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

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[quote=Anonymous]You mentioned your 401k. First I would see what exactly it’s invested in. Move it to something that will grow, my workplace 401k is in the S&P500 with a low expense ratio.

Next you can start an IRA. If you make good salaries, you might make more than the annual limit ($150k) but if you don’t, you can put it into a Roth. If not, traditional. You can contribute $7k per year and more if you’re over 50.

If you have HSAs available you can contribute to that. Triple tax advantaged. You need a high health deductible though, not everyone is eligible.

Then you can start with a taxable account. If you don’t want to DIY I recommend a roboadvisor like Betterment. If you want to do it yourself, put it in VTI/VXUS and maybe some bonds depending on your age. This is the Boglehead 3-fund strategy. VTI means total US stock market, VXUS means total world market. You want to have more in the US, people vary with their preferred allocation, generally I see 60/40 recommended or less world.

Your cash should be in a high yield savings account.

My boyfriend uses Fidelity and I am going to use E*Trade. I have also used Betterment. [/quote]

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