Mutual Funds Aside From Retirement Fund?

[Taggart]

All of my mutual funds are in my Registered Retirement Savings Program. Does anyone have mutual funds outside of their specific retirement portfolio?

And is it because you've reached your limit for them in the retirement portfolio?

 

[Mirage]

Is this something set up through your employer, such as a 401k plan? If so I suggest also having money invested somewhere else. Remember eNron? All those employees lost their 401k's and had to start over.

The more egg baskets the better if you ask me.

 

[mamab]

We tranferred ours from the 401K to a regular account when my husband changed jobs. We're still using the same financial institution, but it's a personal account rather than through his company.

I'm with Andrew, though. I wouldn't leave all my money in one place. I'd have several accounts. Much safer.

 

[katharina]

The more egg baskets the better if you ask me.

This is the best piece of financial advice that can be given... especially to people just starting out. It could be a disaster of really big proportions if someone thinks money is safe but then something happens (I saw someone mention Enron here... very true).

 

[Taggart]

In my case I have some employer/employee deductions going into mutual funds, and I have other mutual funds investments elsewhere. The work related ones are with a fraternal benefit society that's associated with my union.

I agree with the strategy of not putting all the money in one vehicle.

 

[Penguin]

Does it cost to invest in mutual funds? My only experience with investments is through E*Trade (they charge per transaction, unless you don't DO anything, in which case they charge anyway), and ShareBuilder (which requires a monthly fee and/or transaction fee).

Isn't there any way to invest without having to PAY to invest?

 

[mamab]

We have an account wtih Fidelity. They charge a $12/yr. maintenance fee. We haven't actually added anything lately, so I'm not sure what their charges are other than that.

I think you wouldn't have to pay to put your money in a regular savings account, but I'm sure you'd get a better rate from someplace else.

 

[Taggart]

I believe that technically, everyone who holds mutual funds is paying fees, but in some cases the fees are visible and you're charged in a way that you see the billing.