Bio: About to finish my first year (23y) in a few months and have 10k in a 401(k) plan and 28k in a checking account (I attribute living at home for most of my savings). I have 19k in private loans (5-6%) and 35k in federal loans (4-5%, 0% rn) from UG.

Question: Don’t know too much about investing outside of basics and unsure if nows a good time to invest based off my experience level but I want to maximize my savings. Also, my mom has a 8k loan at 7% as well as my own loans. Any advice?

like
Posting as :
works at
You are currently posting as works at

Pay off those loans first, starting with highest interest rate. Once those are gone, contribute to a Roth IRA up to the annual max. Once that’s done, increase 401k contributions til you max out. Once that’s done, save up enough for next years Roth IRA max so you can start maxing that out in January of each year. Once that’s done, open a taxable brokerage account and invest in a low-cost total stock market fund. Once you have that going, continue to invest in that on auto-pilot or do your homework on higher risk/higher reward investments

likesmart

Very clear!

like

Don’t worry about investing yet, focus on paying off your student loans and getting your debt to zero. I would wipe out those private loans today with your savings, plus your mom’s 8k loan (assuming you promised your mom you would pay this one)

like

Living at home there's no real need to keep that much in savings, I would pay the private loans at a minimum. Also generally you want to max your Roth IRA first.

like

For Roth IRA, how can I set it up? Deloitte uses Vanguard so I’m inclined to stay there. Do I just go into account and open a Roth IRA and put the max (6k I think?)

like

Yes. I also do Vanguard (and am with Deloitte). Just ensure you’re under the income limit or you’ll have to backdoor Roth IRA through traditional IRA

Related Posts

Need advice on buying my first home. I recently moved to Canada and like living in downtown city vibes. I’m looking for a 2Bed and really confused if putting all my savings and 60% of salary towards mortgage payments for 1.2M condos is worth it. Does it make sense to buy condos with all those monthly fees and live in city or buy a house around GTA for much less ? Which is better from an appreciation and resale point of view ?

like

Is it best to wait a bit on buying an apt in NYC area? Thinking of getting a 1 bedroom in LIC with the help of parents - not sure if it’s best to wait given market conditions?

like

Hi Folks, how much max amount we can retain back after 80c tax claims on income taxable amount. Any idea? Is it varies based on package? What is the percentage ?

like

German folks, what are your recommended credit cards?

like

Hi folks, on topic question

Anyone using KOTAK Credit card, can you pls help me know the bill generation date and the due date for kotak credit card?

New to kotak banking ... !

like

Currently I pay $1900 for a brand new & modern 1BHK in the Greater NYC area. Moving to SF later this year. Any recommendations on how much to budget for SF? Will be working in Downtown area & currently got a car. I am little bit divided on whether to sell the car or move it to SF.

Looking for a good neighbourhood and ok with 30 minute commute to work.

like

For those that invested in real estate rentals, how did you systematically approach finding a good property? Realized most of my stock investments was just gambling and I don’t want to gamble on a RE investment. Read a few books but none of them go into how to actually find a good deal/city.

like

Any good books or resources to utilize for investing? Also any recommendations on investing apps (robinhood, acorn) and pros/cons of them? Appreciate it!

like

I’m getting massive standard deviations in my comp analysis for my home. Mean: $150, Median: $135, Q1: $102, Q3: $205.

How could I interpret this? I’m looking at a renovation opportunity listed at $110k and my comps are all similar sized listings within 0.5mi in the past 3mo (also checked 5Y)

like

Hireright background check - anyone had good / bad experience with them ?

I see a lot of people post about HSAs. I have no medical expenses and don’t plan to have children anytime soon. Is there a non-medical reason to max out HSAs? Is everyone just playing it really safe?

