Power Washing and Roof Cleaning Forum

Ed Thompson · Approved Exterior Cleaner

Investing for retirement

John Aloisio · Approved Exterior Cleaner

It's really confusing, but I i have a financial planner who my family uses. He is local and has done some great stuff for us. We started a 529 for my son as well, which is a tax free college fund, hat u can put up to 150K into every year. Call me if u want to compare notes

Liberty SoftWash · PWS Vender

Roth IRA?

John Aloisio · Approved Exterior Cleaner

Roth ira's are limited to $5500 maximum per year. They are not a great tax shelter.i think they actually become even more limited after they age of fifty

Ed Thompson · Approved Exterior Cleaner

I believe Roth IRA is contributing money that you already paid tax on. So when it comes time to collect its not taxable. The benefit is that your banking on a higher tax rate at your retirement. And the way the government spends borrowed money, that may very well be.

I bought Tony Robbins new book about financing. I read half of it and left it on the plane. But what I read opened up my eyes to stuff that I never learned in school.

in the book he mentioned a few investment firms he alleged were legit. One was Vangard, I forget the others. But I read about opening a seperate account for business owners. Something like this investor.vanguard.com/what-we-offer/small-business/sep-ira

Roof Cleaning Virginia · Approved Exterior Cleaner

But if your adjusted gross income is more than 160k, you won't qualify for the Roth, Ed. It gets tough finding tax breaks w/retirement planning for self employed or business owners.

And personally, I don't trust financial advisers with a net worth less than mine. If they're so good w money, why do the push their commission driven funds on me for a living?!

Dave O · Retired Member

Here's my two cents worth. I would stay clear of Roth IRAs. As of today, you invest after-tax dollars into it and later take it out tax free. There is growing concern that as the government becomes more desperate to find more ways to tax us us to keep up with their out of control spending they will likely change the rules and start to tax the gains in Roths. Don't believe me? Just look at all the broken promises / lies going on now.

Concerning financial advisers, look for one that charges for his analysis and advise, not sales commission. Everyone should have a financial adviser. If you have a physician to give you a routine physical exam, why not have someone to give you a routine financial exam?

John Aloisio · Approved Exterior Cleaner

I agree Dave. And yes, you need to find a financial advisor who actually charges.

I think Bernie Madoff has some cheap rate right now!!

Dan Dykstra · Approved Exterior Cleaner

John,
How do you like the talk about the possible taxing of the 529's. I too have a few of these for the grandkids. Sure hope they (government) keeps their hands off.

SprayWash · Approved Exterior Cleaner

Look at SEP Iras, Ed. I think they have higher limits

John Aloisio · Approved Exterior Cleaner

I heard rumblings of this Dan...but I don't think it will fly

tjteed · Approved Exterior Cleaner

Take your cash and buy gold and put in a coffee can. The government will eventually change the laws to tax as much as possible. The only ones that will be able to find the loopholes are the super wealthy. The government will keep pushing taxes/fees etc. to transfer wealth.

Patrick G · Approved Exterior Cleaner

I thin real estate Ed is somthing you can always count on.....

Ed Thompson · Approved Exterior Cleaner

I need to get more involved. I'm maxing out my ira contributions. I m going to look into a company plan that I can take advantage of. I would also like to dabble in other areas, maybe stocks. I opened a td ameritrade account last night a bought a few stocks, get my feet wet. i have confidence in American stocks.

Ed Thompson · Approved Exterior Cleaner

i opened an account with $2500. Bought like 20 shares of Ford, 3 shares of Exxon. I have no clue what Im doing. But I'd like to learn.

SprayWash · Approved Exterior Cleaner

i'm actually working on my second million right now Ed....
the first one didn't pan out so well!

Art O · Approved Exterior Cleaner

Ed you want dividend stocks. I have a few that have been doing good, but you never know!

Ed Thompson · Approved Exterior Cleaner

Art O wrote:
Ed you want dividend stocks. I have a few that have been doing good, but you never know!

Lay it out Art. I know there's some smart guys here that could provide input. I bought Ford, because I like it. I'll buy a few things I like, then we'll go from there. There's a lot too choose from. You can lose your shirt if you have gambling tendencies.

Dave O · Retired Member

Ed, I'll be happy to sell you some shares of Advantage Roof Cleaning Company.

Dunrite · Veteran Member

Good atuff

Can never go wrong with "blue chip" stocks

Like Art said- Dividend stocks are great

Its slow steady growth

I still like real estate-cant go wrong-gotta be savy and have an in with a realtor

Anything good (real estate) goes quick- all about timing

Ed Thompson · Approved Exterior Cleaner

Real estates is good. I started young and fared well. I just bought 10,000 shares of a marijuana vapor stock. My bet is that Obama legalizes weed right before his exit. Or, at least a major re-classification.

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Ted Saunders

Founder, American-ProTech