terrible advice overall

Yes, and s/he posts on every single investment thread. Always advocates investing in only post-tax accounts, which for most people who have a workplace 401k with company matching is really dumb. It’s almost copy-and-paste identical each time.

And likely the same person who magically times the market perfectly. 😀