Looking to start investing with ~$5K. Read a book about investing but I’m still scared to just go into my Vanguard acct & dump my money there. Where do I start? Is now a good time

like

Have about $300K in the market (well diversified stocks and funds) and thinking of pulling out some of it....feel that the market is close to its highs YTD...ideas? Don't think this bull run will last

like

Care to share your favorite investing resources? (Books, websites, podcasts, videos, etc) I’m 24 and looking to get more into investing

like

Where do you keep your Emergengy fund? Any other options besides a HYSA?

like

I am 33 years old immigrant living in the USA. I am not a resident and I don’t have any intention to become one. Does it still make sense for me to join a 401k and then eventually drop out of it in 2/3 years?

like

RFR- a family friend lives in Dallas with her husband and he just filed for divorce. She doesn’t have much financial means but looking for assistance (even if just to get advice with a one time fee). Anybody have recs?

like

Which lease option is better? $2167/month with one time $1,500 discount or $2204/month with one month free ($2204)? Assuming they raise rent after 13 months

likesmartfunny

My mother has $80k she’s had on the sidelines for years in a money market account in her 401k and she’s asked that I put it in the market for her. Should I put this in the market now or DCA over the next few months? FWIW she’s in her 60’s and will retire in 5-10 years

likeupliftingsmarthelpful

I’m 40 but I only have 40k in retirement account. Planning to max out my 401k contribution starting this year but what are my other options ? Looks like I’m gonna be one of the poorest man when I retire. Any tips or suggestions?

like

More Posts

Is Google still hiring? I have got good feedback from phone round and on to on-site. However, it's been 3 weeks and on-site hasn't been scheduled. Recruiter sited that change in interview process is causing delays. With Facebook (Meta) hiring freeze and market not doing well got me bit concerned.

like

What is your rating of capgemini out of 5.

Compensation:
Wlb :
Learning opportunities :
Yearly hike % :
Onsite opportunities :
Your location :

like

How are agencies in Germany doing right now? Any layoffs or pay cuts?

like

Just jumped to industry from doing IT audits, first day in the job and it feels like the controls here seems super subpar. The higher ups seems to have different focus; business needs first, how should I focus and progress in such environment?

like

Anyone available here from JP Morgan SQL DBA TEAM ?

Not like the brazen giant of Greek fame,
With conquering limbs astride from land to land;
Here at our sea-washed, sunset gates shall stand
A mighty woman with a torch, whose flame
Is the imprisoned lightning, and her name
Mother of Exiles. From her beacon-hand
Glows world-wide welcome; her mild eyes command
The air-bridged harbor that twin cities frame.

Hi everyone - I have experience in Investment banking domain and I am looking for a new role in Canada and would appreciate your support. I have experience in M&A, DCF, Buy side , sell side, Financial modelling, compliance, due diligence, Thank you in advance for any connections, advice, or opportunities you can offer.

like

Happy Friday! Hows everyone doing

like

Two Sigma folks:

Anyone willing to connect for a quick 10 minutes call?

I am looking at an open role there, but would to understand more about the position before I apply.

Thanks in advance.

like

Need your general inputs. Is it worth relocating to Hyderabad or Chennai from Bengaluru for higher package. Given that I may have travel to Bengaluru every weekend or twice in a month. CCTC - 9LPA offered CTC - 25LPA. 9yrs YOE.

like

Any McKinsey & Company watch enthusiasts willing to chat and potentially offer a referral? Willing to offer good karma and the latest Rolex catalog in return 🥹

likefunny

Anybody have a photography side hustle? Would love to learn how you got started. Eventually want to do this full time, but just learning the ropes first.

like

Hi,
I have been working as accountant for past 10 years at a logistics company. I want to change my route and join different industries for better challenges and opportunities. How can I approach new firms with this single industry background.

like

I am in the process of finding administrative assistant interns from our local universities. In an effort to make my job opportunity appealing, I am asking everyone in this bowl about an appropriate job title. Is "Administrative Assistant" outdated or unappealing? I certainly don't want to mislead anyone on the job responsibilities, but I do want to avoid any potential negative stereotypes attached to that job title. Are there alternative titles that you find more appropriate for 2022?

