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re: Advice for a 20 year old - warning tl;dr
Posted on 10/28/12 at 3:08 pm to Reuben32
Posted on 10/28/12 at 3:08 pm to Reuben32
quote:
What should I be doing to prepare for retirement(long ways way I know)?
What are some differences between different accounts? There are so many you guys talk about I feel a bit overwhelmed.
I feel very lost when it comes to taxes. Is this normal or will I understand it as I go?
Is there any basic guide I could look at to help me out?
1. Re: retirement, right now just concentrate on keeping your inevitable student debt minimized as much as possible. Study your arse off and get into PT school and get a good job. This is your first step to retirement.
2. There literally are tons of accounts...in your situation, I honestly wouldn't even worry about that right now. Especially since you're barely making ends meat...but if you absolutely want to put something away right now, I would opt for a Roth IRA (any financial house will have these) unless your job lets you have a 401k and they match
3. Taxes really aren't complicated unless you get into things like owning your own busines, rental property, etc...Even then, you can do everything on your own online for less than $100.
4. A book I would suggest you start with is I will teach you to be rich - the author is kind of arrogant, but it's no BS guide to personal finance
This post was edited on 10/28/12 at 3:11 pm
Posted on 10/28/12 at 5:06 pm to cpsilo1
go out and have some fun. get the things you want before getting married. if not, you may never get them. boat , 4 wheeler, big TV, etc.
don't go in debt, but enjoy it man....
also, one of my friends saved money hand over fist with small jobs. about 17 grand. new wife went thru the whole thing in no time.
PS, don't tell anyone what you save either. that's your money.
don't go in debt, but enjoy it man....
also, one of my friends saved money hand over fist with small jobs. about 17 grand. new wife went thru the whole thing in no time.
PS, don't tell anyone what you save either. that's your money.
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