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Additional Posts in Accounting
Can't focus on Friday! I hate Audit
Any clue when the scatter plots are out?
Think they'll mind me taking PTO this week?
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Roth IRA assuming you meet the income requirement. I’d invest in index funds for long term growth. I wouldn’t select individual stocks since you’re a new investor. Another thing is to familiarize yourself with investing terms (ie: expense ratio, asset allocation, small-large cap funds, etc.)
No problem. I just know too many people who are phased out and still contributing to a traditional IRA and missing out on half the tax benefits of IRAs. I wish that Congress would just fix this part of the Code. They're just fleecing people who don't realize there's a backdoor.
Google “three fund portfolio”
Consider a Roth IRA if you’re currently making less money than you expect to withdraw in retirement, or a traditional IRA if you’re making more. Check out the caps for AGI for each to make sure you qualify.
If you have or want an HSA, consider that once it hits a $1,000 balance, you can start investing that, too.
Robinhood it uo
buy high, sell low
Setup a Roth and buy Tesla - and don’t touch it for 20 years.
SNDL
Chase bank has a commissions free brokerage and unlike robinhood will give u access to mutual funds
Roth IRA’s are pretty simple to start with, good way to compliment a 401K
When you started working you should have had:
1) 401k (10% always or up to employer match if above)
-don’t use the target date funds, especially if you’re young. They have such low return for the risk. Allocate between small/mid cap/large corps/other
2) 6 months expenses in savings/Money Markets/treasuries (5-10%)
3) remainder of money left after expenses in mutual funds/stonks(if you’re putting in time)
With your first child on the way, add these:
1) life insurance (you can also use this to put down money on your first house, so it’s a good play)
2) 529
Neither life insurance nor 529s need to wait for a child.
Not entirely sure I follow how life insurance is used for a house down payment
1) 401k enough to get your employer match. If by some miracle you're in the 12% bracket, use a Roth 401k if your company offers it.
2) Beyond the match, it's your choice between 401k, Roth 401k, and Roth IRA. The 401k options are a little bit easier, but if the expense ratios on your 401k's funds are above 0.3%, it'll cost you more.
For a normal retirement in the mid 60s, 10-15% of your gross income (including employer match) is a good target. Sometimes it's higher or lower depending on current circumstances (kid, house, in between jobs, etc.)
For investment choices within a 401k or IRA, the two easiest options are (1) a target date fund or target date option and (2) a three fund portfolio. Target date options are the "#1 hamburger combo" of retirement portfolios: everything bundled together conveniently, with a slight fee for the convenience ($15-50 per $10,000 per year above a three fund portfolio). A three fund portfolio is "hamburger, fries, and a drink": the cheapest S&P 500 or total stock market index fund, the cheapest total bond market index fund, and the cheapest international stock fund. It's a bit cheaper than target date options, usually $2-30 per $10,000 per year.
Roth IRA is a great start, especially its pretty much free at Schwab ( no commission fee). You can check the stock’s rating (buy/sell/hold) as well
Invest in ETFs. I would recommend a cannabis oriented one (such as $MJ) given Bidens upcoming presidency.
I would also recommend investing in crypto such as Bitcoin or Ethereum.
If you want to play it safe and let your money compound over the years it’s always a safe bet to invest in $SPY (S&P 500) and QQQ (Nasdaq).
If you want a different strategy you can also invest in high dividend yielding ETFs such as $YYY
401K up to company Match, Roth IRA, then depending on income either max you’re 401K for the year or dump the rest into a taxable brokerage (buying a house soon, etc.).
Investments should be in index funds. Preferably S&P 500 as it’s diversified and consists of a decent spread of investments risk wise.
Mutual funds
Roth IRA
So what I am guessing is just do a Roth IRA for now. I also have an appointment next month with an advisor at Merrill, of Bank of America. Any thoughts?
SNDL
Invest in gold and Tesla 🤑🤑🤑
Buy OTM weekly nio calls
What is that?
What are your savings goals for retirement (401k, IRA, other savings.) I hope to reach a combined $1 million by age 55 - is that going to be enough?
I have a similar goal in mind. I think I am going to open up a Roth IRA, in addition to my 401k, and see what happens. I am pretty conservative; any advise? Maybe bonds?