If you’re interested in jumping into the challenge check out this ETF database to research the fund that you would like to invest in. etfdb.com/

As an avid investor, I often mull over how accomplished investors are able to amass fortunes through their investment endeavors. Presently, I hold equity exceeding $545K from a recent home sale, yet I'm uncertain about my next investment move. Should I consider buying stocks at this time, or should I await another opportunity?

@ClarencePatrick

4 күн бұрын

That’s great that you have that much cash on hand. My suggestion would be to sit down with a financial advisor that can help you to develop a plan to meet your long term goals.

Fidelity also allows investors to buy fractional shares.

@ClarencePatrick

6 күн бұрын

Yes, I’m sure that there are a few brokerages out there that allow this. I always tell people to find the best brokerage that works for their particular needs.

How much do you put into your IRA if you do have one?

@ClarencePatrick

6 күн бұрын

I’m not eligible to contribute to a traditional IRA, so I invest in my company’s Roth 401k. I invest 10% of my income into that particular account. I also have a personal investment account that I contribute to on a monthly basis as well.

@jandabest5261

6 күн бұрын

@@ClarencePatrick, you’re ineligible to contribute to a traditional IRA? I thought the only requirement was earned income. I know there are income limits for the Roth IRA, but I use the backdoor method to convert it.

@ClarencePatrick

6 күн бұрын

My income exceeds the maximum amount allowed in order to participate in the program. My company doesn’t offer a backdoor Roth, so I contribute into the Roth 401k, which is fine because I also like to invest in my personal brokerage account, which allows me to access funds whenever an investment opportunity arises.

@jandabest5261

6 күн бұрын

@@ClarencePatrick , my income also exceeds the limit, but an IRA account is outside of your employer. You open it through a brokerage like Vanguard, Fidelity, Schwab, etc. It’s a tax-advantaged account you can have in addition to your employer-sponsored 401K…this is tax code, so your employer doesn’t get a vote. I personally have a 401K, IRA, and HSA…all tax-advantaged. I max out all three. And, because I have a lot of discretionary income after maxing these accounts, I have a taxable brokerage account, which does not have contribution limits so I invest as much per month as I want.

@thomaslunden

6 күн бұрын

There aren't income limits for eligibility to contribute to a Traditional IRA.

I'll say you missed more than a few days. $5 a day would be $750 invested before any ups and downs or DRIP.

@ClarencePatrick

Күн бұрын

Keep in mind that the market isn’t open on weekend and holidays, which means I’m not investing on those days.

@MsMotherWolf

10 сағат бұрын

@@ClarencePatrick That's fair enough and something I didn't immediately think of when I commented as I'm working on a $5 a day into an investment.

@ClarencePatrick

9 сағат бұрын

@@MsMotherWolf No problem at all. I appreciate the question, and the engagement. Thanks for watching!