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Personal finance book recommendations?
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Mentor
Anybody have a mortgage provider they like?
Personal finance book recommendations?
Personal finance book recommendations?
Mentor
Anybody have a mortgage provider they like?
Personal finance book recommendations?
Open a vanguard or fidelity brokerage account. For vanguard you can look into VOO, VTI, VTSAX, VGT, VYM
First kudos to you for getting out of that toxic situation. You’re amazing! Most of us don’t need a roboadvisor and can do a simple 3-4 etf portfolio. I like ETFs over mutual funds but you can auto invest the same dollar amount each month with mutual funds so some prefer that. Here’s your basic strategy: First, start by getting 3-6mo in cash emergency fund, then do your 401k at least for the match and invest into the offerings they have that have lowest costs and are either total marker (VTI) or S&P500 (VOO). Then if you have high deductible health plan fully fund your HSA and start investing it — it is double tax advantaged and you contribute to it pre-tax and then can withdraw from it when you retire tax free if you use it for medical expenses. Save all your medical receipts now and you can reimburse yourself from the HSA in the future. Then fund the rest of your 401k. If you still have money left to save, fund your Roth IRA (up to $6K) and put the rest in a brokerage account using the simple portfolio strategy. You can open the IRA and brokerage account at any discount brokerage (vanguard, fidelity, Schwab) and be set. Check out Bogleheads. https://www.bogleheads.org/wiki/Three-fund_portfolio
So sorry to hear that and trusting you’d land back on your feet. Depending on your risk appetite, you can easily just put it in a market fund VOO SPY FXAIX. Good luck!
Thank you! Is a Robo the same as a market fund? I’ve tried to read up on this by googling but not sure I’m clear on the distinction.
Coach
Recommend keeping it simple and avoiding an advisor - they just chip away at returns and aren’t really proven to add enough value (beat the market).
As mentioned - stockpile your emergency fund first (6 months expenses in the bank or money market fund), and all else spread evenly across 5-6 low cost ETFs or similar (maybe like a small cap, a mid cap, a blue chip, an emerging markets, and maybe a sector specific fund like health care or real estate).
Vanguard is a good, low cost and massive provider. Their UI sucks but I’ve had my money with them for 20 years and I’ve been happy.
Would also recommend seeking professional advice for counseling and financial advisor for investments. Lots of do it yourself options for total stock market, international, S&P 500, and bonds as well.
Yes. Vanguard VTI to start. Keep 6 months of savings in the bank. I don’t know if robo advisors have been proven to beat the market
This is what my Wealthfront robo does and without typical robo fees
Robo basically a robot is helping you adjust your investments. For most, just a plain vanilla fund is sufficient, like the ones listed above (include VOO, VT, VTI etc.)
VTSAX
More importantly, I’m truly happy that you’re no longer in an abusive relationship. It’s truly liberating…
Thought you might resonate with this podcast. So money and Farnoosh Torabi has some great places to start when learning to invest too. https://podcast.farnoosh.tv/episode/understanding-financial-abuse/
If you want the easy path, go robo. You can always change your mind and pull out later with no penalty when you learn more. Ive used one for 5 years. Betterment and Wealthfront are two options, fairly similar. App based. Put money in, pick a risk level, and done. Easy to check progress.