#FinancialAdvice #Investing #401k #RothIRA #Savings
Hey everyone! đź‘‹ I’m 23 years old and just finished college. I recently landed a job that will pay me around 72k a year, which is exciting! đź’¸ However, I want to make sure I’m setting myself up for long-term success.
I have a few questions and would love to hear your thoughts:
– My job offers a 403b and I’m currently contributing 10% per paycheck, with a 6% match. Is this a good percentage, or should I consider adjusting it?
– I’m thinking about opening a HYSA with Capital One and a Roth IRA with Fidelity. Any other suggestions on where to put my money?
– What should I do with the extra funds? Should I consider investing in the stock market?
– I come from a family that has struggled financially, and I want to break that cycle. Any advice on how to set myself up for success and build a secure financial future?
As a possible solution, here are a few tips that others might find helpful:
– Consider increasing your 403b contribution to maximize the employer match.
– Opening a HYSA and Roth IRA are great first steps for saving and investing for the future.
– In addition to those accounts, consider investing in the stock market for potential growth over time.
– Educate yourself on personal finance and seek advice from financial professionals to make informed decisions.
I look forward to hearing your insights and advice! Let’s empower each other to achieve financial success. đź’Ş #FinancialFreedom #WealthBuilding #PersonalFinance
To add to this: I also have a sign on bonus from my job that I don’t want to spend outright but I would like to put it to work rather than have it sitting in my bank account collecting dust. Like I said any advice helps!
Good start. Consider increasing your contribution rate by 1% every time you get a raise. Before you know it you’ll be at 15 then 20% but you won’t feel it because your paycheck is still growing.
Make sure you are out of any debt first. Create your emergency fund of at least 3 months if you don’t have one yet. Invest in a nasdaq 100 index fund(do research) and s&p 500, have these two index funds till you retire. Lastly buy a few stocks if you would like I would suggest big market cap tech stocks such as Apple and Microsoft to start off
M20
Congrats on starting early! Consider automating your investments, and review your budget regularly.
Great start! Read “The Simple Path to Wealth” (JL Collins). It’s fantastic and very highly regarded. He wrote it to help teach his teenage daughter about finances, and you will learn a lot.
What’s ur student loans. What’s ur other debt car and etc. what’s ur plan.r u renting or living at home. Lots of questions. 403bs don’t do it for me but if ur job matches great just also think about ur 23 what if u leave ur job in 2,4,5 years what then. Would a Schwab account and etf and the big 6 stocks get u 10+ return ur young if u could invest 5-10k a year now for 5-10 years could be worth millions at 65