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I added this answer a few months ago. Should help you understand basics :)
Of course. This was constructed as a baseline and should certainly be customized to each individual’s financial situation and risk appetite.
Another good resource is Kiplingers Personal Finance magazine. Go to your local public library and read the last 3-4 issues and you will get smarter about managing your money.
To make it a habit, ask your library how to access the digital version on your tablet or smartphone.
Another source is Money magazine. They recently went fully digital so check their website
Thanks a lot D1. Really helpful 😊
Interesting perspective from Advisory Associate 1 but does not include the basic building blocks of an investment portfolio- 401k, Roth accounts and HSA.
Step 1 is ALWAYS to put enough money into the company 401k to get the company match. The company match is FREE money and YOUR money and you are leaving it on the table if you are not getting it.
Step 2 is to build a cushion of 3-6 months in a high yield savings account that you can draw upon if you were to lose your job.
Step 3 is to consider a portfolio of maxing 401k, Roth accounts and HSA where your money grows tax free. But put in money AFTER you are aggressively paying off any student debt or personal loans.
Any remaining money can go into real estate, bitcoin, etc. or investments with high risk and high returns.
https://www.barrons.com/articles/10-rules-for-financial-success-51558742435
you think we are mere resources?
^^ We will never dare to think so highly of you VP
Come on VP- I meant written resources. Didn’t mean to offend anyone here- just could use some insight as I am relatively new to all of this.
What is you investment experience?
Just have 401k going on
OP, I would first talk to family or friends who are into investing. Doesn't matter even if it's India based investing. Try to pick up the basics of investing and keep trying to find someone you trust in the US who does it.. College friend, maybe a cousin etc.
Look at this post with some links -
https://joinfishbowl.com/post_uoksm
Don’t have access to that post 😐
D1, thanks. I think I may be missing some parts of part 1. I will lookup my 401k match and I know I put in my 401k, but where do I look up how much my firm contributed last time and whether I am making the full 18%? (W2?)
Sorry for the noob question. Just want to double check
It’s 4% of your base. But it appears the contribution is 5% for a pretax 401k and 4% for a Roth? That’s what I infer from what you wrote.
So if you are at $200k, and put in 3% ie $6000, the company puts in $6000. And then for the next 2% ie, $4000 the company will only match $2000. So you have to contribute $10,000 in a year and the company will put in $8000.
You mean you have a high interest loan, so it may make sense to only put in 5% of your base at this time till such time you pay it off and then you can ramp up to the 9.5% to get to the 401k max limit.
Keep in the mind the max allowable contribution limit is adjusted every coupl of year. A few years ago it was $18,000 and then raised it to $18,5000. Now its $19k but I fully expect them to raise it to $19.5k or $20k in the next couple of years