One of my readers' favorite features on SeeMeGetRich.com is my ongoing series on investment metaphors. Whenever I find a seemingly unrelated topic that can serve as a useful analogy for personal finance or investing, I regularly write it up and pass it along, hoping that the metaphor provides motivation and amusement for fellow long-term investors. Here is an up-to-date compilation of my various investment metaphors. This page will be continually updated with the latest entries in the series, so check back often.
Investment Metaphor #1: Cane Toads
Investment Metaphor #2: Fractals
Investment Metaphor #3: Potatoes Revisited
Investment Metaphor #4: Investment Blogging
Investment Metaphor #5: Johann Sebastian Bach
Investment Metaphor #6: Live 24/7 Webcasting
Investment Metaphor #7: Commuters
Investment Metaphor #8: World of Warcraft
Investment Metaphor #9: Truthiness
Investment Metaphor #10: Trout Fishing
Investment Metaphor #11: D-Day
Monday, March 17, 2008
Investment Metaphors
Posted by Zachary at 6:10 PM
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2 Comments:
I just came across your site today and I am trying to learn more about investing. Is it possible to get rich at 50? What Roth IRA's can you suggest for me? I have a retirement at work but need a good Roth IRA to get into. Since I am a late starter or new at this I need all the help I can get.
Hi Anonymous,
Thanks for your questions. Whether you can get rich at 50 is a function of several factors, including how old you are currently and how much money you can regularly contribute to your retirement accounts such as a Roth IRA and 401(k).
If your company has a 401(k) matching program, then you absolutely must enroll in that because it is free money that you do not have to work for.
As for the Roth IRA question, a Roth IRA is just a type of account in which you can invest whatever your like. I suggest you open a Roth IRA through an online brokerage such as Sharebuilder.com and contribute to it regularly. Here is a look at how I have set up my own Roth IRA with ETFs. I suggest using index funds that mirror one of the broad market indexes like the S&P 500 index.
The description of your situation was a little vague, so it is hard to give any more specific advice, but the main factor is putting away as much as you can between now and your target retirement date.
Thank you very much for your questions, and I hope this points you in the right direction.
All Best,
Zachary
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