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Long time listener, first time caller...
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Hey, folks! After a bit of time away, I find myself in a position to be an investor. Credit card debt paid off (rule #1), lovely new job with a 401k that allows me to pick the stocks myself rather than a some-size-fits-many plan, and I'm ready to dive in. I figured this would be the place to start asking questions.
First off - any pitfalls in managing my own 401k to the hilt? I'm starting my investigation, but I suspect I'll pay for churn more than the basic plans will. OTOH, long-term investing is the name of the game.
Second - my plan gives me the choice between standard 401k and Roth. Roth appears to be the more attractive package, as for a little more up-front, no taxes when I retire. Any opinions on the subject?
After that, I'm starting in on my stock screening, beginning with the Roster of Quality. CTRP looks pretty interesting. Can we get a discussion forum for them going, Doug?
Dan Abraham
Treasurer Emeritus of the ICLUBclub
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Rank: Advanced Member
Posts: 262
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I prefer the ROTH. I think buying quality companies, with dividends, is a big key to success. I also believe it is also best to save cash during market runups and flatlines so you can add to your positions when you get pullbacks in the market. Having cash available during these pullbacks or downturns is just as important as buying the right companies. IMO
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Rank: Administration
Posts: 437
Thanks: 7 times
Was thanked: 14 time(s) in 10 post(s)
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Hi, Dan, nice to see you here!
We'll get a forum for CTRP going. Thanks!
Doug
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Rank: Administration
Posts: 437
Thanks: 7 times
Was thanked: 14 time(s) in 10 post(s)
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Here's the CTRP forum:
http://www.stockcentral.com/tabid/143/view/topics/forumid/356/Default.aspx
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IMHO the ROTH is the only way to go if it's available. Some day you will have to convert your 401K to an IRA and when you reach 70 1/2 you will have to begin taking a RMD so you will pay the taxes on it and by then it should have appreciated more too. Bite the bullet now, pay the taxes on your ROTH contributions and never have to worry about the taxes again as long as the Gov doensn't change the rules but hopefully we will be grandfathered.
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