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No. of Recommendations: 1
OK, Ok, Ok, First of all, I am a female. Secondly, Goldman Sachs only charges me $2,000.00 per year to manage $400,000 worth of AA Bonds, Buys them, ladders them, manages the cash flow, sends me my monthly MRD checks, sends me my statements, tax reports, etc. This is an inherited IRA so there are rules to follow to keep it tax free.
Fidelity finally did call me back yesterday and I'll talk to them again on Monday. I am leaning towards doing this myself with Fidelity and I feel like the girl at the end of the diving board, and you guys are all yelling jump!!
How hard can it be to hold stocks, bonds and a cash account?
Jump!! OK I'm holding my nose and I'm right at the edge.
Try not to laugh but I really don't trust/like brokers. I have my Berkshire A Certificate in my safe deposit box!? Nobody normal does that? So I think I will actually enjoy the illusion of control that I will have with a self directed account. And just think of all the extra time I will be able to spend on the Motley Fool gloating about the management fees I'm not paying. Thanks fellow investors!
As to the comment about past performance not being important,meaningful, or predictive when choosing mutual funds, what is important? I've got a few funds that Goldman mentioned that I'm going to be looking up.
I think part of my fear of doing this myself is not being computer savy vis a vis spreadsheets, Ameritrade type accounts, how I would actually buy or sell stocks and bonds, but I think that working with Fidelity and their website, it will be a manageable thing for me. I hope their fee ends up being less than 1%.
Dr. Tarr This is an inherited IRA so it must stay in my Dad's name with me as beneficiary and every year I must take out a minimum required distribution, refigured each year based on my life expectancy. All this is to keep the money growing tax free, maybe I will pass this on to my kids. My Dad just loved the idea of postponing taxes. So I must have a trustee of some sort. Do you think that my cheapest way out is with a Fidelity self directed? Now that I'm going to try to do this on my own, and considering how much help I may need buying and selling securites? I think it sounds perfect. I understand that for a taxable private account, like a Jim Cramer's Mad Money account, Ameritrade and Scotttrade are suitable but for an IRA? Once I master the IRA account, I may try to open my own Amertrade account and do some pickin'. Thanks for your support.
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