Hi everyone, I’m seeking general advice on how to best set myself up for success. I’ll be entering a high earning job (200k salary) at 25, no debt or other assets. I would appreciate any general advice you guys have, as well as advice on retirement accounts:

Assuming I can max out my 401k/Roth IRA, would you guys recommend doing backdoor Roth, or just max out the accounts and then keep the rest of my savings in a regular brokerage? And why?

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Stay away from anyone advising you to “buy the dip” 😊

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What do you have against spinach and artichoke dip?!? 😡

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At your age, if you can backdoor Roth you should go ahead and do it. Many many years to get those tax-advantaged earnings going.

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You don’t really ‘pay’ for the conversion because you would be contributing post tax dollars, just make sure you don’t take the deduction for contributing to the IRA account, then when you convert, it would make no tax impact. Search ‘backdoor Roth IRA’ on google, there is an article from Physician on FIRE that walks through step by step on how it works.

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Definitely try to do backdoor and mega backdoor Roth if you can for tax benefits.
You might also want to save for a house deposit outside your retirement accounts

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Whats your spend and savings rate?

My overall savings is going to be about 50%/100k after all my taxes and expenses. I’m giving myself a few grand of wiggle room but barring any larger financial decisions, I should have 100k to put away my first year.

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