uplifting

Does anyone have information how can I start job as clinical research coordinator I have CRA Certification and few months experience let me know.

likesmart

I wish my job would stop sending me candles in the mail and give me money to buy a decent office chair

likehelpfulfunny

Anyone here a Behavior Analyst with primarily pediatrics experience who has successfully transitioned out of a direct patient care role into maybe health care tech or clinical trials? Have a STEM background with experience in data analysis as well

like

I am an hourly employee. Currently if there is a hospital call that needs to be done, someone will volunteer to do it for overtime. Now, my company wants to create a set call schedule. If we get a call at 5pm, when my shift ends, can I still be required to complete the call? I will be paid overtime but don’t like the fact they will force it upon us.

like

What’s the salary of a advisory Cybersecurity Manager in big4 in india?

funny

Additional Posts in FIRE Financial Independence Retire Early

Yeah! It includes my primary residence and rental property so not quite FIRE ready but well on my way! 34F DINK.

Post Photo
likeuplifting

My mother has $80k she’s had on the sidelines for years in a money market account in her 401k and she’s asked that I put it in the market for her. Should I put this in the market now or DCA over the next few months? FWIW she’s in her 60’s and will retire in 5-10 years

likeupliftingsmarthelpful

I have a chunk of money I'm trying to invest in index funds (around 20k). Should I wait for the market to dip a little before I purchase or does it not matter given its a > 15 year time horizon investment?

like

I am 56 years old. My financial advisor has suggested that I create a charitable remainder trust as a tax planning strategy to address $1M in unrealized gains and also allow for tax deductions. I am concerned that I will out live the trust and there will be an excessive contribution to the charity rather than my heirs. While I want to be charitable, having too much go to the charity is a conern. Any suggestions ?

like

I’m going to be borrowing $100k from a family member for a real estate venture. We want to tie the interest payment to an inflation index. Any recommendations on publicly available indexes to use? I thought CPI-U but that’s not really a valid index for RE.

like

VOO vs SPY?

likehelpful

I think I’ve achieved lifestyle deflation. It kind of sucked at first but you get used to it.

likeuplifting

any thoughts on using fundrise as an avenue to get into realestate investing?

like

Does anyone here follow the Financial Samurai blog? Is so, what do folks think about his numbers for "average net worth of the above average couple"? And how does that jive with the FIRE principles/mindset?

like

Hi everyone, I’m looking for some ETF recommendations for long term growth. So far I’ve been putting my money into VOO and QQQ. I do plan on getting into crypto in the near future as well but want a majority in long term growth ETFs. (For context I’m 24, single, 80K salary, HCOL). I’d appreciate any investment/life advice as well.

like

Have you calculated how much total tax you pay each year? Last year I made $185K and paid $68.5K in total taxes, which includes federal income and payroll taxes (social security and Medicare) and state income tax. 37% of net income went to taxes. How much in taxes are people paying?

like

Looking to get life insurance now that we are about to start a family. Mid 30s couple,(I history of cancer, but healthy for last few years since treatment was successful), we have $1.5 in net worth, 60% equity in 1M Home(10 yrs left on a 2.0) ,HH income ~350k annually. Looking for advice on what to consider.

like

I think somebody shared the Reddit forum that is related to saving money in subscriptions in this bowl. Can somebody help me find that forum?

like

Is it better to take out a personal loan for credit card debt vs a debt consolidation? I decided to do a personal loan with a bank I already have a mortgage with. I did 16% for three years vs having multiple credit cards with 25% interest. The loan covers two of my four credit cards. But a friend said I could’ve gotten a better deal with debt consolidation bc they have relationships with credit card companies.

Has anyone invested in TIPS (Treasury Inflation-Protection Securities) before? I’m considering opening an account for my children and have read something about interests from TIPS can be exempted from federal income tax if used for higher education. What’s the pros and cons of investing in 529 vs TIPS? TYIA!

like

What do you think about bonds

like

Personal finance book recommendations?

like