Hello Reddit!
I am looking for some advice. My wife of 2 years and I are about to have our first child! I recently started looking into investing, she mentioned that she has a Scotttrade account her dad use to manage for her that was created from a couple Roth IRA’s she had when she first started working. He passed about 18 months ago. We recovery the login information and she has almost 2,000 in a mutual fund called YACKX that is performing well. We would like to leave this money here because this is her father’s investment for her and has a lot of sentimental value. We have another $6,000 that is sitting in funds available for trading.
Keeping in mind, we are recently married, still paying off student loans and about to have our first child. I am reaching out for financial advice. I have been doing a ton of research and have decided I want to invest in some growth stocks that will earn money over time and are relatively. I was thinking about splitting our money on PSI and PPA but am up for feedback and other tips on how to spend about $6000. These ETFs would offer us many shares in sectors that I think will profit in the future. I was initially thinking about more diversity but with the Scottrade fee, I might just split the amount in two trades for now.
I’m also up for other possibilities and advice like taking out the money and using it to pay off debt from student loans, our home, car, wedding credit card debt. Moving the account to a different company, investing in mutual funds (looks like zero fee for this on Scottrade), and even opening up a college fund for our about to be born son. We have been working out paying down our debts are are looking into debt consolidation also. If you have any advice with that I would be very interested.
We both have retirement funds at a youngish age and have saved up a fair amount about 20,000 each. We net a few hundred dollars each month after our paychecks that normal get put into an emergency fund. However, we have been buying baby stuff and just paid for a major vet bill and have little accessible savings.
Let me know if you need any more information and thank you in advance!
Submitted November 08, 2017 at 09:20AM by joshhsoj89 http://ift.tt/2zGUUDl
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