Sunday, July 20, 2014

How I Plan to Build Wealth

My plan going forward is to build wealth through a taxable investment account. I plan to actively invest all extra money we have. I have talked to my broker and I'm not sure if we will do this through individual stocks or mutual funds. It will depend on what the market is doing when the money is invested.

We have almost $10,000 in our emergency fund. I plan to keep it at that. The $2000 on the credit card will be paid when I get the statement. I only put it on there to get the credit card rewards.

We had about $13,000 in our taxable account until we built our house. I'm super excited to have this as our next financial goal.

12 comments:

  1. Good luck!

    Will you be paying off the new truck at the same time, or paying off truck, then moving forward with this?

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    1. We will be paying off the truck at the same time. I don't want to wait until its paid to start investing.

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    2. I want to start doing that too. Is your broker through a big company? I haven't decided if I want to try it on my own (through fidelity or Scott trade, something like that or use a broker. Does your broker charge a fee separate from the fees charged for buying stock and maintaining mutual funds?

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    3. My broker is with Raymond James. There is a $50 annual fee per account. We have our IRA's with him and we've been very thankful about the guidance we've received

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    4. never heard of that company. I will have to check it out. Thanks for the info!

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  2. Good luck!

    It feels good to know you are putting money away!

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    1. Thank you! I have trouble viewing your blog now. Not sure what's going on...

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  3. Great new goal! Good luck!!! :)

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  4. You've made tremendous progress over the past 6 months! Congratulations. I'm sorry to hear about the situation with your mother. She sounds like a monster. I hope you can make the decision that is right and works for you. And have no regrets!

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  5. You've made tremendous progress over the past 6 months! Congratulations. I'm sorry to hear about the situation with your mother. She sounds like a monster. I hope you can make the decision that is right and works for you. And have no regrets!

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  6. It would be awesome if you could amass a large amount of money, put it in an interest-bearing savings account, then live off the interest. That would have to be a LOT of money though. I dream of doing that.

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