So, I’ve maxed out my Roth IRA(6k), 401k(5% match), and have a 6 month emergency fund. What are some other ways that I can save money? I have some money in Robinhood, some in errands etc. Edit 1: TC 100k YOE 2 Edit 2: just want to say that you guys are a wealth of knowledge! Thanks for helping.
Max out 401k ($19k) assuming your employer has decent investment options.
Go to r/financialindependence and look at the FIRE flowchart.
Why not regular 401k. Roth is after tax. Get the deduction now, save on taxes.
Edited title. I have a traditional 401k and a separate Roth IRA where my money can grow tax free.
401k can be Roth too. Roth means you could do early withdrawal without penalty up to what you have contributed. You would only get penalty on the gains if you were to withdraw early.
HSA if available, then taxable brokerage. Good job maxing everything out!
Don’t have HSA. Have a fidelity taxable brokerage. And I try to invest in S&P when I can.
Simple s&p 500 tracker and you are set!
Robinhood MU, TSLA, TLRY, BYND and YY calls
Assuming you are young professional and don’t have crazy obligations other than education loan debt. Then I would suggest invest in getting experiences after covering those areas you mentioned. Be it learning, travel, business idea you are passionate about... at that age I would value experience more than extra 50 grand in next 5 years...
Thanks! I’m 29.
Get a tax advantaged annuity set up, possibly. Guaranteed income. At least get a good financial advisor. Best money I ever spent
What’s a tax advantaged annuity? I’ll look into financial advisors. How much do you pay for your advisor now? Is it a one time thing? Any recommendations?
Bad advice.
Invest in yourself
100k
Increase it