Apr
15
Willy Wonka asked:
My wife and I are about to be through with all of our credit card and similar debt. We have a new mortgage, 2 years left on a car payment and some small student loans. We currently contribute to our companies 401K so that we can get the max match out of the company.
My wife and I are about to be through with all of our credit card and similar debt. We have a new mortgage, 2 years left on a car payment and some small student loans. We currently contribute to our companies 401K so that we can get the max match out of the company.
As of right now, we want to start with about $100/week towards our fututure. What are some of the more practical ways to start investing/saving?
I don’t know if I have the risk tollerance to jump into the stock market. Should I go with a Roth IRA? If so, should I let a company manage the funds or would I be better of doing it myself?
Thanks,
Maureen
Comments
No Responses to “What is the best way to start saving/investing?”
My fi and have all of our savings in our savings in our companys 401k plans have all of high risk portfolio im 25 and you should contribute the additional 100 to your company that way the additional 100 is if youre saving for retirement.
Start with a Roth IRA -in a CD with the highest possible AYP.
For those services managing it yourself wont be as effective since you cant risk going into something safe like the loss of.
The money than you wont go to work have life too dont know how to go to big for those services managing it fully but they do.
The most simplistic way is just to throw the money into a savings account. But it will not accumulate much interest and it is liquid assests and easily withdrawn.
The second simplist way is to throw it into a CD. You can choose the length of the term and interest rates are usually better than savings. However, your money is tied up and if you get a special rate, if you don’t withdraw the money when it matures, you tend to get a pretty weak rate afterward and then your money is tied up again for another term (however long you choose).
A Roth IRA is one of the best things to do but you are limited to $4000 a year (currently). I would recommend making monthly contributions to it because most financial institutions that manages Roth IRAs will not allow mere $100 contributions. A word of caution in regards to the monthly contribution is that you will need discipline and not touch that money you designated for savings for other things. With a Roth IRA, you cannot deduct your contributions from your taxes however any interest gained and dividends paid are not taxable when you withdraw in retirement.
However, there are other flexibilities that a Roth IRA has that a traditional IRA does not. You can use it as a part (or all) of your downpayment for a new house and you can use it for higher education.
Keep contributing that max that your companies will match on the 401K will also help with your retirement future.
Lastly, remember that time is on your side. The longer you invest, the better. Don’t worry about the ups and downs of the market.
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