Alright, so I landed a new job with a raise of 27, roughly $400 extra each bi-weekly check. How do I make the most of of. I already own my home, have 20K in my old companies 401K, new company pays $75 a month towards student loans. I’m 24 and this is huge for me so I want to set myself up as best as possible.
•20k in old 401K, do I roll into Roth IRA?
•Do I just pay minimum on student loans now that I get free money towards loans? (21K remaining)
• I already own a home (Purchased March 2021), should I put extra money each check into a Roth IRA?
• Most likely will be hiring a dog walker @ $75 a week due to change in schedule.
• New 401k is basically the same as old 401K so I was continue contributing 10% of my money, their contribution is 1% on the dollar, 2-5% matched at 60%. (Is my logic okay or is it just worth contributing the 5?)
https://www.reddit.com/r/personalfinance/wiki/commontopics
* Yes, roll old 401k into rollover IRA. Open Rollover IRA at Fidelity/Schwab/Vanguard and then call them and tell them you want to rollover old 401k. They will start the process for you. Once rolled over, invest in broad index fund like VTI
* I wouldn’t only pay the minimum. By my calculation if employer pays 75/month towards your student loans it would take ~23 years to get rid of them. I would continue to pay them down as you have been and consider the 75/month a nice bonus/acceleration
* Max out Roth IRA (assuming you have an adequate emergency fund in savings at all times of 6 months living expenses – if not top off emergency savings first)
* For new 401k contribute up to the point where you get the maximum employer match and then switch to maxing out Roth IRA. In the 401k look for a broad total stock market index fund or an S&P 500 fund if there is no total market index fund
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