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re: Just got a new job making nearly 50k.
Posted on 5/26/16 at 12:31 pm to xxKylexx
Posted on 5/26/16 at 12:31 pm to xxKylexx
-Roth401k to match amount at the very least, + as much as you can afford to put in (max is 18k annual) if they have the Roth401k option available through your retirement plan
If not, then 401k to match amount then open a Roth IRA and max that out (if you can afford to - considering living expenses and any other necessary expenses you may have)
-Also set aside cash every month for an emergency fund (set an amount and stick to it)
ETA: Check with your employer to see if your company offers a Roth401k option, after reading the comments it appears many people on this board are not aware that a Roth401k even exists
If not, then 401k to match amount then open a Roth IRA and max that out (if you can afford to - considering living expenses and any other necessary expenses you may have)
-Also set aside cash every month for an emergency fund (set an amount and stick to it)
ETA: Check with your employer to see if your company offers a Roth401k option, after reading the comments it appears many people on this board are not aware that a Roth401k even exists
This post was edited on 5/26/16 at 1:00 pm
1
Posted on 5/26/16 at 8:37 pm to Tiger4life306
The Roth 401K is good advice, especially for someone starting out. Something else that his company may offer is an employee stock ownership plan (ESOP). It's important to have a good feel for the financial health of the company before putting significant money in. But with most of the ones I've been in offering a nice discount to market price (usually in the 20% range), a financing plan that allows the interest to go back to the employee and getting to keep the dividends on the stocks (prior to the loan being paid off), it's possible to make a very nice return on SOME of them.
And like someone else said, ain't nothing wrong with $50K a year for a young, single fellow. You're doing well.
And like someone else said, ain't nothing wrong with $50K a year for a young, single fellow. You're doing well.
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