Think of Ebeneezer Scrooge in "A Christmas Carol"- now, he should have concentrated more on isometric neck exercises, and hindu push-ups- less on his portfolio of investments...
But "moderation in all things": So, set up an IRA. And a 401K. Contribute, at least for the FIRST 20 years! (Ironically, the contributions become much less important as time goes on, since the investments start making more than anything you can put in!!) And that is a GOOD thing!
So, you have a 401 K. Fine, put the assets into stocks, for now. NOT A MONEY MARKET, lame-o no earning fund!!
But, how about your Roth IRA?
This is where your NEW hobby can start to shine.
What new hobby? Why, your new investment hobby! With your computer, and, if you have LESS than a million dollars, there is no reason that you can't start making some serious money for your retirement- after all Warren Buffet says that, with "small money" i.e. less than a million, he could always earn over 50% on his money, year after year!
You know what? He's right! I'm not Warren Buffet, but I am currently earning 54% year to date on MY IRA!
It's not all that difficult, although some research is necessary, as is some luck...
(And a bull market in stocks)
Here's what I do:
1. I listen to Bob Brinker's Marketimer on AM radio. (Saturdays and Sundays) I also subscribe to his newsletter- (he is that good)-Bob is unsurpassed at predicting major market moves- telling you when you should be either IN, or OUT, of the stock market. It sounds fantastic, but believe me, he really has this figured out!
2. I research stocks online, Yahoo finance is great for the basics.
3. I read some of the financial magazines- Fortune, Forbes, Barron's, Investor's Business Daily...to get ideas, but with a grain of salt. And, I check all of their ideas and suggestions Against the stock grader at www.navallier
Trust me- this stock grader feature will help you to evaluate stock ideas with great effectiveness.
The Motley Fool at www.motleyfool.com
This site is also helpful. Their CAPS featured on MSN.com is also neat-o-keen, since reader/posters rate the stocks THEY prefer. When regular, normal investors (hobbyists) give you guidance, you can rest assured they will give you the "real deal"!