Is deciding which type of investing account to open holding you back? And what about the retirement options your employers has?
It can get confusing pretty fast. You've got Retirement and Non Retirement Accounts; Traditionals and Roths; 401(k)s and IRAs.
So today we’ll look at the important aspects of each type and why you should pick one over another.
Our strategy to set you up for success goes like this.
Step 1: Get at least $1,000 into a savings account that yields at least 4%. Come back later and boost this up to 3-6 months of bare bones living expenses.
Step 2: Open a Roth IRA and commit to at least $100 a month. Unless your employer has a matching option, then contribute to their 401(k) only to their matching amount.
Step 3: Open a non retirement brokerage account at a company that suits your needs.
Then contribute monthly funds in an appropriate allocation to reach your goals.
Example: If you plan to retire at 50 and have $400 per month to contribute, put $300 into your non retirement brokerage account and $100 into your Roth IRA every month.
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Questions, comments, or requests? Contact Us! We value your feedback.
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**DISCLAIMER**
Ticker metrics change as markets and companies change, so always do your own research. The content in this podcast is based on personal experience and is for educational purposes, not financial advice. See full disclaimer here.
Episode music was created using Loudly.
Is deciding which type of investing account to open holding you back? And what about the retirement options your employers has?
It can get confusing pretty fast. You've got Retirement and Non Retirement Accounts; Traditionals and Roths; 401(k)s and IRAs.
So today we’ll look at the important aspects of each type and why you should pick one over another.
Our strategy to set you up for success goes like this.
Step 1: Get at least $1,000 into a savings account that yields at least 4%. Come back later and boost this up to 3-6 months of bare bones living expenses.
Step 2: Open a Roth IRA and commit to at least $100 a month. Unless your employer has a matching option, then contribute to their 401(k) only to their matching amount.
Step 3: Open a non retirement brokerage account at a company that suits your needs.
Then contribute monthly funds in an appropriate allocation to reach your goals.
Example: If you plan to retire at 50 and have $400 per month to contribute, put $300 into your non retirement brokerage account and $100 into your Roth IRA every month.
Stay connected. Follow us on social!
Questions, comments, or requests? Contact Us! We value your feedback.
Want FREE weekly investing tips, picks, and strategies delivered right to your inbox? Subscribe to our email list.
**DISCLAIMER**
Ticker metrics change as markets and companies change, so always do your own research. The content in this podcast is based on personal experience and is for educational purposes, not financial advice. See full disclaimer here.
Episode music was created using Loudly.