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Message
re: Need help starting my 401k
Posted on 12/31/23 at 7:18 am to FLObserver
Posted on 12/31/23 at 7:18 am to FLObserver
quote:
Hey Fallguy you mention tech heavy growth fund would you happen to have the name of that fund?
Fidelity Growth Company is one of my options in my 401k which is what I was referring to.
I don't think it's 90% tech. My options kind of suck in my 401k. I just max the match and then go to Roths for me and my wife.
This post was edited on 12/31/23 at 7:29 am
0
Posted on 12/31/23 at 8:36 am to Byrdybyrd05
Consistently saving/investing over many years is key. This is probably more important than what funds you choose to invest in. Start now and don't stop!
Always take the company match! 6% match is about as good as it gets so take advantage of it. Then also fund a Roth. Hopefully, your company offers one because having it set up to come out of your paycheck is a great way to fund it consistently.
Having both tax-deferred (traditional 401k) and Roth accounts will provide you tax diversification latter in life when you are using the money.
I was generally a low cost index guy. These type funds charge much lower fees than the more managed funds. S&P 500 is usually a choice and a good one. 2 others that I use are Russell1000 and Russell2000. 1000 is 1000 large companies and 2000 is 2000 medium/small companies.
But again, what you choose to invest in is probably less important than making sure you are consistently investing. Do it consistently and be patient. It takes a while for the money to grow to significant amounts.
Always take the company match! 6% match is about as good as it gets so take advantage of it. Then also fund a Roth. Hopefully, your company offers one because having it set up to come out of your paycheck is a great way to fund it consistently.
Having both tax-deferred (traditional 401k) and Roth accounts will provide you tax diversification latter in life when you are using the money.
I was generally a low cost index guy. These type funds charge much lower fees than the more managed funds. S&P 500 is usually a choice and a good one. 2 others that I use are Russell1000 and Russell2000. 1000 is 1000 large companies and 2000 is 2000 medium/small companies.
But again, what you choose to invest in is probably less important than making sure you are consistently investing. Do it consistently and be patient. It takes a while for the money to grow to significant amounts.
Posted on 12/31/23 at 1:29 pm to Byrdybyrd05
quote:
Yes, I am 36 years old and thanks for the great advice! When I told my dad I am finally starting my 401k, he just had that disgust look on his face of disappointment lol.
Yeah while probably true… the day you start is a good day.
Mine talked me into it in 2017 i think when I was in my late 20’s and finally done with school and out in my own .. I was like dad there’s no way I can do without that $500 a month that I was putting in… I need that money… and he said yeah you’ll just have to budget better
Now I don’t even miss the money that goes into it.. it takes some discipline but eventually you’ll be happy you’re doing it
And I’m glad he talked some sense into me… and I’m nowhere a baller status like a lot on here but my 401k has $80,000 in it and look forward to growing that and seeing how high it can go
Posted on 12/31/23 at 8:25 pm to Lawyered
Max out for the ER match ( it's free money ), diversify ( you'll want most of yours in growth due to age ) and you'll be fine. Time is your best ally.
Posted on 1/2/24 at 10:03 am to Byrdybyrd05
If you can put more than 6% if you have little debt.
Posted on 1/2/24 at 3:23 pm to Byrdybyrd05
Does your company offer a Roth 401K plan? May be a good option.
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