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What do people do with the money they save for a car and house? Put it in savings, invest it, put it in 401k, etc.?

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You’re a tax manager and you don’t know if the rules are different for ira’s and 401K, please do my taxes lol

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Please stop what you are doing and proceed to the nearest community college and sign up for the intro classes that you must have been sleeping during.

likefunny

Anything you will need near term should be in something liquid and not risky

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Lotto tickets!!!!

funny

Online savings account and no penalty CDs

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😂 putting savings for a car in a 401(k)

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There are certain things that you can withdraw from IRA (not to be confused with 401k because I believe the rules are different) and not incur a early withdrawal penalty. But aside from that you should but savings that you intend to use in the short term in high yielding savings, CD.

https://www.irs.gov/retirement-plans/hardships-early-withdrawals-and-loans

Roth IRA is a decent idea, if you dont already max out due to the first time homebuyers exemption. But as for investments inside whichever bucket works best for you, you would be better served with safe, non volatile investments if this is a short term goal

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