what is your best financial advice?
- Thread starter helix
- Start date
In my own words, you should take the time to set up a Roth IRA on a service like Fidelity. If you make less than $138,000 this year, you can contribute up to $6,500 to such an account. Wait for these morons in government to let the US default on its loans within a few weeks, and buy low-cost mutual index funds at a discount. Then, when you're of retirement age, you'll be able to withdraw funds from your account without any taxes or fees (since it's assumed that the money going into the account was already taxed).
If you're particularly ambitious, you can also set up a Roth 401k. Works similarly, but it goes out of your paycheck into your account. I personally have it set to automatically transfer ~30% of my net paycheck every time I get paid. You won't notice the money is gone, and you'll learn to live without it. You can put in up to $22,500 this year, and that doesn't include any employer matching.
If you're particularly ambitious, you can also set up a Roth 401k. Works similarly, but it goes out of your paycheck into your account. I personally have it set to automatically transfer ~30% of my net paycheck every time I get paid. You won't notice the money is gone, and you'll learn to live without it. You can put in up to $22,500 this year, and that doesn't include any employer matching.
Depends on quick or long term
I got an MD, was broke as hell through residency, invested in crypto (chainlink) when it was $0.17 on the advice of my best friend who barely got his Bachelors. I did believe in it as well as the hype of crypto, however, I sold $LINK when it was over $49.00. I became a millionaire; my best friend continues to read the markets better than 95% of people, shorts, buys cars in crypto, transfers them to California, sells for profit as they are more expensive in an LA market, and has a lot more money than me. I have met plenty of girls in the car scene that have GTR's, Lambos, and McLarens.... All have said Only Fans. I know them personally, attractive girls but not worth $40,000 per month on selling bikini pictures that they also post on IG.
Best advice: Don't invest with your heart. Invest on hype (but get out early) or if you truly believe in it. We all love TTT but I would not invest in it (donated multiple times, ya know for charity). Long-term: Index funds over 35+ years and give a decent percentage of your paycheck to it., company match, pension depending on who you work for.
I got an MD, was broke as hell through residency, invested in crypto (chainlink) when it was $0.17 on the advice of my best friend who barely got his Bachelors. I did believe in it as well as the hype of crypto, however, I sold $LINK when it was over $49.00. I became a millionaire; my best friend continues to read the markets better than 95% of people, shorts, buys cars in crypto, transfers them to California, sells for profit as they are more expensive in an LA market, and has a lot more money than me. I have met plenty of girls in the car scene that have GTR's, Lambos, and McLarens.... All have said Only Fans. I know them personally, attractive girls but not worth $40,000 per month on selling bikini pictures that they also post on IG.
Best advice: Don't invest with your heart. Invest on hype (but get out early) or if you truly believe in it. We all love TTT but I would not invest in it (donated multiple times, ya know for charity). Long-term: Index funds over 35+ years and give a decent percentage of your paycheck to it., company match, pension depending on who you work for.
Wait, I've seen these words before
Just to add on here, almost any office job in the US is going to offer employer-sponsored 401k plans with some sort of match. Always find out the maximum match and ensure you’re contributing at least that much - it’s free money. Typically I contribute to a Roth (after tax contributions) because the match will always be traditional (pre-tax contributions) because your employer may be nice, but they aren’t paying the taxes on your retirement income.
Traditional vs. Roth is basically a gamble of paying taxes now vs paying taxes at retirement - which do you think will screw you less, tax policies now or at retirement? I just choose to split the difference and contribute to both with a bit more into Roth (my paycheck contributions going to Roth, employer match going to traditional).
