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| *Ostroff, Fair and Company>>>Investing |
My dad is new to investments but how can he use his 401k to invest in the stockmarket or mutual funds? |
My dad is new to investments but how can he use his 401k to invest in the stockmarket or mutual funds? A 401k plan is an investment plan sponsored by your father's employer. However, such plans are always run through a brokerage firm (like Fidelity, Nationwide Financial, etc.) These brokerage firms have pre-set mutual funds available to participants and these will be the choices available to your father for investment. Choosing between them can be a challenge, so it he might want to actually contact a representative from the brokerage firm and ask for assistance. If he's dealing with someone good, they'll talk to him about his current financial situation, when he's planning to retire, and help him determine his risk-tolerance level for investing, then help him choose the best mutual funds to fit those needs and objectives. HAVE HIM TALK TO A FINANCIAL PLANNER!!!!! I shouldn't perform surgery on myself and I shouldn't try to invest either. I just don't know the business. -MM |
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