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Message
Son wants to start
Posted on 2/21/25 at 12:53 pm
Posted on 2/21/25 at 12:53 pm
saving by putting money in a Roth IRA or IRA. He’s 32 and matches his employer contribution at his job. What are your suggestions for saving at his age?
5
Posted on 2/21/25 at 12:57 pm to tigger4ever
60% SCHB
30% QQQ
4% pick a blue chip
4% pick another blue chip
2% ACHR, OKLO, NBIS or something like that.
30% QQQ
4% pick a blue chip
4% pick another blue chip
2% ACHR, OKLO, NBIS or something like that.
Posted on 2/21/25 at 12:59 pm to tigger4ever
It should be very easy to open an IRA or Roth IRA at any of the online brokerages like Vanguard or Fidelity. Setting one of these up can be done in literal minutes
Obviously how much he can save is either limited by his income or the maximums the laws will allow him. So without more details there is not much we can discuss here.
As far as what he can invest in, the best thing would be stick low cost broad index funds.
VOO = Tracks S&P500
VTSAX = total stock market
Cant go wrong with either, and would be a great place to park extra money to build wealth.
Obviously how much he can save is either limited by his income or the maximums the laws will allow him. So without more details there is not much we can discuss here.
As far as what he can invest in, the best thing would be stick low cost broad index funds.
VOO = Tracks S&P500
VTSAX = total stock market
Cant go wrong with either, and would be a great place to park extra money to build wealth.
Posted on 2/21/25 at 2:12 pm to UltimaParadox
If his company 401k is in Vanguard does he open an IRA or Roth in that account or does he open a separate account from his company account?
Posted on 2/21/25 at 2:33 pm to tigger4ever
Generally speaking most companies have their own Vanguard managed account through the company. So their individual account would be separate from their company account.
So suggest going directly through Vanguard to create an individual account and working it that way. Plus this always allows him to keep the same account if he every separates from his current employer.
So suggest going directly through Vanguard to create an individual account and working it that way. Plus this always allows him to keep the same account if he every separates from his current employer.
Posted on 2/21/25 at 3:09 pm to tigger4ever
If I was starting over knowing what I know today, I would have never saved much money, I would have invested it in a brokerage account in an S&P 500 or total market Index fund. I would have kept only enough cash savings for maybe three months expenses, at most. I also would have never financed an automobile.
What I would do is open a brokerage account and automatically transfer just slightly more than I needed to fund the Roth every month, and fund the Roth from that account. Then, what was left over, I would put into a low cost, tax efficient index fund like mentioned above. Every time I got to the end of the month with a little bit more money left, I'd send it to the brokerage account.
The trick is that these days you can do all this from your cell phone, so getting familiar with it and accustomed to moving money around will train your mind how to think of your money and make the most of it.
Savings are like insurance, they help out when something bad happens, but they never grow wealth. Investing grows wealth, if you will do it.
He will be surprised at what it can turn into.
What I would do is open a brokerage account and automatically transfer just slightly more than I needed to fund the Roth every month, and fund the Roth from that account. Then, what was left over, I would put into a low cost, tax efficient index fund like mentioned above. Every time I got to the end of the month with a little bit more money left, I'd send it to the brokerage account.
The trick is that these days you can do all this from your cell phone, so getting familiar with it and accustomed to moving money around will train your mind how to think of your money and make the most of it.
Savings are like insurance, they help out when something bad happens, but they never grow wealth. Investing grows wealth, if you will do it.
He will be surprised at what it can turn into.
Posted on 2/23/25 at 9:03 am to tigger4ever
Without knowing his income, it is likely Roth is better than traditional at his age, although funding both is an option. Roth income limits might factor in. Would also recommend investing in a taxable account. Key advice is invest. I am inferring he hasn't invested much to date. The "pay yourself first" mentality is a simple approach worth researching.
Posted on 2/23/25 at 10:04 am to tigger4ever
He could do Roth IRA to maximize his outcomes, but he really should just focus on maxing his 401k if he’s not doing this research on his own. Most casual people benefit the most this way as it’s low effort and good reward
He’s 32 though, he needs to be a big boy and figure some stuff out on his own if he’s actually interested in this
He’s 32 though, he needs to be a big boy and figure some stuff out on his own if he’s actually interested in this
This post was edited on 2/23/25 at 10:07 am
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