Your company’s 401k plan gives you no options what so ever on how to invest your contributions? I find that quite unusual. Some 401k plans have limited options but most have at least a few and at least one of each that is low risk, middle risk and high risk, a mix of low interest but relatively stable bonds, mid cap stocks and higher risk high growth potential stocks. And what about your employer match – is their one?
Unless your employer’s plan is absolute crap, has no diversity or investment options what so ever and no employer match or a match that is vested on some sort of ridiculously long time line, don’t under estimate the power of contributing “pre-tax” rather than post tax dollars. If your plan is really that bad, then look into opting out but I’d only do that after a review by a good financial planner, a certified investment advisor and asking questions of your employers plan administrator.
And keep in mind that if you are in your employer’s 401k plan, you might not be able to take advantage of the tax deductions for contributing to a personal IRA account. Hint: if your W-2 has a check next to the box labeled “Qualified Pension Plan” you may not be able to take advantage of a tax deduction for your IRA contributions up to the current IRS limits. I admit to not knowing a lot about Roth accounts but I think the limitations apply if you are actively contributing to an employer sponsored plan.
As far as advice, andy58-in-nh gave you some pretty good advice. It really all depends on many factors including your risk tolerance and investment time horizon, etc.
I’d be very careful investing with just any “stock broker”. There are some very good reputable brokers and then there are “boiler room” operations that will pressure you on rather shady investments with promises of ridiculously high returns and who will magically disappear after you’ve been bled dry by ridiculously high commissions and fees and will be left in the end with worthless stock, not even worth the paper they are written on. Remember that if it sounds too good to be true, it probably is. Do a lot of research first or better yet, find a good financial planner as andy58-in-nh suggested, “one who charges for his or her services based upon assets under management, and who therefore encourages a long-term, flexible strategy to meet your changing needs.”
I’d also be very leery of investing in whole life insurance policies. They often carry high fees and low returns on investment, lock you into a long term contract and have very little or poor choices.
I’d also consider reaching out to anyone you know who is already “rich”, meaning someone of means, a relative, a boss or former boss, etc. someone who has experience in investing who might give you a referral to their investment advisor. Even then I'd still do some due diligence and research and when you meet with any potential stock broker or investment advisor don’t rush into it and approach it as if you are interviewing them for a job, because you are.
Good luck!