Tuesday, February 5, 2013

2013 Resolution: Consolidate Mutual Funds and Get Online Purchasing Power

This post is about me tackling one of my 2013 resolutions. Won't you follow along?

One of the things I've been wanting to do for awhile is consolidate my many mutual funds into my one fund that seems to do pretty well. I had three funds, two of which were not doing so good. I know that since I closed the two funds I will have to pay taxes next year on the "income," but it's worth it to me to have the peace of mind that only having one fund will provide.

The things I needed to do with my good fund was to change it from a joint tenant fund with my dad into an individual account and also apply for a new account so that I could have online purchasing access. The fund was opened back in the olden days for me back when you would have to purchase shares by check or phone. Now I want to be able to purchase shares from the ease of my computer and have it be immediate!

Getting the account changed from a joint tenant account to an individual account was a pain in the butt. I will spare you the details, but it was a pain to get differing information from both Dodge & Cox and Wells Fargo about what needed to happen between my dad and I, but we finally got it taken care of and earlier last week I got the email that everything was completed!

I haven't had a chance to purchase shares yet, but will in a few days. I'm looking forward to seeing how that works!

As mentioned before, my goal this year is to put $3,000 into it. Not counting the money I've deposited from closing the other accounts, I was able to put $412 into it for January. I'm putting in 14% of my paycheck from my main job and 10% of any side hustle money. Since I put in almost 14% of my goal in only the first month I'm excited to see how the year goes!

Are you thinking about saving for the future? How much do you save?


  1. Replies
    1. Thank you! I'm feeling REALLY good about it!! I have been wanting this to happen for so long!

    2. Great work with consolidating your mutual funds! Despite paying taxes (and make sure you don't double pay if you reinvested dividends!), peace of mind of not having to manage multiple funds and the fact that 2 of them were not performing well means that this will pay off in the long run. That's awesome that you have financial goals- my annual one is to besides buying mutual funds is to always buy some shares of stock to make investing a little more interesting- I always buy things I know like retail or restaurants or technology I use.

    3. Yeah, I would end up buying things I use, too! Makes it a little more interesting to support it!