Hi, I’m 25 years old.

I have just one pressing question that I just need a little advice on.

I have a Roth IRA I started a little while ago that’s “self managed”. I put that in quotes because I mostly just put money in every month, wait till in stock piles, and buy some of what I think are good long term stock options.

I have a feeling that this isn’t exactly the best this to do with my money. I have about $5k in there. I also have one with my employer.

My question is, do I, if possible, transfer everything into the one I have with my employer since it is managed by people who actually know what they’re doing? Or do I just keep doing what I’m doing now?

I’m not sure if I can even transfer it. That is something I will have to look into.

Thank you

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TywinShitsGold t1_iu9h539 wrote on October 29, 2022 at 4:29 PM

Set and forget “high risk” is something like an SPY etf. That’s a fund that owns shares of the s&p 500 companies, so the returns will generally follow the overall market trends.

A target date fund will bake some “security” in with a bond position.

Buy one of them, and hold. Successful Stock pick investing takes tons of research.

gkeshk OP t1_iu9qzyh wrote on October 29, 2022 at 5:38 PM

Yeah I figured I was kinda doing something that requires a shit ton more work than I was actually putting into it. Thank you for the advice.

Jibberishjoeb t1_iu9en1y wrote on October 29, 2022 at 4:11 PM

You can’t combine that IRA with your employer plan. The alternative to your current strategy could be to dollar cost average into something. If I’m you I’d probably look at an index fund. Other than that keep chugging away.

gkeshk OP t1_iu9qvfq wrote on October 29, 2022 at 5:37 PM

Damn ok. Thank you for that. I will look into that.

DeluxeXL t1_iu9lu2q wrote on October 29, 2022 at 5:02 PM

Read and learn from the IRA wiki and choose a target date index fund or three-fund portfolio. Investment managers won't beat passive investing over a long time period due to the added costs. So just liquidate your random stocks and buy one (set) of the above.

And no, you cannot roll over a Roth IRA to anything other than another Roth IRA that you open on your own. It cannot be rolled over to retirement plans.

gkeshk OP t1_iu9r9lx wrote on October 29, 2022 at 5:40 PM

Ok. I’ll take a look at the wiki. I didn’t see that before. Seems this is the consensus of the post. I appreciate the advice.

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gkeshk OP t1_iu9rdt6 wrote on October 29, 2022 at 5:40 PM

I appreciate all the advice guys. I’ll take a look into it all. Seems I wasn’t doing the right thing and I can’t do what I was thinking in the first place.