Investing 1k/ month

Well if you do $1000 a month in a roth. you will be done in 6 months, since the max a year is $6000.

ETA: I was wrong re the IRA. That said, I’d max your IRAs first, and then invest any leftovers into a traditional brokerage account.

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You’d have to open both a traditional IRA and a Roth IRA - $6,000 cap per each retirement account.

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This is wrong

You can max both a Roth and a SEP IRA (up to $57,000), but not both a Roth and Traditional.

But technically you have to be self-employed or a business owner to open a SEP.

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Just put it in a target date fund

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I'm not an expert but I wouldn't recommend a target date fund. Those, in my experience, have done poorly for me.

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better yet dump it all in a total market or SandP500 index fund with very low expenses like .03%

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THAT is the way I would go. Much better returns and a much better solution for you if you're young (under 50) in my opinion.

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You can max both a Roth and a SEP IRA (up to $57,000), but not both a Roth and Traditional.

But technically you have to be self-employed or a business owner to open a SEP.

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so, if I have a regular job (w2) but also have a side job (let's say selling things online), I can open an SEP IRA for the online job correct?

Correct. But the sep is 25% or $57k the lesser of not just $57k like this person said. And it’s 25% of your Taxable amount. So if you don’t show a return you can’t put in to it. It’s not that simple.

Probably need more context as to what your goals are... are you saving for retirement, a house, kids college?

I’m 24. I do $500/month to a Roth and $1000/month to a Robinhood account. The Roth is for retirement savings and the Robinhood account is for an eventual house down payment.


There’s really no reason not to max a Roth because you can use the contributions + 10k towards a house without penalty.


You don’t need a money manager at $1k/month. If you don’t have the time or interest to pick stocks, just search best ETFs for growth. I like MTUM.

Thanks for all the replies! Please keep them coming.

What’s a good IRA?

At the moment I’m going with Chase since I already bank there. Is it transferable from one institution to another?

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No you’re limited to $6k total for the year, but you can split that $6k between the two accounts.

But you can’t put $6k in each.

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Gotya. I just have the Roth, but thank you for clearing that up.