Re: Sophmore in college
I would not put any money in a 401k unless you are getting matched. I would buy your car with cash for the reasons you said. Maybe a 2-3 year old car with low mileage. I would open a roth like some of the others suggested and put about 15-20% of your take home pay in it. I would start to save a small emergency fund (maybe a $1000) and put the rest away for things you will need when you move out. I would most likely keep the emergency fund in a close to home bank and put the other in a money market mutual fund. You will make a little better in the mutual fund but I like to be able to get my money in a few min. if I have to.
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