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Message
re: Uh oh - savings
Posted on 4/24/13 at 6:42 pm to Teddy Ruxpin
Posted on 4/24/13 at 6:42 pm to Teddy Ruxpin
quote:
Since you can only do one or the other, the ROTH is better because you can contribute to it and if the emergency doesn't happen, you are good. If the emergency happens, you're still good. If you just put it in the Emergency fund outside the ROTH and the emergency doesn't happen, you lost out.
In this scenario, yes I agree. But 1 is not a replacement for the other, you should do both if you are able.
2
Posted on 4/24/13 at 6:51 pm to Vols&Shaft83
Ya, I was in my first full year of employment in 2012 so I'm starting the building process. Being almost 28, I figured I had good odds.
Then I broke my damn finger playing in a flag football game I didn't even know about an hour earlier until they needed a guy. Such shitty luck.
Then I broke my damn finger playing in a flag football game I didn't even know about an hour earlier until they needed a guy. Such shitty luck.
Posted on 4/24/13 at 8:51 pm to Vols&Shaft83
quote:
you should do both if you are able.
If you are able to max your Roth and max your 401, you probably don't need an emergency fund that badly b/c you can borrow $50K against your 2% HELOC without a problem. Keeping money in cash may still not be your best option.
But yes, using your Roth as an emergency fund is clearly better than keeping it outside a Roth, since the taxman won't take a slice off your returns.
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