https://www.youtube.com/watch?v=gvZSpET11ZY
Why did Tina get denied? She had a lot of savings and a Master's Degree.
Why did Tina get denied? She had a lot of savings and a Master's Degree.
You pretty much have to invest in stocks to build a retirement fund. Investing in index funds has low fees and will bring a sizable return in the long runValtýr;206714813 said:This stuff terrifies me. I have money going out into a 401k... I have started putting money in a savings account.
Stocks and funds and stuff are so over my head.
Did a lot of people watch the whole segment? Honestly I just kinda tuned out after 2 minutes of him talking about 401(k)'s and stopped watching the episode, but then again I have had years of stock trading experience so nothing he says is gonna be that interesting or surprising. Plus I had just watched GoT and Veep so this was definitely not the topic to follow that excitement.
Its really not that hard to manage your own 401(k), keep it in ameritrade/schwab/etc (no bullshit fees broker), and invest in things like SPY (0.09% overhead fees), VITSX, etc which track the overall S&P or Dow or Nasdaq markets and Bonds and move it more over to cash and bonds as you age.
If anyone wants to look further into this or has any questions, here is the GAF thread dedicated to investing for retirement:
http://neogaf.com/forum/showthread.php?t=749978
I just Googled VITSX and Vanguard's site says it's a $5 million minimum investment? That can't be right.
I just Googled VITSX and Vanguard's site says it's a $5 million minimum investment? That can't be right.
I had no idea prior to watching but the big "Can I afford it?" sign on the screen made it pretty clear I thought.who is Suze Orman? or rather what's her show about? without any context that segment was very hard to comprehend...
who is Suze Orman? or rather what's her show about? without any context that segment was very hard to comprehend...
I had no idea prior to watching but the big "Can I afford it?" sign on the screen made it pretty clear I thought.
She had some show for a long ass time that was basically simple financial advice. A part of the show was people calling in and asking Suze if they could afford something. Prior to the call they would send their financial details to Suze. Basically it was something to watch to make you feel less poor (most of the time) lol.
no it doesn't, at least not for me. Who is she to judge if someone can afford something or not? Or rather how can she make a call like that? Who would be this stupid to lay out ones financials on TV? (and IF Suze were to get her data from another source, why the heck can she access it?)
And what exactly does her denying it mean for the caller? Isn't that a little bit like asking your mother if you can buy a new toy and than buying it anyway? Therefore instead of "denied" something like "not advisable" would make more sense
At first I thought this was some sort of "state your wish and I might grant it"-show...
yeah maybe I'm overthinking it.
so in short: the system sucks as usual
edit:
ahhh now I get it, thanks for the clarification
If anyone wants to look further into this or has any questions, here is the GAF thread dedicated to investing for retirement:
http://neogaf.com/forum/showthread.php?t=749978
no it doesn't, at least not for me. Who is she to judge if someone can afford something or not? Or rather how can she make a call like that? Who would be this stupid to lay out ones financials on TV? (and IF Suze were to get her data from another source, why the heck can she access it?)
And what exactly does her denying it mean for the caller? Isn't that a little bit like asking your mother if you can buy a new toy and than buying it anyway? Therefore instead of "denied" something like "not advisable" would make more sense
At first I thought this was some sort of "state your wish and I might grant it"-show...
yeah maybe I'm overthinking it.
so in short: the system sucks as usual
edit:
ahhh now I get it, thanks for the clarification
Finances and Banking are so different between Canada and America, I don't know how much of this applies up North.
I don't know anyone who isn't at a bank for financial advice.
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
Dang son
Yea if there was one thing I could go back to my old 20 year old self and tell him it would be always go up to the 401k match with all my employers. Playing catch up sucks
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
My wife's new job uses Hancock. Are we screwed?
How much is too much? Total expenses for larger 401(k) plans should be well under 1%, preferably 0.5% to 0.75%, says Mike Alfred, chief executive of BrightScope, a financial-information firm in San Diego that rates 401(k) plans. If youre paying between 1% and 2% of your accounts value, you may want to investigate why expenses are that high, especially if youre in a larger 401(k) plan. And if the costs total more than 2%, contribute only enough to get the full match from your employer and not a dollar more.
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
LoL.
Why can't we be both?
I buy games I have no intention of playing and 400K saved up.
So we're stuck. My wife's employer doesn't match. So is it still worth putting money into it over an IRA with Vanguard or Schwab?You should probably look closely at what fees they charge. This is just hearsay, but I have seen a number complaints online about Hancock charging high fees.
Never used this, but this might be helpful
https://www.personalcapital.com/landing/401k/0014
http://blogs.wsj.com/totalreturn/2013/10/01/401k-fees-how-much-is-too-much/
So we're stuck. My wife's employer doesn't match. So is it still worth putting money into it over an IRA with Vanguard or Schwab?
I just Googled VITSX and Vanguard's site says it's a $5 million minimum investment? That can't be right.
LoL.
Why can't we be both?
I buy games I have no intention of playing and 400K saved up.
i don't get the inclusion of kristin chenoweth at the end, is it just one of those haha this is random and funny things
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
I am in an age based target fund with Fidelity as well, the fund fee is 0.14%. I have a percentage split into their S&P 500 tracking fund which is 0.05%. Call them up and ask about other fees and any other questions you have, my company actually has a pretty favorable set up with Fidelity.Great spot. I've really got to buckle down and focus on where my retirement savings are going. My company unfortunately uses Fidelity and their age-based target funds aren't great fee-wise. I need to see about shifting into a age-based target fund that is purely index-based with lower fees if they offer that. Too much money is at stake not to. =/
I also need to start saving up to the maximum amount allowed each year -- I've been slack about that. I'm assuming that once I hit the maximum they can automatically cut off the contributions so that I don't accidentally go over and incur penalties?
I do save quite a bit, so there's that, at least. Anyhow, good on John Oliver raising this issue, everyone needs to watch it.
If Suze thinks she can deny me my backlog she can fuck right off.
(stupid question)
Is there like a Dutch equivalent for these index funds, or is that strictly an American thing?\
(and do you always have to go through an intermediary to make these investments or is it possible to DIY that shit?)