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re: Where should I start putting extra money every month?
Posted on 2/26/17 at 5:34 pm to foshizzle
Posted on 2/26/17 at 5:34 pm to foshizzle
quote:
1) Contribute as much as you can to anything your employer will toss in extra for you. That's free money.
2) Then get a Roth going. Because you can take out anything you put in without a penalty, it can be a solid emergency fund too. Max this.
3) If 1 and 2 are covered, max your 401 up to the $18k limit.
This is what most people should follow. Sounds like you have steps 1 and 2 covered.
So now up your contribution to your 401k. Since all of these contributions are pre-tax, you are lowering your taxable income for the year. Only after you hit the 18K limit would you need to worry about putting money elsewhere.
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