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GI Joe says: Knowing is half the battle!
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Posted by Urby [Email] (more from Urby) on Thu, 9 Dec 2004 10:36:21 Share Post by Email
In Reply to: Re: I am novice too..., t_mokes, Wed, 8 Dec 2004 14:41:56
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Just like anything else--it's really hard to make an informed decision without knowing the language.

Here's what I've learned.
IRA=Individual (or Investment) Retirement Account. This is money that is set aside and invested by the agency that handles the IRA--usually into a mutual fund or some other vehicle that shows growth over the LONG TERM (i.e. 20-30 YEARS).

Mutual funds are usually funds that contain billions of dollars worth of stocks. An investment firm uses money from their clients who agree to participate in the mutual fund to purchase stocks within in a certain criteria (i.e. technology mutual fund, agriculture fund, etc.). Pooling the money allow them to buy much bigger chunks of whatever stocks/investments that are specified. You can also have mutual funds that purchase stocks only from "blue chip" companies (these are the well known companies--I believe they have to be in Forbes 500 or some other list to qualify), or mutual funds that purchase stocks that fall into a "medium" or "high" risk category.

A 401k is an investment account (usually a mutual fund of some kind) that takes pretax dollars from your paycheck and pools them with money from employees of the same company (or group that you belong to). The money is taxed when you "cash out" the 401k.

Yes, a 3-4% credit card is a good--great even--rate to have. However, you are paying 3-4% on the balance that you carry over each month. So, the "deal" that you got on DI cassettes for your SAAB :-) can be negated in a few months, maybe less, depending on how much of a balance you roll over.

Two financial links below. Both I learned from my wife (a financial analyst), and both have really helped shape my thinking about what we do with our money. And they both have helped us plan to be debt free by late 2009.

This one really illustrates a different way to think about money.
http://www.richdad.com/landing/12steps/12steps.asp

Good luck to you.
Urby



posted by 65.105.13...

this really demonstrated how foolish it is to carry a balance on a credit card

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