Hey gang, Just maxed out my 401k with my bonus. Was going to use the rest to max my IRA via backdoor, but kinda want to trade in my mustang gt and use the rest to buy out a M340i instead. M340 is 42k What do y'all think? Yolo? Am turning 25 at eom btw More context: have 79k in HYSA, 80k in brokerage, and 100k in 401k Tc 250
What’s back door IRA?
How to contribute to IRA post 401k max
OP you need to first learn what back door IRA is
Also, YOLO
The cutoff to change selections for backdoor Roth for bonus was 6th March You missed the boat.
For 2024, planning to do after tax 401k then conversion to IRA
if you want to use bonus for it you can't make the election any longer. Normal future paychecks sure.
At 25 I'd save it. At 40 I'd spend it unless <2m in non primary home NW
My investor hat says what you're telling me, my I'm about to turn 25 hat says yolo
Yolo
🫡🫡🦻🏻
I would prefer a mustang GT over M340i Try AMG, shows some class. BMWs are for losers.
To each their own, yeah? To me AMG = actual M, M340i equivalent is like a C43 AMG, which a 4cyl turbo or a glorified Jetta imo :/ The mustang just isn't practical when it snows or for when I leave at 6am + horrible on gas
You have a long life left to invest. Buy the car now and invest at your next big harvest 😊
You’ve already decided just go with it lol. Btw good choice of a car.
LOL thanks dude
You are young, not married, no kids. this is the time for you to live your life. You won't be having this flexibility post marriage. Live your life !
#real LFG
Buy M3 instead.
Looking for something cash. Don't want to spend too much out of pocket or else I'd be eying a G8X M3 🫡