Hi Blind community,
I need investment advice from the high TC veterans. Current TC is $162k cash and some stocks. I am 24 years old and I have no debts except for a car payment. My plan is to put 6% into 401k and put rest into Roth 401k up to $20,500 limit and I would max out mega back door Roth up to $40,500. The remaining money that I would save would go straight into a brokerage account. I don't plan to buy a house for the next 4 years so I don't want to save up money except for an emergency fund
My plan is to put all this money into different Fidelity Index funds and I am also open to suggestions on what index funds have given you the best benefits in the past years. I want to be aggressive because I don't need this money for the next few years.
Iโd massively benefit from your suggestions
#personalfinance #investments
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However, just remember that you can't access your 401k and IRA before 59 1/2 without penalties. You're 24 and wanting to FIRE early (earlier than 59) so you'll need to plan to have enough in your individual investment accounts to cover the gap.
This is an extremely high savings rate to pull this off. Are you still living with your parents? How do you have enough left over to cover rent, utilities, food, clothes, dating, etc?