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Started By
Message
Help me invest (student)
Posted on 4/1/18 at 6:59 pm
Posted on 4/1/18 at 6:59 pm
Hello Money Talk!
I’m currently a Junior in college and will graduate in December of 2019 with my Bachelor’s degree.
Currently, I have 2 credit cards (Discover and Chase Freedom Unlimited). Have had these for 3 years now and never miss a payment. Credit score in mid 700’s but fluctuates month to month.
I bank with Chase and keep about $300 in my checking account because I never use my debit card (credit card for all swipes for cash back). I have $8500 in my savings.
I do work part time at about 30-36 hours a week.
I’m wanting to start a Roth IRA but don’t know who to use or what’s a good amount to put in each year. I have about $150 left over each month after bills that I just park in my savings account as of now.
Thanks in advance! I’ve read a lot on the internet about what to do but there’s so many options out there. I’m not looking for quick money, just looking to start investing in my retirement!
I’m currently a Junior in college and will graduate in December of 2019 with my Bachelor’s degree.
Currently, I have 2 credit cards (Discover and Chase Freedom Unlimited). Have had these for 3 years now and never miss a payment. Credit score in mid 700’s but fluctuates month to month.
I bank with Chase and keep about $300 in my checking account because I never use my debit card (credit card for all swipes for cash back). I have $8500 in my savings.
I do work part time at about 30-36 hours a week.
I’m wanting to start a Roth IRA but don’t know who to use or what’s a good amount to put in each year. I have about $150 left over each month after bills that I just park in my savings account as of now.
Thanks in advance! I’ve read a lot on the internet about what to do but there’s so many options out there. I’m not looking for quick money, just looking to start investing in my retirement!
7
Posted on 4/1/18 at 7:20 pm to TG_
Vanguard
As much as you want/can
Don't skip trips with your buddies or nights drinking in order to fund it.
The fact you're already thinking about it let's me know you'll be fine
As much as you want/can
Don't skip trips with your buddies or nights drinking in order to fund it.
The fact you're already thinking about it let's me know you'll be fine
Posted on 4/1/18 at 7:40 pm to jimbeam
Cool thanks!
Posted on 4/1/18 at 9:03 pm to TG_
IRAQI DINARS
SET UP ACCOUNT WITH NIGERIAN PRINCE
PROFIT
SET UP ACCOUNT WITH NIGERIAN PRINCE
PROFIT
Posted on 4/1/18 at 9:40 pm to Fat Bastard
Go away.
Posted on 4/1/18 at 10:01 pm to jimbeam
Yes, you are correct. Vanguard is the correct answer. Have an upvote!
If I were in your shoes I would put everything into the Vanguard Total Stock Market Fund. Once you have more to invest in the future you can diversify into a couple more funds.
If I were in your shoes I would put everything into the Vanguard Total Stock Market Fund. Once you have more to invest in the future you can diversify into a couple more funds.
This post was edited on 4/1/18 at 10:03 pm
Posted on 4/1/18 at 10:01 pm to TG_
quote:
Go away.
your mother doesn't tell me this kid
sooooooooooooooo
This post was edited on 4/1/18 at 10:07 pm
Posted on 4/1/18 at 10:16 pm to Fat Bastard
Fat Bastard stop
Posted on 4/1/18 at 10:27 pm to Mikey P
Is there a minimum to invest in vanguard Roth IRA?
Posted on 4/1/18 at 10:36 pm to Mr International
$1000
Posted on 4/1/18 at 10:37 pm to Fat Bastard
I’m just trying to get some help man. Don’t know why you responded the way you did then decided to be a dick about it.
Posted on 4/1/18 at 11:38 pm to TG_
I agree with Mikey P.
Posted on 4/2/18 at 1:43 am to TG_
Vanguard ETFs are a good way to go. iShares and others have similar products that are also very good.
Are you sure you want to entirely do an IRA? That is solely for retirement so you may not want to put it all there. You aren't going to see a penny of that until you are 59. Obviously the tax benefits are great, but you have a lot of life to live from 20 to 59. You'll have to save for housing, and if you have a family, then there are a whole set of things you will need to take out before you are 59.
You may want to divide up your money between an IRA and your own investing account. I use Merrill Edge, but there's TD Ameritrade, Fidelity, and others. That part of the market is almost uniform at this point ($20 bucks a trade for mutual funds, $5-10 for ETFs).
Are you sure you want to entirely do an IRA? That is solely for retirement so you may not want to put it all there. You aren't going to see a penny of that until you are 59. Obviously the tax benefits are great, but you have a lot of life to live from 20 to 59. You'll have to save for housing, and if you have a family, then there are a whole set of things you will need to take out before you are 59.
