Reply to If you have an HHI under 200k and no family money, where do you go for financial advice

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Reply to "If you have an HHI under 200k and no family money, where do you go for financial advice"

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[quote=Anonymous]Basically, I go online for everything, and do enough research to make sure I am not taking some crackpot charlatan's advice.

Turns out that conventional wisdom is conventional for a reason:

Invest at least enough to get your full match in a 401K.   Shoot for a minimum of 10%.
If early in career, Roth.  Mid-career, start to move more towards regular IRA.  Invest retirement funds in age-based mutual funds and don't mess with it.

Open a 529.  Start investing early, at least enough to get the tax advantage from whatever state you are in.  Increase your investment by $100 per month every year.  By the time your kid is in college, you should be in good shape.  Put your 529 in age-based mutual funds that will become more conservative as your kid gets closer to college age.

Some debt is OK, but don't take on credit card debt or debt for short-term things.  Shop around for the best rates.

Anything left over?  Put it in a taxable mutual fund, decide how risky you feel about whether you invest just in stocks or a mix of stocks and bonds.

That's pretty much all you need to know.[/quote]

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