Ok, I have some questions about how to get started in this whole investment thing. I'll start with my background.
I graduated college in May od 17. I'm getting married in April of this year, and she is currently still in school. She will graduate In May of 19 with a Bachelors in Nursing. I'm a contracted sales territory manager, so commission only and technically self-employed. I'm currently trying to decide how to start the saving process. Currently, I just have a work checking account, a personal account, and a few hundred dollars in stocks (more playing then investing).
My current plan is as follows: Switch to the local credit union. This will be in preperation of buying a house in the next 2 ish years. Open a savings account through Capital One, which is where my work checking is. This account will get 1/3 of my income and will pay my taxes. Since I'm self-employed I'm responsible for all of that.
I would also like to open a Roth-IRA, but quite frankly even after all of my googling I have no idea how these things work. It appears that if I open one at Capital One, I get 1% interest. Is that all there is to it? Do you need to select some sort of investment plan? It seems like a lot of people talk about putting there IRA into a mutual fund. How in the world does that work... Everything I've read has said that I really won't have enough money in the balance for a professional to want to get involved. Since I'm commission only I will be figuring on percentages rather than dollar amounts since I really don't know what I will make month to month... Obviously, everything here assumes I make enough to live!!!!
I graduated college in May od 17. I'm getting married in April of this year, and she is currently still in school. She will graduate In May of 19 with a Bachelors in Nursing. I'm a contracted sales territory manager, so commission only and technically self-employed. I'm currently trying to decide how to start the saving process. Currently, I just have a work checking account, a personal account, and a few hundred dollars in stocks (more playing then investing).
My current plan is as follows: Switch to the local credit union. This will be in preperation of buying a house in the next 2 ish years. Open a savings account through Capital One, which is where my work checking is. This account will get 1/3 of my income and will pay my taxes. Since I'm self-employed I'm responsible for all of that.
I would also like to open a Roth-IRA, but quite frankly even after all of my googling I have no idea how these things work. It appears that if I open one at Capital One, I get 1% interest. Is that all there is to it? Do you need to select some sort of investment plan? It seems like a lot of people talk about putting there IRA into a mutual fund. How in the world does that work... Everything I've read has said that I really won't have enough money in the balance for a professional to want to get involved. Since I'm commission only I will be figuring on percentages rather than dollar amounts since I really don't know what I will make month to month... Obviously, everything here assumes I make enough to live!!!!
Comment