Due to COVID, I moved back to my home town to work remotely from my parents and now I’m saving ~2k/month at 23. Hoping for some advice on how to invest (cont.)

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I’m in a similar boat. 1. Build a 5k emergency fund 2. Max Roth IRA 3. Max 401k 4. Buy index funds

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Recently paid off the student loans I took out, so now I’m sitting with not much.... but also no loans besides my car $6k savings $7.5k ira With $75k/year, saving around $2k/month. I know that saving in the normal savings account doesn’t do much, so what should I be doing with the extra savings that are now coming in? I haven’t invested before and with all the independence rules, it seems intimidating

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1) 6-9 month emergency fund first 2) pay off debt 3) 401k - 9% of pay or at least enough to get employer match 4) Roth IRA - buy S& P 500 index funds to start

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You can keep that in the same HYSA as your emergency fund, assuming you plan to buy in the next 5 years or so. Don’t want to put it in the market in case it loses too much value.

Just start. The biggest benefit you can do for yourself if start learning. I have a stash account I began with. If you want a promo code that gives you like 10 bucks and me 5, I can share it. I found it to be a good “beginners” app

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Read I will teach you to be rich by Ramit Sethi. Basically lays down what everyone is saying but in more detail.

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401k and hsa

You could also be saving more dollars even though its pretax from increasing 401k contributions. Make sure you also max IRA before increasing 401k contribution. If you haven’t done so for 2019 you may still be able to contribute to your 2019 IRA.

So I’m in the same boat, 23 making 80k and just moved back into my parents place with 0 debt. I maxed my firm matching for retirement. I opened a Marcus High Yield Savings(1.05%). I save $3k a month and I put half into that savings and I invest the other half in the market building up long positions. I have about $8k in savings account right now, goal is to have about 15k as a potential 9 month savings pot. After that I might change how I allocate my 3k a month of savings but that’s kind of my approach to everything

Also don’t worry about independence rules, PwC at least allows you to check your clearance ability and you can buy virtually any stock except the one that you audit(if you are an auditor). Just buy AAPL, NVDA, AMZN to get the tires rolling with investment opportunities and sit on them for years.

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