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717950 No.717950 [Reply] [Original]

Gonna keep this short and simple. I'm 18 right now and a relative left me around $30k, invested in multiple mutual funds. Due to some circumstances I have to move the money, and I was thinking of moving it to an index fund. What funds should I consider? Should I just invest in one or multiple?

>> No.717959

>>717950

Get that fucking money back and trade like a real man, how does it feel being cucked by someone to do whatever they want with your money and you getting a low amount compared to what you could have got if you invested yourself?

Stop being a pussy and read some books on stock trading, Wall Street economics, reading stock charts, and technical analysis.

>> No.717975

>>717959
What are some books you would advise a beginner such as myself to start with?

>> No.718007

>>717950
what are your living expenses right now?

>> No.718008

>>717959

I'd like to start investing, but I need to move it first. The money is in an IRA, and I was wondering, is there would be a way to move it to the vanguard 500 without getting fucked by taxes?

>> No.718103

>>717950
>>717950
Fuck what all these guys say, buy a home and some land and get a job, then use your job money to invest. Don't risk losing it all.

>> No.718140

>>718103

This. Invest in yourself not in magic beans and pixie dust. With 10k you can walk into a bank and buy a fucking house that you can live in as long as you can afford the mortgage.

>> No.718146

1. You can't empty an inherited IRA without incurring substantial tax penalties. You're going to want to leave it in an IRA.

2. You can move the IRA anywhere you want, including Vanguard.

3. Google "4 fund portfolio" to guide you in your investment decisions.

4. Be sure to take your RMDs if necessary or you will incur penalties, There are calculators online that can do this, or Vanguard can do it automatically. You have until 12/31 to figure this out, assuming the person died this year.

>> No.718160

if you are a young man, you should use that money to make more money on mainstreet, not wallstreet.

>> No.718178

>>718146
Cant you take money from an IRA penalty free for a first time homebuyer exemption?

>> No.718218

>>718178
>Cant you take money from an IRA penalty free for a first time homebuyer exemption?
Not an accountant, so don't hold me to this. But I believe you take an inherited IRA subject to the same limitations and rules that would have applies if the original owner were still alive. So if the original owner could take the first-time home buyer's exclusion, then you could too. But if the original owner could not (e.g., already used it, too old), then you cannot either.

Of course, if you really need unfettered access to the fund, you can take a lump sum distribution. You will pay taxes but incur no penalty if you take the distribution within the time limits. Usually this is a bad idea, however because tax-sheltered savings (e.g., IRA balances) are the best way to grow your money long-term. Inheriting an IRA is like getting special one-time permission from the IRS to make a large contribution to your retirement savings, exceeding the limits that normally apply.

>> No.718357

>>717959

Ignore this guy. Individual investors very rarely beat the market. An index fund is by far your best option, you're on the right track.

>> No.718912

>>718218
Fuck off iHaz