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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.
I would also recommend that book. When I was starting to learn about personal finance, it gave me a good starting point.
The book that made it click for me was “the simple path to wealth” by JD Collins. I’m in a similar situation ☺️
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
But to clarify, make sure you’re also putting money into your 401k!
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.
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
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?
Pro
-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.
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