I work a lot and I save a lot. I’m only 23 yrs. old and I wonder ways to make more money. I hear a lot from people that investments are good. Are mutual funds actually good? and what are some that are good to invest in?
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September 4th, 2010 at 7:43 pm
Some are and some aren’t. You want to find a fund who has a manager with a good long-term track record of picking winning stocks. You want to find funds that do not charge a load (up front fees) and you want the expense ratio to be as low as possible (high fees will eat into your profits). Also, if a fund is in a taxable account, you will want to watch the turnover ratio… if it is high, you will pay a lot of $ in capital gains taxes at the end of the year.
I like the Fidelity Contrafund (FCNTX) and Fidelity Leveraged Company Stock fund (FLVCX). If you’re not too risk adverse, take a look at EUROX too, I’ve made a killing on it over the past 5 years… it’s risky though, mostly Eastern European stocks.
September 4th, 2010 at 7:43 pm
Mutual funds are great because they distribute the money among many companies. You should meet with a financial advisor at an investment corporation, especially since you are young and committed to your career and saving money. That’s great! I was surprised how easy it was to meet with a financial advisor, and the charge is minimal, a tiny percentage only off interest earned. This early in your life, it would pay to really get this right because you will end up a multi-millionaire if you are starting now, seriously.
September 4th, 2010 at 7:43 pm
Mutual funds are a very good vehicle for long term investing. There are lots of books available on the subject. "Investing For Dummies" and "Mutual Funds For Dummies" are great and easy to read.
September 4th, 2010 at 7:43 pm
Yes. (If you have less than $25,000.00 USD)
September 4th, 2010 at 7:43 pm
mutual funds are great for people that don’t have a lot of time to dedicate to researching their own stocks….
if you wanna save money up, then they’re the way to go…
i’d just dump it in an Index Fund (Vanguard, Fidelity, etc.)
they aren’t exciting, and they generally won’t outperform the market, but you won’t lose your shirt either…
September 4th, 2010 at 7:43 pm
The question of "good" is dependent on your goals, risk tolerance & time horizon. Have I and many of my friends done nicely (for our individual requirements)…. the answer is yes.
There are plenty of great funds. There are more funds that are not great and/or expensive.
You need to do two things;
A. Read at least two books on mutual funds.
B. Set up an "asset allocation plan".
If you do these two things…. you’ll do much better than asking strangers, whose qualifications and motives can never be known.
SPECIAL WORD OF CAUTION: Don’t pick the hot funds of the last few years because they did so well. That’s how investors get burned. Know your asset allocation and the rest will fall into place.
September 4th, 2010 at 7:43 pm
You wont here it from me about mutual funds, they are a horrible investment. You can lose money and you will only be disappointed in the return you get.
Take the time to read up on mutual funds, you will find out the only ones who are making the real money are the mutual fund companies.
September 4th, 2010 at 7:43 pm
Mutual funds arent great. Average return is lower then most index funds. Invest in mutual funds(Vanguard S&P 500) If you dont have a lot of time to research. Average return for the past 100 years is 10% a year.