I am 23 years old and I have about $45k in my savings account and $1,800 in a 410k with my job at a local grocery store chain.
When and how should I start investing? Do I invest in stocks, Roth IRA? I have no idea where to start please inform me.
I am 23 years old and I have about $45k in my savings account and $1,800 in a 410k with my job at a local grocery store chain.
When and how should I start investing? Do I invest in stocks, Roth IRA? I have no idea where to start please inform me.
When? Today!
How? Max out your 401K (if you can) and your Roth IRA and buy stocks/ETFs inside of it. You can put in $6000 per year into your Roth IRA. In fact, if you open one today, you can put in $6000 for 2021 and $6000 for 2022. Today is the last day to contribute to a Roth IRA for 2021
Start by reading the FAQ. Then feel free to ask any specific questions you may have about things that you are confused about there.
I would max out a Roth for this year and last year if it’s not too late.
Assuming you are lower income.
You have $45k in your savings account? Take $10k and put it into 7.12%+ ibonds for the next 12-15mo, and take it out 3mo after the rate drops, if the rate stays high leave it in. [https://thefinancebuff.com/how-to-buy-i-bonds.html](https://thefinancebuff.com/how-to-buy-i-bonds.html)
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Then open a Roth IRA (make sure you meet the contribution/eligibility rules) and put in $6k for ty2021 [you only have until Monday to do this] and $6k for ty2022 [you have a year to do this and put it in VT (or VTI+VXUS)
You may find these links helpful:
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
– [Investing](/r/personalfinance/wiki/investing)
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That depends on you. If it were me I’d start maxing out a Roth and 401k. I’d work towards a year of savings in a money market and invest through a company in stocks, etc designed based on your personal level of risk tolerance.
You should check out r/bogleheads where investing is so simple it’s boring.
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