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Hi All,
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Is Hubspot a good investment?
Conversation Starter
How is epam anywhere health insurance plan?
Here are some awesome apps for investment:-
1.Groww
All in one app- investment in Mutual funds,stocks,IPO,FD,Gold.
Link:- https://app.groww.in/v3cO/61bcf14
2. Cred
For managing all credit cards at one place. Think as someone is paying you for your credit card bills.
Link:- https://app.cred.club/spQx/ce090339
3.INDMoney
Invest in foreign stocks and efts. As you need to diversify your portfolio.
Link:-https://indmoney.onelink.me/RmHC/9cb8da54
4.WazirX
Its my favourite for crypto investments.
Link:-https://wazirx.com/invite/j9kk5ted
5.12%club
For parking your emergency funds and getting 12% p.a is exceptionally good.
Link:-https://twelveclub.onelink.me/2Cmd/25922c
Never put all eggs in one basket.
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Rising Star
Why is your $10k emergency and $20k HYSA separate?
I think most people ramp their retirement accounts next as a method of maximizing tax free growth, and then start investing in low cost index funds.
Pro
Agreed, one emergency fund with 3-6 months expenses in cash, the rest should be deployed to investments. Sounds like your next options are to max a Roth IRA and HSA, then increase your 401k contributions until you hit the limit. In all investment vehicles, invest in the lowest cost, broad index funds you have available to you.
First of all great job on getting started early and managing your money well at such a young age! Time is your best friend here as it allows the 8th wonder of the world to truly reach it's full potential: Compounding your returns by reinvesting dividends and increasing your contributions to truly appreciate it faster.
I personally handle my money (with minor changes and everyone should do their own money management based on what they have) , found a nice flow chart on Reddit
1. Create a budget and be true to yourself about your expenses and don't exclude anything.
2. Pay minimum payment only on your credit cards or loans (for now) after you've paid your necessary obligations like rent and insurance.
3. Create a 1 month emergency fund (or 2 if you prefer) that should be equal to your average monthly spending , the longer you keep track of a budget the easier patterns start to appear and things will average out.
4. Any debt with >10% interest? ANYTHING REMAINING AFTER THE ABOVE STEPS IS USED TO PAY THAT OFF!
4. Contribute to 401k up to amount of employers match.
5. Beef up emergency fund if possible to 6 months (you already there!)
6. Tackle debt with interest >5%
7. Increase contributions to 401k to 15-20%, goal now is to max it out while tackling <5% interest debt, based on the historical return of the S&P you would gain more by investing more of your money instead of using the funds to pay off low interest debt (but you might prefer this way it's all up to you)
8. Now start maxing out your Roth IRA if you qualify.
9. If your employer offers a high deductible health insurance plan than open an HSA if you elect that plan and MAX OUT THE HSA. Personally this year I maxed my HSA before my Roth. It's Triple tax advantaged - Pretax contribution - no tax penalties or income tax if qualifying medical expenses paid with HSA - any funds left after 59.5 yo including profits can be withdrawn tax free.
I hope this helps you atleast a little, it's alot , but they're all little steps . Be disciplined and you'll be living a financially stable life which not many people unfortunately can enjoy
Chief
Sounds like you're doing great. If you have a bit extra, then definitely look to max your Roth IRA and start to increase the 401k contributions. Once that's set you can invest in a brokerage account and/or some crypto.
I’d say it depends on your income and your long term goals. My strategy has changed the higher my income has grown, but in a nutshell my path has been:
1. Invest into 401k up to company match
2. Max out Roth IRA
3. Back to 401k up to max
4. Additional investing pushed into taxable brokerage account (index funds primarily - VOO, VTSAX, etc)
5. Play around with fun money with other investments: real estate, crypto, individual stocks, etc.
6. Don’t forget to set goals and treat yourself along the way when you reach them - mine was to buy a Tesla once I hit $600k NW.
Your overall strategy will somewhat depend on your goals. If you want early retirement, you’ll need to consider the fact that 401k and IRAs have early withdrawal and tax penalties if you want to access them early.
For reference, I’ve followed this strategy for 5 years (I’m 29 years old) and have gotten to an $800k net worth, with $400k in stocks, $25k in crypto, one investment property, and a single family home where my wife and I live.
Good luck!!