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Subject:  Re: New Account... Now what? Date:  11/2/2010  2:13 PM
Author:  decath Number:  4904 of 5245

So I had to cash out all my retirement to get through the beginning of this year, but things are looking up. I have a new job and I just opened up an IRA on Scottrade. I want to add to that account in addition to the 401k I will be getting in a few months from the new job. Except now that I opened the account, I have no idea what stocks or funds to buy? Can I get some advice?

Cashing out your retirement accounts was a drastic move. To prevent from having to do it again, do you have an emergency fund in place to handle 3 to 6 months of bare bones living expenses? If not, I would make that a priority. I'd still contribute just enough to get the matching company $ in your 401k. But everything else would go to shore up the E-Fund so you don't ever have to cash in retirement funds again. Those taxes and the 10% penalty on top are rather ..... well ... penalizing.

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