I've never had an investments account. I had started to dip my toes in the water a couple times but it always seemed that I had missed the boat -- the market was soaring and it wasn't a good time to buy. Well, I think now is as good a time as any to get into the market, but I need some advice on the most appropriate type of account and strategy to pursuit given my financial goals:
Short-term Goal: Buying a home and a car in the next two years.
--We have a little over $15k saved (about half of what we need for a downpayment, closing costs, etc.)
-- We'll need access to this cash relatively soon, so I would be uncomfortable investing all of it. Though I can't help but think there's a better way to make this money work for me rather than sit in a savings acct that has a 1.83% rate.
Long-term Goal 1: Kids.
-- Don't have them yet, but within the next year or two most likely.
-- I'd like to be prepared for the education expenses this will incur over the next 5-25years.
Long-term Goal 2: Supplemental retirement.
-- I have a pension through my job but that's not going to be enough.
-- I could comfortably put between $400-$600 a month into an investment account.
A couple of edits:
1) Just to clarify, when I say above that I've "dipped my toes" into investing, I only meant that I've researched it, but never pulled the trigger on opening up an acct. I don't want to give the impression that I'm looking to trade often, just looking for advice on what type of investment(s) would be wise given my short and long-term goals.
2) For those asking where all our money is going that we have so little saved: My wife just took a new job that pays quite well, and I just got a raise. Before that we'd been struggling to get by in one of the most expensive cities on earth. Also, student loans...lots of student loans. They're still there, but our families are helping us pay them down because we have amazing parents. Now, with the new jobs/raises and a little financial support from family, we're in a position that we can save more aggressively. We are trying to move to a lower-cost area ASAP, and rent (at a much lower price) for 1- 2 years, which will help us save even more.
3) Only an hour since I've posted, and already a dozen helpful comments -- you all are the best! Thanks so much.
Submitted February 07, 2018 at 07:25AM by ubculled http://ift.tt/2Ea1cJY
