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Investing Outside of Work

Full participation in your employer’s 401(k) plan is just the first part of saving and investing that you will need to do in order to set yourself up for a successful retirement. A successful young investor will also begin to save and invest in a personal account that is not subject to withdraw restrictions like your 401(k) account is. In the following sections, we will walk you through how to choose an account provider, what types of accounts these brokerage firms provide, and what an ideal investment allocation would be for young investors.

Choosing Your Account Provider: The lesson here is simple – choose a discount online broker to act as custodian for your investments. Keep reading …

Account Types: Before we look at each provider let’s do a brief rundown of some of the major types of accounts that you will likely encounter at any firm. You will see there are many account types available, but many of them have to do with businesses, estates, and trust accounts – all of which will likely not apply to young investors. Keep reading …

Brokerage Account Providers: In order to keep costs low, we are going to suggest one of the following three discount custodians for you to do business with to manage your savings and investments outside of your job’s 401(k) savings plan. Keep reading …