Sorry if this sounds redundant or just silly. I’m 21, just started my personal & professional journey.

I am currently paying my loans (24k), I’m maxing my 401k, and opened my Roth IRA (probably won’t be able to max for tax year 2020). HSA isn’t an option yet, still on mum’s plan. Lastly, I am putting money aside for an E fund.

Question is, aside from the accounts mentioned above, should I be doing anything else? I am confused if I should have another portfolio just for investing alone.

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You should be maxing out the Roth IRA before the 401k. The principal in a Roth is accessible at any time penalty free, so acts as another source of emergency funds if necessary.

likehelpful

If your 401k isn’t Roth, I’d prioritize 1) 401k to max matching, 2) cap Roth IRA, 3) some rainy day (less important bc expenses are so low), cap 401k, 4) after tax 401k and roll to Roth IRA.

It’s ok to do some personal investing for standard investments if you want, but I’d usually just do index funds to reduce the attention I need to pay.

likehelpful

This is literally what I do. I stop at capping Roth IRA and company match 401k. Everything else goes to brokerage account and real estate

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Second this. I max Roth IRA and then only contribute up to company match for 401k (this is a preference bc I like my cash to be more liquid)

likehelpful

Total pre tax income is 70k. Living at home and paying minimal rent + car insurance.

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Nothing wrong with maxing your 401k at this stage, assuming you have at least a 3 month emergency fund. Especially since you're not sure what to do. Take some time to learn and then get a brokerage account to invest in a more array of options. You have plenty of time.

helpful

I was in this same position at 23 when I graduated college. I would prioritize knocking out your student loan and than focus on everything else. Once I finished paying my loan off, I opened a bridge account (brokerage account) after maxing out my Roth.

helpful

I'm in a somewhat similar scenario to you, and I utilize a 401(k), IRA, and Taxable Account. I have all of these accounts with similar investments (low cost index funds that track S&P500 or Entire US Stock Market).

helpful

Yes so I missed out a critical info, thanks A1. My 401k is pre tax, I’m trying to maximize my take home atm to fund my student loan payments. Thanks & sorry guys!

No need to apologize. You're learning and asking the right questions. Keep up the good work.

likeuplifting

I just wanted to reach out to all & thank you. All these different voices & perspectives, it has given me more input to plan my money. I plan to keep ya’ll updated as time goes by. Thanks again!

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