- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Reckless Investing Decisions in College
In college, I made a hasty decision to invest $1k in a money market IRA at my local Bank of America without conducting any prior research or seeking advice. Unfortunately, a year later, I realized my return was less than .1%, and the bank suggested that the only solution was to invest more money.
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## Doubling Down on Losses
As a naive college student, I followed the bank’s advice and invested more money, bringing my total investment to $2k. However, over the past 8 years, my investment has only yielded less than $3 in returns.
## Seeking Better Opportunities
Is there a way to transfer my funds from Bank of America to a higher-yield investment vehicle? Can I roll it into a 401k for better long-term growth? I am searching for a low-cost and straightforward solution to improve my investment returns. With the help of the AI Legalese Decoder, I can explore alternative investment options and make informed decisions to maximize my returns.
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****** just grabbed a
You’re getting 0.1% because it’s not actually invested in anything; it’s in a lousy BoA money market fund which is pretty egregiously lagging even other money market funds (which currently pay around 5%), let alone compared to actually investing it in the market.
Open up an IRA at one of the big 3 (Fidelity, Schwab, or Vanguard), transfer your money away from BoA, and then invest in an inexpensive broad market index like VTI (Vanguard Total Market Index).
The account is probably an IRA, but it’s sitting in a money market core account, which is where you cash goes when you transfer money into the account or when you sell your investments. If it’s an IRA you should have options to buy stocks. If not, then you were sold a money market account, which others have stated is not the best vehicle of choice. A high yield savings account would have yielded higher returns.
But hindsight is 20/20. Withdraw everything out of that account, close it out, and go with a reputable brokerage like fidelity, Charles Schwab, or vanguard, throw the money into the s&p 500 etf (voo, qqq), and continue investing when you can
Go to investopedia.com and educate yourself on IRA’s and what they’re for.
There’s good info there on investing for beginners, and asset allocation.
Ultimately you’re likely going to want to open a self directed or robo brokerage account with an asset mix you’re comfortable with and just let it ride.
If you have an employer that has a sponsored retirement plan (401k most popularly) just invest in that instead.
You probably need to transfer (rollover) the IRA to a broker, such as Fidelity, Schwab, etc., in order to actually **invest**
I’m sure you make bank of america a respectable amount of cash in the past 8 years.
Transfer into another self directed ira and put it in a low expense index fund.
​
Done.
Bank of America charges high fees/expense ratios (over 1%), so your first step is to contact Fidelity or Vanguard and open an account. They can help with the transfer from your BoA account to a low-fee index fund like VTI. Don’t let this frustrate you–better that you had $2k saved than having not saved at all.
Thank you all for your help.
I created an IRA with Vanguard and have an appointment set up with Bank Of America to discuss the medallion signature guarantee next week. So barring any setbacks, I should be on my way.
You probably don’t have the money actually invested in anything. Invest in an S&P500 index fund.
My money market account pays 5% but requires a minimum deposit of $10k