You may want to divide up your money between an IRA and your own investing account. I use Merrill Edge, but there's TD Ameritrade, Fidelity, and others. That part of the market is almost uniform at this point ($20 bucks a trade for mutual funds, $5-10 for ETFs).
Posted on 4/2/18 at 5:29 am to Keys Open Doors
Hookers and blow until you’re 30
Posted on 4/2/18 at 5:55 am to TG_
Nice man.
I graduated last spring with no student loans and some money saved up from working all through school.
It's extremely satisfying not having to throw a bunch of money at a loan right out of school.
Enjoy the freedom and whatever you do, the fact that you (probably) have no loans and a decent amount saved puts you way ahead of the average early 20's graduate.
I graduated last spring with no student loans and some money saved up from working all through school.
It's extremely satisfying not having to throw a bunch of money at a loan right out of school.
Enjoy the freedom and whatever you do, the fact that you (probably) have no loans and a decent amount saved puts you way ahead of the average early 20's graduate.
Posted on 4/2/18 at 6:21 am to Mr International
It'll depend on the fund. For the most part, it's typically 1k, 3k, or 10k.
As a recent college grad I've got mine in VTSMX(3k min) and VFFVX(1k min). I have auto withdrawl of about $200/month but i try to max out every year. I might look to buy an international stock fund next.
As a recent college grad I've got mine in VTSMX(3k min) and VFFVX(1k min). I have auto withdrawl of about $200/month but i try to max out every year. I might look to buy an international stock fund next.
Posted on 4/2/18 at 6:52 am to TG_
Do you have any student loans? Are you cash flowing tuition the rest of the way?
Posted on 4/2/18 at 8:10 am to Mikey P
quote:
Vanguard Total Stock Market Fund
What's the difference between the index fund and the ETF?
Posted on 4/2/18 at 9:35 pm to S1C EM
The index fund is well, a fund. This means there are certain requirements like a minimum investment amount and rules about getting in and out of the fund. With the ETF its in simplest terms, a stock. You can buy shares and trade them like any other stock with nearly no restrictions. Read the prospectus or give Vanguard a call. They are usually very helpful and in no rush if you get them on the phone.
Last year I got out of all of my mutual funds and into ETF's. I found an article online that has a pretty good long term plan and just tweaked it a bit for me.
The plan calls for:
30% in VOO (Vanguard S&P500 ETF)
10% IVOO (Vanguard S&P MidCap 400 ETF)
10% VIOO (Vanguard S&P SmallCap 600 ETF)
15% VEA (Vanguard FTSE Developed Markets ETF)
10% VWO (Vanguard FTSE Emerging Markets ETF)
25% VCSH (Vanguard Short Term Corporate Bond ETF)
I didn't do the VCSH and divided that 25% up and added it to my other positions. It has done extremely well (until February) and its pretty well diversified.
BTW, I'm not a financial expert so do your own research.
Last year I got out of all of my mutual funds and into ETF's. I found an article online that has a pretty good long term plan and just tweaked it a bit for me.
The plan calls for:
30% in VOO (Vanguard S&P500 ETF)
10% IVOO (Vanguard S&P MidCap 400 ETF)
10% VIOO (Vanguard S&P SmallCap 600 ETF)
15% VEA (Vanguard FTSE Developed Markets ETF)
10% VWO (Vanguard FTSE Emerging Markets ETF)
25% VCSH (Vanguard Short Term Corporate Bond ETF)
I didn't do the VCSH and divided that 25% up and added it to my other positions. It has done extremely well (until February) and its pretty well diversified.
BTW, I'm not a financial expert so do your own research.
Posted on 4/3/18 at 8:03 pm to TG_
First, good for you to be thinking about it and for having 8.5k saved up.
Unless you’re a financial guru, go with passive investing and look at fund expenses. Freakanomics has a good podcast about it. It is crazy how much a percent and a half over the life of a fund will cost you. I am not a finance guy but have been with Vanguard index funds since college and look at my retirement accounts every six months, so my advice may be worthless.
Also, like previous poster said, don’t miss out on being in college because you are trying to save for retirement. You have to enjoy life as well.
Unless you’re a financial guru, go with passive investing and look at fund expenses. Freakanomics has a good podcast about it. It is crazy how much a percent and a half over the life of a fund will cost you. I am not a finance guy but have been with Vanguard index funds since college and look at my retirement accounts every six months, so my advice may be worthless.
Also, like previous poster said, don’t miss out on being in college because you are trying to save for retirement. You have to enjoy life as well.
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