Hey ladies, I just started in consulting and haven’t started saving before opening up a 401k with my company, but want to do something else as well. I want to be financially independent and learn how to invest but I’m not sure what to do next / am lacking in the financial literacy department. Do you have any recommendations on next steps or resources that helped you learn about this soade? Thank you so much :)

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I enjoyed the book I will teach you to be rich. A good start to learn about financial literacy. I also watch YT channel called Our Rich Journey - by a couple who became FIRE at 40s.

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I would also recommend that book. When I was starting to learn about personal finance, it gave me a good starting point.

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The book that made it click for me was “the simple path to wealth” by JD Collins. I’m in a similar situation ☺️

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Open an Amex high yield savings account and put some of your income in there. It is completely accessible to you unlike a Roth or 401k. I use it to save for big purchases like a house or car and don’t really withdraw money out of it except for emergencies. Put a portion of your paycheck into it whenever possible

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But to clarify, make sure you’re also putting money into your 401k!

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Check out the Ellevest website! In addition to the services they offer, they also have solid resources on getting started with setting financial goals and have a newsletter.

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Specifically, I got started by using the 50/30/20 rule, setting up my emergency fund, and creating a monthly budget that I compare against my actual weekly spending

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After the market tanks, put as much as you can to the 401k.

When is the definitive point when you know the marker has tanked?

-401k is great! I always recommend you contribute enough to get your full company match.
-I’m a huge proponent of Roth IRA’s. I have mine in a target retirement account from Vanguard. You are always allowed to take your contributions out without penalty, so I essentially treat mine as an emergency fund/saving for a house.
-I also have an AMEX high yield savings account. I have 2 months expenses here as part of my emergency fund in case my IRA were to straight bottom out.

Is there a benefit of doing a Roth IRA in addition to a 401k/Roth 401k?

General rules are that you should have at least enough to cover 6 months worth of expenses in a savings account. If you have a brokerage account you can use a money market or CD. You will have to pay a penalty to withdraw from 401k prior to 59 1/2 so don’t contribute if you think you will need it.

Get a financial advisor

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