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Started By
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Maxing Out Retirement Savings
Posted on 12/22/21 at 9:25 am
Posted on 12/22/21 at 9:25 am
Trying to keep this short and simple. I just turned 29, married with two kids. Luckily I am in a position with my career where my wife doesn't have to work. Currently I max out my 401k: 4% traditional 16% Roth. I also max out mine and my wife's Roth IRA's. $250/each a month goes into my kids custodial accounts with the hope this will cover college, weddings and possibly a home that can be used as rental income once they have graduated.
Being relatively new and ignorant to investing, what should be the next play for me? Brokerage account? Finding a good FA to manage my investments? Open to any and all advice. Cheers
Being relatively new and ignorant to investing, what should be the next play for me? Brokerage account? Finding a good FA to manage my investments? Open to any and all advice. Cheers
9
Posted on 12/22/21 at 9:35 am to Hunter6868
I would just open a vanguard account (FA just want your $ imo), and invest that way (toward estimated retirement age/year). Others will suggest differently, but its to preference of what you are comfortable with (are you scared of stock market? Etc). GL
Posted on 12/22/21 at 9:45 am to Hunter6868
you are stuck in one market/mindset. expand.
rentals
flips
lend to HML's.
that way you get stocks and RE. plus cash flow now.
Do you know how to trade futures??
No? then learn. read sticky thread.
is your empire built already? in multiple sectors? You really need help? now? as a beginner? educate yourself. you can manage on your own until you feel you have too much on your plate or if you fail in your decision making skills.
whatever the frick you do DO NOT GO TO EDWARD JONES!
rentals
flips
lend to HML's.
that way you get stocks and RE. plus cash flow now.
Do you know how to trade futures??
No? then learn. read sticky thread.
quote:
Finding a good FA to manage my investments?
is your empire built already? in multiple sectors? You really need help? now? as a beginner? educate yourself. you can manage on your own until you feel you have too much on your plate or if you fail in your decision making skills.
whatever the frick you do DO NOT GO TO EDWARD JONES!
Posted on 12/22/21 at 9:45 am to Hunter6868
(no message)
This post was edited on 1/1/22 at 12:13 pm
Posted on 12/22/21 at 10:17 am to Hunter6868
quote:
Trying to keep this short and simple. I just turned 29, married with two kids. Luckily I am in a position with my career where my wife doesn't have to work. Currently I max out my 401k: 4% traditional 16% Roth. I also max out mine and my wife's Roth IRA's. $250/each a month goes into my kids custodial accounts with the hope this will cover college, weddings and possibly a home that can be used as rental income once they have graduated.
Damn, having two kids and being able to invest that much but still being at an income level that allows you to contribute to the Roth's (all the other stuff) is pretty impressive.
This post was edited on 12/22/21 at 10:18 am
Posted on 12/22/21 at 11:53 am to Hunter6868
When the kids are old enough perhaps middle school aged put your wife back to work and have her max out a 401k and put the rest of her salary towards a brokerage account and savings.
Posted on 12/22/21 at 3:59 pm to Hunter6868
Buy some Apple stock and rejoice in 30 years.
Posted on 12/22/21 at 6:18 pm to Hunter6868
I know you said custodial: 529 plan wuld be a presumption that specific kids would go to college but it seems like a logical tax shelter place to put money in your situation.
Posted on 12/22/21 at 8:31 pm to Hunter6868
Can you contribute to HSA?
Posted on 12/23/21 at 9:10 am to Hunter6868
quote:
I max out my 401k: 4% traditional
You make $500k at 29? What do you do?
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