{ "media_type": "text", "post_content": "Hello! I just moved to America and I’m learning a lot about what to do with my new pay check. I’ve no debt (thank you European health and education!). I’ve maxed out my 401k contribution, and I got a credit card to build a credit score. I see some of you have multiple retirement accounts - is that necessary if I don’t know if I’ll stay here long term? What else could I do to build wealth?", "post_id": "61ef3ecc61ec0d0034b26d61", "reply_count": 5, "vote_count": 6, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early", "feed_type": "bowl" }

Hello! I just moved to America and I’m learning a lot about what to do with my new pay check. I’ve no debt (thank you European health and education!). I’ve maxed out my 401k contribution, and I got a credit card to build a credit score. I see some of you have multiple retirement accounts - is that necessary if I don’t know if I’ll stay here long term? What else could I do to build wealth?

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Open up an after tax investment account and put in as much as you can, drop it into a mix of index funds

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In your situation definitely look into Roth IRAs (via backdoor and Megabackdoor if needed) more than 401ks. In 401ks your money is locked until 65, whereas for Roth IRAs you can withdraw your contributions (not gains) without penalty after 5 years. Much more critical for foreigners than 401ks

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100% true, my bad. It actually reinforces my point even more

I think you have to figure if you plan to live in the US long term or not first.

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