The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Stlbroke on July 03, 2015, 06:43:04 PM
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My 54year old uncle has 100k to invest thru a pension buyout. This, a paid off house by then, and social security is all he will have in retirement.
He is about to use half of that with an Edward jones advisor and buy about ten stocks like chevron and verizon, etc. I'm not sure if this is in an ira or what. I don't know how EJ works.
The other half is going to his bank in an ira of some kind.
What do you think of this?
I've mentioned vanguard and vtsax but he doesn't really get it. If this is the best choice does anyone have any easy reading I can send his way?
Thanks for any advice
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Quick advice: STOP!!
Longer advice: Start by reading these (and any articles linked in them):
http://forum.mrmoneymustache.com/mustachianism-around-the-web/article-the-executives-at-edward-jones-should-feel-humiliated/
http://forum.mrmoneymustache.com/investor-alley/investing-with-edward-jones/
http://forum.mrmoneymustache.com/investor-alley/made-a-mistake!-edward-jones/
http://forum.mrmoneymustache.com/ask-a-mustachian/roth-ira-edward-jones/ (many links in here - but they are good!)
If after reading all the above he still wants to go to EJ, well, can't say you didn't try....
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NO EDWARD JONES! NO! They will charge a ton of fees for no value.
https://personal.vanguard.com/us/insights/investingtruths/investing-truth-about-cost
https://investor.vanguard.com/mutual-funds/low-cost
Definitely just put it in a Vanguard account. Depending on his risk tolerance, the Target Retirement 2030 Fund or VTSAX would be good choices.