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Chief
Similar background, OP.
Here’s a cheat sheet I’ve used and recommend to others. My suggestion is to get this maxed first, and place them in SP500 type indexes, and then if you still have money left, you can start playing around with individual stocks, crypto and all that jazz. Once you hit $200k in the last box, you can also think about getting a paid advisor. Btw, check your benefits - some firms offer financial advisors for free.
Right now everything should be about building a reasonably safe baseline because compounded interest is a powerful thing.
FYI - this does need to be updated for 2021 max allowances, and is you’re on high deductible plan, you can also add HSA into this.
Chief
EY1, yes it is with fidelity but you can do it with anyone. I just pick fidelity because as you know is what we use for EY, so it’s easier.
Maxing out your 401k means contributing your max allowed amount, which $19.5k for individual for 2021.
Contribute to 401k, Roth IRA and HSA for starters. If you don’t know what to invest in or just want to get started invest in target year retirement funds (I.e 2050 Vanguard Retirement Fund). You will be a millionaire if you contribute regularly and stay disciplined.
Agree with partner.
Also read Burton Malkiel and John Bogle before you start any trading.
In addition to above advise, if you are interested in equities then ETF might be an option for you for example “SPY” which mimics S&P 500 index. Once you are comfortable then, you can head to stocks but starting with blue chips such as, Microsoft, JNJ, Coca Cola and proctor and gamble etc. after you graduate with these then you can try growth/ tech stocks. It’s all about risk and reward. Higher the risk, higher the reward. One simple way to check how risky the stock is by looking at beta (volatility) where 1 is the mean, beta below 1 is low risk where above 1 is higher risk. Anyway, my two cents! Good Luck with this. Investing is fun and can be rewarding but it’s a marathon not a sprint.
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