Hey Blind, I’m 24 and don’t have a lot of expenses right now, so I’ve saved up some money that I would like to invest. However, I’m new to investing and am not sure what I should prioritize first. Should I prioritize maxing out my 401k first? (Amazon’s match is 🥜) Setup a Roth IRA? How do backdoor / mega backdoor conversions play into this? Also, does it make sense to create a regular investment account without first maxing retirement accounts to make use of tax advantages? Any advice would be appreciated! #investments
Follow the flowchart: https://imgur.com/u0ocDRI
I would say Roth> 401K > brokerage Also, do t try risky investments. Just do index funds and chill. Time is the biggest multiplier in compounding over long periods…. You are doing great by making an early start
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The order should be: 401k > Roth > Index Funds > Stocks > other investments