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Subject:  The slow death of a traditional IRA...Help!! Date:  4/26/2002  11:31 AM
Author:  Brett257 Number:  34359 of 100168

This post doesn't concern me so much as it concerns my mom's financial well being. Since I have been a Fool, I have learned about the ways of the analyst and the FS broker. She however is quite the fool and believed when her broker told her "I don't make money unless you make money." She has come to learn that that is not the case. I added up the commissions for the period 11/26/2001-1/24/2002 and it totals....$905.50. Thats a lot of money gone for a guy who has done nothing but placed her money in loaded mutual funds and stocks that he trades far to much. As of today, my mom will say "No" to all cold calls. In the near future I plan on taking control of her IRA through a discount broker and slowly giving the power to her. She has become upset and wants to take the control back, she just wants to learn a little more. Here is my question. Should I let it sit a while before I start selling her mutual funds and putting them into an index fund? And what about the stocks? I have started ordering the financials for the companies and hope to learn more about them, besides what I already know. Here is how its broken down.

2165.916 shares of MFS Startegic Growth Fund Class B (MSBGX) @ $18.44 per share

256.828 shares of MRS Startegic Growth Fund Class A (MFSGX) @ 18.92

13,639.606 shares of MFS High Income Fund Class B (MHIBX) @ 3.72

222 shares of Mercury Interatice Corp (MERQ) @ 37.65

417 shares of Network Appliance Corp (NTAP) @ 20.37

190 shares of NVidia Corp (NVDA) @ 44.38

226 shares of Siebel Sys Inc (SEBL) @ 32.60

and $51.67 in a money market fund.

This guy is screwing my mom over and its pissing me off. COuld you guys give me any helpful words of advice for when I take this IRA over. It is a traditional IRA, I believe a Rollover type. My mom is almost 46 and plans to work past 65. She also contributes 5% of per pay to her companies 401k. She has 19,000 in credit card depth and no short term savings. She is in pretty bad shape. The reason I know all of this is because I got her rates lowered on her cards and transfered balances to lower rate cards. I tell her how much to pay. I pretty much control their finances, because they were to lazy in the past. I'm trying to get her financial situation heading in the right direction, because as it is the financial well being of her and my father is horrible and they would sleep better at night if they had no debt and know where there money was going. Please help me to help them and help them as well!!!!

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