So where did I learn to invest? Nowhere in particular. A lot of Personal finance blog reading, random quips across the internet. A bit through my financial advisor; Edward Jones, which I have had about 12 different reps there in 8 years. High turnover apparently – So I also recently finished up “Rich Dad Poor Dad” by Robert Kiyosaki (book review to come, I give it 5 out of 10 stars, some decent info, a bit too much “buy my stuff” yammering though) and he learned to invest from a young age, through his “Rich Dad”. From my personal experience, this sounds like it is an exception to the rule though. I have never gotten any advice from anyone without my asking first. I have a financial advisor that I’m getting more and more interested in how she’s investing me, and where she is. Currently she only has the whole life insurance policy that I talked about yesterday. She’s got some good ideas, she’s young, excited about it, but I don’t think has a very firm grasp on all the questions I ask, which are mounting more every day. But I digress.
I have my ROTH IRA managed by an investment rep at Edward Jones, which takes $40/year for admin fees, which I’m not too fond of, and I found out today that there is a 5.00 deferred load on the amount, so I’m setting up a conversation with him in regards to that this Friday. Can I get out of this ROTH he’s got me in? It’s not doing too bad, but if they “have the option” to take 5.00% of it when I cash out, how about no?
My parents haven’t taught anything to me, nor do I know anyone whos parents taught them anything about money. Maybe it is just coming from the small town that brings that on. My parents are just now realizing that they won’t be able to retire in in the next 10 years (they’re both 55) and they’re going to be working quite a bit longer than that. My Mom is far worse off than Dad as Dad has remarried and has a good job; Mom, on the other hand hasn’t got much at all for retirement, maybe 10k. One of my goals next year is to help her open a ROTH that I can start contributing a little bit to for her; maybe I can wrangle in my siblings…
So who taught you about investing? Why don’t we have a class in school about it? Do we really need 4 years of english class in high school? Honestly, literature is important, but it hasn’t gotten many too far in life (no offense writers). How about just swapping one of those English classes out with a “Finance 101” course that can teach kids about investing, about saving, about 401ks, and ROTH IRAs, Mutual funds, loads, expense ratios, etc… The list goes on, and this is just something I have been putting together over the past 2 months or so, but more to come. I just crafted up a better visual of my finances that I’ll probably post tomorrow for investigation –
So, full circle, who taught you to invest? Where did you learn?