Unlocking the Legal Jargon: How AI Legalese Decoder Can Simplify Legal Advice for Parents Supporting Young Adult Children
- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation of 24-Year-Old Daughter
My 24-year-old daughter is currently a graduate student, which means her income is quite low and she does not have access to a 401K plan. Despite her limited finances, she has managed to set aside a few thousand dollars over the past two years and invested it in a Roth IRA.
## Investment Recommendation Dilemma
I suggested investing in the 2065 Vanguard Target Date Fund due to its low expense ratio of 0.08%, which I believed to be reasonable. However, I am unsure if this is the best option for her long-term financial goals. My daughter has little interest in investing and does not actively monitor her account balance, which proved beneficial during the recent market downturn.
## Overwhelmed by Investment Options
When I explore the various mutual funds and ETFs available at Vanguard, I feel overwhelmed and unsure of which ones to recommend to her. Given that she plans to leave her investments untouched for over 30 years, I am uncertain if sticking with the Target Date Fund is the most advantageous choice.
## AI Legalese Decoder Solution
In this situation, utilizing an AI Legalese Decoder could prove to be highly beneficial. This tool can help simplify complex financial jargon and provide clear explanations of different investment options available at Vanguard. By using this technology, you can gain a better understanding of the various mutual funds and ETFs, allowing you to make more informed recommendations to your daughter. With the assistance of an AI Legalese Decoder, you can confidently navigate the world of investments and ensure that your daughter’s financial future is on the right track.
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Tdf is fine for now. As your daughter gets older and has more money to invest, she might get more interested and pick the ETFs that are inside the target date fund (basically just replicate the makeup of the TDF by buying the underlying funds directly)… which would maybe save .05%… it’s a very modest improvement over .08%, but these are small fees in the first place. And right now with as little as she has invested it makes very little difference. If she has 10,000 invested, we’re talking a fee of $8 versus $3. Better to pay $3 than $8, but what is FAR more important is just establishing the habit of putting away money on a monthly/consistent basis. And if making contributions to her IRA is more likely to happen because she doesn’t feel overwhelmed or uncertain about “how to invest” then that is definitely worth $5 more.
TDF is perfect for a hands off investor. It could even remain a fine choice for many years.
She’ll soon need to take charge of her own retirement security of course, but certainly she’s well capable of that being a college grad and now grad student. Time is the greatest ally and we can never get back the benefit of socking money away in our early 20s!
To echo what others have said, I think a TDF is fine for starting out. When you or she have a little more time, I recommend heading over to the [Boglehead.com](https://www.bogleheads.org/wiki/Getting_started) site. They have information to take someone from being pretty uninformed about investing to setting up a very solid, simple, low-maintenance portfolio. This is just a community of fellow investors, and includes everything from complete novices to experienced wonks. All of the information is free. They aren’t selling any products or services; they are just interested in helping others invest prudently. Good luck to you.
The TDF is great. The most important thing she can do now is save and put the money in it. If she can max out her Roth contributions she should do that every year. I wish I had done that in my early to mid 20s!
If she’s more interested, a good book is “I Will Teach You to be Rich” by Ramit Sethi. None of the concepts in it are unique but they’re good things to know early.
It’s fine until she learns more about finances. Recommend Financial feminist for her. It’s a great book about finances for a young woman.