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Re: 401K & general money/investing?
[Re: Irishguy]
#2096590
04/24/17 08:39 AM
04/24/17 08:39 AM
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Joined: Sep 2014
Posts: 3,126 KY
AUstan23
10 point
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10 point
Joined: Sep 2014
Posts: 3,126
KY
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As some know I recently started my first post-grad job.
The company matches 5% for 401K investments, so I just put 5% on the form as I would be a fool to pass up free money. I am thinking of upping that to maybe 10%, I believe the cap is 15%. The earlier it gets in, the longer it will have to compound up is my thinking. Another bonus is that it will also reduce my taxable income.
I have approximately $8,500 in student loans to pay back at an interest rate of 4%. Planning on being fairly aggressive on repayment, thinking $800ish per month as I hate the idea of paying interest.
One of my first priorities is to get an emergency fund built up. That is an absolute must.
I don't plan on purchasing a house at least for likely 3-5 years as home might be bouncing around abit. My current monthly rent($400ish) is such that I don't believe I could justify purchasing a house with how little I am home.
That said, I am also thinking of maybe other investments. A rental property here in Auburn would seem like a good idea.
Any input or am I pretty much on track? I'm open to sound suggestions. 1. Emergency fund of a couple thousand at first and then 6 months salary as soon as you can. 2. 401k up to employer matching = Free money. 3. Pay off loans. 4. Roth IRA at your age. My son is in college, but just got a full time gig at a tech company that is about equal to an internship, but better. I got him starting to invest 10% into a Roth IRA at www.betterment.com because there was no minimum to start with. Not a bad idea to just rent for awhile, home ownership is not the great investment it once was, plus there are a lot of unexpected costs associated with home ownership. So yeah, you are on the right track. I use betterment and I'm satisfied with the platform so far. Set it and forget it.
It is easier to fool a man than to convince him he has been fooled.
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