At least get the company's 401K match. I would max a Roth IRA before putting extra in 401-k. The main thing I found is keeping all other miscellaneous debt to a minimum. Keep credit cards under control and don't live beyond your means. I also try to keep a well padded savings for emergencies. Having at least 3mo of bills in savings is a good amount, 6 mo. to a year is ideal. After I got all of that down I started realizing I could contribute more into a diversified portfolio. Never hurts to have a little bit in commodities such as precious metals. Rental properties will be acquired thanks to my father. Don't put all your eggs in one basket! Sent from my iPhone using Bowhunting.com Forums
For now I just put in the Roth 401k 4% that my company matches. Idiotic to turn down free money. Outside of that, for now I'm chunking away debt (student loans) to free up monthly disposable income. I hope to purchase my first rental property in the next 18 months as well. I would dive into investments sooner, I just know if I leave my current job or have to move to another state I will take a substantial paycut, and I couldn't maintain my current lifestyle with the amount of monthly debt I have. If I can stay focused for next 3-5 years, I'll be set.
I copyrighted the phrase "with that being said"© back just before Season 2 of BHOD. Royalty checks should start rolling in aaaannnyyyy day now...
I put 12% in my TSA and 8% in my wife's 401k with 3% matching on top along with an annual bonus contribution from her company. We rolled her old 401k into an IRA as well. We don't qualify for a Roth unfortunately. I also have good pension. Sent from my SM-P600 using Tapatalk
You can still put it in a Roth you just need to do a backdoor Roth and convert it from your existing IRA. Loophole from 2010 that they have not fixed yet. Sent from my iPad using Bowhunting.com Forums
This is the stuff they need to teach in college, stuff that will help you plan and succeed in life. I know the basic ins and outs of investing but not near as much as one should.
I make 6 figures as a stripper. See, what I do is come out completely naked. The ladies throw money at me to put my close back on. By the time I'm fully dressed, I'm standing in a huge pile of bills.
100% agree; except they should start in high school. I'm not a stupid person and when I graduated I had no idea what compound interest was, much less investment strategy, etc despite getting an A in AP Economics- It simply wasn't taught; and while my parents were good at many things getting ahead financially was not one of them. I also got Bs in both micro- and macroecon in college...and still had no idea how to manage personal finance. I could talk about Laffer Curves, Keynesian theory, and Supply vs. demand- but not balance my checkbook. It took me until my late 20s dig myself out of debt/credit hole I incurred during college. The biggest travesty of public education is the careless disregard for personal financial management skills...it borders on criminal negligence and I'm not so sure it isn't intentional. Financial illiteracy = governmental dependency
Not sure where your looking for land, but North Central WV still has large tracts of land at about 1000.00 bucks an acre. just saw 170 acres with an asking price of 170,000.00.
