Quote:
Originally Posted by Titty Meat
I got a job offer that's going to pay me more than I've ever made in my life (I'm a few years from 40 so I guess it's about time) I figure I'll have about 10-15k I want to invest my first year. Is that a good amount? Where should I begin?
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First thing build a savings account that has 6 months worth of bills. Keep it in cash. This is your in case shit money. In case shit happens. Find the highest interest rate savings account you can.
The job will likely offer you a 401K. Hopefully with a ROTH option. If they don’t or it is a traditional 401K, start a self directed ROTH IRA.
Max out ROTH investment. If it is a 401K with a ROTH option I believe the max is 20,500. If you have To use a ROTH IRA the maximum is 6,000. If you can max out the Roth investment then put the rest (or max out) a traditional 401K or traditional IRA.
In those funds, either buy a S&P index fund or a Target Dated Retirement Fund.
Do those things first.
Operate the cheapest reliable vehicle, preferably paid for with cash (**** car payments).
I honestly don’t know whether to tell you to buy a home in this lending/real estate environment. I’d lean no, especially if you currently have no retirement savings.
Congrats man. Make that money.