Review of my financial situation

[humandraydel]

As of now, its really not doing a whole lot for me. I am getting 0.80% percent return, but even if I were to invest conservatively, it seems like I could earn more than that.

I will again encourage you to research and understand investing. Even a conservative portfolio returning 5% is much better than 1% - do the math over 30 years and you'll see the difference it makes!

[xclonexclonex]

Your wife does have the option of finding an employer who will sponsor her work visa. It's not just about the money. Achieving career goals is very fulfilling. My mom still regrets giving up her career when she got married.

Yes indeed. Permanent residency process is painful and slow. I have many months to go before we get there. That is one of the unfortunate things about this country. Sometimes the illegals have it better than those following the law.

My wife does not have a college degree. There is no way she can compete in the job market. She has shown no interest in a career as such.

I will again encourage you to research and understand investing. Even a conservative portfolio returning 5% is much better than 1% - do the math over 30 years and you'll see the difference it makes!

I am definitely going to do that. I am starting to realize that savings account is not the right thing for retirement.

[SmartSpender]

All really good answers I've read so far - and also great questions from what I've read. I work as a private banker and would give them the same advice as I'll give you - Keep an extra month expenses in your checking account (just for administrative ease) keep four to six months in a a savings account as an emergency reseve - all else you need to find an investment better thasn a bank account will pay you. You mentioned you are an Inida citizen - I realize there are sometimes religious restrictions with going into the market but Im not sure that's the case for you, and certainly dont want to assume. However, if it is you really do need to consider realestate, so that you can recieve passive income as well as equity (hopefully) this works the same way a a dividend paying stock. Why is this important? You will be fine if you continue to save and live within your means, however unless you find some form of investment (like a pension, or familial help) you wont be able to retire. Push the fears aside and realise you have done a phenominal job thus far, and therefore you shouldnt fear the risks of doing better. If you want help or more advice jsut ask, that's what we're here for.

Kindly,

Smart Spender

[xclonexclonex]

All really good answers I've read so far - and also great questions from what I've read. I work as a private banker and would give them the same advice as I'll give you - Keep an extra month expenses in your checking account (just for administrative ease) keep four to six months in a a savings account as an emergency reseve - all else you need to find an investment better thasn a bank account will pay you. You mentioned you are an Inida citizen - I realize there are sometimes religious restrictions with going into the market but Im not sure that's the case for you, and certainly dont want to assume. However, if it is you really do need to consider realestate, so that you can recieve passive income as well as equity (hopefully) this works the same way a a dividend paying stock. Why is this important? You will be fine if you continue to save and live within your means, however unless you find some form of investment (like a pension, or familial help) you wont be able to retire. Push the fears aside and realise you have done a phenominal job thus far, and therefore you shouldnt fear the risks of doing better. If you want help or more advice jsut ask, that's what we're here for.

Kindly,

Smart Spender

Thank you for your reply.

I will look into real estate as well. I am not a religious person. The reason I have made any investments is because I was not very knowledgeable about the stock market, and I just felt that its best to keep things simple.

Now I understand that it might be impossible to retire without investment.

[feh]

Now I understand that it might be impossible to retire without investment.

Start here: http://www.bogleheads.org/wiki/Bogle...g_start-up_kit

I have no idea how your residency status affects things; I'll leave that issue to others.

[kalpit210]

So on that note, if I were to invest in the stock market or a retirement account here, and move to Norway, how would I ever get that money back...?

For non-US Residents (no GC, no citizenship), you can still open retirement and brokerage accounts, just have to fill out a few extra forms. You can withdraw money from them whenever you want, from wherever you are - it's your money! Call the brokerage firms to figure out which forms.

I am also very new (a couple months) to the investing world, and my knowledge base was non-existent previously. I was actually approached by someone to get index universal life insurance... a quick google search showed how unpopular it is among the investing crowd. That experience made me realize how uninformed I am about investing and decided to learn more. This forum is a great place to start. But if you're looking to learn in a more organized way, the Bogleheads Start Up Kit is awesome (Bogleheads are followers of John Bogle's philosophies. John Bogle founded Vanguard). The Motley Fool has great articles for beginners too (click the "How to Invest" tab). Another great beginners resource is Bogleheads Guide to Retirment Planning - a book put together by Bogleheads, about $11 on amazon.

Since my discovery of investing, I have opened up a Roth IRA and help manage my mom and fiance's 401K accounts. So it's not that hard! If you are nervous at first, why not start with a smaller amount (minimum at vanguard is $3000 for most mutual funds or you can buy ETFs for about $60-100 a pop). Once you feel comfortable, you can start shifting over the remainder of your savings to investment accounts.

Good luck with the learning. It's actually very interesting stuff... I mean, how can it not be - it's about making money without doing a whole lot physically!

[xclonexclonex]

For non-US Residents (no GC, no citizenship), you can still open retirement and brokerage accounts, just have to fill out a few extra forms. You can withdraw money from them whenever you want, from wherever you are - it's your money! Call the brokerage firms to figure out which forms.

I am also very new (a couple months) to the investing world, and my knowledge base was non-existent previously. I was actually approached by someone to get index universal life insurance... a quick google search showed how unpopular it is among the investing crowd. That experience made me realize how uninformed I am about investing and decided to learn more. This forum is a great place to start. But if you're looking to learn in a more organized way, the Bogleheads Start Up Kit is awesome (Bogleheads are followers of John Bogle's philosophies. John Bogle founded Vanguard). The Motley Fool has great articles for beginners too (click the "How to Invest" tab). Another great beginners resource is Bogleheads Guide to Retirment Planning - a book put together by Bogleheads, about $11 on amazon.

Since my discovery of investing, I have opened up a Roth IRA and help manage my mom and fiance's 401K accounts. So it's not that hard! If you are nervous at first, why not start with a smaller amount (minimum at vanguard is $3000 for most mutual funds or you can buy ETFs for about $60-100 a pop). Once you feel comfortable, you can start shifting over the remainder of your savings to investment accounts.

Good luck with the learning. It's actually very interesting stuff... I mean, how can it not be - it's about making money without doing a whole lot physically!

Thanks for the information. I am going to look into the article.

I still have not begun my research into this. I really should make it a point to do so this week.

Thanks!