Check out the finance flowchart on here if you’re unsure. It can help guide you step by step.
Focus on paying off that credit card debt first. After that, if your company does 401k matching, max that out once you’re eligible. Then, tackle other debt before investing more heavily. Getting debt-free puts you in a great position for everything else.
Pay off any credit card debt before anything else. High APR will eat up your finances. Once that’s done, save for emergencies, max out retirement, and get a financial plan in place.
Consider a Roth IRA instead of traditional; better to pay taxes now than later, in my opinion. Tax-free growth is a huge benefit.
Quin said:
Consider a Roth IRA instead of traditional; better to pay taxes now than later, in my opinion. Tax-free growth is a huge benefit.
That depends on your expected tax bracket in retirement. It’s worth calculating to see if you’d really pay more in taxes later.
Quin said:
Consider a Roth IRA instead of traditional; better to pay taxes now than later, in my opinion. Tax-free growth is a huge benefit.
A Roth IRA is smart for you because it sets up future flexibility. If you end up making a lot as a lawyer, backdoor Roths become useful, and avoiding traditional IRA funds will make that easier.
Quin said:
Consider a Roth IRA instead of traditional; better to pay taxes now than later, in my opinion. Tax-free growth is a huge benefit.
If you go with Roth now, your future retirement withdrawals won’t be taxed. Even if tax rates rise, you’re still likely better off.
Does your firm match 401k? If so, make sure to contribute enough to get the match as soon as you’re eligible.
Check out the flowchart for guidance. It’s really helpful.
Consider a brokerage account with good growth mutual funds. Also, check out Dave Ramsey’s books for some solid advice.
Did you know if you had invested $1,000 in Broadcom 10 years ago, it would be worth over $22,000 today? Plus, they pay solid dividends. Just an example of what a solid stock investment can do.