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re: What do I do with my money next?
Posted on 8/22/13 at 1:48 pm to Duckman13
Posted on 8/22/13 at 1:48 pm to Duckman13
Step 1) Emergency $$$
Step 2) Debt Snowball (Google)
Step 3) 3-6 Months living expenses
Step 4) Max out 401K to company matches
Step 5) Max out Roth IRA for each of you
Step 6) If you already make too much money or after you have maxed out ROTH IRA, max out traditional IRA
Step 6) Either Invest in Stock Market or you could start looking at investments in Real Estate and rental property
Thats all I have for now, good luck!
Step 2) Debt Snowball (Google)
Step 3) 3-6 Months living expenses
Step 4) Max out 401K to company matches
Step 5) Max out Roth IRA for each of you
Step 6) If you already make too much money or after you have maxed out ROTH IRA, max out traditional IRA
Step 6) Either Invest in Stock Market or you could start looking at investments in Real Estate and rental property
Thats all I have for now, good luck!
2
Posted on 8/22/13 at 1:59 pm to tdavi48
Hey thanks y'all. So I can do an IRA even if I have a 401k? I have a 30 year mortgage on a house and an emergency fund. I also have whole life.
When you say invest in the stock market, what do you mean? Do research and pick stocks or just buy another mutual fund? My 401k is in mutual funds, but should I get more even without the tax benefit.
Again, thanks for the help.
When you say invest in the stock market, what do you mean? Do research and pick stocks or just buy another mutual fund? My 401k is in mutual funds, but should I get more even without the tax benefit.
Again, thanks for the help.
This post was edited on 8/22/13 at 2:01 pm
Posted on 8/22/13 at 3:48 pm to tdavi48
quote:
Step 6) If you already make too much money or after you have maxed out ROTH IRA, max out traditional IRA
Correct me if I'm wrong, but I thought the IRA contribution limit applied to the combined contributions to both a traditional and ROTH IRA? Hence if you contributed $2,500 to a ROTH, you can only contribute $3,000 to a traditional.
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