Suspicious-Kiwi123 t1_jaa3xbj wrote on February 27, 2023 at 11:16 PM

Reply to Need help making decision on how to spend my tax refund. by [deleted]

Pay off the debt. It's a 12% return on your money
Take the $130/m and set it aside. In 12 months, you have your $1500 investment.
Sell stuff on eBay, CL or get a side hustle and come up with $1500 with the $130/m even faster
Reduce eating out, cancel Netflix, cut your expenses to NOTHING other than committed expenses, and add this to your $130/m and #3 above

Stay out of debt at all costs until you have drastically changed your lifestyle. Why do you want to work to give other people your money?

Suspicious-Kiwi123 t1_jaa29lg wrote on February 27, 2023 at 11:04 PM

Reply to comment by canyonero__ in Need a little clarity…a bit confused about retirement accounts by canyonero__

Ok, if no match, then move on to the next bullet in that order.

Suspicious-Kiwi123 t1_ja9pgq9 wrote on February 27, 2023 at 9:39 PM

Reply to Need a little clarity…a bit confused about retirement accounts by canyonero__

Most people have both 401k and Roth IRA

Invest in 401k to at least get the company match
If you have an HSA, invest there up to the limit
Then up to $6,500 in Roth IRA each year
Still want to invest more? Then dial up the 401k as far as you can up to the limit of $22,500

Suspicious-Kiwi123 t1_j2fko8w wrote on December 31, 2022 at 10:21 PM

Reply to What order of investment options should I focus on investing in first? by InfiniteImmortality

Review the Prime Directive Flow Chart in the wiki

Suspicious-Kiwi123 t1_j2fkkhf wrote on December 31, 2022 at 10:21 PM

Reply to How to start investing for an 18 year old by RoosterOk6644

Start with the wiki / prime directive

Suspicious-Kiwi123 t1_j2fkdej wrote on December 31, 2022 at 10:19 PM

Reply to Is it wise to start dumping everything I have into the market? by Mattl54o

You can still participate in Roth IRA via Backdoor Roth IRA procedure

Suspicious-Kiwi123 t1_j2fk6ns wrote on December 31, 2022 at 10:18 PM

Reply to Spend tracking apps that don’t require to be linked to a bank? by [deleted]

I use YNAB with 10 credit cards and it works great. Why do you think YNAB or Mint is incompatible with multiple credit cards?

Suspicious-Kiwi123 t1_j2f5784 wrote on December 31, 2022 at 8:28 PM

Reply to comment by AmishDrew in How should I structure my finances to take advantage of having zero debt? by AmishDrew

Because all of your earnings in Roth IRA are 100% tax free. This can and should be significant since you are starting at age 28.

If you maxed out Roth IRA w/ $6500 annually from age 28 to age 67, you would have $3,000,000 tax free at age 67 (at S&P 500 historical 10% annual return)

Suspicious-Kiwi123 t1_j2ewehk wrote on December 31, 2022 at 7:25 PM

Reply to How should I structure my finances to take advantage of having zero debt? by AmishDrew

If you have access to a 401k with match, contribute up to to that level. Then Roth IRA (or Backdoor depending on income level) up to $6,500/year. Then back to 401k up to the max. Then HSA (if your Health Care Plan allows). Then taxable account.

Follow the Prime Directive Flow Chart: https://i.imgur.com/lSoUQr2.png

Suspicious-Kiwi123 t1_j2e3gke wrote on December 31, 2022 at 4:09 PM

Reply to Am done with wellsfargo by Blinkys101

WF is horrible. I had my business banking with them and they were very difficult to work with. I vowed to never do business with them again.

Suspicious-Kiwi123 t1_j2bamkn wrote on December 30, 2022 at 11:58 PM

Reply to comment by Available_Market9123 in Where to set up an HSA? by Available_Market9123

I used to have everything at Vanguard. Then I needed an HSA and a solo 401k and Fidelity offers both. I switched from Vanguard to Fidelity and they have been great!