Hi guys,
Soooooo...I have a bit of extra cash in the bank. I'm a college student who is lucky enough to have good parents who allow me to save pretty much all my money that I make from internships and jobs at school. I am tired of watching it all just sit there in the bank. I want to put this money to good use. So I thought investing in a Roth IRA would be a good start!
I've done some research, and also gone to a financial advisor. He recommended to me that I max out for 2013 before April rolls around and put it all into this thing called and ING Select Advantage IRA. Here is the website on it, mainly it just talks about the kinds of stuff they wont tack on fees for, and it looks pretty good to me...?:
http://ing.us/individuals/products-services/annuities/select-advantage-iraI know Mr. Money Mustache is not a fan of managed funds, but the arguments for this mutual fund seem ok. I figured this might be a good place to start, and then also invest in the Vanguard Total Stock Market Index Fund as well, but not as an IRA, just for funzies. Also maybe the S&P. Why not have both...right?
Mr. Financial Advisor man told me to invest in these guys within my Roth IRA. I don't know how much this will help/how much people care but here's a list:
Janus Overseas Fund R class
Oppenheimer Developing Markets Fund N class
American Funds The Growth of America F-1 class
American Funds Washington mutual investors Fun F-1 class
Eaton Vance Atlanta Capital SMID-Cap Fund R class
Royce Total Return Fund R class
Ivy Small Cap Growth Fund R class
I've looked them all up on Morning Star, and the majority of them seem to have "low to average fees". I know I need to put most of my investing into stocks because I am young. I don't plan on touching this thing for a few decades. I don't mind if I lose some money once in a while, as long as I get a worth-while return by the time I start withdrawing from the account when I am in my 60's or whatever.
I guess I am just a little nervous about giving this dude a bunch of my money!!! He has been working for my mother for a while and she seems to trust him. :$ Just a little scared. This is my first big investment ever. I am wondering if even this is even worth my time...?! How much am I really gambling...? Ah, so many questions. I just need any help I can get.
Suggestions? Is this IRA BS?!??! Should I just invest my IRA in the Vanguard Total Stock Market Index Fund or...?
Any help is appreciated. Thank you so much.