Starting out with investing in stock market

[snafu]

I hope you'll follow the value of your Wells Fargo 2050 MF [Mutual Fund] by multiplying the number of units in your account by it's dollar value at the end of each month. It's smart to confirm you've named your wife as 'beneficiary.'

We all have different experiences so we don't always agree. I'd stay with the SUV since it meets your transportation needs so well.

I hope you'll consider starting a ROTH account. Your contributions are not tax deductible but the sum grows/compounds with no income tax consequences when you drawn it down as a retiree. Many of us often suggest starting with a low cost, well run company, with good customer service like Vanguard who can explain how it works so that you fully understand how it operates. There is a minimum sum needed to open an account but you can make arrangements to have low, automatic deductions, once a month.

[disneysteve]

absolutely. I hate debt. That's why I would sell the car and get a vehicle with cash, that way I'm not working for my car.

Gotcha. And I agree about ditching the expensive car but I'm so not a car guy. As long as it gets me where I need to go, I'm good. And I never buy new.

You just have to find that sweet spot. I have a fully loaded Toyota Camry XLE, power everything, heated seats, sunroof, the works. I paid $16,000 for it with only 26,000 miles. That was 5 years ago. It's now 11 years old, almost 12, and only has 85,000 miles on it. I should get at least another 5 years out of it.

[Jluke]

Can you give me a good investment that has a low fee, well managed Mutual Fund or ETF [Exchange Traded Fund]

go here...

https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investing_start-up_kit

https://www.bogleheads.org/wiki/Outline_of_investing

More funds do not equal greater diversity. If you simplify and invest in core funds (Total US Stock, Total International (optional depending on who you talk to), and Total Bond fund) you should be fine.. Your target fund basically does this, you just don't realize it.

this link will explain the 3-fund portfolio and suggest the ticker symbols for you to invest in based on which firm you invest with:

https://www.bogleheads.org/wiki/Three-fund_portfolio

finally, I would keep the 0.9% car. SO long as you'll have it for at least 10 years. CRV or Pilot?

[disneysteve]

There is a minimum sum needed to open an account

Vanguard's minimum starts at $1,000 for certain funds, so that shouldn't be a barrier for you. You have enough money to open accounts for both you and your spouse without any concern about the minimum opening deposit.

[thomasdan]

go here...

https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investing_start-up_kit

https://www.bogleheads.org/wiki/Outline_of_investing

More funds do not equal greater diversity. If you simplify and invest in core funds (Total US Stock, Total International (optional depending on who you talk to), and Total Bond fund) you should be fine.. Your target fund basically does this, you just don't realize it.

this link will explain the 3-fund portfolio and suggest the ticker symbols for you to invest in based on which firm you invest with:

https://www.bogleheads.org/wiki/Three-fund_portfolio

finally, I would keep the 0.9% car. SO long as you'll have it for at least 10 years. CRV or Pilot?

Sweet. Thanks for the links.

It's a 4 runner. My family growing up has had multiple 4 runners for 10-15 years. With 4WD. It has gotten us to awesome secluded campsites and through snow when we go snowboarding/skiing.

[thomasdan]

I hope you'll follow the value of your Wells Fargo 2050 MF [Mutual Fund] by multiplying the number of units in your account by it's dollar value at the end of each month. It's smart to confirm you've named your wife as 'beneficiary.'

We all have different experiences so we don't always agree. I'd stay with the SUV since it meets your transportation needs so well.

I hope you'll consider starting a ROTH account. Your contributions are not tax deductible but the sum grows/compounds with no income tax consequences when you drawn it down as a retiree. Many of us often suggest starting with a low cost, well run company, with good customer service like Vanguard who can explain how it works so that you fully understand how it operates. There is a minimum sum needed to open an account but you can make arrangements to have low, automatic deductions, once a month.

I didn't even think about adding a beneficiary. I will be on that ASAP. With all the info that has been mention on this thread and other info that I've read.. I will start a ROTH.

Thank you

[thomasdan]

Vanguard's minimum starts at $1,000 for certain funds, so that shouldn't be a barrier for you. You have enough money to open accounts for both you and your spouse without any concern about the minimum opening deposit.

Thanks Disneysteve for helping me out and answering my question in detail from the beginning of this thread

Same with everyone else putting in advice for me.

Since I have money available now. Should I just max out this years contribution? 5,500 each for my wife and I..one lump sum? and just call it a day

[thomasdan]

absolutely. I hate debt. That's why I would sell the car and get a vehicle with cash, that way I'm not working for my car.

I totally get what you're saying. My wife and I both had NO car payment for the last 7 years. But I don't regret it and we're not struggling to pay our car payment.

The funny thing is.. We knew that we'll have a car payment sooner or later.

So for the 2-3 years.. I was "pretending" to make a 400 dollar payment. But that money would go to a seperate savings account(not my EF account) through direct deposit. It was to see if we were able to AFFORD a new vehicle without struggling on bills and savings. So when we were ready to buy a new vehicle. We took out that money and put it down as a down payment. That strategy worked for us.