I need some help (money related)

[snapple]

I'll make it short

1.) We want to start saving for retirement. How the hell do you start doing this? Who do you contact (financial adviser)?
2.) We noticed that my monthly income (before bonuses and commission) would be enough to cover our expenses, but we would be riding a very tight rope. However, this is assuming we don't claim anything on our tax forums. If we claim marital status (jointly, I'd assume), could we look to a little bit more money every week and not get plowed in the ass in April?


That's it, but I think those are pretty specific questions with big answers. Any other advice is certainly welcome.

edit: i sort of know what to do, but not really where to look, I guess.

[lordxizor]

Start a Roth IRA at an online broker like Vanguard. Put away whatever you can afford every month and invest it in a targeted retirement fund or an index fund. Don't bother with a financial adviser yet.

My first suggestion would be to save $1000 as an emergency fund before you start investing anything.

[Nekov]

Since I'm not from the US the only advice I can give you is tell your wife to get a job 

[snapple]

Start a Roth IRA at an online broker like Vanguard. Put away whatever you can afford every month and invest it in a targeted retirement fund or an index fund. Don't bother with a financial adviser yet.

Awesome! I'll check that out. I don't start my new job for another week or so, so that'll give me something to do.

My first suggestion would be to save $1000 as an emergency fund before you start investing anything.

We have Total Money Makeover, too. but we have well beyond that figure in savings. About 5 in emergency.

[Adami]

1. Get a nice shoebox.

2. Fill it with cash.

3. Yell at people to get off your lawn.

4.

5. Profit.

[snapple]

1. Get a nice shoebox.

2. Fill it with cash.

3. Yell at people to get off your lawn.

4.

5. Profit.

If I saved $1000 a month until my mid 60's, I'd have ~$500,000. That's also with no interest or other shit. I need that money so I can yell at people to get off my lawn.

[lordxizor]

If I saved $100 a month until my mid 60's, I'd have ~$500,000. That's also with no interest or other shit. Just $100 a month. I need that money so I can yell at people to get off my lawn.

I think you did your math wrong there. Assuming you're saving $100 a month for 40 years, that would be only $48,000 (40*12*$100). You're going to need to save significantly more than $100 a month to be able to retire someday (even with interest).

[snapple]

If I saved $100 a month until my mid 60's, I'd have ~$500,000. That's also with no interest or other shit. Just $100 a month. I need that money so I can yell at people to get off my lawn.

I think you did your math wrong there. Assuming you're saving $100 a month for 40 years, that would be only $48,000 (40*12*$100). You're going to need to save significantly more than $100 a month to be able to retire someday (even with interest).

oops. I did. I think it was 1000 a month.

[jingle.boy]

Get a book.  "The Wealthy Barber".

David Chilton's popular The Wealthy Barber is a good starting point for anyone who wants to construct a personal financial plan. Many people are so scared of dealing with their money that they don't do anything at all--only to suffer for it over the long haul. Chilton shows that planning is simple and you don’t have be a whiz kid to set yourself on the route to financial security. "When I finally learned the basics of financial planning, I couldn't believe how straightforward they were. It's just common sense," is the overarching message.

Very easy read.  Very simple methods.  Thank me later.

[snapple]

Get a book.  "The Wealthy Barber".

David Chilton's popular The Wealthy Barber is a good starting point for anyone who wants to construct a personal financial plan. Many people are so scared of dealing with their money that they don't do anything at all--only to suffer for it over the long haul. Chilton shows that planning is simple and you don’t have be a whiz kid to set yourself on the route to financial security. "When I finally learned the basics of financial planning, I couldn't believe how straightforward they were. It's just common sense," is the overarching message.

Very easy read.  Very simple methods.  Thank me later.

Awesome! I'll see if I can't find that.

[rumborak]

I would suggest opening an online account with Fidelity. They have all these tools that let you figure out those things in your leisure time, with nobody breathing down your neck.

rumborak

[snapple]

I would suggest opening an online account with Fidelity. They have all these tools that let you figure out those things in your leisure time, with nobody breathing down your neck.

rumborak

Really? That actually sounds good for me

[Super Dude]

If I saved $100 a month until my mid 60's, I'd have ~$500,000. That's also with no interest or other shit. Just $100 a month. I need that money so I can yell at people to get off my lawn.

I think you did your math wrong there. Assuming you're saving $100 a month for 40 years, that would be only $48,000 (40*12*$100). You're going to need to save significantly more than $100 a month to be able to retire someday (even with interest).

Also that $48,000 will be worth less then. Inflation's a bitch.

[lordxizor]

Fidelity is good too. The reason I would recommend Vanguard is that their fees are generally lower, but you do get less if you pay less. I recently realized that similar targeted retirement funds at Vanguard had 0.15% expense and the Fidelity version had 0.77%. That's a pretty big difference for something I just plan on having sit there accumulating gains for the next 35 years. But if you want to do more research and stuff and be more active in your trading, Fidelity is probably better.

[kirksnosehair]

My company's 401k is managed by Vanguard, and we switched to them for precisely that reason, the fees are lower.