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Recommendations for a Roth IRA?
Can anyone shed some light on quant funds please? https://groww.in/mutual-funds/escorts-tax-plan-direct-growth
I am seeing stellar returns and extremely low expense ratios but apparently since they're quantitatively managed algorithms, they don't account for things like corona for example.
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There’s nothing wrong with putting in more
Create spend plan by dividing after tax monthly income across spend buckets (housing, car, food, savings, party $, etc) by rule of thumb percentages.
Adjust your lifestyle to your spend plan and then:
1. Max 401k
2. Max IRA
3. Max HSA
4. Surplus to brokerage
5. Never worry about money again and enjoy life as you make yourself rich AF 👍🏼
I dig your purple sweater btw!
You can directly invest $x into an index fund through Fidelity. I have Fidelity take money out of my bank on the 1st and 15th of every month
HSAs can rollover till you die. Consider it a savings account for expenses when you hit 65. Everyone will have medical expenses at one point
Yeah how is this a bad thing? That’s my saving philosophy. I have always maxed out my 401k regardless of match. I also have money auto taken out of my account into an investment account every month so I always feel poor (and therefore don’t spend it).
Forced savings is the way to go. As my father said, "pay yourself first.". If you don't want it all in a tax deferred vehicle, you can set up an account with Vanguard or Fidelity and put a predefined amount into an index fund by automatic debit monthly. Out of sight, out of mind.
I would match the 6%, then open up your own IRA and put the excess in there. Vanguard or Fidelity. That way you can monitor, have more control/choices, and diversify.
I keep two checking accounts. I only have a card for 1. I put like $120-150 in it each week. The remainder goes into the other account and at each $1000 interval goes into my investment account. I travel though so it makes sticking to 120 a week easy
The other well know method is the envelope. You just take out cash for your weekly budget, and only spend cash
contrib to 401k upto the max company match, then contribute to roth ira, then espp, then back to your 401k.
I think this is totally fine, just make sure the 401k money is being invested well. Or open a Roth IRA and try to hit the max $5,500 per year contribution. You can contribute throughout the year so put a certain % of each paycheck or per month in the IRA and make sure it’s making money.
Assuming I have a Roth and 401k already, what’s the easiest brokerage account for my surplus savings - open in Merrill since I already have BoA for checking, or something like fidelity since that’s what EY uses and it might be easy to link?
Take that marginal investment above matching, and go to Vegas. Better idea
Why do people recommend maxing HSA? What if I know I won’t be using all that $ on health stuff? Can you do anything with what’s leftover??