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re: Starting my first job. Need advice.
Posted on 9/2/22 at 10:40 am to Pelican fan99
Posted on 9/2/22 at 10:40 am to Pelican fan99
quote:
May start maxing it out if I can since everyone seems to think that is such a good idea
It's the best account to hit first. If there's only 1 you can do, it's that one. I have about 32k in mine.
0
Posted on 9/2/22 at 10:45 am to CoyoteSong
quote:
CoyoteSong
you expect somebody in 20s to invest like people do 30's and up? or make same amounts? life issues? job loss debt? medical debts? this could hit him anytime in life. life is not a straight line of no issues and making what you want where you want for 40 plus years. life does not work like this.
have you never heard the saying 20's are for learning and 30's are for earning? I know people who did not start until they hit middle age 40 and up and still turned out fine.
he is only 29 and will be fine. has plenty time.
Posted on 9/2/22 at 10:46 am to HermanBoone
quote:
Starting my first career job
Don’t do it
Get a government check and work for cash like cutting trees
Drive a truck without insurance and eat steak every day and truly be free
You might as well have titled this post “how do I get into the jail with y’all?”
ETA: you don’t need a hsa if you get medicaid
This post was edited on 9/2/22 at 10:47 am
Posted on 9/2/22 at 10:50 am to Pelican fan99
quote:
What's the yearly max for an HSA? I have one but don't really put much into it other than the $600 the company puts in every year
May start maxing it out if I can since everyone seems to think that is such a good idea
$3,650 for 2022.
Here is why an HSA is so amazing: It is the only tax strategy (at least that I have ever heard of) where income is never taxed by the federal government.
Money goes in pre-tax, can be invested and grow tax free, and then you can use it on the backend for healthcare without paying any taxes.
Retirement investing order of operations is:
401K up to the company match (zero risk, 'free money' on match)
HSA max (most tax advantaged)
ROTH IRA max (tax advantages, creates pre and post tax monies for tax strategy later in life)
401k up to max (reduces effective tax rate in short-term and allows for growth on pre-tax dollars)
Taxable account (provides liquidity, after you've done all the others)
Posted on 9/2/22 at 8:45 pm to Fat Bastard
quote:
you expect somebody in 20s to invest like people do 30's
He is 29 so basically he is 30.
I can understand not having a 401k if you have just finished med school and have 13 years of school under your belt but even during residency you should be putting money in your 401k. If you have been working any job there is no excuse to have zero money in retirement by the time you are 29.
quote:
I know people who did not start until they hit middle age 40 and up and still turned out fine.
Unless you plan on retiring at 65 years and dying at 72, then by all means continue on your current retirement plan.
Posted on 9/5/22 at 10:08 am to CoyoteSong
max this max that..... just get started. Put something into each pot You have time to figure it out. Life is a marathon not a sprint. Good luck
Posted on 9/7/22 at 3:16 am to HermanBoone
quote:
HermanBoone
quote:
Need advice.
Posted on 9/7/22 at 7:02 am to Pelican fan99
quote:make it a priority.
HSA
May start maxing it out if I can since everyone seems to think that is such a good idea
This post was edited on 9/7/22 at 8:10 am
Posted on 9/7/22 at 7:05 am to CoyoteSong
quote:
CoyoteSong
Posted on 9/7/22 at 7:49 am to HermanBoone
If the company matches, then max out as much as you can. Live frugal and you will not miss it.
The janitor knows everyone and hears things. Keep good company with the janitor. Top brass will even ask the janitor how people are treating him/her and are you working when he goes in to get the trash. So do not be playing solitaire on the pc. Do not burn bridges.
Be careful what you say around females and do not look at them.
The janitor knows everyone and hears things. Keep good company with the janitor. Top brass will even ask the janitor how people are treating him/her and are you working when he goes in to get the trash. So do not be playing solitaire on the pc. Do not burn bridges.
Be careful what you say around females and do not look at them.
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