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Originally Posted by The_Jazz
This is a bit off-topic, but close enough to what this has developed into that I think it's worth sharing.
If you are young and already planning for retirement (and good for you if you are), then you should spread your money around. You should consider the following and see if they make sense for your plans.
401k
Mutual funds (there's one specific type who's name escapes me but you need to earn under a certain amount to qualify for it. I wasn't smart enough at the time to put money there.)
Whole life insurance (you can cash this out while you're still alive)
Bonds
Stocks
There are costs and benefits to all of these, and not all of them are necessarily sound investments. And this is just my opinion on how I invest my own money.
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Yes a bit off topic, maybe we should start an investment thread?
Other then the whole life, this looks like a snap shot of my portfolio. I had some term life through work. It made sense to me when others were dependent on my income. That's no longer the case and I'm really too old for whole life to make any sense, IMO.
I have my 401k largely in mutual funds and I can move things around all I want at no cost. A year or so ago I started moving almost all of my mutual funds to funds based on foreign currencies. The way the dollars been free falling I'm glad I did. The gains made by owning Canadian based funds has paid off nicely. I'm guessing the dollar will bounce back but I don't think we've seen the end of the fall, I'm guessing about 3-5 more years of a weak dollar.