Hello, I currently have a 401A thru my employer, I put 6% they put 12% (they don't match). I also have a mutual fund which is making money but I don't contribute to it because I have not had the means since I have been trying to get my savings cushion first. I have a financial advisor thru Ameriprise, has given my DH & I some advice but we haven't had much money to play with. I have a traditional IRA that I want to move into a Roth. We are in the process of selling one of our investment properties and will have cash on hand to invest. I have read a lot of negative on financial advisors and I would like to have some knowledge on investing so that I know what I am doing. What's the first step to take. I don't have a pension nor does my DH so I need to prepare ourselves, we are both 42yrs old.

Thanks.

http://creditboards.com/forums/index.php?showtopic=217386

post 4 has some good links.

I'd consider "rolling over" your taxable mutual fund into a Roth so it will be sheltered from taxes.

Go to your public library and look at the books on investing, some will be too boring, some will hit you the wrong way, and a few will fell "just right". The good ones have a sense of humor and explain concepts in clear language, with examples. It's fine to have a financial advisor (and I do), but in the end you bear the consequences (or rewards) of whatver happens to your money so you owe it to yourself to get educated.

You may be better off consolidating some of your accounts in one place, especially after you sell the investment property. It's just easier to track and you may get benefits (such as lower fees) if you have a larger account. And, finally, if your Ameriprise advisor recommends things like variable life insurance, annuities or long-term care insurance, keep in mind that those products pay higher commissions than mutual funds. They may be right for you, but you need to know enough to make intelligent decisions. That's where the independent research comes in.