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Hey there, I am new to this whole investing in the future thing and I need some help. I apologize to begin with for my knowledge on the subject is slim to none so please correct any misconceptions I might have.
I am a 22yr old soldier (currently deployed) and finally have some money saved! With that being said I need to start planning (Even though all of my young adult senses are trying to blow all of my hard earned pay on a nice car and random electronics lol). I have first set up a emergancy savings account with my bank (usaa) and have no debts at all right now except for a credit card that is paid off in full every month. I have been doing some research and found that a Roth IRA is most likely my best option for my age/financial goals. The Army offers a retirment plan that really only benifits you if you are making a carrier out of it (which I'm not, finishing my contract in about 10 months). I went and started an account with vanguard (roth ira) and invested 3,000 (the minimal) into a balanced index fund VBINX (60% stocks 40% bonds) with auto payments of $100 going into it every month. I read that you should max it out as soon as you can but this is what I can work out with my current finances.
Upon further research I feel like this Index fund might have been a bad choice and I should of maybe went for a Traget retirement fund or somthing with more stocks. So what I am basically asking is did I make the right choice? And if not what changes should I make? I am shooting for more of a "set and forget" kinda fund cause I feel the more I mess with and try to tweek the more I will screw it up lol. Please all responses and critiques welcome!
I am a 22yr old soldier (currently deployed) and finally have some money saved! With that being said I need to start planning (Even though all of my young adult senses are trying to blow all of my hard earned pay on a nice car and random electronics lol). I have first set up a emergancy savings account with my bank (usaa) and have no debts at all right now except for a credit card that is paid off in full every month. I have been doing some research and found that a Roth IRA is most likely my best option for my age/financial goals. The Army offers a retirment plan that really only benifits you if you are making a carrier out of it (which I'm not, finishing my contract in about 10 months). I went and started an account with vanguard (roth ira) and invested 3,000 (the minimal) into a balanced index fund VBINX (60% stocks 40% bonds) with auto payments of $100 going into it every month. I read that you should max it out as soon as you can but this is what I can work out with my current finances.
Upon further research I feel like this Index fund might have been a bad choice and I should of maybe went for a Traget retirement fund or somthing with more stocks. So what I am basically asking is did I make the right choice? And if not what changes should I make? I am shooting for more of a "set and forget" kinda fund cause I feel the more I mess with and try to tweek the more I will screw it up lol. Please all responses and critiques welcome!
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