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re: New to investing
Posted on 2/4/14 at 8:11 pm to zbeaux13
Posted on 2/4/14 at 8:11 pm to zbeaux13
For n00bs with not very much money at all I suggest a couple of things:
1) The usual choice (and it is what I do myself) is to set aside as much as you can each month in a tax-deferred account such as a IRA or 401(k). I like the Roth since you can pull out contributions at any time without any penalty - this means it can double as an emergency fund while you build it up and still get the tax break.
2) Or (stay with me for a second) you can take up day trading. Not to get rich, but to figure out early when there isn't much to risk that yes, the market really is tough to beat and learn what your risk tolerance is. I've seen too many bored retirees decide they can get rich by day trading naked options, and yes you can do okay for awhile. Until it goes to hell. Better to learn this early while you can recover with future earnings.
1) The usual choice (and it is what I do myself) is to set aside as much as you can each month in a tax-deferred account such as a IRA or 401(k). I like the Roth since you can pull out contributions at any time without any penalty - this means it can double as an emergency fund while you build it up and still get the tax break.
2) Or (stay with me for a second) you can take up day trading. Not to get rich, but to figure out early when there isn't much to risk that yes, the market really is tough to beat and learn what your risk tolerance is. I've seen too many bored retirees decide they can get rich by day trading naked options, and yes you can do okay for awhile. Until it goes to hell. Better to learn this early while you can recover with future earnings.
1
Posted on 2/6/14 at 4:11 pm to foshizzle
quote:
I like the Roth since you can pull out contributions at any time without any penalty - this means it can double as an emergency fund while you build it up and still get the tax break.
What kind of tax break do you get on a Roth IRA right now?
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