Key insights
- The individual is seeking advice on their investment strategy, including 401k, IRA, and UTM accounts for their children. They are investing in VOO for the kids' accounts and FHAOX for their IRA. Given the limited resources and long-term goals, the current plan is reasonable, but diversification and risk tolerance should be continuously assessed. The lack of company 401k match is a negative, and exploring alternative retirement savings options might be beneficial.
37 years old Make 2500-3k a week take home Wife is 34 and takes home 900 a week
I have a 401k company doesn’t match such it is an esop.
I just opened an IRA and a UTM for each of the kids. For stocks I have 40 shares of NOK I bought durning Covid and just help and a couple Netflix.
I have a mortgage, two car payments, the kids, life, and live in NJ so 3k sounds amazing a week but is just good here. So I can’t drop 1k a week in every account. My plan was 25$ in each kid account, 100$ in stocks, and 157 in Ira so I hit the 7500 for the year.
I went with 50$ each of VOO for the kids accounts when I opened them. I wanted to get to like a grand of that for each then start buying them pieces in Apple.
As far as my IRA I chose FHAOX.
I’m not trying to day trade or anything like that. I just want to set up my wife and I to have a nice retirement and leave our kids with something. Trying to set up generational wealth on a blue collar dad salary.
Does this sound ok for my situation? Is there something better I should be looking at?