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Where should a 25-year-old keep excess cash?

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    #31
    Originally posted by disneysteve View Post
    So here's what we decided. She is going to max her Roth for 2020. Going forward, she's going to increase what she is contributing to her Roth by 3% for now and we'll reevaluate going forward. I brought up the possibility of opening a non-retirement investment account as a next step but didn't take that plunge yet. My daughter suffers from pretty significant anxiety so it's really important to break things up into small pieces so it doesn't get overwhelming.

    Thanks for all of the input. I really appreciate it.
    Sounds like a good plan.
    Let us know how things go

    Brian

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      #32
      Why not save for a condo? A 1 bd or 2 bedroom already is not a bad investment. Not as good as living at home, but if she were to move out, then a home i would think would be better than renting.
      LivingAlmostLarge Blog

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        #33
        Is your daughter a reader? If so, maybe you could gift her the book "The Millionaire Teacher" by Andrew Hallum. It's a book I've read and have mentioned a few times that I recommend it as an excellent one. Here's an article about that book just posted by a young woman whose situation is in many ways similar to your daughter's. I promise you that there is nothing in that book that will undo any of the good work you've done to build your daughter's financial knowledge. It will just build on the strong foundation you've laid, reinforce what you've taught, and hopefully help her feel empowered to make decisions on her own.
        Before reading "Millionaire Teacher" by Andrew Hallam, the author was afraid to invest her retirement savings for fear of losing all her cash.

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          #34
          If I were a 25-year-old guy I wouldn't keep excess cash that I have, the best way is to turn over your money. They must work and increase. But anyway you need to find out more information in advance according to starting a new affair. You need to know all the risks, weigh the pros and cons. So I would advise you to address the specialists https://sturppy.com/ who can help you understand your startup's real prospects. Then, you will be able to make the right decision when you have a clearly drawn-up plan with calculations before your eyes. But I think that you should not worry, you can always replay everything and return to its original place in case of failure.
          Last edited by SamMacDonald; 05-05-2021, 12:34 AM.

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            #35
            Originally posted by disneysteve View Post
            So here's what we decided. She is going to max her Roth for 2020. Going forward, she's going to increase what she is contributing to her Roth by 3% for now and we'll reevaluate going forward. I brought up the possibility of opening a non-retirement investment account as a next step but didn't take that plunge yet. My daughter suffers from pretty significant anxiety so it's really important to break things up into small pieces so it doesn't get overwhelming.

            Thanks for all of the input. I really appreciate it.
            Sounds like a good plan. I forgot to ask you--does your daughter qualify for the savers credit for contributions to her IRA?

            https://www.irs.gov/retirement-plans...-savers-credit

            https://www.irs.gov/pub/irs-pdf/f8880.pdf


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