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re: Looking for some realistic advice
Posted on 1/23/11 at 5:46 am to lsufanintexas
Posted on 1/23/11 at 5:46 am to lsufanintexas
quote:
I have no advice to give except to say: Use some of that money for hookers and cocaine
this is partly correct, take 60% invest blue chips/safe
35% moderately aggressive growth
5% in whatever you want, something fun like a trip before you start grad school or coke and hookers
0
Posted on 1/25/11 at 12:05 pm to SpyBoy
quote:
The Roth is not tax deductible like a traditional IRA, but you can withdraw your contributions (not your earnings) at any time without penalty if you need it. Meanwhile, any earnings you get are tax free
This. In your case, you don't need the tax deduction from a simple IRA. Keep about 5,000 in your savings for emergencies and invest the rest in a Roth, or a Fixed Annuity (in some cases, they're pretty much the same thing). You're young and you can play with a little of it also if you can tolerate the chance of losing it.
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