I'm currently 23, living at home with family and have little to no expenses. Is it a smart decision to max out my 401k and Roth contributions? I'm pretty new to this and am genuinely curious. Thanks.

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Well everyone is ignore the obvious. If you plan on moving out in 1-3 years, get an idea of what rent/mortgage payments would look like for you. It's great to invest/save for your future. Although don't go maxing out all of your retirement accounts and when time comes to move out everything is stuck behind retirement accounts with penalties for withdraws.


Generally yes. Depends what the alternative is. If it's just going to sit in a savings account instead for no reason, you'd be better off maxing those.


Take a look at where you want to be in 5, 10, 25 years. Do you want to own a house someday? Maybe you want to start saving for that. Do you want to retire at a certain age or location? Probably should save for that. Do you want to take a big trip somewhere cool? Save for that too!

I find it’s easier to save money when I have a specific thing I’m saving for, rather than just, “well you SHOULD save some money every month.”

You can't start soon enough.

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